Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1992
Words:381
Previous Article:PRODIGY WINS COMPUTER PRESS AWARD COMPUTER CLUB TAKES TOP HONORS AS BEST ON-LINE PUBLICATION
Next Article:FISHER-PRICE REPORTS FIRST QUARTER PROFITS


Related Articles
BRISTOL-MYERS SQUIBB REPORTS RESULTS
MYERS REPORTS FIRST QUARTER RESULTS
ROBBINS & MYERS REPORTS FIRST QUARTER RESULTS
L.E. MYERS REPORTS FIRST QUARTER RESULTS
MYERS REPORTS FIRST QUARTER RESULTS
BRISTOL-MYERS SQUIBB EARNINGS INCREASE TO $1.29, UP 13 PERCENT
ROBBINS & MYERS REPORTS STRONG FIRST QUARTER
ROBBINS & MYERS SEES MAJOR GAINS IN SALES AND EARNINGS
Robbins & Myers Reports First Quarter Results.
Robbins & Myers Announces First Quarter 2010 Results; Higher Backlog from Sequential Order Growth; Strong Cash Flow Execution; Full Year Earnings...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters