PITTSBURGH, March 4 /PRNewswire/ -- Pitt-Des Moines, Inc. (AMEX: PDM)
today reported increases in earned revenue, new awards and, excluding a
non-recurring charge in the third quarter of 1996, increased income from
operations for the year ended December 31, 1996.
    Earned revenue for 1996 of $468.3 million marks the third consecutive year
of improvement, and new awards of $458.2 million is an increase of
$5.9 million over the previous year.  Income from operations, prior to a
non-recurring charge of $1.7 million, was $22.3 million exceeding 1995's
record performance.  This non-recurring expense is associated with the move of
the Company's Engineered Construction Division headquarters to Houston, Texas.
For the year ended December 31, 1996, net income of $12.6 million, or $3.56
per share compares with net income of $13.0 million, or $3.72 per share for
the year ended December 31, 1995.  Backlog at December 31, 1996 was
$172.0 million.
    For the fourth quarter of 1996, the Company reported earnings of
$2.8 million, on earned revenue of $109.9 million.  These results compare with
earnings of $4.0 million, on earned revenue of $105.4 million for the quarter
ended December 31, 1995.  The decrease in profitability was attributable to
the Steel Construction Division -- primarily, operations at Chicago Steel
Construction.
    On February 13, 1997, the Company declared a three for two stock split and
a dividend increase.  The three for two stock split of its common shares is to
be distributed March 28, 1997, to stockholders of record on March 14, 1997.
The Company also boosted its quarterly dividend 50% to $.27-1/2 per post-split
share.  The Company previously paid a $.27-1/2 per share dividend on its
pre-split shares.  Per share amounts and shares used to calculate income per
share have been adjusted for the stock split.
    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

                            Three months ended            Years ended
                                December 31,               December 31,
    (in thousands, except
     per share amounts)      1996          1995         1996         1995

    Earned revenue        $109,864      $105,378     $468,274      $461,274
    Cost of earned revenue  92,685        88,080      403,800       398,732

     Gross profit from
      operations            17,179        17,298       64,474        62,542
    Selling, general and
     admin. expenses        12,448        11,286       43,886        40,465

     Income from operations  4,731         6,012       20,588        22,077

    Other income/(expense):
     Interest income           512           751        1,320         1,234
     Interest expense         (364)         (426)      (1,270)       (1,927)
     Gain (loss) on sale
      of assets                (20)           47          560            95
     Miscellaneous, net       (183)          (15)        (569)         (224)
                               (55)          357           41          (822)
     Income before income
      taxes                  4,676         6,369       20,629        21,255
    Income taxes             1,828         2,414        8,078         8,236

     Net income             $2,848        $3,955      $12,551       $13,019

    Per common share:
     Net income per
      common share            $.81         $1.13        $3.56         $3.72

     Cash dividend            $.18         $.165         $.86          $.66

    Shares used to
     calculate income
     per share (in 000's)    3,521         3,504        3,526         3,499

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