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
Earning per share
Average number of common shares outstanding
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.