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MICHAEL BAKER CORPORATION REPORTS RECORD ANNUAL AND FOURTH-QUARTER RESULTS

 MICHAEL BAKER CORPORATION REPORTS
 RECORD ANNUAL AND FOURTH-QUARTER RESULTS
 BEAVER, Pa., Feb. 20 /PRNewswire/ -- Michael Baker Corporation (AMEX: BKR) today reported record annual and fourth-quarter results for total contract revenues, net income and backlog in 1991.
 For the year ended Dec. 29, 1991, Baker had net income of $3.5 million, or $1.21 per share, on total contract revenues of $204.2 million. In 1990, Baker had net income of $3 million, or $1.06 per share, on total contract revenues of $127.3 million. The company's funded backlog grew to $307.5 million at year-end 1991, compared to $126 million at year-end 1990.
 "We are very pleased with these results, especially the growth in backlog," said Richard L. Shaw, chairman and chief executive officer. "Baker's diversity and commitment to quality have enabled the company to continue its string of record financial performances. We are particularly pleased because the company has achieved this performance in spite of a nationwide recession and budgetary cutbacks in many client states."
 In the fourth quarter, Baker's net income was a record $1.3 million, or 43 cents per share, on total contract revenues of $79.8 million. For the fourth quarter of 1990, net income was $1.2 million, or 40 cents per share, on total contract revenues of $36 million.
 The company's fourth-quarter results marked the 31st consecutive quarter of profitability, and the full-year results marked the eighth consecutive year of increasing revenues and net income.
 "Investors have recognized this performance, and the company's strong position in growth markets," Shaw said.
 He said each of the company's groups was profitable in 1991. Shaw said Baker's Operations and Maintenance Group performed very well, reporting a significant increase in total contract revenues and reflecting a full year's performance from its Baker/MO Services unit, which was acquired in July 1990. During the year, the group won major contracts in the energy industry to manage oil and gas production facilities, and to design, fabricate and assemble compressor units. The group also was awarded several contracts to renovate facilities at various U.S. military bases.
 "Companies and government agencies continue to look for more efficient, cost-effective ways of doing business," Shaw said. "One of the ways to cut costs and improve efficiency is to contract out certain specialized services. As this trend continues, we expect further growth in the O&M Group."
 The Engineering Group, led by strong performances from the civil and environmental units, also posted higher revenues. The civil unit won renewal of a contract to provide services for the Federal Emergency Management Agency's National Flood Insurance Program and continued, along with the transportation unit, to provide final design and construction-phase services at the new Pittsburgh International Airport. The environmental unit began work on a 10-year, $100 million contract for the Comprehensive Long-Term Environmental Action Navy program. The contract, known as CLEAN, calls for assisting the Navy with professional services in the areas of asbestos abatement, spill prevention and hazardous waste minimization.
 "Revenues from the CLEAN contract have exceeded our expectations," Shaw said.
 He said the Construction Group contributed substantially to revenues and backlog in the 1991 fourth quarter.
 "Our return on revenues was lower in the 1991 fourth quarter due to the acquisition of certain construction contracts and the start-up of the Construction Group," Shaw said.
 The group was formed in September when Baker acquired certain assets and contracts of Mellon Stuart Company. The new company, Mellon Stuart Construction, Inc., has already won several major contracts since its formation, Shaw said.
 Shaw said he expects Baker to report further growth in total contract revenues and consolidated net income in 1992, particularly in markets related to infrastructure and the environment.
 "We intend to be a world-class provider of a full range of services," he said. "I believe we'll continue in that direction in 1992."
 Michael Baker Corporation subsidiaries provide engineering, construction, and operations and maintenance services worldwide.
 MICHAEL BAKER CORPORATION
 Summary of Operations
 Fourth Quarter 1991 1990 1989
 Total contract revenues $79,776,505 $36,028,106 $26,606,420
 Operating income 2,691,317 1,617,076 1,407,534
 Net income 1,263,800 1,175,969 817,242
 Earnings per share $0.43 $0.40 $0.29
 Average shares outstanding 2,953,071 2,913,214 2,813,214
 Twelve Months
 Total contract revenues $204,196,597 $127,340,763 $102,366,986
 Operating income 6,898,810 4,765,794 4,326,662
 Net income 3,536,511 3,025,568 2,260,066
 Earnings per share $1.21 $1.06 $1.01
 Average shares outstanding 2,923,178 2,863,214 2,233,160
 Backlog
 Funded $307,500,000 $126,000,000 $88,100,000
 Total (including joint
 ventures) 473,200,000 208,800,000 178,600,000
 /delval/
 -0- 2/20/92
 /CONTACT: Tim Wesley of Michael Baker Corporation, 412-495-4258/
 (BKR) CO: Michael Baker Corporation ST: Pennsylvania IN: CST SU: ERN


CD -- PG007 -- 0920 02/20/92 12:22 EST
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Date:Feb 20, 1992
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