Pitt-Des Moines, Inc. Reports Improved Second Quarter Results

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Pitt-Des Moines, Inc. Reports Improved Second Quarter Results
    PITTSBURGH, Pa., July 22 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM)
today reported net income of $3.6 million, or $1.01 per share, on earned
revenue of $119.2 million for the second quarter ended June 30, 1997.  These
results compare with net income of $3.4 million, or 97 cents per share, on
earned revenue of $121.6 million for the same quarter last year.
    Operating income rose 9 percent to $6.0 million on the strong performance
of PDM's Steel Service Centers.  The slight decrease in earned revenue was
attributable to the previously announced closure of the Company's fabrication
facility in Melrose Park, Illinois, which impacted the results of the steel
construction unit.
    New awards were $252.5 million for the first six months, compared with
$236.6 million for the same period a year ago.  The Company's backlog totaled
$196.5 million on June 30, compared with $181.1 million on the same date last
year.
    For the first half of 1997, net income totaled $5.7 million, or $1.61 per
share, on earned revenue of $228.8 million.  These results compare with
net income of $6.6 million, or $1.87 per share, on earned revenue of
$237.6 million for the same period of last year.  As previously reported, a
one-time event, the closure of our Melrose Park structural steel fabricating
facility, had a negative impact on the 1997 first half results.
    PDM is a diversified engineering and construction company that also
processes and distributes a broad range of carbon and steel products.  PDM
reported 1996 revenues of $468 million from its operations in three business
segments:  Engineered Construction, Steel Construction and Steel Service
Centers.

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

                            Three months ended           Six months ended
                                 June 30,                    June 30,
    (in thousands, except
     per share amounts)      1997         1996          1997         1996

    Earned revenue        $119,235      $121,649     $228,816      $237,615
    Cost of earned
     revenue              (101,763)     (105,971)    (197,240)     (207,006)
      Gross profit from
       operations           17,472        15,678       31,576        30,609

    Selling, general and
     admin. expenses       (11,430)      (10,133)     (22,122)      (19,752)
      Income from
       operations            6,042         5,545        9,454        10,857

    Other income/(expense):
      Interest income          159           203          353           443
      Interest expense        (160)         (314)        (232)         (591)
      Gain on sale of assets    16           262           53           282
      Miscellaneous, net      (185)          (90)        (311)         (175)
                              (170)           61         (137)          (41)
      Income before
       income taxes          5,872         5,606        9,317        10,816
    Income taxes            (2,302)       (2,180)      (3,646)       (4,216)
      Net income            $3,570        $3,426       $5,671        $6,600

    Per common share:
      Net income per
       common share          $1.01          $.97        $1.61         $1.87

    Shares used to calculate
     income per share
     (in thousands)          3,543         3,531        3,532         3,528
SOURCE Pitt-Des Moines, Inc.