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PITT-DES MOINES, INC., ANNOUNCES 1992 FIRST QUARTER EARNINGS /repeating for points needed/

 PITT-DES MOINES, INC., ANNOUNCES 1992 FIRST QUARTER EARNINGS
 /repeating for points needed/
 PITTSBURGH, May 4 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM), today reported net income of $1.0 million ($0.42 per share) on earned revenue of $95.7 million for the quarter ended March 31, 1992.
 These results compare with net income of $1.2 million ($0.49 per share) on earned revenue of $92.6 million for the quarter ended March 31, 1991.
 For the first quarter of 1992 earned revenue increased $3.1 million as compared with the same period in 1991. This increase was primarily due to the inclusion of Hartwig Mfg. Corp.'s earned revenue in 1992.
 Income from operations for the first quarter of 1992 decreased $1.5 million as compared with the first quarter of 1991. This decrease was primarily due to the continued effects of an oversaturated commercial real estate market experienced by the company's Steel Construction business segment. In response to this downturn, the company formed the Central Steel Construction Group in March 1992 to increase concentration in bridge fabrication and rehabilitation. The Chicago facility is currently being converted to assist in bridge fabrication in addition to fabricating structural steel for buildings.
 Other income increased $1.2 million for the first quarter of 1992 as compared with the first quarter of 1991 primarily due to a gain on the sale of foreign marketable equity securities.
 Bookings for the quarter ended March 31, 1992 were $119.1 million compared to $92.2 million for the same period in 1991. At March 31, 1992, the company's backlog was $190.1 million.
 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)
 Three Months Ended March 31 1992 1991
 Earned revenue $95,718 $92,632
 Cost of earned revenue (85,777) (81,985)
 Gross profit from operations 9,941 10,647
 Selling, general and
 administrative expenses (9,326) (8,548)
 Income from operations 615 2,099
 Other income/(expense):
 Interest income 306 499
 Interest expense (162) (337)
 Gain on sale of assets 884 10
 Miscellaneous, net 46 (292)
 1,074 (120)
 Income before income taxes 1,689 1,979
 Income taxes 648 773
 Net income 1,041 1,206
 Net income per share $0.42 $0.49
 -0- 5/4/92 R
 /CONTACT: R.A. Byers, vice president, finance, Pitt-Des Moines, Inc., 412-331-3000/
 (PDM) CO: Pitt-Des Moines, Inc. ST: Pennsylvania IN: MNG CST SU: ERN


CD-KK -- PG010 -- 6231 05/04/92 17:03 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:524
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