Williams Industries Inc. Reports 200% Increase in 1st Quarter Earnings; Revenue Growth of 48%
FALLS CHURCH, Va., Dec. 7 /PRNewswire/ -- Williams Industries, Inc. (Nasdaq: WMSI - news) today announced revenues of $13.1 million for its first Fiscal 2001 quarter, which ended October 31, 2000. Revenues were up $4.3 million or 48% from the $8.8 million reported in the comparable quarter ended October 31, 1999. Net income was $580,000 or $0.16 per share for the quarter compared to $188,000 or $0.05 per share for the quarter ended October 31, 1999. The company has projected a revenue increase of 18% and pre-tax earnings increases of 30% for Fiscal 2001. The company's EBITDA (earnings before taxes, depreciation, and amortization) was $1,684,000, compared to $739,000, an increase of 128%.
``The '.coms' have had their day in the sun,'' Frank E. Williams, III, the company's chairman and CEO, said. ``Now is the time for investing our nation's government and private dollars into building our nation's physical structure, whether it be bridges, hospitals, commercial centers, schools, whatever. While the first quarter results were better than anticipated, they are in keeping with the long-range plans for the corporation. This company is going to grow and it is going to do so profitably.''
Williams noted that the company's price-to-earnings ratio continues to be much lower than those of companies with much higher public visibility, adding that individuals interested in diversifying their portfolios with a solid, ``old economy'' stock should research the company's financial performance. Williams Industries' stock closed yesterday at $2.50 per share, which is about a 40% discount to book value. |
