L.E. MYERS REPORTS EARNINGS
L.E. MYERS REPORTS EARNINGS ROLLING MEADOWS, Ill., Oct. 22 /PRNewswire/ -- The L.E. Myers Co.
Group (NYSE: MYR) today reported net income of $1,711,000 or $.65 per share for the three month period ended Sept. 30, 1992. This compares with net income of $1,578,000 or $.61 per share for the comparable period of 1991. Net income for the nine months ended Sept. 30, 1992 was $3,270,000 or $1.25 per share versus $3,135,000 or $1.21 per share last year.
Revenues for the quarter were $30,584,000 compared with $25,157,000 for 1991. Revenues for the nine months were $83,505,000 compared to $69,071,000 for the prior year. The company's backlog at Sept. 30, 1992 increased 18 percent to $30.8 million from $26.1 million at Sept. 30, 1991. Substantially, all of the current backlog will be completed within 12 months. Chairman and CEO Charles M. Brennan said, "During the quarter, a non-utility client took actions which resulted in an unnecessary and costly acceleration of construction activity. The contract is now complete and we are preparing a claim to recover the excess costs we suffered as a result of the client's action. Had these acceleration costs not been incurred, our net income would have been about 10 to 15 percent higher. In addition, our tax rate for the quarter and year-to- date is 23 percent versus 5.2 percent and 11.5 percent for the third quarter and nine month period, respectively, last year. "Quarterly revenues increased 21.6 percent over last year. Both periods included Hawkeye results for the whole quarter. While backlog was up 18 percent over last year, it was down from the second quarter. Since the end of the quarter, we have been advised that we are the low bidder on several significant contracts which we expect to be awarded during the fourth quarter. "While the business climate continues to be very competitive, we remain optimistic about the company's prospects for the future." The company announced the following organization changes which are effective immediately. Michael D. Cooper has been named vice president, eastern division, with responsibility for our Stow, Ohio; Burlington, N.J.; and Rural Hall, N.C. districts. Roger E. Saunders has been appointed as the district manager for the Stow office. Richard A. Martin becomes senior vice president, central division and large contract administration. The central division consists of the company's district offices in Marshalltown, Iowa; Decatur, Ill.; Chicago; Indianapolis; and Pasadena, Texas. Brennan also reported that "the board of directors had declared an 1.1 percent increase in the quarterly dividend to $.05 per share payable Dec. 15, 1992 to shareholders of record on Nov. 30, 1992." Myers specializes in overhead and underground outdoor electrical construction. This includes construction and maintenance of transmission lines, distribution systems, substations, outdoor lighting and signal control systems for public and investor owned electrical utilities, heavy industry and government facilities. THE L.E. MYERS CO. GROUP Summary of Operations (Unaudited) Three months ended Sept. 30: 1992 1991 Contract revenue $ 30,584 $ 25,157 Pre tax income $ 2,223 $ 1,664 Net income $ 1,711 $ 1,578 Primary and fully diluted earnings per share $ .65 $ .61 Average number of shares outstanding: Primary 2,616 2,599 Fully diluted 2,628 2,599 Nine months ended Sept. 30 1992 1991 Contract revenue $ 83,505 $ 69,071 Pre tax income $ 4,246 $ 3,542 Net income $ 3,270 $ 3,135 Primary and fully diluted earnings per share $ 1.25 $ 1.21 Average number of shares outstanding: Primary 2,624 2,582 Fully diluted 2,624 2,583 -0- 10/22/92 /CONTACT: Charles M. Brennan, chairman and CEO of L.E. Myers Co. Group, 708-290-1891/ (MYR) CO: L.E. Myers Co. Group ST: Illinois IN: UTI SU: ERN
TS -- NY124 -- 3788 10/22/92 15:50 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 22, 1992|
|Previous Article:||BANK OF BOSTON SUMMARY AND THIRD QUARTER '92 RESULTS|
|Next Article:||FORTUNE BANCORP REPORTS YEAR END RESULTS|