Replies to post #25 on Moro Corporation (MRCR)

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Moro Corporation Reports Full Year 2008 Revenue at All-Time High; Expansion Programs Continue
Monday April 13, 2009, 11:15 am EDT
Buzz up! Print Related:Moro Corp.
WAYNE, Pa.--(BUSINESS WIRE)--Moro Corporation (OTCQX:MRCR) today announced that financial results for the twelve months ended December 31, 2008 were as follows:

Twelve Months Ended


December 31

2008
2007

Revenue $ 76,370,000 $ 64,020,000
Net income $ 452,000 $ 1,516,000
Earnings per share $ .07 $ .24
Average number of common shares outstanding
6,369,643 6,304,438


Related Quotes
Symbol Price Change
MRCR.PK 0.75 0.00


{"s" : "mrcr.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""} Revenue for the twelve months ended December 31, 2008 was $76,370,000, an increase of 19% over the prior year period. The Mechanical Contracting Division accounted for 55% and the Construction Materials Division accounted for 45% of full year revenue.

Net income for the year ended December 31, 2008 was $452,000.

The Mechanical Contracting Division reported significantly lower earnings due to lower profit margins for several projects. The Construction Materials Division reported increased earnings due to higher gross profit margins on products sold.

David W. Menard, President and CEO, commented: “We did a good job growing the ‘top line’ during 2008. We hope to do a better job with the ‘bottom line’ in 2009. We continue to implement plans, including possible acquisitions, to expand our product lines, production/service capacity, market share and geographical coverage.”

Moro’s financial position is strong. At December 31, 2008, cash totaled $2,852,000 and represented 33% of stockholders’ equity. At December 31, 2008 equity per share was $1.34 versus $1.27 a year ago, an increase of 6%.

As the outlook for the overall U.S. economy continues to weaken there is a decline in the demand for many of Moro’s products and services. Moro and its competitors are vying for a piece of a smaller pie. By increasing product and service offerings and geographical coverage and having implemented deep reductions in operating costs that have now taken effect, Moro is confident that it will get through a difficult period that will likely last for two or more years.

The vast majority of Moro’s business has a non-residential focus. The Federal Government’s infrastructure stimulus program should benefit the Company.

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 [phone].

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.


Contact:
Moro Corporation
David W. Menard, President and CEO, 484-367-0300
Fax: [phone]