PITTSBURGH, March 3 /PRNewswire/ -- Pitt-Des Moines, Inc. (Amex: PDM)
today reported fourth quarter net income nearly doubled to $5.5 million, or
$1.54 per share (diluted), compared with $2.8 million, or 81 cents per share
(diluted), in the same quarter of 1996, reflecting a strong performance in
both the construction and steel distribution businesses.
Fourth quarter income from operations more than doubled to $10.3 million
from $4.7 million. Earned revenues for the fourth quarter rose 19 percent to
$131 million from $109 million in the same period last year. The increase in
profitability was attributable primarily to better than anticipated results
from contracts.
For the full year, the company reported record net income of
$14.4 million, or $4.05 per share (diluted), on earned revenues of
$474.5 million, compared with 1996 net income of $12.5 million, or $3.56 a
share (diluted), on earned revenue of $468.2 million. It was the company's
fourth consecutive year of improved revenues.
Income from operations for the year totaled $25 million, exceeding the
previous record of $20.6 million in 1996.
PDM said it logged new awards totaling $554 million during 1997, an
increase of $96 million over the previous year. The company's backlog stood
at $251.7 million at year-end, which was 46 percent higher than the backlog at
the close of 1996. None of the business reflected in the company's backlog
involves projects in Asia.
The company said it expects the positive momentum generated in 1997 to
continue in 1998, fueled by not only the strong backlog, but also the
favorable conditions across the board in all its markets.
Based on 1997's performance and the favorable prospects for 1998, PDM's
Board of Directors recently declared an increase of more than 9 percent in the
quarterly dividend from 27.5 cents a share to 30 cents a share. The dividend
is payable March 27, 1998 to shareholders of record on March 13, 1998, and
reflects an annual dividend rate of $1.20 per share.
Pitt-Des Moines, Inc. (PDM(R)) is a diversified engineering and
construction company that processes and distributes a broad range of carbon
and steel products. PDM has sales offices and plant facilities located
primarily in the United States.
This release contains forward-looking statements which are inherently
subject to risks and uncertainties, some of which cannot be predicted or
quantified. Future events and results could differ materially from these
forward looking statements. While many of these factors are identified from
time to time in the company's reports filed with the SEC, the company may not
update its forward looking statements in or based upon such reports.
PITT-DES MOINES, INC.
Consolidated Statements of Income
For the quarters ended For the years ended
December 31, December 31,
1997 1996 1997 1996
(in thousands, except per share amounts)
Earned revenue $131,090 $109,864 $474,568 $468,274
Cost of earned revenue (106,323) (92,685) (402,532) (403,800)
Gross profit from
operations 24,767 17,179 72,036 64,474
Selling, general and
admin. expenses (14,465) (12,448) (47,086) (43,886)
Income from Operations 10,302 4,731 24,950 20,588
Other Income (expense):
Interest income 221 512 753 1,320
Interest expense (419) (364) (847) (1,270)
Gain (loss) on sale of assets 53 (20) 438 560
Miscellaneous, net (819) (183) (1,331) (569)
(964) (55) (987) 41
Income before income taxes 9,338 4,676 23,963 20,629
Income taxes 3,807 1,828 9,563 8,078
Net Income $ 5,531 $ 2,848 $ 14,400 $12,551
Earnings per share $ 1.58 $ 0.82 $ 4.12 $ 3.60
Earnings per share- $ 1.54 $ 0.81 $ 4.05 $ 3.56
assuming dilution
Shares used to calculate:
(in thousands)
Earnings per share 3,508 3,484 3,499 3,485
Earning per share - 3,583 3,521 3,556 3,526
assuming dilution
Cash dividend $ 0.275 $ 0.18 $ 1.10 $ 0.86
SOURCE Pitt-Des Moines, Inc.
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CONTACT:
R.A. Byers of Pitt-Des Moines, 412-331-3000;
or Christine LeLaurin, 713-513-9503, for Pitt-Des Moines
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