BRIEF: Michael Baker profit falls, company adopts plan to cut costs by up to 20M
Nov 09, 2012 (Menafn - The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) --Michael Baker Corp.'s net income fell to 700,000 in the third quarter, and the engineering, design, planning and construction services company said it adopted a plan to improve performance.
Baker, based in Moon, said profit equaled 7 cents a share, and is down from net income of 7.1 million, or 76 cents, a year ago. Lower utilization, an unfavorable project mix and higher acquisition-related expenses reduced profit, the company said.
Revenue, however, increased by 14.1 million to a total 145.2 million, driven mainly by additional revenue from RBF Consulting, a California engineering and planning company that Baker acquired in 2011.
The company said it realigned its organization to increase work-sharing, cross-selling and utilization, and adopted a performance improvement plan to cut costs by 18 million to 20 million next year.
Kim Leonard is a staff writer for Trib Total Media. She can be reached at 412-380-5606 or email@example.com.
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