Williams Industries, Inc. Announces Third Quarter Results; Tax Provision Influences Earnings
MANASSAS, Va., June 11 /PRNewswire/ -- Williams Industries, Inc. (Nasdaq: WMSI - news) today announced results for the third quarter of Fiscal 2001. For the nine months ended April 30, 2001, the company reported earnings of $968,000 or $0.27 per share on revenue of $36,403,000 compared to April 30, 2000 earnings of $586,000 or $0.16 per share on revenue of $30,978,000. For the three months ended April 30, 2001, the company reported earnings of $314,000 or $0.09 per share on revenues of $12,209,000. For the corresponding quarter in the prior year, the company reported earnings of $328,000 or $0.09 per share on revenues of $11,665,000.
Frank E. Williams, III, the company's president and CEO, noted that as a result of the company's growth and expansion, increased labor expense in the company's construction segment and higher than usual tax expense, related to a new company subsidiary, S.I.P. Inc. of Delaware, caused net earnings for the quarter to be slightly less than anticipated. However, the company continues to be significantly ahead of earnings year-to-date when compared to the prior year. The company's manufacturing segment continues to experience significant growth in backlog and increasing profitability.
``In this low unemployment environment, increased labor cost, which occurs when a company is doing more business, is an industry-wide problem. We are not at a competitive disadvantage,'' Williams said, adding ``but like everyone in the industry, we are experiencing some growing pains in hiring enough new workers, particularly skilled craftsmen. However, the balance of our year, particularly in the company's manufacturing segment, has the potential of being very profitable.'' |
