WILLIAMS INDUSTRIES REPORTS THIRD QUARTER RESULTS
WILLIAMS INDUSTRIES REPORTS THIRD QUARTER RESULTS FALLS CHURCH, Va., June 16 /PRNewswire/ -- Williams Industries, Inc.
(NASDAQ-NMS: WMSI) reported today that its third quarter, which ended April 30, 1992, produced results that represented an 800 percent improvement over the same period last year.
For the third quarter, revenues of $19,815,413 generated a loss of $63,730, or 3 cents per share, while in the comparable period last year, revenues of $17,391,024 produced a loss of $592,125, or 25 cents per share. According to Frank E. Williams Jr., chairman of the board, the improvement of results in a continually depressed market is due to a combination of reasons. These include: the company's reduction in its break-even point as a result of drastic cuts in overhead and general and administrative expenses; the reduction of interest expense as a consequence of the company's having paid a significant portion of bank debt; and the company's diversification of markets which has mitigated the impact of the sharp drop in the commercial construction market. Williams said he had hoped the company, in addition to the marked improvement of operations previously indicated, would show a profit this quarter, but this did not occur for two primary reasons: the devastating floods in Texas which wreaked havoc on the Williams subsidiary working on the Alamo Dome in San Antonio causing the recognition of revenue anticipated on the job to be deferred; and "the fact that politicians playing election-year games for their own self-serving reasons" have stalled the distribution of the Surface Transportation Funds authorized last year. Like many other companies in the construction industry, the chairman said, Williams has struggled. But, he added, "we have survived where others have fallen. We have now positioned ourselves to make money with a drastically reduced break-even point and less debt. Our employees are now buying company stock in increasing numbers and we all face the future without delusions but with faith in our ability to perform under difficult circumstances." -0- 6/16/92 /CONTACT: Marianne V. Pastor of Williams Industries, 703-560-5196, or fax, 703-280-9082/ (WMSI) CO: Williams Industries, Inc. ST: Virginia IN: CST SU: ERN
CK-OS -- NY049 -- 0677 06/16/92 12:32 EDT
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|Date:||Jun 16, 1992|
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