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MYERS REPORTS THIRD QUARTER RESULTS

 ROLLING MEADOWS, Ill., Nov. 4 /PRNewswire/ -- The L. E. Myers Co. Group (NYSE: MYR) today reported net income of $970,000 or $.39 per share for the three month period ended Sept. 30, 1993. This compares with net income of $1,378,000 or $.53 per share for comparable period of 1992. Net income for the nine months ended Sept. 30, 1993 was $762,000 or $.30 per share versus $2,633,000 or $1 per share last year. The 1992 net income amounts for the three and nine month period reflect the prior year's restatement for the adoption of Financial Accounting Standards Board Statement No. 109 "Accounting for Income Taxes."
 Revenues for the quarter were $29,487,000 compared with $30,584,000 for 1992. Revenues for the nine months were $79,940,000 compared to $83,505,000 for the prior year.
 The company's backlog at Sept. 30, 1993 is $35.4 million compared to $30.8 million at Sept. 30, 1992. Substantially all of the current backlog will be completed within twelve months.
 Commenting on the quarter Charles M. Brennan, chairman & CEO, said "Results, while improved over the second quarter, were still well below last year's level. July was a marginal month due to the continuing impact of very wet working conditions, but August and September were up nicely. In these months we worked more hours than in 1992. Overshadowing the quarter were several factors. Revenues included $1,100,000 in material sales and $400,000 in helicopter services on which there were very low margins. The competitive environment continued to be very tough depressing contract margins by two to four percentage points. Two bad accidents during the quarter and reserve adjustments on four other injuries from prior years required us to increase workers' compensation and related reserves by approximately $1,000,000. These events reduced contract margins for the quarter to 10.7 percent from prior year's level of 14.7 percent. Offsetting these adverse impacts has been our ability to utilize an interest rate hedging strategy which has resulted in a substantially lower tax rate for the period and year to date.
 While the economy's sluggish recovery is still depressing utility spending plans, we are cautiously optimistic about the last quarter and next year. With backlog up 15 percent, we expect the fourth quarter to be in line with last year's performance."
 Brennan also reported that the board of directors had declared a dividend of $.055 per share payable on Dec. 15, 1993 to stockholders of record on Nov. 30, 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 and investor owned electrical utilities, heavy industry and government facilities.
 THE L. E. MYERS CO. GROUP
 Unaudited Summary Of Operations
 (Amounts in Thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Contract revenue $29,487 $30,584 $79,940 $83,505
 Contract margins $ 3,141 $ 4,481 $ 6,663 $10,541
 Pre-tax income $ 1,265 $ 2,222 $ 852 $ 4,246
 Net income $ 970 $ 1,378 $ 762 $ 2,633
 Primary and fully
 diluted earnings
 per share $ .39 $ .53 $ .30 $ 1.00
 Average number of
 shares outstanding
 Primary 2,484 2,616 2,534 2,624
 Fully diluted 2,489 2,628 2,534 2,624
 -0- 11/4/93
 /CONTACT: Charles M. Brennan of L. E. Myers Co., 708-290-1891/
 (MYR)


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

MP -- NY111 -- 0909 11/04/93 16:10 EST
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Date:Nov 4, 1993
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