WAYNE, Pa.--(BUSINESS WIRE)--Moro Corporation (OTC: MRCR) today announced that financial results for the three months ended March 31, 2018 and March 31, 2017 were as follows:
|3 Months||3 Months|
|March 31, 2018||March 31, 2017|
|From continuing operations|
|Net income after tax||$||(217,867||)||$||(102,515||)|
|Earnings per share||$||(.04||)||$||(.02||)|
Average number of common shares outstanding
Revenue for the three months ended March 31, 2018 was $11,785,644. The Construction Contracting Division (mainly HVAC, plumbing and electrical services) accounted for 76.5%, and the Construction Materials Division (mainly fabrication of concrete reinforcing steel) accounted for 23.5% of revenue for the nine month period.
Historically, the first quarter of the calendar year is the slowest in the construction industry. As the year progresses, profits should be on an increasing curve.
Moro’s financial position is fairly strong. At March 31, 2018, cash totaled $1,495,339 and represented 18% of stockholders’ equity of $8,229,376 and equity per share was $1.34.
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).
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 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.