ABRI Abrams Industries (MM)

Abrams Reports Second Quarter and Six Month Results, Announces Additions to Management Team ATLANTA, Dec. 15 /PRNewswire-FirstCall/ -- Abrams Industries, Inc. , a construction services, real estate and energy management company, today reported a net loss from continuing operations of $1,056,696 for the second quarter ended October 31, 2003, compared to a net loss from continuing operations of $536,565 last year. For the six months ended October 31, 2003, the net loss from continuing operations was $2,005,102, compared to a net loss from continuing operations of $1,001,513 last year. The current year's results were materially impacted by legal and professional fees of $500,526 and $972,656 in the second quarter and six months, respectively, which resulted from the Company's previously disclosed internal investigation and ongoing cooperation with the U.S. Department of Justice. Last year's six month net loss from continuing operations was lowered by a one-time $450,000 pre-tax expense adjustment, which resulted from a decrease in an allowance for doubtful accounts reserve. In addition, the previous year's six months net loss of $378,764 included $622,749 in net earnings from discontinued operations. Abrams Industries also announced that Mark J. Thomas recently joined the Company as Chief Financial Officer. Before joining Abrams, Mr. Thomas served in various financial and management positions at the Eastman Kodak Company and The Mead Corporation, and most recently was Vice President - Finance and Corporate Controller of Paragon Trade Brands, Inc. Mr. Thomas earned his BS in Finance from the University of Florida and his MBA in Finance & Accounting from the University of Rochester. The Company also announced new leadership at its operating subsidiaries. Melinda S. Garrett, Director of Abrams Industries and President of Abrams Properties, Inc., has been promoted to Chief Executive Officer of the real estate subsidiary. Claire J. Wiggill, Vice President of Abrams Industries, was recently named Interim President of Servidyne Systems, LLC, the Company's energy management subsidiary. George W. Hodges, Jr. recently became President of the Company's construction subsidiary, and Michael York has joined Abrams Construction, Inc. as Vice President of Operations. In addition, the Company noted that it is continuing its efforts to complete the acquisition of the operating business and assets of Atlanta-based Wheatstone Energy Group, Inc. Wheatstone provides turnkey implementation of energy-saving lighting programs and related services to educational, industrial, governmental and commercial customers in the United States. There can be no assurance that any transaction will ultimately occur. Alan R. Abrams, Co-Chairman, President and CEO, stated: "I am encouraged by the vigorous spirit of our new management team and the early indicators of a positive turn in the national economy. Our recent challenges at construction have reenergized our focus on profitability and have stimulated our efforts to accomplish our long-term strategic objectives in the shortest time possible." Established in 1925, Abrams Industries, Inc. operates nationwide through its wholly owned subsidiaries, engaging in commercial construction, real estate investment and development, and energy management. In construction, the Company offers a wide range of construction services, including program management, construction management, and general construction of retail stores, shopping centers, banks, office buildings, and distribution and manufacturing facilities. In real estate, the Company currently owns or controls approximately 1.4 million square feet of shopping centers in the Midwest and Southeast, and approximately 200,000 square feet of office properties in metropolitan Atlanta, Georgia. In energy management, the Company offers energy engineering, utility monitoring services, maintenance management, and workflow management systems to help property managers and owners reduce the costs of operating buildings through more efficient operation and prolonged building and equipment lives. To learn more about Abrams Industries, please visit http://www.abramsindustries.com/ . 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) Second Quarter Ended Six Months Ended October 31, October 31, 2003 2002 2003 2002 Revenues from Continuing Operations $13,793,599 $23,470,130 $28,231,008 $41,192,447 Net Loss from Continuing Operations $(1,056,696) $(536,565) $(2,005,102) $(1,001,513) Net Earnings (Loss) from Discontinued Operations -- (6,017) -- 622,749 Net Loss $(1,056,696) $(542,582) $(2,005,102) $(378,764) Net Earnings (Loss) per share from: Continuing Operations-Basic and Diluted $(0.36) $(0.18) $(0.69) $(0.34) Discontinued Operations-Basic and Diluted -- -- -- 0.21 Net Earnings (Loss) per share-Basic and Diluted $(0.36) $(0.18) $(0.69) $(0.13) 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/

Copyright