MODTECH ANNOUNCES THIRD QUARTER RESULTS
MODTECH ANNOUNCES THIRD QUARTER RESULTS PERRIS, Calif., Nov. 9 /PRNewswire/ -- Modtech Inc.
(NASDAQ: MODT) today announced results for its third quarter and the nine months ended Sept. 30, 1992.
Revenues for the third quarter were $10,921,000 compared to $10,838,000 in the same period a year ago. Net income for the third quarter was $27,000 or $.01 a share, compared to a net loss of $338,000 or $.09 a share for the third quarter of fiscal 1991. The small profit achieved is primarily attributable to previously announced cost-cutting measures. According to Evan M. Gruber, chief executive officer, "We continue to be hampered by the budget shortfalls which plague the State of California. The California economy continues to underperform the nation. "We are of course pleased that the voters of California have approved the school construction bonds which validated the need for new schools. The student population continues to grow rapidly. However, until these capital funds and the school operating funds become available, we will still have tough quarters ahead." Modtech Inc. designs, manufactures and installs modular relocatable classrooms, marketing its products to California school districts, as well as to the State of California and leasing companies which in turn lease the classrooms to school districts. MODTECH INC. Selected Unaudited Financial Data Sept. 30, 1992 and 1991 (Dollars in thousands, except EPS) Third Quarter: 1992 1991 Net sales $10,921 $10,838 Net income/(loss) 27 (338) Earnings/(loss) per share .01 (.09) Average shares outstanding 3,701,000 3,886,000 Nine Months: Net sales $26,975 $32,141 Net (loss)/income (67) 6 (Loss)/earnings per share (.02) 0 Average shares outstanding 3,701,000 3,922,000 -0- 11/9/92 /CONTACT: Evan M. Gruber, CEO of Modtech, 714-943-4014/ (MODT) CO: Modtech Inc. ST: California IN: SU: ERN
LS-JB -- LA021 -- 8864 11/09/92 16:01 EST
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|Date:||Nov 9, 1992|
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