Abrams Reports Third Quarter and Nine Month Results
March 17 2005 - 1:55PM
PR Newswire (US)
Abrams Reports Third Quarter and Nine Month Results ATLANTA, March
17 /PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC. (NASDAQ:ABRI),
an energy services, facilities solutions and real estate company,
today reported that revenues from continuing operations were
$5,644,619 in the third quarter, ended January 31, 2005, up 87%
from last year's $3,023,768, and were $17,503,003 for the nine
months ended January 31, 2005, compared to $8,091,049 in the prior
year period, an increase of 116%. The Company reduced its net loss
by 72% to $248,240 in the third quarter ended January 31, 2005,
compared to the net loss of $883,181 in the same period a year ago.
For the nine months ended January 31, 2005, the net loss was
$832,354, 71% below last year's net loss of $2,888,283. The third
quarter and nine month results did not include the Company's
recently announced sale of its shopping center in Cincinnati, Ohio,
which occurred in February 2005 and resulted in a pre-tax gain on
the sale of approximately $850,000 and net cash proceeds of
approximately $3.45 million. Alan R. Abrams, Co-Chairman, President
and CEO, stated: "I am pleased by the continuing progress at each
of our operating segments. All of our employees are fully committed
to these efforts. I am particularly encouraged by our growing
revenue stream from energy services and facility solutions. Our
total backlog at January 31, 2005, was approximately 50% higher
than a year ago, and backlog of energy services and facility
solutions alone grew approximately 177% year-over-year. The
increase in backlog reflects an expansion of our customer base in
the educational, government, retail, office and hospitality
sectors." Established in 1925, Abrams Industries, operating
nationwide through its wholly owned subsidiaries, offers a variety
of energy efficiency services and facility resource management
solutions, and engages in commercial real estate investment and
development. The Company provides energy engineering and analytical
consulting services, Web-enabled service and maintenance management
software solutions, and turnkey implementation of energy saving
lighting programs and related energy services, which help its
customer base of energy services companies and multi-site owners
and operators of office, hospitality, retail, educational,
institutional, industrial, residential, government, and health care
buildings, proactively manage facility resources and reduce energy
consumption and other facility-related expenses, while improving
occupant satisfaction. The Company also currently owns or controls
over 900,000 square feet of shopping centers in the Midwest and
Southeast and more than 200,000 square feet of office properties in
metropolitan Atlanta, Georgia. For more information about Abrams
Industries, please visit http://www.abramsindustries.com/ or call
770-953-0304. Certain statements contained in this news release are
forward-looking statements within the meaning of the federal
securities laws. Such forward- looking statements involve known and
unknown risks, uncertainties and other matters which may cause the
actual results, performance or achievements of Abrams Industries,
Inc. to be materially different from any past or future results,
performance, or uncertainties expressed or implied by such forward-
looking statements. Abrams Industries, Inc. does not undertake to
update these forward-looking statements. CONDENSED CONSOLIDATED
RESULTS OF OPERATIONS (UNAUDITED) Third Quarter Ended First Nine
Months Ended January 31, January 31, 2005 2004 2005 2004 Revenues
from Continuing Operations $5,644,619 $3,023,768 $17,503,003
$8,091,049 Net Loss from Continuing Operations $(281,868)
$(519,614) $(898,930) $(1,848,812) Net Earnings (Loss) from
Discontinued Operations 33,628 (363,567) 66,576 (1,039,471) Net
Loss $(248,240) $(883,181) $(832,354) $(2,888,283) Net Earnings
(Loss) per share from: Continuing Operations - Basic and Diluted
$(0.09) $(0.18) $(0.28) $(0.63) Discontinued Operations - Basic and
Diluted 0.01 (0.12) 0.02 (0.35) Net Loss per share - Basic and
Diluted $(0.08) $(0.30) $(0.26) $(0.98) DATASOURCE: Abrams
Industries, Inc. CONTACT: Alan R. Abrams, Co-Chairman, President
& Chief Executive Officer of Abrams Industries, Inc.,
+1-770-953-0304, or Web site: http://www.abramsindustries.com/
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