Abrams (NASDAQ:ABRI)
Historical Stock Chart
From May 2019 to May 2024
Abrams Reports Second Quarter and Six Month Results
ATLANTA, Dec. 16 /PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC.
(NASDAQ:ABRI), an energy services, facilities solutions and real estate
company, today reported that its Form 10-Q Quarterly Report, filed yesterday
with the Securities and Exchange Commission, reflected net earnings from
continuing operations of $549,823 for the second quarter ended October 31,
2004, compared to a net loss from continuing operations of $596,479 for the
same period last year. For the six months ended October 31, 2004, net loss from
continuing operations was $506,093, compared to a net loss from continuing
operations of $1,228,385 a year ago. Revenues from continuing operations were
$7,268,972 in the second quarter, ended October 31, 2004, up from last year's
$2,691,768, and were $12,185,588 for the six months ended October 31, 2004,
compared to $5,388,786 in the prior year period.
Net losses from discontinued operations for the quarter and six months ended
October 31, 2004, were $28,483 and $78,021, respectively, compared to net
losses from discontinued operations of $460,217 and $776,717, respectively, in
the prior year periods. The current year net losses from discontinued
operations were generated entirely by the Company's former construction
division. As previously announced, the Company has elected to discontinue its
operations as a general contractor, and as of July 31, 2004, all of the
Company's general contracting operating activities had ceased. Last year's net
losses from discontinued operations included net losses generated by the former
construction division of $576,459 for the quarter and $993,021 for the six
months, partially offset by net earnings of $116,242 and $216,304,
respectively, generated by the operation of a Company-developed shopping center
that subsequently was sold at a gain in April 2004.
Alan R. Abrams, Co-Chairman, President and CEO, stated: "I am pleased with the
second quarter's results and I am encouraged by the continuing progress at each
of our operating segments. We remain enthusiastically committed to our
strategic plan."
Established in 1925, Abrams Industries, operating nationwide through its wholly
owned subsidiaries, offers a variety of energy services and facility solutions
to building owners and operators, and engages in commercial real estate
investment and development. The Company provides energy engineering services,
maintenance and service request solutions, and turnkey implementation of energy
saving lighting programs and related energy services, which help its customer
base of owners and operators of commercial office, hospitality, retail,
institutional, industrial, residential, government, and health care buildings,
and energy services companies, optimize facility performance and maximize
value, by reducing energy consumption and maintenance and other building
operating costs, while improving occupant satisfaction. The Company also
currently owns or controls approximately one million 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)
Second Quarter Ended First Six Months Ended
October 31, October 31,
2004 2003 2004 2003
Revenues from
Continuing Operations $7,268,972 $2,691,768 $12,185,588 $5,388,786
Net Earnings (Loss)
from Continuing
Operations $549,823 $(596,479) $(506,093) $(1,228,385)
Net Earnings (Loss)
from Discontinued
Operations (28,483) (460,217) (78,021) (776,717)
Net Loss $521,340 $(1,056,696) $(584,114) $(2,005,102)
Net Earnings (Loss) per
share from:
Continuing Operations-
Basic and Diluted $0.17 $(0.20) $(0.16) $(0.42)
Discontinued Operations-
Basic and Diluted (0.01) (0.16) (0.02) (0.27)
Net Earnings (Loss) per
share-Basic and Diluted $0.16 $(0.36) $(0.18) $(0.69)
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/