THE RANDERS GROUP INCORPORATED REPORTS FINANCIAL RESULTS
FOR THE QUARTER ENDED SEPT. 30, 1991
MUSKEGON, Mich., Nov. 13 /PRNewswire/ -- The Randers Group Incorporated (NASDAQ: RDRS) reported results for the first nine months of 1991. Earnings for the nine months were $232,000 (2 cents per share) on revenues of $10,118,000 compared with earnings of $726,000 (6 cents per share) on revenues of $13,271,000 for 1990.
Net income for the three months ended Sept. 30, 1991, was $9,000 (zero cents per share) compared with net income of $239,000 (2 cents per share) for the third quarter of 1990.
THE RANDERS GROUP INCORPORATED
Nine Months Ended Three Months Ended
Sept. 30, Sept. 30,
1991 1990 1991 1990
Revenue $10,118,000 $13,271,000 $2,398,000 $4,591,000
Net income $232,000 $726,000 $9,000 $239,000
per share $.02 $.06 --- $.02
outstanding 13,991,475 13,008,888 14,320,918 13,010,000
The following may be attributed to Thomas Eurich, The Randers Group Incorporated president:
The weak economy continued to affect the company's operations during the third quarter 1991. As a result, third-quarter revenues were reduced year-to-year by 47.8 percent, although the cost-reduction measures imposed in early summer have allowed a small profit to be generated.
While new clients and projects have been secured throughout the summer and fall, the overall level of project activity, both old and new, remains below our prior year's pace. Our prospects have never been stronger, however, to rebound dramatically in early 1992, when we foresee a release of many projects we have identified. In the interim, we will continue to contain operating costs consistent with our work volume and aggressively market to those areas visibly recovering from the recession.
The Randers Group Companies represents a broad base of engineering and construction skills. The companies provide design, consulting, project management, development and general contracting services. The majority of work involves designing and implementing technology-related projects through design/build engagements for large industrial and commercial clients.
/CONTACT: LaWanda Furlough of The Randers Group, 616-733-0036/
(RDRS) CO: The Randers Group Incorporated ST: Michigan IN: CST SU: ERN SB -- DE017 -- 3898 11/13/91 11:31 EST