THE TURNER CORPORATION ANNOUNCES SECOND QUARTER EARNINGS
NEW YORK, Aug. 6 /PRNewswire/ -- The Turner Corporation (AMEX: TUR), the nation's leading general builder, today announced net income of $909,000 or 9 cents per share for the quarter ended June 30, 1993. These earnings are equal to the earnings per share experienced in the first quarter of 1993. Earnings per share results for the first half of 1993 were 18 cents per share compared with 23 cents per share in the first half of 1992. Six months earnings per share in 1992 would have been a loss of 6 cents per share except for an accounting change reported in the first quarter of 1992.
During the first six months of 1993, Turner sold $1.25 billion in construction contracts which compared to $1.7 billion during the first six months of 1992. This reduction in sales activity relates to lower results from the West Coast market which is in a construction slump and in which Turner is a major participant.
Turner Chairman Alfred T. McNeill, commented, "We are pleased to continue to produce profitable results in this difficult construction market and the company expects to see sales improve during the last half of the year so that annual results will approximate those of last year." The backlog of construction volume to be completed at June 30 remains strong at $5.05 billion. The Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the nation's leading builder of healthcare, institutional, retail, commercial, industrial, manufacturing, interiors, biotech/pharmaceutical, research and development/laboratories, government building and multi-unit residential projects. Operating through more than 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1992, The Turner Corporation completed $2.6 billion of construction. THE TURNER CORPORATION AND SUBSIDIARIES Consolidated Financial Highlights (In thousands except share amounts) Periods ended Six months Three months June 30 1993 1992 1993 1992 Value of construction completed $1,318,021 $1,264,093 $ 737,080 $669,885 Gross earnings 30,694 28,981 14,936 15,646 Income before taxes 2,984 535 1,280 2,275 Income before change in accounting method 1,855 228 909 1,268 Cumulative effect on prior years of changing the method of amortizing unrecognized pension actuarial net gain -- 1,454 -- -- Net income 1,855 1,682 909 1,268 Preferred dividends, net of tax (927) (550) (462) (275) Earnings available to common shareholders 928 1,132 447 993 Earnings (loss) per common share: Before change in accounting method $0.18 ($0.06) $0.09 $0.20 Effect of change in accounting method -- 0.29 -- -- Earnings per common share $0.18 0.23 $0.09 $0.20 Weighted average number of shares 5,174,849 5,065,624 5,208,090 5,068,005 NOTE: Value of construction completed represents the cost of the work put in place and materials fabricated during the year and related earnings pursuant to Turner's construction and management contracts, together, with fees and reimbursed expense from consulting contracts. It is essentially a measure of construction activity during the year rather than "sales" or "revenues" in the sense that the term is used in a typical manufacturing company. -0- 8/6/93 /CONTACT: Beverly A. Benn of The Turner Corporation, 212-229-6157/ (TUR)
CO: The Turner Corporation ST: New York IN: CST SU: ERN
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