MYERS REPORTS FIRST QUARTER RESULTS
MYERS REPORTS FIRST QUARTER RESULTS ROLLING MEADOWS, Ill., April 22 /PRNewswire/ -- The L.E. Myers Co.
Group (NYSE: MYR) ("Myers") today reported its results for the quarter ended March 31, 1992. Income for the quarter was $134,000 or $.05 per share, which compares with $313,000 or $.12 per share for the comparable periods of 1991. Revenues for then quarter were $22,806,000 versus $19,008,000 in 1991.
The company's backlog at March 31, 1992, was $45.3 million compared to $23.2 million last year. Commenting on the company's results, Charles M. Brennan, chairman and chief executive officer, said "First quarter revenues were up 20 percent over prior year, but net income did not keep pace. Margins were below prior year for several reasons. First, the absence of winter storm work during the quarter significantly reduced premium time billings and equipment rental income. Second, we were delayed in getting our new Cleveland job underway by the client who took longer than anticipated to release the purchase order; however, we did incur substantial costs setting up for the job. Finally, exceptional wet weather in the Southwest and a generally wetter winter hurt our productivity across the company. Conditions are very competitive and some areas of the country are experiencing weaker demand; but with our solid backlog, we believe we are well positioned to continue to grow our business." The 1992 Annual Meeting of the company's stockholders will be held on May 21, 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 investor owned electrical utilities, heavy industry and government facilities. THE L.E. MYERS CO. GROUP Summary of Operations (unaudited) Period ended Three months March 31, 1992 1991 Contract Revenue $22,806,000 $19,008,000 Net income 134,000 313,000 Primary and fully diluted earnings per share .05 .12 Average number of shares outstanding Primary 2,624,000 2,571,000 Fully diluted 2,632,000 2,571,000 -0- 4/22/92 /CONTACT: Charles M. Brennan of L.E. Myers Co. Group, 708-290-1891/ (MYR) CO: L.E. Myers Co. Group ST: Illinois IN: CST SU: ERN
SH -- NY100 -- 1428 04/22/92 16:01 EDT
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|Date:||Apr 22, 1992|
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