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

 PITT-DES MOINES, INC. ANNOUNCES 1992 THIRD QUARTER EARNINGS
 PITTSBURGH, Nov. 5 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM) today reported net income for the three months ended Sept. 30, 1992 of $1.3 million, or $.53 per share, compared with $2.6 million, or $1.07 per share, for the same period in 1991.
 Earned revenue decreased $5.0 million, from $104.6 million to $99.6 million for the three months ended Sept. 30, 1991 and 1992, respectively. Income from operations decreased $1.8 million, from $4.0 million to $2.2 million for the three months ended Sept. 30, 1991 and 1992, respectively.
 Other expense during the quarter ended Sept. 30, 1992 was $36,000 compared with other income of $261,000 for the same quarter in 1991. During 1992, interest income significantly decreased as interest rates declined along with the level of invested funds.
 The company's net income for the nine months ended Sept. 30, 1992 was $4.1 million, or $1.65 per share, compared with $6.3 million, or $2.55 per share, for the same period in 1991. Earned revenue increased $3.7 million, from $294.1 million to $297.8 million for the nine months ended Sept. 30, 1991 and 1992, respectively. Income from operations decreased $3.8 million, from $9.4 million at Sept. 30, 1991 to $5.6 million at Sept. 30, 1992.
 Income from operations for the quarter and nine months ended Sept. 30, 1992 declined due to a decrease in Engineered Construction Division and Steel Construction's profitability. The Engineered Construction Division's profit margins decreased as a result of lower volume and increased competitive pressures. The decrease in Steel Construction's profitability was due to the delay in federal funding for bridge contracts and the continuing overcapacity in the commercial real estate market. Strong improvements in operating profitability were realized by the Steel Service Centers and CVI during these same periods. The Steel Service Centers increased both market share and profit margins as CVI's profitability dramatically improved with increased profit margins.
 New awards for the nine months ended Sept. 30, 1992 were $274.9 million compared with $300.4 million for the same period in 1991. The Engineered Construction Division realized the most significant decline in new awards due to the lingering economic recession. On Sept. 30, 1992, the company's backlog was $144.5 million.
 PITT-DES MOINES, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (UNAUDITED)
 For the three months ended
 September 30,
 (in thousands except per share data) 1992 1991
 Earned revenue $ 99,617 $104,605
 Cost of earned revenue (87,848) (91,059)
 Gross profit from operations 11,769 13,546
 Selling, general and admin. expenses (9,585) (9,515)
 Income from operations 2,184 4,031
 Other income/(expense):
 Interest income 27 526
 Interest expense (116) (269)
 Gain/(loss) on sale of assets (24) (5)
 Miscellaneous, net 77 9
 (36) 261
 Income before income taxes 2,148 4,292
 Income taxes 845 1,663
 Net income $ 1,303 $ 2,629
 Per Share
 Net income $ .53 $ 1.07
 Dividend declared $ .225 $ .20
 Avg. shares outstanding (in 000's) 2,437 2,449
 PITT-DES MOINES, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (UNAUDITED)
 For the nine months ended
 September 30,
 (in thousands except per share data) 1992 1991
 Earned revenue $297,753 $294,110
 Cost of earned revenue (263,416) (257,597)
 Gross profit from operations 34,337 36,513
 Selling, general and admin. expenses (28,768) (27,153)
 Income from operations 5,569 9,360
 Other income/(expense):
 Interest income 533 1,340
 Interest expense (371) (871)
 Gain/(loss) on sale of assets 931 771
 Miscellaneous, net 5 (288)
 1,098 952
 Income before income taxes 6,667 10,312
 Income taxes 2,600 4,024
 Net income $ 4,067 $ 6,288
 Per Share
 Net income $ 1.65 $ 2.55
 Dividends declared $ .675 $ .60
 Avg. shares outstanding (in 000's) 2,446 2,449
 -0- 11/5/92
 /CONTACT: R.A. Byers of Pitt-Des Moines, 412-331-3000/
 (PDM) CO: Pitt-Des Moines, Inc. ST: Pennsylvania IN: MNG CST SU: ERN


CD -- PG009 -- 7871 11/05/92 15:57 EST
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Date:Nov 5, 1992
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