Abrams Reports Fourth Quarter and Year End Results
July 06 2005 - 10:47AM
PR Newswire (US)
Abrams Reports Fourth Quarter and Year End Results ATLANTA, July 6
/PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC. (NASDAQ:ABRI), an
energy services, facilities solutions and real estate company,
today reported net earnings of $2,632,711, or $.82 per share for
the fourth fiscal quarter ended April 30, 2005, compared to net
earnings of $1,038,157, or $.34 per share, for the same period last
year. For the year ended April 30, 2005, the Company reported net
earnings of $1,800,358, or $.56 per share, compared to a net loss
of ($1,850,126), or ($.62) per share, in the prior year. Fourth
quarter revenues from continuing operations were $5,818,353, an
increase of approximately 23% from last year. For the full fiscal
year, revenues from continuing operations were $22,795,356, up
approximately 84% from the comparable year-earlier period.
Commenting on the results, Alan R. Abrams, Co-Chairman, President
and CEO, stated: "We enjoyed a year of progress and achievement, as
each of our three operating segments contributed to our higher
revenues. The operating profits of our new energy services segment
improved dramatically, and we were able to realize meaningful value
and generate significant earnings from our real estate holdings.
With these operating successes, we ended the fiscal year with a 45%
increase in working capital and improved financial flexibility. We
are endeavoring to redeploy a portion of our capital in additional
income producing properties, and we believe we are well positioned
to continue our strategy of pursuing business acquisitions that
expand our portfolio of building performance products and
services." 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, multi-family, 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 800,000 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) Fourth Quarter Ended Year Ended April 30,
April 30, 2005 2004 2005 2004 Revenues from Continuing Operations
$5,818,353 $4,729,404 $22,795,356 $12,382,949 Net Loss from
Continuing Operations $(583,382) $(870,663) $(1,503,773)
$(2,757,405) Net Earnings (Loss) from Discontinued Operations
3,216,093 1,908,820 3,304,131 907,279 Net Earnings (Loss)
$2,632,711 $1,038,157 $1,800,358 $(1,850,126) Net Earnings (Loss)
per share from: Continuing Operations - Basic and Diluted $(0.18)
$(0.28) $(0.47) $(0.93) Discontinued Operations - Basic and Diluted
1.00 0.62 1.03 0.31 Net Earnings (Loss) per share - Basic and
Diluted $0.82 $0.34 $0.56 $(0.62) 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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