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WILLIAMS INDUSTRIES, INC. ANNOUNCES THIRD QUARTER RESULTS

 FALL CHURCH, Va., June 8 /PRNewswire/ -- Williams Industries, Inc. (NASDAQ-NMS: WMSI) today reported its third quarter results for the period ending April 30, 1993. The company also announced a temporary agreement with its banking group and a dramatic increase in booking new work.
 For the quarter ending April 30, 1993, the company had revenues of $13,500,873. On this revenue level, the company realized a gross profit of $3,108,878. After overhead, depreciation, and interest (aggregating $5,244,129), the company incurred a net loss of $2,152,467 or $0.85 per share.
 During this same period, from Feb. 1 to April 30, the company's subsidiaries booked $18.8 million in new work. This represents a 68 percent increase over bookings from the same period last year and, according to Williams CEO Frank E. Williams Jr., "is a clear indication that the business fields in which the Williams Industries subsidiaries are leaders are now regaining market strength." Williams added that several subsidiaries are beginning to book substantial volumes of new work as a consequence of the long-promised infrastructure spending.
 In May, Williams said, the company signed a temporary forbearance agreement with its banking group. This agreement allows the company to manage its resources while the terms of a permanent restructuring agreement are negotiated. The restructuring will allow the company to streamline its corporate structure and become a profitable operation. Several under performing subsidiaries will be sold or closed and the company's debt will be dramatically reduced. Additional information on the full details of the restructuring will be released when the negotiations are completed.
 -0- 6/8/93
 /CONTACT: Marianne V. Pastor of Williams Industries, Inc., 703-560-5196/
 (WMSI)


CO: Williams Industries, Inc. ST: Virginia IN: CST SU: ERN

SM-OS -- NY071 -- 4409 06/08/93 15:57 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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