Williams Industries Inc. Reports 25% Increase In 3rd Quarter Revenues; Backlog Continues to Grow
FALLS CHURCH, Va., June 7 /PRNewswire/ -- Williams Industries, Inc. (Nasdaq: WMSI - news) today announced revenues of $11.7 million for the quarter ended April 30, 2000, up $2.3 million or 25 percent from the $9.3 million reported in the quarter ended April 30, 1999. Net income was $328,000 or $0.09 per share for the quarter. For the quarter ended April 30, 1999, revenues were $9.3 million and net income was $200,000 or $0.06 per share. The Fiscal 1999 quarter contained a loss on extinguishment of debt of $193,000.
For the nine months ended April 30, 2000, Williams Industries posted revenues of $31 million compared to the prior year revenues of $23.6 million, a 34 percent increase. A sharp increase in contracts for bridge girder fabrication was largely responsible for revenue increases. Net income for the nine months ended April 30, 2000 was $568,000 or $0.16 per share. Revenues for the nine months ended April 30, 1999 were $23.6 million with net earnings of $589,000 or $0.17 per share. However, the nine months ended April 30, 1999 contained a one-time sales tax adjustment of approximately $237,000, which increased pre-tax earnings for the period.
At April 30, 2000, the company's backlog was in excess of $36 million, which represents about a 14% increase over the quarter ended January 31, 2000. The company recently announced multi-million dollar contracts for highway projects as well as the erection of the new Clinical Research Center at the National Institutes of Health in Bethesda, Maryland.
During the nine months ended April 30, 2000, the company experienced significant costs and increased labor expense in developing its capacity to handle the larger revenues.
The impact of the expansion costs was reflected in the company's earnings for the quarter ended January 31, 2000 and is not anticipated to recur. The company does not believe it is at a competitive disadvantage as it relates to labor because increasing labor expenses are an industry-wide trend resulting from the aforementioned increased demand. |
