ABRI Abrams Industries (MM)

Abrams Reports Second Quarter and Six Month Results ATLANTA, Dec. 16 /PRNewswire-FirstCall/ -- ABRAMS INDUSTRIES, INC. (NASDAQ:ABRI), an energy services, facilities solutions and real estate company, today reported that its Form 10-Q Quarterly Report, filed yesterday with the Securities and Exchange Commission, reflected net earnings from continuing operations of $549,823 for the second quarter ended October 31, 2004, compared to a net loss from continuing operations of $596,479 for the same period last year. For the six months ended October 31, 2004, net loss from continuing operations was $506,093, compared to a net loss from continuing operations of $1,228,385 a year ago. Revenues from continuing operations were $7,268,972 in the second quarter, ended October 31, 2004, up from last year's $2,691,768, and were $12,185,588 for the six months ended October 31, 2004, compared to $5,388,786 in the prior year period. Net losses from discontinued operations for the quarter and six months ended October 31, 2004, were $28,483 and $78,021, respectively, compared to net losses from discontinued operations of $460,217 and $776,717, respectively, in the prior year periods. The current year net losses from discontinued operations were generated entirely by the Company's former construction division. As previously announced, the Company has elected to discontinue its operations as a general contractor, and as of July 31, 2004, all of the Company's general contracting operating activities had ceased. Last year's net losses from discontinued operations included net losses generated by the former construction division of $576,459 for the quarter and $993,021 for the six months, partially offset by net earnings of $116,242 and $216,304, respectively, generated by the operation of a Company-developed shopping center that subsequently was sold at a gain in April 2004. Alan R. Abrams, Co-Chairman, President and CEO, stated: "I am pleased with the second quarter's results and I am encouraged by the continuing progress at each of our operating segments. We remain enthusiastically committed to our strategic plan." Established in 1925, Abrams Industries, operating nationwide through its wholly owned subsidiaries, offers a variety of energy services and facility solutions to building owners and operators, and engages in commercial real estate investment and development. The Company provides energy engineering services, maintenance and service request solutions, and turnkey implementation of energy saving lighting programs and related energy services, which help its customer base of owners and operators of commercial office, hospitality, retail, institutional, industrial, residential, government, and health care buildings, and energy services companies, optimize facility performance and maximize value, by reducing energy consumption and maintenance and other building operating costs, while improving occupant satisfaction. The Company also currently owns or controls approximately one million square feet of shopping centers in the Midwest and Southeast and more than 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) Second Quarter Ended First Six Months Ended October 31, October 31, 2004 2003 2004 2003 Revenues from Continuing Operations $7,268,972 $2,691,768 $12,185,588 $5,388,786 Net Earnings (Loss) from Continuing Operations $549,823 $(596,479) $(506,093) $(1,228,385) Net Earnings (Loss) from Discontinued Operations (28,483) (460,217) (78,021) (776,717) Net Loss $521,340 $(1,056,696) $(584,114) $(2,005,102) Net Earnings (Loss) per share from: Continuing Operations- Basic and Diluted $0.17 $(0.20) $(0.16) $(0.42) Discontinued Operations- Basic and Diluted (0.01) (0.16) (0.02) (0.27) Net Earnings (Loss) per share-Basic and Diluted $0.16 $(0.36) $(0.18) $(0.69) 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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