Printer Friendly

MYERS REPORTS FOURTH QUARTER RESULTS

 ROLLING MEADOWS, Ill., Feb. 22 /PRNewswire/ -- The L.E. Myers Co. Group ("Myers") (NYSE: MYR) today reported that it has adopted Financial Accounting Standard Board Statement No. 109, "Accounting For Income Taxes" through a restatement of prior years' results.
 Net income for the fourth quarter of 1992 was $952,000 or $.36 per share and for the year ended Dec. 31, 1992, was $3,584,000 or $1.37 per share. This compares with income from continuing operations of $849,000 or $.33 per share and $3,045,000 or $1.18 per share for the comparable periods of 1991.
 Revenues for the quarter were $26,746,000 and for the year were $110,251,000 compared with $27,026,000 and $96,097,000 for the comparable periods of 1991.
 The company had losses, which were restated for the adoption of SFAS No. 109, from discontinued operations of $105,000 or $.04 per share for the quarter and year ended Dec. 31, 1991.
 The restatement for SFAS No. 109 reflects, as an adjustment of equity at Jan. 1, 1989, the benefit of certain tax credits previously shown in the 1989 through 1992 results of operations. As a result, shareholders' equity was increased by $1.3 million at Dec. 31, 1992, and the 1992 and 1991 annual net income was decreased by $867,000 and $1,302,000, respectively. The fourth quarter net income was reduced by $230,000 and $364,000, respectively. The restatement will result in a consistent effective tax rate of 38 percent for each of the periods presented in the financial statements.
 The company's backlog at Dec. 31, 1992, was $31.4 million compared to $28.8 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, "Reported revenues for the fourth quarter were slightly lower than last year due to the inclusion of subcontractor and material costs passed through to the client in the prior year. Overall we were pleased with the 14.7 percent increase in full year revenues and the 12.1 percent and 17.7 percent increases in quarterly and full year net income, respectively. While year-end backlog was up only 9.0 percent, January was a good order month for us. As we have commented earlier in the year, the environment remains very competitive, which has put pressure on revenues and margins. While there are several items on which we are working that could push 1993 results higher, we currently expect revenues and net income for 1993 to be up only slightly over last year."
 Brennan also reported that the board of directors had declared a dividend of $.05 per share for the fourth quarter of 1992 payable March 15, 1993, to shareholders of record on March 1, 1993.
 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 AND SUBSIDIARIES
 Summary of Operations
 (Unaudited, in thousands)
 Periods ended Year Three months
 Dec. 31 1992 1991 1992 1991
 (restated)
 Contract revenue $110,251 96,097 26,746 27,026
 Income 3,584 3,054 952 849
 Continuing
 Net income 3,584 2,941 952 744
 Primary/fully
 diluted earnings:
 Per Share
 Continuing $ 1.37 1.18 .36 .33
 Net Income 1.37 1.14 .36 .33
 Shares outstanding 2,617 2,588 2,609 2,601
 -0- 2/22/93
 /CONTACT: Charles M. Brennan of L.E. Myers Co. Group, 708-290-1891/
 (MYR)


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

TS -- NY079 -- 9067 02/22/93 16:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 22, 1993
Words:648
Previous Article:NEW PACT OFFERS MOBIL CUSTOMERS CREDITS ON GM CARS
Next Article:MASSACHUSETTS $450 MILLION GENERAL OBLIGATION REFUNDING BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
DOSKOCIL ANNOUNCES INITIAL DISTRIBUTION OF STOCK; IMPROVED FOURTH QUARTER EARNINGS
BRISTOL-MEYERS SQUIBB REPORTS RESULTS
MYERS REPORTS FOURTH QUARTER RESULTS
DOSKOCIL REPORTS FOURTH QUARTER RESULTS
ROBBINS & MYERS YEAR END RESULTS STEADY IN DOWN ECONOMY
QUARTERDECK ANNOUNCES YEAR-END RESULTS; SEPTEMBER QUARTER INCREASES
BRISTOL-MYERS SQUIBB REPORTS SALES AND EARNINGS
ROBBINS & MYERS REPORTS FISCAL YEAR-END RESULTS
THE L.E. MYERS CO. GROUP

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