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PITT-DES MOINES, INC. ANNOUNCES 1992 EARNINGS

 PITTSBURGH, March 8 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM) today reported net income of $833,000, or $.36 per share, for the three months ended Dec. 31, 1992, compared with $1.6 million, or $.63 per share, for the same period in 1991.
 Earned revenue decreased $13.2 million, from $98.3 million to $85.1 million for the same period ended Dec. 31, 1991 and 1992, respectively. Income from operations decreased $1.6 million, from $2.3 million to $705,000 for the three months ended Dec. 31, 1991 and 1992, respectively. The decline in revenue and profitability for the quarter ended Dec. 31, 1992 was primarily due to lower volumes and margins realized by the Engineered Construction Division.
 The company's net income for the year ended Dec. 31, 1992, was $4.9 million, or $2.02 per share, compared with $7.9 million, or $3.19 per share, for the same period in 1991. Earned revenue decreased $9.6 million, from $392.5 million to $382.9 million for the years ended Dec. 31, 1991 and 1992, respectively. Income from operations decreased $5.4 million, from $11.7 million at Dec. 31, 1991 to $6.3 million at Dec. 31, 1992. For the year ended Dec. 31, 1992, the Steel Service Centers and CVI showed strong improvements in revenue and profitability. These improvements were offset by declines in revenue and profitability in the Engineered Construction and Steel Construction Divisions. These two divisions continue to face rapidly changing markets and unpredictable public and private spending climates.
 New awards for the year ended Dec. 31, 1992 were $357.9 million compared to $402.6 million for the same period in 1991. The Engineered Construction Division realized the most significant decline in new awards due to the continuing recession. On Dec. 31, 1992, the company's backlog was $141.7 million.
 PITT-DES MOINES, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except per share amounts)
 Periods Ended
 Dec. 31 1992 1991
 Earned revenue $ 85,142 $ 98,363
 Cost of earned revenue (74,814) (86,123)
 Gross profit from operations 10,328 12,240
 Selling, general and administrative
 expenses (9,623) (9,939)
 Income from operations 705 2,301
 Other income/(expense):
 Interest income 155 386
 Interest expense (208) (332)
 Loss on sale of assets (1) (6)
 Miscellaneous, net 284 349
 230 397
 Income before income taxes 935 2,698
 Income taxes 102 1,133
 Net income 833 1,565
 Net income per common share $ .36 $ .63
 Dividends per common share $ .22-1/2 $ .22-1/2
 Average common shares outstanding 2,321 2,449
 PITT-DES MOINES, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except per share amounts)
 Periods Ended
 Dec. 31 1992 1991
 Earned revenue $382,895 $392,473
 Cost of earned revenue (338,230) (343,720)
 Gross profit from operations 44,665 48,753
 Selling, general and administrative
 expenses (38,391) (37,092)
 Income from operations 6,274 11,661
 Other income/(expense):
 Interest income 688 1,726
 Interest expense (579) (1,203)
 Gain on sale of assets 930 765
 Miscellaneous, net 289 61
 1,328 1,349
 Income before income taxes 7,602 13,010
 Income taxes 2,702 5,157
 Net income 4,900 7,853
 Net income per common share $ 2.02 $ 3.19
 Dividends per common share .90
 /CONTACT: R.A. Byers of Pitt-Des Moines, Inc., 412-333-3000/
 (PDM)


CO: Pitt-Des Moines, Inc. ST: Pennsylvania IN: MNG SU: ERN

15:05 -- PG015 -- 4173 03/08/93 15:47 EST
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Date:Mar 8, 1993
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