MYERS REPORTS SECOND QUARTER RESULTS
MYERS REPORTS SECOND QUARTER RESULTS ROLLING MEADOWS, Ill., July 27 /PRNewswire/ -- The L.E. Myers Co.
Group (NYSE: MYR) today reported net income of $1,425,000 or $.54 per share for the three-month period ended June 30, 1992. This compares with net income of $1,244,000 or $.48 per share for the comparable period of 1991. Net income for the six months ended June 30, 1992 was $1,558,000 or $.59 per share versus $1,557,000 or $.60 per share last year.
Revenues for the quarter were $30,115,000 compared with $24,906,000 for 1991. Revenues for the six months were $52,921,000 compared to $43,914,000 for the prior year. The company's backlog at June 30, 1992 is $38.8 million compared to $24.8 million at June 30, 1991. Substantially all of the current backlog will be completed within 12 months. Commenting on the quarter, Charles M. Brennan, chairman and CEO, said "That management was very pleased with the 21 percent increase in revenues. Although results are not uniform across the country, we are encouraged by some early signs of increasing demand for line construction services in the Northeast and Southern California markets. The environment does remain very competitive which has continued to keep margins under pressure; however, net income was up by 15 percent over last year after a 28 percent increase in the tax rate. Had the tax rate remained the same, earnings would have increased in line with revenues. "While our backlog is up substantially over last year, it is down from the first quarter. Bidding activity remains strong, but we are being cautious and trying to bring up our contract margins. As I have noted in the past, an increase in industrial production will boost demand for electric power which will benefit our business. "With our business having doubled in the last four years, we are making an organizational change to insure that our operating districts receive effective corporate support. On July 21, 1992, we formed the Western Division which has responsibility for our Hawkeye Construction subsidiary and Salt lake City, Utah and Corona, Calif. districts. Elliott C. Robbins will be in charge of this division in addition to retaining his responsibilities as chief financial officer. Richard A. Martin remains responsible for Myers' remaining eight district offices which will operate as the East-Central Division." The company also announced that the board of directors had declared a dividend of $0.45 per share payable on Sept. 15, 1992 to stockholders of record on Aug. 31, 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 and investor owned electrical utilities, heavy industry and government facilities. THE L.E. MYERS CO. GROUP (Unaudited) Periods ended Three months Six months June 30 1992 1991 1992 1991 Contract revenue $30,115,000 $24,906,000 $52,921,000 $43,914,000 Net income 1,425,000 1,244,000 1,558,000 1,557,000 Primary and fully diluted earnings per share $.54 $.48 $.59 $.60 Average number of shares outstanding: Primary 2,619,000 2,576,000 2,625,000 2,574,000 Fully diluted 2,619,000 2,579,000 2,625,000 2,575,000 -0- 7/27/92 /CONTACT: Charles Brennan of L.E. Myers Co. Group, 708-290-1891/ (MYR) CO: L.E. Myers Co. Group ST: Illinois IN: UTI SU: ERN
TS -- NY049 -- 3467 07/27/92 11:21 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 27, 1992|
|Previous Article:||GENERAL MOTORS, HUGHES AIRCRAFT TO ANNOUNCE MULTI-MILLION DOLLAR ASSISTANCE PROGRAM SUPPORTING REBUILD L.A., TODAY AT 11 A.M.|
|Next Article:||DUFF & PHELPS REPORTS HIGHER SECOND-QUARTER EARNINGS|