Williams Industries, Inc. Announces Second Quarter Results
PR NEWSWIRE - March 12, 2001 08:10
FALLS CHURCH, Va., Mar 12, 2001 /PRNewswire via COMTEX/ -- Williams Industries, Inc. (Nasdaq: WMSI) today announced results for the second quarter of Fiscal 2001, which ended January 31, 2001. The company reported earnings of $74,000 or $0.02 per share on revenues of $11,103,000. For the corresponding quarter in the prior year, the company reported earnings of $70,000 or $0.02 per share on revenues of $10,496,000.
Frank E. Williams, III, the company's president and CEO, said the company's revenues are growing as projected, with the majority of the increases coming in the manufacturing segment. This component of the company's business continues to benefit from the increased governmental spending, particularly as it relates to bridge girders. Construction revenues, however, declined due to delays in project schedules and weather-related issues. This situation is expected to improve in the coming months.
"The second quarter is traditionally the company's weakest quarter of the year because of the holidays and weather-related issues," Williams said, adding "and it is generally our construction segment that suffers from these seasonal concerns. The company is abating this somewhat with our increased emphasis on manufacturing, but I am confident that our construction revenues and profitability will go up along with the temperature. We have a tremendous amount of work in our backlog, which is now in excess of $43 million, that has the potential of being extremely profitable. I am confident we will meet our goals for revenue and profitability in Fiscal 2001." |
