Moro Corporation (OTC Pink: MRCR) today announced that financial results for the nine months ended September 30, 2018 were as follows:
|9 Months||9 Months|
|Construction Contracts Revenues||$||31,259,045||$||32,170,582|
Income From Continuing Operations
|Earnings Per Share||0.13||0.14|
Average Number of Shares Outstanding
Revenues for the nine months ended September 30, 2018 were $41,601,613 with Income from continuing operations before taxes in the amount of $1,317,060. The Construction Contracting Division (mainly HVAC, plumbing and electrical services) accounted for 75%, and the Construction Materials Division (primarily fabrication of concrete reinforcing steel) accounted for 25% of revenue for the nine-month period.
Regarding the Construction Contracting Division, the outlook is good, and we expect a favorable fourth quarter.
Moros steel fabrication business is subject to significant competition and increased costs attributable to tariffs imposed on steel. Accordingly, Moro Corp. is attempting to strategically address these issues.
We believe that Moro’s financial position is fairly strong. As of September 30, 2018, cash and cash equivalents totaled $1,384,162 and represented 15% of stockholders’ equity of $9,229,572. Based on our balance sheet as of September 30, 2018, equity per share was $1.51.
Moro is a multi-subsidiary construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar) and sheet metal (ductwork); (b) distribution of construction steel and construction accessories; and (c) industrial/commercial and some residential construction contracting services (HVAC, plumbing, electrical and miscellaneous steel).
For more information, contact David W. Menard, Chairman and CEO, at 484-367-0300, fax 484-367-0305.
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 ability of the company to predict market conditions, the continued ability of the company to generate operating profits, the lack of continued demand for the companys products, the ability to retain market share, the impact of any tariffs imposed on imports of steel, the availability of governmental funding for the Companys projects, the continued strength of the companys financial position, the ability to locate and acquire suitable acquisition opportunities, and if acquired, the ability of any such businesses to generate sufficient revenues.
David W. Menard, Chairman and CEO