Printer Friendly

PITT-DES MOINES, INC. ANNOUNCES 1993 FIRST QUARTER RESULTS

 PITTSBURGH, May 10 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM) today reported a net loss of $879,000 ($.38 per share) on earned revenue of $81.9 million for the quarter ended March 31, 1993.
 These results compare with net income of $1.0 million ($.42 per share) on earned revenue of $95.7 million for the quarter ended March 31, 1992.
 During the first quarter of 1993, increases in earned revenue and significant improvements in operating profitability were realized by the company's Steel Construction, Steel Service Centers and CVI business segments compared with the same period in 1992. These improvements were offset, to a greater extent, by a decline in earned revenue and an operating loss realized by the Engineered Construction Division during this same period. As anticipated by the company in 1992, the effects of lower housing starts, municipal funding restraints and the lack of capital spending contributed to an extremely competitive market environment for the Engineered Construction Division which significantly reduced profit margins.
 Other income decreased $894,000 for the first quarter of 1993 compared with the first quarter of 1992 primarily due to a decrease in the gain on sale of assets. In 1992, the company realized a gain of $884,000 on the sale of foreign marketable equity securities.
 A $68 million award for the McCormick Place Exhibition Center, included in new awards of $138.3 million for the quarter ended March 31, 1993, represents the largest award received by the company's Steel Construction business segment. New awards for the quarter ended March 31, 1992, were $119.1 million. On March 31, 1993, the company's backlog was $198.1 million.
 In an order filed May 3, 1993, in the previously reported case of Washington Public Power Supply System vs. Pitt-Des Moines, Inc. et al., the U.S. Ninth Circuit Court of Appeals denied the company's petition for rehearing. Pursuant to the Ninth Circuit's order of Jan. 26, 1993, also previously reported, the case will be remanded to the U.S. District Court for the Eastern District of Washington.
 PITT-DES MOINES, INC.
 Consolidated Statements of Income
 (Unaudited)
 For the three months ended
 March 31,
 (in thousands, except per share amounts) 1993 1992
 Earned revenue $81,909 $95,718
 Cost of earned revenue (73,827) (85,777)
 Gross profit from operations 8,082 9,941
 Selling, general & admin. expenses (9,681) (9,326)
 (Loss)income from operations (1,599) 615
 Other income/(expense):
 Interest income 167 306
 Interest expense (14) (162)
 (Loss)gain on sale of assets (7) 884
 Miscellaneous, net 34 46
 180 1,074
 (Loss)income before income taxes (1,419) 1,689
 Income taxes(credits) (540) 648
 Net (loss)income $ (879) $ 1,041
 Per Share
 Net (loss) income $ (.38) $ .42
 Dividend declared $ .225 $ .225
 Average common shares outstanding
 (in thousands) 2,323 2,450
 /delval/
 -0- 5/10/93
 /CONTACT: Richard Byers, v-p of finance of Pitt-Des Moines, 412-331-3000/
 (PDM)


CO: Pitt-Des Moines, Inc.; Washington Public Power Supply System ST: Pennsylvania IN: MNG SU: ERN

DM -- PG010 -- 6397 05/10/93 10:25 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 10, 1993
Words:509
Previous Article:DELBERT SPURLOCK NAMED EXECUTIVE VICE PRESIDENT AND ASSOCIATE PUBLISHER AT THE NEW YORK DAILY NEWS
Next Article:VINTAGE PETROLEUM ANNOUNCES RECORD FIRST QUARTER RESULTS
Topics:


Related Articles
PITT-DES MOINES, INC., ANNOUNCES 1991 NET EARNINGS OF $3.19 PER SHARE
PITT-DES MOINES, INC. ANNOUNCES 1992 SECOND QUARTER EARNINGS
PITT-DES MOINES, INC. ANNOUNCES THIRD QUARTER RESULTS
PITT-DES MOINES, INC. ANNOUNCES SECOND QUARTER EARNINGS
PITT-DES MOINES, INC. ANNOUNCES INCREASED THIRD QUARTER RESULTS
PITT-DES MOINES, INC. ANNOUNCES 1995 SECOND QUARTER EARNINGS
PITT-DES MOINES, INC. ANNOUNCES 1995 THIRD QUARTER EARNINGS
PITT-DES MOINES, INC. ANNOUNCES 39% INCREASE IN 1996 FIRST QUARTER EARNINGS
PITT-DES MOINES, INC. ANNOUNCES 30% INCREASE IN 1996 SECOND QUARTER EARNINGS
PDM Fourth Quarter Earnings Per Share up 90%; 1997 Revenues, Net Income, New Awards Set Records

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters