STV Group, Inc. Reports 160% Increase in Earnings For First 6 Months
of Fiscal 1998
DOUGLASSVILLE, Pa., April 23 /PRNewswire/ -- STV Group, Inc. (Nasdaq: STVI - news), consulting engineers, architects, planners and construction managers, today reported net earnings per common share of 47 cents for the first six months of fiscal 1998, which ended March 31, 1998. This was a 160 percent increase over the same period of fiscal 1997, when earnings per common share were 18 cents.
Michael Haratunian, chairman and CEO, stated that the company's significant improvement in performance comes as a result of STV's success in positioning itself in the growing market of transportation infrastructure. Several such projects are now underway, lifting STV's revenues and profitability.
The company also announced on April 16 that it is part of the consortium that has been awarded the $1 billion rail line connection to John F. Kennedy International Airport. STV will provide engineering and construction inspection services for this project, making it one of the largest contracts in the company's history.
Net income for the six-month period was $907,000 on $50,132,000 total revenues. The firm reported $341,000 net income $45,047,000 for the first six months of fiscal 1997.
Net income was $495,000 on total revenues of $25,997,000 for the second quarter of fiscal 1998, compared to $183,000 on total revenues of $22,311,000 in fiscal 1997. Net earnings per common share were 25 cents for the second quarter of fiscal 1998, compared to 10 cents for the same period in fiscal 1997.
Net operating revenues were $19,796,000 for the second quarter of fiscal 1998, and $38,954,000 for the six months ending March 31, 1998. STV reported $18,181,000 and $36,304,000 respectively for net engineering revenues during the same periods in fiscal 1997.
Current backlog stands at $117 million.
SOURCE: STV Group, Inc. |
