BRIEF: Michael Baker earnings double for 1st quarter
May 09, 2012 (Menafn - The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) --Michael Baker Corp., a design/engineering/construction company in Moon, said on Tuesday that first-quarter earnings more than doubled, including a jump from discontinued operations.
Net income of 1.8 million for the quarter ended on April 1 compared with 816,000 for the quarter ended March 31, 2011. Per-share results equaled 18 cents vs. 9 cents.
Revenue increased 25 percent to almost 152 million from about 121 million. Revenue included about 25.9 million from RBF Consulting, a California-based engineering and planning company that Michael Baker acquired in October.
Discontinued operations contributed 700,000 of net income in the quarter, and 100,000 the year earlier. According to a securities filing, Michael Baker's sale of its energy business in 2009 generated the majority of that income from adjustments to the company's foreign tax accruals.
Michael Baker stock closed at 22.81 on Tuesday, up 30 cents.
"The first quarter of 2012 got off to a slow start, but picked up appreciably in March," said CEO Bradley Mallory. "Although our performance was slightly better than last year, we are committed to improving significantly over the remainder of the year through carefully targeted initiatives and further cost controls."
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