MRCR Moro Corporation (PK)

Moro Corporation (OTC: MRCR) today announced that financial results for the three and nine months ended September 30, 2009 were as follows:

                   

Three Months Ended

Nine Months Ended

September 30

September 30

2009

 

2008

2009

2008

Revenue $ 16,738,000 $ 22,777,000 $ 48,347,000 $ 55,095,000 Net income $ 914,000 $ 695,000 $ 1,415,000 $ 769,000 Earnings per share $ .14 $ .11 $ .22 $ .12

Average number of common shares outstanding

6,369,643 6,369,643 6,369,643 6,369,643  

Revenue for the third quarter of 2009 of $16,738,000 was 27% lower than for the year-ago period. The Construction Materials Division (mainly concrete reinforcing steel) represented 34% of total revenue and the Mechanical Contracting Division (mainly HVAC products and services) accounted for 66% of total revenue for the third quarter.

Net income for the third quarter was $914,000. Earnings per share for the third quarter were $.14. Both the Mechanical Contracting Division and the Construction Materials Division were strong contributors to profits.

Revenue for the first nine months of $48,347,000 was 14% lower than for the year-ago period. The Construction Materials Division represented 37% of total revenue and the Mechanical Contracting Division accounted for 63% of total revenue for the nine-month period.

Net income and earnings per share for the nine-month period of $1,415,000 and $.22, respectively, were 84% and 83%, respectively, ahead of results reported for the year-ago period. All divisions of the company reported increased margins and increased net income.

David W. Menard, President and CEO, commented: “These are tough times for businesses serving the construction industry. Moro, on an overall basis, is doing reasonably well. We continue to broaden our company’s geographic reach, scope of products and services provided to customers, and search for expansion opportunities including possible acquisitions and joint ventures.”

Moro is a profitable and financially strong and multi-subsidiary 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) 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.