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KASLER CORP. ANNOUNCES RESULTS FOR THE FIRST QUARTER

 HIGHLAND, Calif., March 12 /PRNewswire/ -- Kasler Corp. (NYSE: KAS), a leader in the highway/heavy construction industry, today announced operating results for the first quarter ended Jan. 31, 1993.
 The heavy rain storms in January contributed, in part, to the lower earnings and revenues realized for the period. Net earnings decreased to $892,000, or 9 cents per share, compared with net earnings of $1,566,000, or 16 cents per share, for the first quarter last year. Revenues were $28,702,000, compared with revenues of $40,006,000 in the like period last year.
 While project backlog slipped in the first quarter to $107 million, the company was awarded three contracts it had bid on in January and one in early February. The total contract value of the awards is $69.1 million and will be added to backlog during the second quarter.
 The projects added to the Kasler Team's job list include: new bridge construction in Fillmore, San Diego Canal relocation in Hemet and a major freeway project in Los Angeles on the Harbor Freeway between Gage and 92nd Street. All three jobs are located in California. The fourth job, located in Denver, involves the construction of airport infrastructure at the Denver International Airport.
 Even with backlog improving, the company anticipates slightly lower revenues and lower earnings in fiscal 1993. The long drought of not securing new significant work in fiscal 1992 is the primary reason for the lower expected earnings.
 "Securing these new contracts early in the year is a good sign that our Estimating Team strategy is working. We are still experiencing a very competitive business climate, but foresee a healthy volume of bidding opportunities. We will need to capture our fair share of contracts to make up for our dry period in 1992," said J.L. Feller, chairman of the board and chief executive officer.
 Kasler Corp. is a general contractor engaged in the construction of concrete roadways, bridges and other infrastructure-related projects, including airport runways and water control distribution facilities.
 First quarter results are as follows.
 KASLER CORP.
 Summary of Results of Operations
 (Unaudited)
 Period Ended
 First Quarter Jan. 31, 1993 Jan. 31, 1992
 Revenues $28,702,000 $40,006,000
 Net earnings 892,000 1,566,000
 Earnings per share .09 .16
 Average shares outstanding 10,024,798 9,993,182
 -0- 3/12/93
 /CONTACT: John Cash, CFO, or Richard Guiss (investor relations), of Kasler, 909-884-4811; or Porter LeVay & Rose, 212-564-4700, for Kasler/
 (KAS)


CO: Kasler Corp. ST: California IN: CST SU: ERN CON

BP-JL -- LA004 -- 5407 03/12/93 09:15 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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