SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
October 31, 1997 0-10146
- ---------------------- -------------------
ABRAMS INDUSTRIES, INC.
-----------------------------------------------------
(Exact name of Registrant as specified in its charter)
Georgia 58-0522129
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1945 The Exchange, Suite 300, Atlanta, Georgia 30339
-------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(770) 953-0304
----------------------------------------------------
(Registrant's telephone number, including area code)
N/A
---------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities and Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes /X/ No / /
The number of shares of $1.00 par value Common Stock of the
Registrant outstanding as of November 30, 1997 was 2,936,356.<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ABRAMS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
October 31, 1997 April 30, 1997
---------------- --------------
<S> <C> <C>
ASSETS
------
CURRENT ASSETS
Cash and cash equivalents $ 3,226,447 $ 7,611,051
Receivables (note 2) 23,459,250 18,980,745
Less: Allowance for doubtful accounts (39,329) (65,584)
Inventories, net (note 3) 1,620,961 1,557,964
Costs and earnings in excess of billings 7,492,340 2,785,340
Property held for sale 1,782,474 6,577,973
Deferred income taxes 682,321 682,321
Other 916,548 467,733
------------- ------------
Total current assets 39,141,012 38,597,543
------------- ------------
INCOME-PRODUCING PROPERTIES, net 54,748,374 43,324,407
PROPERTY, PLANT AND EQUIPMENT, net 3,785,505 1,703,948
LAND HELD FOR FUTURE DEVELOPMENT OR SALE 4,237,845 3,889,361
OTHER ASSETS
Notes receivable 474,365 515,832
Cash surrender value of life insurance on officers, net 1,063,480 1,021,481
Deferred loan costs, net 590,888 531,812
Other 2,056,514 1,915,054
------------ ------------
$106,097,983 $91,499,438
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Trade and subcontractors payables $ 17,300,788 $10,385,079
Billings in excess of costs and earnings 2,272,757 1,148,665
Accrued expenses 3,723,864 5,881,257
Deferred income 286,273 687,252
Short-term borrowings 6,372,000 -
Current maturities of long-term debt 1,446,412 7,420,171
------------ -----------
Total current liabilities 31,402,094 25,522,424
------------ -----------
DEFERRED INOME TAXES 3,594,113 1,884,453
OTHER LIABILTIES 1,074,940 848,462
MORTGAGE NOTES AND BONDS PAYABLE, less current maturities 27,459,871 24,919,282
OTHER LONG-TERM DEBT, less current maturities 17,740,726 16,199,603
------------ -----------
Total liabilities 81,271,744 69,374,224
------------ -----------
SHAREHOLDERS' EQUITY
Common stock, $1 par value; authorized 5,000,000 shares;
3,014,039 issued in 1998 and 3,010,039 issued in 1997 and
2,936,356 outstanding in 1998 and 2,938,356 outstanding in 1997 3,014,039 3,010,039
Additional paid-in capital 2,019,690 2,012,190
Retained earnings 20,205,061 17,473,536
------------ -----------
25,238,790 22,495,765
Less cost of treasury stock 412,551 370,551
------------ -----------
Total shareholders' equity 24,826,239 22,125,214
------------ -----------
$106,097,983 $91,499,438
============ ===========
</TABLE>
See accompanying notes to consolidated financial statements.<PAGE>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
SECOND QUARTER ENDED SIX MONTHS ENDED
OCTOBER 31, OCTOBER 31,
----------------------------- ----------------------------------
1997 1996 1997 1996
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
REVENUES
Construction $38,799,113 $24,639,225 $ 77,196,491 $46,186,104
Manufacturing 4,751,609 3,065,328 8,067,942 6,626,640
Real estate 11,750,270 2,713,933 15,166,086 5,904,718
---------- ----------- ------------- -----------
55,300,992 30,418,486 100,430,519 58,717,462
Less: Intersegment eliminations (134,863) (15,187) (134,863) (344,780)
---------- ----------- ------------- -----------
55,166,129 30,403,299 100,295,656 58,372,682
Interest 146,554 104,860 265,247 219,627
Other 9,958 (3,439) 21,057 31,981
---------- ----------- ------------- -----------
55,322,641 30,504,720 100,581,960 58,624,290
---------- ----------- ------------- -----------
COSTS AND EXPENSES
Applicable to REVENUES--
Construction 37,003,045 23,289,167 73,941,324 43,650,425
Manufacturing 3,534,099 2,070,192 6,048,330 4,497,368
Real estate, exclusive of interest 6,609,755 1,578,032 8,389,169 3,460,933
---------- ----------- ------------- -----------
47,146,899 26,937,391 88,378,823 51,608,726
Less: Intersegment eliminations (601,016) (13,995) (601,016) (339,145)
---------- ----------- ------------- -----------
46,545,883 26,923,396 87,777,807 51,269,581
---------- ----------- ------------- -----------
Selling, shipping, general and administrative
Construction 782,730 595,487 1,482,038 1,189,139
Manufacturing 982,049 864,345 1,963,484 1,747,847
Real estate 703,296 357,290 1,236,250 761,729
Parent 586,870 531,822 1,140,405 1,077,321
---------- ----------- ------------- -----------
3,054,945 2,348,944 5,822,177 4,776,036
Less: Intersegment eliminations (64,848) - (67,803) -
---------- ----------- ------------- -----------
2,990,097 2,348,944 5,754,374 4,776,036
---------- ----------- ------------- -----------
Interest costs incurred, less interest capitalized 1,041,520 1,178,119 2,132,843 2,352,985
---------- ----------- ------------- -----------
50,577,500 30,450,459 95,665,024 58,398,602
---------- ----------- ------------- -----------
EARNINGS BEFORE INCOME TAXES 4,745,141 54,261 4,916,936 225,688
INCOME TAX EXPENSE 1,791,000 21,000 1,862,000 86,000
---------- ----------- ------------- -----------
NET EARNINGS $ 2,954,141 $ 33,261 $ 3,054,936 $ 139,688
=========== =========== ============= ===========
NET EARNINGS PER SHARE $ 1.01 $ .010 $ 1.04 $ .05
=========== =========== ============= ===========
DIVIDENDS PER SHARE $ .04 $ .015 $ .11 $ .03
=========== =========== ============= ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING 2,937,689 2,970,856 2,939,067 2,970,856
=========== =========== ============= ===========
</TABLE>
See accompanying notes to consolidated financial statements.
2<PAGE>
ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED OCTOBER 31,
---------------------------------------
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities
Net earnings $ 3,054,936 $ 139,688
Adjustments to reconcile net earnings to net cash
used in operating activities
Depreciation and amortization 1,403,873 1,716,402
Gain on sales of real estate (4,868,052) (85,914)
Decrease (increase) in assets
Receivables (4,504,760) (522,572)
Inventories (62,997) (193,213)
Costs and earnings in excess of billings (4,707,000) (416,509)
Other current assets (448,815) (111,210)
Other assets (98,083) (665,229)
Increase (decrease) in liabilities
Accounts payable 6,915,709 (491,602)
Billings in excess of costs and earnings 1,124,092 870,157
Accrued expenses (2,157,393) (820,521)
Deferred income (400,979) -
Deferred income taxes 1,709,660 -
Other liabilities 226,478 170,681
------------ ------------
Net cash used in operating activities (2,813,331) (409,842)
------------ ------------
Cash flows from investing activities
Proceeds from sales of real estate 10,024,650 256,000
Additions to properties, property, plant and
equipment, net (15,527,931) (973,455)
------------ ------------
Net cash used in investing activities (5,503,281) (717,455)
------------ ------------
Cash flows from financing activities
Debt proceeds 13,655,020 862,937
Debt repayments (9,175,065) (710,685)
Additions to deferred loan costs (194,028) -
Cash dividends (323,419) (89,108)
Exercised option proceeds 11,500 -
Repurchase of common stock (42,000) -
------------ ------------
Net cash provided by financing activities 3,932,008 63,144
------------ ------------
Net decrease in cash and cash equivalents (4,384,604) (1,064,153)
Cash and cash equivalents at beginning of period 7,611,051 5,452,453
------------ ------------
Cash and cash equivalents at end of period $ 3,226,447 $ 4,388,300
============ ============
Supplemental schedule of cash flow information
Interest paid, net of amounts capitalized $ 2,085,127 $ 2,457,791
============ ============
Income taxes paid, net of refunds $ 799,671 $ 166,002
============ ============
Supplemental schedule of non-cash investing activities
Accrual of construction allowance payable $ - $ 3,702,039
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
ABRAMS INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 1997 AND APRIL 30, 1997
(UNAUDITED)
NOTE 1. UNAUDITED STATEMENTS
The accompanying unaudited consolidated financial statements
have been prepared by the Company in accordance with generally
accepted accounting principles, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements have been condensed or omitted pursuant to such rules and
regulations, although management believes that the disclosures are
adequate to make the information presented not misleading. In the
opinion of management, the accompanying financial statements contain
all adjustments, which consist solely of normal recurring accruals,
necessary for a fair statement of the results for the interim
periods presented. These financial statements should be read in
conjunction with the consolidated financial statements and the notes
thereto included in the Company's Annual Report to Shareholders for
the year ended April 30, 1997. Results of operations for interim
periods are not necessarily indicative of annual results.
NOTE 2. RECEIVABLES
All contract and trade receivables are expected to be collected
within one year.
NOTE 3. INVENTORIES
The classes of inventory are as follows:
October 31, 1997 April 30, 1997
----------------- --------------
Finished goods $ 717,672 $ 939,784
Work in process 201,161 110,119
Raw materials 702,128 508,061
---------- ----------
$1,620,961 $1,557,964
========== ==========
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Changes in CONSOLIDATED BALANCE SHEETS between April 30, 1997, and
October 31, 1997.
Accounts receivable increased by $4,504,760, Costs and earnings in
excess of billings increased by $4,707,000, Trade and subcontractors
payable increased by $6,915,709 and Billings in excess of costs and
earnings increased by $1,124,092, primarily because of the timing of the
submission and payment of invoices for construction work performed and
increased construction activity.
4<PAGE>
Property held for sale decreased $4,795,499 primarily as a result of
the sales of a shopping center in Oakwood, Georgia, a Kmart in Newark,
Ohio and an outparcel in North Fort Myers, Florida. Each of these
properties was sold at a gain. One other outparcel, located in North
Fort Myers, Florida has been reclassified from Property held for sale to
Land held for future development or sale. On October 31, 1997, the only
Property held for sale was the Company's primary manufacturing facility
in Atlanta, Georgia which is currently being marketed and is expected to
be sold at a gain.
Income-producing properties increased by $11,423,967 with the
purchase of (1) an approximately 66,000 square foot, 4-story office
building located in Atlanta, Georgia which the Company partially occupies
as its corporate, construction segment and real estate segment
headquarters and (2) an approximately 114,000 square foot, twelve
building office park located in Marietta, Georgia. This increase was
partially offset by the sale of the Tifton, Georgia Kmart, which also
sold at a gain.
Property, plant and equipment increased by $2,081,557, primarily
through the purchase of land for the Company's new manufacturing
facility. Now under construction, it is expected to be ready for
occupancy in the summer, 1998. The Company obtained financing for the
land and building through an $11,000,000 taxable bond offering which
closed in November 1997.
Accrued expenses decreased by $2,157,393 because of the payment of
year-end accruals.
Short-term borrowings increased by $6,372,000 reflecting amounts
drawn on the Company's bank lines of credit primarily to purchase the
office park in Marietta, Georgia discussed above. The Company has made
application with a lender to provide permanent, long-term financing for
this property and expects to pay off the short-term borrowings in
December 1997 with proceeds from the permanent loan.
Current maturities of long-term debt decreased by $5,973,759 as the
mortgages on the sold Oakwood, Georgia shopping center and the Newark,
Ohio Kmart (discussed above) were assumed or paid off by the purchasers.
In addition, the Company paid off $2,100,000 in current maturities with a
$3,500,000 permanent, long-term refinancing of the Jackson, Michigan
shopping center.
Deferred income taxes increased by $1,709,660 with the tax deferral
of the gains on the sales of the Oakwood, Georgia, Newark, Ohio and
Tifton, Georgia properties. These transactions were structured as like-
kind exchanges pursuant to Internal Revenue Code Section 1031, which
allows a deferral of the tax gain if the Company utilizes the proceeds of
the sale to purchase other real estate within 180 days of the sale.
Management expects to comply with the provisions of Internal Revenue Code
Section 1031 and thus fully defer the tax gain on these sales.
Mortgage notes and bonds payable increased by $2,540,589 as a result
of the $3,500,000 refinancing of the Jackson, Michigan property discussed
above. The increase was partially offset by the payoff of the mortgage
on the Tifton, Georgia Kmart when the property was sold, as discussed
above.
Other long-term debt increased by $1,541,123 with the acquisition
financing of the corporate headquarters property in Atlanta, Georgia.
This was partially offset by the payoff of the Jackson, Michigan property
loan when it was refinanced.
5<PAGE>
RESULTS OF OPERATIONS OF SECOND QUARTER AND FIRST SIX MONTHS OF
FISCAL 1998 COMPARED TO SECOND QUARTER AND FIRST SIX MONTHS OF
FISCAL 1997.
REVENUES
For the second quarter 1998, Consolidated REVENUES were $55,322,641,
compared to $30,504,720 for the second quarter 1997, an increase of 81%. For
the first six months of fiscal 1998, Consolidated REVENUES were $100,581,960,
compared to $58,624,290 for the first six months of fiscal 1997, an increase
of 72%.
The figures in Chart A are Segment revenues before Intersegment
eliminations and do not include Interest income or Other income.
<TABLE>
<CAPTION>
CHART A
REVENUE SUMMARY BY SEGMENT
(Dollar Amounts in Thousands)
Second Quarter Ended Six Months Ended
October 31, October 31,
------------------- Amount Percentage ------------------- Amount Percentage
1997 1996 Increase Increase 1997 1996 Increase Increase
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $38,799 $24,639 $14,160 57 $ 77,197 $46,186 $31,011 67
Manufacturing <F2> 4,752 3,065 1,687 55 8,068 6,626 1,442 22
Real Estate <F3> 11,750 2,714 9,036 333 15,166 5,905 9,261 157
-------------------------------------------------------------------------------------------
$55,301 $30,418 $24,883 82 $100,431 $58,717 $41,714 71
===========================================================================================
NOTES TO CHART A
<FN>
<F1> REVENUES for the second quarter and first six months of 1998 were
higher than those of the second quarter and first six months of 1997
primarily because of increased sales to one of the Company's
customers.
<F2> REVENUES for the second quarter and first six months of 1998 were higher than those
of the second quarter and first six months of 1997 primarily because of selective
growth in the Company's customer base.
<F3> REVENUES for the second quarter and first six months of 1998 were higher than
those of the second quarter and first six months of 1997 because of an increase in
property sales. This increase was partially offset by decreased rental income,
primarily as a result of property sales as previously discussed.
</FN>
</TABLE>
6
<PAGE>
The following table indicates the backlog of contracts, orders and expected
rentals for the next twelve months by industry segment:
<TABLE>
<CAPTION>
October 31,
-----------------------------------
1997 1996
-------------- -------------
<S> <C> <C>
Construction $ 52,366,000 $ 34,890,000
Manufacturing 6,245,000 15,400,000
Real Estate 10,117,000 20,132,000
-------------- -------------
68,728,000 70,422,000
Less: Intercompany Eliminations (6,277,000) -
-------------- -------------
Total Backlog $ 62,451,000 $ 70,422,000
============== =============
</TABLE>
COSTS AND EXPENSES: Applicable to REVENUES
As a percentage of Segment REVENUES (See Chart A) for the second
quarter 1998 and 1997, the applicable COSTS AND EXPENSES (See Chart B)
were 85% and 89%, respectively. As a percentage of Segment REVENUES for
the first six months 1998 and 1997, the applicable COSTS AND EXPENSES
were 88%.
The figures in Chart B are prior to Intersegment eliminations.
CHART B
COSTS AND EXPENSES APPLICABLE TO REVENUES SUMMARY BY SEGMENT
(Dollar Amounts in Thousands)
<TABLE>
<CAPTION>
Percent of Segment Percent of Segment
Revenues Revenues
Second Quarter Ended For Second Quarter Ended Six Months Ended For Six Months Ended
October 31, October 31, October 31, October 31,
-------------------- ------------------------ ----------------- --------------------
1997 1996 1997 1996 1997 1996 1997 1996
------------------- ---------------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction $37,003 $23,289 95 95 $73,942 $43,651 96 95
Manufacturing <F1> 3,534 2,070 74 68 6,048 4,497 75 68
Real Estate <F2> 6,610 1,578 56 58 8,389 3,461 55 59
------------------- ---------------------- --------------------- ---------------------
$47,147 $26,937 85 89 $88,379 $51,609 88 88
=================== ====================== ===================== =====================
NOTES TO CHART B
<FN>
<F1> The increase in the percentage of COSTS AND EXPENSES: Applicable to REVENUES is
attributable to the product mix of fixtures sold and the cost of the installation
of fixtures. The installation of fixtures is a new line of business that the
Company is offering to better service its customers and does not command as high of
a profit margin as does manufacturing fixtures.
<F2> The increase in the dollar amount of COSTS AND EXPENSES: Applicable to REVENUES for
the second quarter and the first six months 1998 compared to the same periods 1997
is attributable to an increase in the cost of real estate sold in 1998.
</FN>
</TABLE>
7<PAGE>
SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES
For the second quarter 1998 and for the second quarter 1997,
Selling, shipping, general and administrative expenses were $3,054,945
and $2,348,944, respectively. As a percentage of Consolidated REVENUES,
these expenses were 6% and 8%, respectively. For the first six months
1998 and for the first six months 1997, Selling, shipping, general and
administrative expenses were $5,822,177 and $4,776,036, respectively. As
a percentage of Consolidated REVENUES, these expenses were also 6% and
8%, respectively. In reviewing Chart C, the reader should recognize that
the volume of revenues generally will affect the amounts and percentages.
The percentages in Chart C are based upon expenses as they relate to
Segment REVENUES (Chart A) prior to Intersegment eliminations, except
that Parent and Total expenses relate to Consolidated REVENUES.
<TABLE>
<CAPTION>
CHART C
SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES BY SEGMENT
(Dollar Amounts in Thousands)
Percent of Segment Percent of Segment
Revenues Revenues
Second Quarter Ended For Second Quarter Ended Six Months Ended For Six Months Ended
October 31, October 31, October 31, October 31,
--------------------- ------------------------ ------------------ ----------------------
1997 1996 1997 1996 1997 1996 1997 1996
--------------------- ------------------------ ------------------ -----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Construction <F1> $ 783 $ 596 2 2 $1,482 $1,189 2 3
Manufacturing <F2> 982 864 21 28 1,964 1,748 24 26
Real Estate <F3> 703 357 6 13 1,236 762 8 13
Parent 587 532 1 2 1,140 1,077 1 2
--------------------- ------------------------ ------------------- -----------------------
$ 3,055 $ 2,349 6 8 $5,822 $4,776 6 8
===================== ======================== =================== =======================
NOTES TO CHART C
<FN>
<F1> On a dollar basis, Selling, shipping, general and
administrative expenses were higher for the second quarter
and the first six months 1998 compared to the second quarter
and first six months 1997 because of increased: (a) new
construction work bidding expenses; (b) employee compensation
expenses primarily related to increased personnel and (c)
incentive compensation expenses.
<F2> On a dollar basis, Selling, shipping, general and
administrative expenses were higher for the first six months
of 1998 compared to the first six months of 1997 primarily
because of increased pre-production costs, partially offset
by a decrease in incentive compensation.
<F3> On a dollar basis, Selling, shipping, general and
administrative expenses were higher for the second quarter
and first six months 1998 compared to the second quarter and
first six months 1997 because of increased: (a) personnel
costs; (b) accounting expenses and (c) incentive compensation
expenses.
</FN>
</TABLE>
8
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES.
Between April 30, 1997, and October 31, 1997, working capital
decreased by $7,045,861. Operating activities used cash of
$2,813,331. Investing activities used cash of $5,503,281 to
purchase the manufacturing segment's land for its new facility,
the corporate headquarter's building in Atlanta, Georgia and the
office park in Marietta, Georgia -- $15,527,931, offset by
proceeds from the sales of the Oakwood, Georgia shopping center,
the Newark, Ohio Kmart and the Tifton, Georgia Kmart --
$10,024,650. Financing activities provided cash of $3,932,008
through (1) short-term borrowings used to purchase the office
park in Marietta, Georgia, (2) a mortgage note used to refinance
the Jackson, Michigan property and (3) other long-term debt used
to acquire the corporate headquarters office building in Atlanta,
Georgia. At October 31, 1997, the Company and its subsidiaries
had available unsecured committed lines of credit totaling
$9,000,000, against which $6,372,000 was outstanding.
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the Annual Meeting (held on August 20, 1997), the shareholders voted
upon and approved the Board's nominees for directors. The voting was as
follows:
<TABLE>
<CAPTION>
DIRECTORS VOTES FOR VOTES WITHHELD
<S> <C> <C>
Bernard W. Abrams 2,661,953 66,383
Edward M. Abrams 2,718,336 10,000
Alan R. Abrams 2,718,336 10,000
James Andrew Abrams 2,728,336 -
Paula Lawton Bevington 2,728,336 -
Donald W. MacLeod 2,728,336 -
L. Anthony Montag 2,728,336 -
Joseph H. Rubin 2,718,336 10,000
Felker W. Ward 2,728,336 -
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 - Financial Data Schedule (for SEC use only)
(b) The Registrant has not filed any reports on form 8-K during the quarter
ended October 31, 1997.
9
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
ABRAMS INDUSTRIES, INC.
(Registrant)
Date: December 10, 1997 /s/ Joseph H. Rubin
Joseph H. Rubin
Chief Executive Officer
Date: December 10, 1997 /s/ Melinda S. Garrett
Melinda S. Garrett
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000001923
<NAME> ABRAMS INDUSTRIES, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> OCT-31-1997
<CASH> 3,226,447
<SECURITIES> 0
<RECEIVABLES> 23,459,250
<ALLOWANCES> 39,329
<INVENTORY> 1,620,961
<CURRENT-ASSETS> 39,141,012
<PP&E> 75,452,527
<DEPRECIATION> 19,004,223
<TOTAL-ASSETS> 106,097,983
<CURRENT-LIABILITIES> 31,402,094
<BONDS> 45,200,597
0
0
<COMMON> 3,014,039
<OTHER-SE> 22,224,751
<TOTAL-LIABILITY-AND-EQUITY> 106,097,983
<SALES> 100,295,656
<TOTAL-REVENUES> 100,581,960
<CGS> 87,777,807
<TOTAL-COSTS> 87,777,807
<OTHER-EXPENSES> 5,780,629
<LOSS-PROVISION> (26,255)
<INTEREST-EXPENSE> 2,132,843
<INCOME-PRETAX> 4,916,936
<INCOME-TAX> 1,862,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,054,936
<EPS-PRIMARY> 1.04
<EPS-DILUTED> 1.04
</TABLE>
