Revenue at All-Time High; Expansion Programs Continue
Moro Corporation (OTC:MRCR) today announced that financial results for the twelve months ended December 31, 2007 were as follows:
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Twelve Months Ended |
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December 31 |
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2007 |
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2006 |
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| Revenue |
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$ | 64,020,000 |
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$ | 58,447,000 |
| Net income |
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$ | 1,516,000 |
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$ | 1,537,000 |
| Earnings per share |
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$ | .24 |
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$ | .25 |
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Average number of common shares outstanding |
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6,304,438 |
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6,271,931 |
Revenue for the twelve months ended December 31, 2007 was $64,020,000, an increase of 10% over the prior year period. The Mechanical Contracting Division accounted for 52% and the Construction Materials Division accounted for 48% of full year revenue.
Net income for the year ended December 31, 2007 was $1,516,000.
The Mechanical Contracting Division reported record earnings due to strong profit results for several projects including three joint ventures with other contractors regarding three Pennsylvania gambling casino projects. The Construction Materials Division reported reduced earnings due to lower gross profit margins caused by competitive pricing pressures and heavy start-up costs associated with opening two new steel fabrication and distribution facilities and a general overall expansion of marketing and fabrication capabilities.
David W. Menard, President and CEO, commented: “We did a good job growing the ‘top line’ during 2007. We expect to do a better job with the ‘bottom line’ in 2008. We continue to implement plans, including possible acquisitions, to expand our product lines, production/service capacity, market share and geographical coverage.”
Moro’s financial position is strong. At December 31, 2007, cash totaled $2,070,000 and represented 26% of stockholders’ equity. The after tax return on beginning of the year stockholders’ equity was 24%.
Although the U.S. economy continues to weaken and will likely become worse, the outlook for Moro’s performance during the next couple of years continues to be favorable. The vast majority of Moro’s business has a non-residential focus.
Moro is a profitable and financially strong multi-subsidiary and eleven-location construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar), sheet metal (duct work), and process piping, (b) distribution of construction steel, miscellaneous steel and construction accessories, and (c) industrial/commercial/residential mechanical contracting services (HVAC, plumbing, and piping).
For more information, contact David W. Menard, President and CEO, at 484-367-0300, fax 484-367-0305.
Statement under the Private Securities Litigation Reform Act: This press release contains certain forward-looking statements regarding, among other things, the anticipated profitability and continued growth of the company. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements, including the continued ability of the company to generate operation profits, the lack of continued demand for the company’s products, the ability to locate and acquire suitable acquisition opportunities, and if acquired, the failure of any such businesses to generate operating profits.
Moro Corporation
David W. Menard, President and CEO
484-367-0300
Fax:
484-367-0305