PDM Announces 100% Increase in Net Income on 12% Increase in Earned Revenue

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PDM Announces 100% Increase in Net Income on 12% Increase in Earned Revenue

    PITTSBURGH, April 20 /PRNewswire/ -- Pitt-Des Moines, Inc. (Amex: PDM)
today reported net income of $4.2 million, or $1.16 per share, on earned
revenue of $123.4 million for the quarter ended March 31, 1998.  These results
compare with net income of $2.1 million, or $.60 per share, on earned revenue
of $109.6 million for the quarter ended March 31, 1997.
    During the first quarter of 1998, earned revenue increased $13.8 million
and income from operations increased $4.1 million when compared with 1997.
The Engineering and Construction business reported higher levels of earned
revenue and as a result income from operations increased for the current
quarter when compared with 1997.  The Steel Distribution business outperformed
1997 results in both earned revenue and income from operations.
    New awards were $136.6 million for the first quarter resulting in a strong
backlog of $264.9 million at March 31, 1998.
    Pitt-Des Moines, Inc. (PDM) and its subsidiaries operate two business
segments:  Engineering and Construction, and Steel Distribution.  PDM provides
a wide range of custom engineered products, structures and facilities for
commercial, industrial, municipal and government customers, in addition to
processing and distributing a general line of heavy carbon steel products.


                            PITT-DES MOINES, INC.
                      CONSOLIDATED STATEMENTS OF INCOME
                                 (UNAUDITED)

                                          For the three months ended
                                                  March 31,
    (in thousands, except
      per share amounts)                  1998                 1997

    Earned revenue                     $123,370              $109,581
    Cost of earned revenue             (104,295)              (95,477)
    Gross profit from operations         19,075                14,104

    Selling, general and
     administrative expenses            (11,552)              (10,692)
      Income from operations              7,523                 3,412

    Other income/(expense):
     Interest income                        139                   194
     Interest expense                      (264)                  (72)
     Gain on sale of assets                  18                    37
     Miscellaneous, net                    (597)                 (126)
                                           (704)                   33
    Income before income taxes            6,819                 3,445
    Income taxes                         (2,651)               (1,344)
    Net income                           $4,168                $2,101

     Earnings per share                   $1.19                 $0.60

     Earning per share -
      assuming dilution                   $1.16                 $0.60

    Shares used to calculate:
     (in thousands)
     Earnings per share                   3,516                 3,483

     Earnings per share -
      assuming dilution                   3,599                 3,522

    Cash dividend                          $.30                $0.275

SOURCE Pitt-Des Moines, Inc.

http://www.pdm.com
Company News On-Call:

http://www.prnewswire.com or
fax, 800-758-5804, ext. 699850
CONTACT:
R.A. Byers, Vice President, Finance of
Pitt-Des Moines, 412-331-3000