Williams Industries Inc. Announces 69% Increase in Earnings; 18% Increase in Revenue for Fiscal Year 2001; Backlog Up for Current Year
MANASSAS, Va., Sept. 20 /PRNewswire/ -- Williams Industries, Inc. (Nasdaq: WMSI - news) today announced revenues of $50,508,000 with earnings of $2,518,000, or $0.70 per share, for the year ended July 31, 2001 This compares to revenue of $42,876,000 with earnings of $1,487,000, or $0.41 per share, for the year ended July 31, 2000. These results translate into a 69% increase in earnings and an 18% increase in revenue when Fiscal 2001 is compared to Fiscal 2000.
While acknowledging that Williams Industries' results were clearly indicative of the company's excellent year, Frank E. Williams, III, President and CEO of Williams Industries, noted investors might also wish to focus on the company's pre-tax earnings when evaluating the company. ``The pre-tax line, which shows earnings increasing by 29%, removes the significant variable that use of the company's tax loss carryforwards can create on the company's bottom line. I want everyone to have a clear, totally comparable picture, of just how the company's operations are improving. The focus should be on our operating results, which are outstanding,'' he said.
The company's backlog of work to be performed over the next 12 to 18 months has also increased significantly. As of July 31, 2001, the Company's backlog was approximately $46 million, compared to $35 million at July 31, 2000. A portion of the backlog increase is attributed to the company's acquisition of S.I.P., Inc. of Delaware, a manufacturer of ``stay-in-place'' bridge decking.
The company has increased its emphasis on its manufacturing operations in recent years and this trend is expected to continue. Mr. Williams suggested the possibility of additional expansion in the core manufacturing business; with the likelihood that such expansion might well occur out of the company's traditional geographic market area. It is anticipated that the company will continue to benefit from the enormous increases in both public and private capital investments being made to improve the country's infrastructure.
Williams Industries, Inc. is the largest publicly owned specialty construction company in the Mid-Atlantic region. Its subsidiaries provide a wide range of quality, cost competitive services and products for the industrial, commercial and institutional construction markets. The construction and manufacturing services include: steel and precast concrete erection; miscellaneous metals installation; the fabrication of welded steel plate girders; rolled steel beams, and light structural and other metal products; the construction, repair and rehabilitation of bridges; crane rental, heavy and specialized hauling and rigging; and a wide range of insurance services. |
