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MYERS REPORTS FIRST QUARTER RESULTS

 ROLLING MEADOWS, Ill., April 21 /PRNewswire/ -- The L. E. Myers Co. Group ("Myers") today reported its results for the quarter ended March 31, 1993. The loss for the quarter was $458,000 or $.18 per share, which compares with income of $108,000 or $.04 for the comparable period of 1992. Revenues for the quarter were $25,884,000 versus $22,806,000 in 1992.
 The company's backlog at March 31, 1993 was $39.2 million compared to $45.3 million last year. Substantially all of the current backlog will be completed within twelve months.
 Commenting on the company's results, Charles M. Brennan, chairman and chief executive officer, said "Despite working conditions in the first quarter that were the worst in many years, revenues were up by 13 percent. However, lost production days and reduced productivity due to weather hiked costs which squeezed contract margins during the quarter. The cost of non-productive show-up wages, the marooning of equipment by river flood crests and the closing down of profitable work quagmired in a sea of mud resulted in the first quarterly loss reported by Myers since June 1988.
 "Normally, the weaker January and February period is pulled up by a strengthening March. This year March was the weakest month in the quarter. While our outlook remains bright, it will now be very difficult for the company to equal last year's results. We have implemented cost reduction steps, but they may not be able to completely offset the weak first quarter results.
 "Bidding activity remains strong, but the environment is very competitive. Contract margins have been pushed down 1 to 2 percentage points. Backlog is up 25 percent from year end but down 13 percent from prior year levels. Last year's backlog included the entire Cleveland Public Power contract of $20.5 million. In the current backlog we have only recorded 50 percent of the recently awarded $20.0 million contract from TVA.
 "We are all disappointed in the first quarter results even though there was not anything we could do about our weather induced problems. Our entire management team is committed to doing everything in our power to overcome this setback during the balance of the year."
 The 1993 Annual Meeting of the company's stockholders will be held on May 13, 1993.
 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 OPERATION
 (Dollars in thousands, Unaudited)
 Three Months Ended March 31, 1993 1992
 Contract Revenue $ 25,884 $ 22,806
 Net (loss) income (458) 108
 Primary and fully diluted
 earnings (loss) per share $ (.18) $ .04
 Average number of shares outstanding
 Primary 2,601 2,624
 Fully diluted 2,601 2,632
 -0- 4/21/93
 /CONTACT: Charles M. Brennan of L. E. Myers Co., 708-290-1891/


CO: L.E. Myers Co. Group ST: Illinois IN: CPR SU: ERN

LD -- NY126 -- 9061 04/21/93 19:28 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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