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WILLIAMS INDUSTRIES ANNOUNCES DRAMATIC DEBT REDUCTION THROUGH ASSET SALE AND CONSOLIDATION

 WILLIAMS INDUSTRIES ANNOUNCES DRAMATIC DEBT REDUCTION
 THROUGH ASSET SALE AND CONSOLIDATION
 FALLS CHURCH, Va., May 6 /PRNewswire/ -- Williams Industries, Inc. (NASDAQ: WMSI), a major provider of construction services in the United States, today announced that it has reduced its outstanding bank debt by more than $8,400,000 during difficult economic times. The debt reduction, which was accomplished by a series of measures including recent asset sales, will allow the company to take a much more aggressive posture in pursuing existing business opportunities, according to CEO Frank E. Williams Jr.
 On April 30, 1989, Williams Industries, Inc., and its consolidated subsidiaries owed its banking group $32,457,165. As a result of the sale of a portion of a Richmond-based subsidiary and a series of consolidation measures over the last year and a half, the bank debt is now approximately $24,055,000.
 The block plant portion of Concrete Structures, which was less than 25 percent of the subsidiary's total operations, was sold last week to a domestic subsidiary of Tarmac, PLC, a British firm. A portion of the proceeds were used to pay the subsidiary and block plant note holders for their investment, while the balance was used to pay off debt.
 This transaction, coupled with last month's sale of another subsidiary, Dominion Caisson, has greatly improved Williams Industries' posture not only with its banking group, but also enhances cash flow for the peak construction periods when intensive up-front expenditures occur.
 "The road to recovery in a depressed construction market can be a very rough one," Williams said, "but management now firmly believes we have traveled the roughest terrain and are on firm ground toward restructuring our remaining debt, as well as taking full advantage of the new Surface Transportation Funds which are beginning to flow."
 He said that recent bookings and bookings expected over the next 90 days will allow the company to emerge from the peak summer construction season with a backlog roughly equivalent to the near record level which existed at the beginning of the current fiscal year. He cited this as further evidence that Williams is recovering from the recession.
 The company's ongoing consolidation of similar subsidiaries to produce economies of scale and reduce overhead will enhance profitability in future, Williams concluded.
 -0- 5/6/92
 /CONTACT: Marianne V. Pastor of Williams Industries, 703-560-5196/
 (WMSI) CO: Williams Industries, Inc. ST: Virginia IN: CST SU:


GK-LR -- NY065 -- 7168 05/06/92 14:23 EDT
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Publication:PR Newswire
Date:May 6, 1992
Words:408
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