Amigos y amigas y fellow STVI holders
ummm, well, not to bad today
STV Group, Inc. Reports 165% Increase in Net Income for First 9 Months of Fiscal 1998
PR Newswire - July 30, 1998 10:53
DOUGLASSVILLE, Pa., July 30 /PRNewswire/ -- STV Group, Inc. (Nasdaq: STVI), consulting engineers, architects, planners and construction managers, reported another quarter of record earnings today as it issued third quarter and nine-month year-to-date results for fiscal year 1998.
The company reported income of $1,509,000 on revenues of $75,682,000 for the nine months ended June 30, 1998. This represents a 165 percent increase over the same period of fiscal 1997, when net income was $569,000 on revenues of $69,684,000.
Net income was $602,000 on total revenues of $25,550,000 for the third quarter of fiscal 1998, compared to $228,000 on total revenues of $24,637,000 in fiscal 1997.
Net earnings per common share were 15 cents for the third quarter of fiscal 1998, compared to 6 cents for the same period in fiscal 1997. For the nine-month period, net earnings per common share were 38 cents compared to 15 cents. Net earnings for past quarters were adjusted to reflect the 2-for-1 stock split effected April 13, 1998, for shareholders of record as of March 31, 1998.
During the third quarter, STV announced its participation in the consortium awarded the $1 billion rail line connection to John F. Kennedy International Airport. The firm will provide engineering and construction inspection services for this design-build-operate-maintain project, making it one of the largest contracts in STV's history. This contract is reflected in the company's record $150 million backlog.
The recently signed $218 billion Transportation Equity Act for the 21st Century is the largest infrastructure funding bill in U.S. history. The company believes that the six-year program will give a major boost to STV with significant opportunities in highway, bridge and rail transit development throughout the country. Transportation is a significant factor in STV's market, representing over 60 percent of its revenues and profits in 1997.
Note: The above includes forward-looking statements. STV cautions investors that any forward-looking statements made by the company are not guarantees of future performance. Numerous factors exist which could cause results to differ materially from these expectations.
FINANCIAL SUMMARY -- STV GROUP, INC. (amounts in thousands of dollars; unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30 JUNE 30
1998 1997 1998 1997
Total revenues $25,550 $24,637 $75,682 $69,684
Less pass-through costs 5,510 6,524 16,688 15,267
Net engineering revenues
for work performed 20,040 18,113 58,994 54,417
Net income $602 $228 $1,509 $569
Earnings per common share $.15 $.06 $.38 $.15
Average common shares
and equivalents 4,102,795 3,805,702 3,943,723 3,802,938
Earnings per common share and average common shares and equivalents for prior periods were adjusted to reflect the 2-for-1 stock split effected April 13, 1998.
SOURCE STV Group, Inc.
/CONTACT: Debra B. Trace of STV Group, 610-385-8306, or
tracedb@stvinc.com/
/Web site: stvinc.com
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