Baker Reports First Quarter 2010 Financial
May 06, 2010 09:04 AM Eastern Daylight Time
PITTSBURGH--(EON: Enhanced Online News)--Michael Baker Corporation (NYSE Amex:BKR) today
announced its financial results for the first quarter of 2010.
As announced earlier, in 2009 the Company sold its former Energy business and, as a result of this disposition, the
financial results of the former Energy segment have been reclassified as discontinued operations for all periods
presented in the consolidated financial statements. The information contained in this news release pertains to Baker’s
continuing operations, while the Company’s Form 10-Q, which is being filed with the SEC concurrent with this
announcement, presents a complete discussion of both continuing and discontinued operations.
For the quarter, Baker reported net income from continuing operations of $4.6 million, or $0.52 per diluted share,
on revenues of $111.7 million, compared to net income from continuing operations of $6.3 million, or $0.70 per
diluted share, on revenues of $115.1 million in the first quarter of 2009.
The three percent decrease in first-quarter 2010 revenue was related to the Company’s Federal business segment,
which had a net decline of $6.3 million in work performed on contracts with FEMA, and a $6.2 million decrease in
work performed for the Company’s unconsolidated subsidiary operating in Iraq. Partially offsetting this decline in the
Federal segment was an increase of $2.1 million related to a contract to provide facility design services and an
increase in total project incentive awards of $0.5 million compared to the first quarter of 2009. The Company’s
Transportation business segment had period-over-period revenue growth of eight percent, related primarily to
increases on new and existing contracts.
Operating income from continuing operations before corporate overhead allocations in the Federal business segment
for the first quarter of 2010 was $8.1 million, a decrease of 21 percent compared t