PITTSBURGH, Oct. 28 /PRNewswire/ -- Pitt-Des Moines, Inc. (Amex: PDM)
today reported that third quarter net income rose to $3.2 million, or 90 cents
per share, from $3.1 million or $0.88 per share, the year before.  The
improved earnings reflected a strong performance from the Steel Service
Centers, as well as lower selling, general and administrative expenses because
the year-earlier quarter included the cost of relocating the Company's
Engineered Construction unit to Houston.
    Earned revenue declined to $114.7 million from $120.8 million, but the
1996 period included earned revenues of $6.6 million from the Melrose Park,
Illinois fabrication facility, which was closed in the first quarter of this
year.
    New awards climbed 25 percent in the third quarter, to $142 million from
$113.8 million in the year-ago period.  Backlog at September 30 stood at
$223 million, compared with $174.1 million the year before.
    For the nine months, net income was $8.9 million, or $2.50 per share,
compared with $9.7 million, or $2.75 per share, a year ago.  Earned revenue
totaled $343.5 million versus $358.4 million.  The Melrose Park facility
contributed $4.6 million and $30.5 million respectively to the 1997 and 1996
revenue figures.
    Pitt-Des Moines, Inc. (PDM(R)) is a diversified engineering and
construction company that also processes and distributes a broad range of
carbon steel products.  PDM has three business segments:  the Engineered
Construction Division, Steel Construction and Steel Service Centers.  PDM has
sales offices and plant facilities located primarily in the United States.

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

                            Three months ended         Nine months ended
                               September 30,             September 30,
    (in thousands, except
     per share amounts)     1997           1996         1997         1996

    Earned revenue        $114,662      $120,795     $343,478      $358,410
    Cost of earned
     revenue               (98,969)     (104,109)    (296,209)     (311,115)
      Gross profit from
       operations           15,693        16,686       47,269        47,295

    Selling, general and
     admin. expenses       (10,499)      (11,686)     (32,621)      (31,438)
      Income from
       operations            5,194         5,000       14,648        15,857

    Other income/(expense):
     Interest income           179           365          532           808
     Interest expense         (196)         (315)        (428)         (906)
     Gain on sale of
      assets                   332           298          385           580
     Miscellaneous, net       (201)         (211)        (512)         (386)
                               114           137          (23)           96
     Income before
      income taxes           5,308         5,137       14,625        15,953
    Income taxes            (2,110)       (2,034)      (5,756)       (6,250)
     Net income             $3,198        $3,103       $8,869        $9,703

    Per common share:
     Net income per
      common share           $0.90         $0.88        $2.50         $2.75

    Shares used to
     calculate income        3,573         3,528        3,546         3,528

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