WAYNE, Pa.--(BUSINESS WIRE)--Moro Corporation (OTC: MRCR) today announced that financial results for the six months ended June 30, 2018 were as follows:
|
6 Months |
6 Months |
|||||||||
| Revenue | ||||||||||
| Material Sales | $ | 6,548,000 | $ | 8,486,000 | ||||||
| Construction Contracts Revenues | $ | 19,608,000 | $ | 20,954,000 | ||||||
|
Net Income From Continuing Operations |
$ | 453,000 | $ | 617,000 | ||||||
| Earnings Per Share | 0.07 | 0.09 | ||||||||
|
Average Number of Shares Outstanding |
6,119,337 | 6,119,337 | ||||||||
Revenues for the six months ended June 30, 2018 were $26,156,000 with a Net Income from continuing operations before tax in the amount of $665,000. The Construction Contracting Division (mainly HVAC, plumbing and electrical services) accounted for 75.0%, and the Construction Materials Division (primarily fabrication of concrete reinforcing steel) accounted for 25% of revenue for the six-month period.
Regarding the Construction Contracting Division, the first two quarters of the year are historically the slowest of the year in the construction industry. We believe that the outlook is good, and we expect that there will be an increase in billings for the remainder of the year.
The Moro Corp. subsidiary, J.M. Ahle Co., involved in the miscellaneous steel business, has been confronted with a fair amount of competition from its steel-producing suppliers and tariff issues on steel purchases. Therefore, Moro Corp. has taken steps to strategically address these issues.
We believe that Moro's financial position is fairly strong. As of June 30, 2018, cash totaled $1,518,182 and represented 17.1% of stockholders' equity of $8,858,133. Based on our balance sheet as of June 30, 2018, equity per share was $1.45.
Moro is a multi-subsidiary construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar) and sheet metal (ductwork); (b) distribution of construction steel and construction accessories; and (c) industrial/commercial and some residential construction contracting services (HVAC, plumbing, electrical and miscellaneous steel).
For more information, contact David W. Menard, Chairman 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 ability of the company to predict market conditions, the continued ability of the company to generate operating profits, the lack of continued demand for the company’s products, the ability to retain market share, the impact of any tariffs imposed on imports of steel, the availability of governmental funding for the Company’s projects, the continued strength of the company’s financial position, the ability to locate and acquire suitable acquisition opportunities, and if acquired, the ability of any such businesses to generate sufficient revenues.
