Moro Corporation Reports Full Year 2009 Earnings Per Share Increases 143% Over Previous Year
April 07 2010 - 1:02PM
Business Wire
Moro Corporation (OTCQX: MRCR) today announced that financial
results for the twelve months ended December 31, 2009 were as
follows:
Twelve Months Ended
December 31
2009
2008
Revenue
$ 63,123,000 $ 76,370,000 Net income $ 1,125,000 $ 452,000 Earnings
per share $ .17 $ .07 Average number of common shares outstanding
6,369,643 6,369,643
Revenue for the twelve months ended December 31, 2009 was
$63,123,000, a decrease of 17% from the prior year period. The
Mechanical Contracting Division accounted for 65% and the
Construction Materials Division accounted for 35% of full year
revenue.
Net income for the year ended December 31, 2009 was $1,125,000
equal to $.17 per share.
The Mechanical Contracting Division reported stronger earnings
due to a focus on cost control coupled with expanded sales and
marketing initiatives. The Construction Materials Division reported
increased earnings on lower sales due to improved profit margins.
Both the Mechanical Contracting Division and the Construction
Materials Division were strong contributors to profits.
David W. Menard, President and CEO, commented: “We benefited
from improved profit margins on lower sales volume in 2009. We will
continue to strategize for growth, including possible acquisitions
and product line diversification with an emphasis on increasing
market share and geographical coverage.”
Moro’s financial position is strong. At December 31, 2009, cash
totaled $4,968,000 and represented 51% of stockholders’ equity. At
December 31, 2009 equity per share was $1.51 versus $1.34 a year
ago, an increase of 13%.
As the overall U.S. economy begins to recover, there should be
an eventual increase in the demand for many of Moro’s products and
services. However, Moro and its competitors will continue to
compete for a relatively limited number of bidding opportunities.
By continued strategic focus on enhanced product and service
offerings, geographical expansion and operating cost controls, Moro
is confident that it will weather the uncertainties of a
potentially prolonged U.S. economic recovery, particularly as it
affects the construction industry.
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.
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