ABRI Abrams Industries (MM)

Abrams Reports Third Quarter and Nine Month Results ATLANTA, March 16 /PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC. , an energy management, construction and real estate company, today reported a net loss from continuing operations of $883,181 for the third quarter ended January 31, 2004, compared to a net loss from continuing operations of $602,686 for the same period last year. For the nine months ended January 31, 2004, the net loss from continuing operations was $2,888,283, compared to a net loss from continuing operations of $1,604,199 last year. The current year's results were materially impacted by legal and professional fees of approximately $190,000 and $1.15 million in the third quarter and the first nine months, respectively, which resulted from the Company's previously disclosed internal investigation of activities at its construction subsidiary and its ongoing cooperation with the U.S. Department of Justice. Last year's first nine months net loss from continuing operations waslowered by a one-time $450,000 pre-tax expense adjustment, which resulted from a decrease in the allowance for doubtful accounts. In addition, the previous year's first nine months net loss of $981,929 included $622,270 in net earnings from discontinued operations. Additionally, the Company announced that the Board of Directors recently authorized the repurchase of up to 200,000 shares of its Common Stock during the twelve-month period beginning March 4, 2004, and ending March 3, 2005. Any such purchases, if made, could be in the open market at prevailing prices or in privately negotiated transactions. Alan R. Abrams, Co-Chairman, President and CEO, stated: "While we are deeply disappointed by the continuing poor results at our construction subsidiary, we believe the worst is now behind us. We continue to see positive signs of the improving economy and the dynamic market conditions benefiting our real estate portfolio. Our entry into the commercial lighting services business through our recent acquisition of The Wheatstone Energy Group has gained traction quickly, and we are greatly encouraged by the potential for this new business activity." Established in 1925, Abrams Industries, operating nationwide through its wholly owned subsidiaries, provides a variety of energy management and construction services to building owners and operators and engages in commercial real estate investment and development. In energy management, the Company offers engineering services, maintenance management solutions, and turnkey implementation of energy saving lighting programs and related services to help commercial, institutional, hospitality, industrial and retail customers reduce energy consumption and building operating and maintenance costs. In construction, the Company offers a wide range of construction services, including program management, construction management and general construction of retail stores, shopping centers, banks, office buildings, and distribution and manufacturing facilities, and engages in other types of commercial construction. In real estate, the Company currently owns or controls approximately 1.1 million square feet of shopping centers in the Midwest and Southeast and approximately 200,000 square feet of office properties in metropolitan Atlanta, Georgia. For more information about Abrams Industries, please visit http://www.abramsindustries.com/ or call 770-953-0304. Certain statements contained in this news release are forward-looking statements within the meaning of the federal securities laws. Such forward- looking statements involve known and unknown risks, uncertainties and other matters which may cause the actual results, performance or achievements of Abrams Industries, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward- looking statements. Abrams Industries, Inc. does not undertake to update these forward-looking statements. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (UNAUDITED) Third Quarter Ended Nine Months Ended January 31, January 31, 2004 2003 2004 2003 Revenues from Continuing Operations $6,295,620 $15,825,282 $34,526,628 $57,017,729 Net Loss from Continuing Operations $(883,181) $(602,686) $(2,888,283) $(1,604,199) Net Earnings (Loss) from Discontinued Operations - (479) - 622,270 Net Loss $(883,181) $(603,165) $(2,888,283) $(981,929) Net Earnings (Loss) per share from: Continuing Operations-Basic and Diluted $(0.30) $(0.21) $(0.98) $(0.55) Discontinued Operations-Basic and Diluted - - - 0.21 Net Earnings (Loss) per share-Basic and Diluted $(0.30) $(0.21) $(0.98) $(0.34) DATASOURCE: Abrams Industries, Inc. CONTACT: Alan R. Abrams, Co-Chairman, President & Chief Executive Officer of Abrams Industries, Inc., +1-770-953-0304, or Web site: http://www.abramsindustries.com/

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