WAYNE, Pa.--(BUSINESS WIRE)--Moro Corporation (OTC: MRCR) today announced that financial results for the six months ended June 30, 2017 were as follows:
|Six Months Ended June 30|
|From continuing operations|
|Earnings per share||$||0.09||$||0.06|
Average number of common
Revenue for the six months ended June 30, 2017 was $29,439,000, an increase of 5.5% from the prior year period. The Construction Contracting Division (mainly HVAC, plumbing and electrical services) accounted for 71%, and the Construction Materials Division (mainly fabrication of concrete reinforcing steel) accounted for 29% of revenue for the six month period.
Moro’s financial position is fairly strong. At June 30, 2017, cash totaled $2,321,000 and represented 29% of stockholders’ equity of $8,074,600 and equity per share was $1.32.
As the markets in which the Moro companies compete continue to grow, there should be a continuing increase in the demand and the profit margins obtained for Moro’s products and services.
Moro is a multi-subsidiary construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar) and, sheet metal (duct work), (b) distribution of construction steel and construction accessories, and (c) industrial/commercial and some residential construction contracting services (HVAC, plumbing, electrical and miscellaneous steel).
David W. Menard, President and CEO, commented: “It is perplexing to me why the market price for Moro’s stock has recently been trading in the OTC marketplace for about $.50 per share which is 38% of book value. There is, in my opinion, a disconnect here which should eventually be recognized by the investment world.”
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 operating profits, the lack of continued demand for the company’s products, the availability of governmental funding for its projects, the ability to locate and acquire suitable acquisition opportunities, and if acquired, the failure of any such businesses to generate operating profits.