Williams Industries, Inc. (WMSI) Announces Major Project Awards For Steel Fabrication and School Construction
MANASSAS, Va., July 10 /PRNewswire/ -- Williams Industries, Inc. (Nasdaq: WMSI - news) today announced that several of its subsidiaries recently have been awarded new contracts totaling approximately $10 million for the fabrication of bridge girders and the erection of structural steel for educational facilities. This brings the company's current backlog to approximately $50 million, an increase of more than 40% over the same period in the prior year.
The largest of the contract awards involves the rehabilitation of I-695, the Baltimore, Maryland beltway. The project was awarded to Williams Bridge Company by the Dick Corporation. Williams Bridge will fabricate more than 3,000 tons of steel for four bridges and a ramp, including: the widening of Maryland Route 144 to I-95; the Westland Boulevard bridge over the outer loop of I-695; I-695 at Route 372 (Wilkins Avenue); and Leeds Avenue over I-695. The Leeds Avenue portion, with its accompanying ramp, will involve half of the project's tonnage.
Williams Bridge Company continues to expand its reputation as the premier provider for bridge girders in Virginia, Maryland and the District of Columbia. The company also recently received awards, albeit smaller than the I-695 job, to fabricate steel for the following: New Jersey Route 30 over the N.J. transit line in Camden; crossframes for concrete girders on Virginia Route 288 outside Richmond; and the District of Columbia's Department of Public Works' rehabilitation of 23rd Street over E Street and Virginia Avenues in the nation's capital.
While spending on the nation's transportation infrastructure definitely has been a boost to the company's manufacturing division, it is important not to overlook educational infrastructure spending, which is also occurring throughout the company's market areas.
Williams Steel Erection Company, Inc., and Piedmont Metal Products, Inc., two of Williams Industries' oldest subsidiaries, are now involved in the construction of seven schools, including: Woodland High School in Baltimore, Maryland; Bowie State Science Center in Bowie, Maryland; the Odyssey School in Baltimore; Lexington Park Elementary School in St. Mary's County, Maryland; Trinity College in Washington, D.C.; Lynchburg Technology Center in Lynchburg, Virginia; and Randolph-Macon Woman's College in Lynchburg, Virginia.
Williams Industries' President and CEO Frank E. Williams, III, said that the increases in the fabrication backlog are in keeping with the parent company's expectation that the firm's manufacturing subsidiaries will be producing a significant amount of corporate revenue during the current five- to-seven year cycle of federal infrastructure funding.
While the company is pleased with both the transportation and educational infrastructure increases to its backlog, potential investors are cautioned that it takes several months of work on a project for backlog to translate into profitable results. The company's operations are also subject to weather issues. Results should be measured on a yearly, not quarterly, basis. |
