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PITT-DES MOINES, INC. ANNOUNCES 1992 SECOND QUARTER EARNINGS

 PITT-DES MOINES, INC. ANNOUNCES 1992 SECOND QUARTER EARNINGS
 PITTSBURGH, July 31 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM) today reported net income for the three months ended June 30, 1992 of $1.7 million, or $.70 per share, compared with $2.5 million, or $1.00 per share, for the same period in 1991. Earned revenue increased $5.5 million, from $96.9 million to $102.4 million for the three months ended June 30, 1991 and 1992, respectively. Income from operations decreased $461,000, from $3.2 million to $2.8 million for the three months ended June 30, 1991 and 1992, respectively.
 Other income during the quarter ended June 30, 1992 was $60,000 compared with $811,000 for the same quarter in 1991. This decrease is primarilty due to the gain on the sale of foreign marketable equity securities recorded in the second quarter of 1991.
 The company's net income for the six months ended June 30, 1992 was $2.8 million, or $1.12 per share, compared with $3.7 million, or $1.48 per share, for the same period in 1991. Earned revenue increased $8.6 million, from $189.5 million to $198.1 million for the six months ended June 30, 1991 and 1992, respectively.
 In 1992, all of the company's business segments recorded an increase in earned revenue. New awards for the six months ended June 30, 1992 were $205.9 million compared with $196.2 million for the same period in 1991. On June 30, 1992, the company's backlog was $174.4 million, an increase of 6 percent since the end of last year.
 Despite this increase in volume, income from operations declined due to a decrease in profit margins as a result of the continuing economic slowdown.
 Pitt-Des Moines, Inc. (PDM) and its subsidiaries operate four basic business units: Engineered Construction; CVI, Inc.; Steel Construction; and Steel Service Centers. PDM provides a wide range of custom engineered products, structures and facilities for commercial, industrial, municipal and governmental customers in addition to processing and distributing a general line of carbon steel products.
 PDM has sales offices and/or plant facilities at the following locations: Atlanta; Cedar Rapids, Iowa; Glen Ellyn, Ill.; Melrose Park, Ill.; Wausau, Wis.; Hilliard, Ohio; Costa Mesa, Calif.; Des Moines, Iowa; Clive, Iowa; Warren, Pa.; Provo, Utah; Fresno, Calif.; Houston; Morristown, N.J.; Pittsburgh; Sacramento, Calif.; Santa Clara, Calif.; Spanish Fork, Utah; Sparks, Nev.; Stockton, Calif.; and Tualatin, Ore.
 PITT-DES MOINES, INC.
 Consolidated Statements of Income
 (Unaudited)
 (in thousands except per share data)
 Period Three Months
 Ended June 30 1992 1991
 Earned revenue $102,418 $96,873
 Cost of earned revenue (89,791) (84,553)
 Gross profit from operations 12,627 12,320
 Selling, general and administrative
 expenses (9,857) (9,090)
 Income from operations 2,770 3,230
 Other income/(expense):
 Interest income 200 315
 Interest expense (93) (265)
 Gain on sale of assets 71 766
 Miscellaneous, net (118) (5)
 60 811
 Income before income taxes 2,830 4,041
 Income taxes 1,107 1,588
 Net income 1,723 2,453
 Per share
 Net income $.70 $1.00
 Dividend declared $.225 $.20
 Avg. shares outstanding (in thousands) 2,450 2,462
 Consolidated Statements of Income
 (Unaudited)
 (in thousands except per share data)
 Period Six Months
 Ended June 30 1992 1991
 Earned revenue $198,136 $189,505
 Cost of earned revenue (175,568) (166,538)
 Gross profit from operations 22,568 22,967
 Selling, general & admin. expenses (19,183) (17,638)
 Income from operations 3,385 5,329
 Other income/(expense):
 Interest income 506 814
 Interest expense (255) (602)
 Gain on sale of assets 955 ? 776
 Miscellaneous, net (72) (297)
 1,134 691
 Income before income taxes 4,519 6,020
 Income taxes 1,755 2,361
 Net income 2,764 3,659
 Per share
 Net income $1.12 $1.48
 Dividend declared $.45 $.40
 Average shares outstanding
 (in thousands) 2,450 2,467
 -0- 7/31/92
 /CONTACT: R.A. Byers, vice president, finance, of Pitt-Des Moines, Inc., 412-331-3000/
 (PDM) CO: Pitt-Des Moines, Inc. ST: Pennsylvania IN: MNG SU: ERN


CD-JS -- PG004 -- 5725 07/31/92 15:37 EDT
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Date:Jul 31, 1992
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