<PAGE>
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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
----- -----
Commission file number I-5259
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PITT-DES MOINES, INC.
(Exact name of registrant as specified in its charter)
Commonwealth of Pennsylvania 25-0729430
(State of other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
3400 Grand Avenue, Pittsburgh, PA 15225
(Address of Principal Executive Offices) (Zip Code)
(412) 331-3000
(Registrant's Telephone Number, including Area Code)
--------------------
Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities 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
----- ----
On September 30, 1995, 2,321,903 shares of Common Stock were outstanding.
---------
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<PAGE>
TABLE OF CONTENTS
Page
Part I - Financial Information
Item 1. Financial statements 3
Item 2. Management's discussion and analysis of
financial condition and results of operations 10
Part II - Other Information
Item 1. Legal proceedings 13
Item 6. Exhibits and reports on Form 8-K 13
Signatures 14
Exhibit Index 15
-2-
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
PITT-DES MOINES, INC.
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
--------------------- ---------------------
(in thousands, except per share amounts) 1995 1994 1995 1994
---------- --------- ---------- ----------
<S> <C> <C> <C> <C>
Earned revenue $ 123,186 $107,504 $ 355,896 $ 303,384
Cost of earned revenue (106,035) (94,709) (310,652) (270,169)
--------- -------- --------- ---------
Gross profit from operations 17,151 12,795 45,244 33,215
Selling, general and administrative expenses (9,878) (8,337) (29,179) (24,788)
--------- -------- --------- ---------
Income from operations 7,273 4,458 16,065 8,427
Other income/(expense):
Interest income 138 164 483 433
Interest expense (470) (173) (1,501) (234)
Gain on sale of assets 16 2,497 48 3,332
Miscellaneous, net (100) (62) (209) (34)
--------- -------- --------- ---------
(416) 2,426 (1,179) 3,497
--------- -------- --------- ---------
Income from continuing operations
before taxes 6,857 6,884 14,886 11,924
Income taxes 2,699 2,079 5,822 4,061
--------- -------- --------- ---------
Income from continuing operations 4,158 4,805 9,064 7,863
Loss from discontinued operations,
net of taxes 0 (51) 0 (509)
--------- -------- --------- ---------
Net income $ 4,158 $ 4,754 $ 9,064 $ 7,354
========= ======== ========= =========
Per Share
Continuing operations $ 1.78 $ 2.06 $ 3.89 $ 3.38
Discontinued operations .00 (.02) .00 (.22)
--------- -------- --------- ---------
Net income per common share $ 1.78 $ 2.04 $ 3.89 $ 3.16
========= ======== ========= =========
Dividend paid $ .25 $ .225 $ .75 $ .675
Avg. common shares and common
equivalent shares outstanding (000's) 2,330 2,324 2,329 2,325
CONSOLIDATED RETAINED EARNINGS
Balance at the beginning of year $ 79,202 $ 69,056
Net income 9,064 7,354
Dividends paid (1,742) (1,569)
-------- ---------
Balance at end of period $ 86,524 $ 74,841
======== =========
</TABLE>
See Notes to Consolidated Financial Statements.
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<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
-------------- -------------
(in thousands) (Unaudited)
<S> <C> <C>
Assets
Current Assets
Cash and cash equivalents $ 2,310 $ 11,668
Accounts receivable including retentions
(less allowances: 1995-$1,006; 1994-$868) 83,256 90,732
Inventories 16,612 19,867
Costs and estimated profits in excess of billings 38,823 30,193
Deferred income taxes 5,368 5,368
Prepaid expenses 1,570 932
-------- --------
Total Current Assets 147,939 158,760
Other Assets 9,584 10,330
Net Assets of Discontinued Operations 3,228 2,685
Property, Plant and Equipment
Land 6,960 6,960
Buildings 30,715 30,370
Machinery and equipment 62,111 59,265
-------- --------
99,786 96,595
Allowances for depreciation (57,981) (54,169)
-------- --------
Net Property, Plant and Equipment 41,805 42,426
-------- --------
$202,556 $214,201
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
-4-
<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- -------------
(in thousands) (Unaudited)
<S> <C> <C>
Liabilities
Current Liabilities
Accounts payable $ 31,583 $ 47,328
Accrued compensation, related taxes and benefits 9,688 10,583
Other accrued expenses 3,520 3,663
Billings in excess of costs and estimated profits 7,698 14,309
Income taxes 2,630 2,118
Casualty and liability insurance 11,775 8,950
-------- --------
Total Current Liabilities 66,894 86,951
Revolving Credit Facility 23,000 22,000
Deferred Income Taxes 5,573 5,573
Minority Interest 1,218 1,128
Contingencies and Commitments
Stockholders' Equity
Preferred stock - par value $.01 per share;
authorized 3,000,000 shares; issued - none
Common stock - no par value; authorized
15,000,000 shares; issued 2,982,156 shares 33,549 33,549
Retained earnings 86,524 79,202
-------- --------
120,073 112,751
Treasury stock at cost
(1995 and 1994 - 660,253 shares) (14,202) (14,202)
-------- --------
Total Stockholders' Equity 105,871 98,549
-------- --------
$202,556 $214,201
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
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<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
------------------------------
(in thousands) 1995 1994
--------- ---------
<S> <C> <C>
Cash Flow From Operating Activities
Net income $ 9,064 $ 7,354
Adjustments to reconcile net income to net
cash utilized by operating activities:
Depreciation 4,393 3,769
Discontinued operations (543) (945)
Gain on sale of assets (48) (3,332)
Minority interest, net of dividends paid 90 74
Other non-cash credits, net (360) (360)
Change in certain assets and liabilities
(using) or providing cash:
Accounts receivable 8,474 (18,995)
Inventories 3,255 (4,269)
Prepaid expenses (638) (307)
Costs, estimated profits and billings, net (15,241) 4,332
Accounts payable (15,745) (4,275)
Accrued liabilities 2,287 5,117
Income taxes 512 2,755
-------- --------
Net cash utilized by operating activities (4,500) (9,082)
Cash Flows from Investing Activities
Capital expenditures (3,870) (5,146)
Proceeds from sales of assets 146 3,425
Costs incurred related to flood damage (500) (1,058)
Acquisitions 0 (11,411)
Change in investments and other assets 108 228
-------- --------
Net cash utilized by investing activities (4,116) (13,962)
Cash Flows from Financing Activities
Proceeds from debt obligations 4,000 22,000
Payments of debt obligations (3,000) (6,000)
Dividends paid (1,742) (1,569)
-------- --------
Net cash (utilized)/provided by financing
activities (742) 14,431
-------- --------
Decrease in cash and cash equivalents (9,358) (8,613)
Cash and cash equivalents at beginning of year 11,668 15,946
-------- --------
Cash and cash equivalents at end of period $ 2,310 $ 7,333
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
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<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Note A. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the nine months ended September 30, 1995
are not necessarily indicative of the results that may be expected for the year
ending December 31, 1995. The December 31, 1994 Consolidated Statement of
Financial Condition was derived from audited financial statements. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's Annual Report on Form 10-K for the year ended
December 31, 1994.
Note B. Costs and Estimated Profits on Uncompleted Contracts
Costs and estimated profits on uncompleted contracts are summarized as
follows:
<TABLE>
<CAPTION>
September 30, December 31,
(in thousands) 1995 1994
------------- ----------
<S> <C> <C>
Costs incurred on uncompleted contracts $ 634,484 $ 533,689
Estimated profits 74,508 54,273
--------- ---------
708,992 587,962
Less: Billings to date (677,867) (572,078)
--------- ---------
$ 31,125 $ 15,884
========= =========
</TABLE>
Costs, estimated profits and billings on uncompleted contracts are included in
the accompanying Consolidated Statements of Financial Condition under the
following captions:
<TABLE>
<CAPTION>
September 30, December 31,
(in thousands) 1995 1994
------------- ---------
<S> <C> <C>
Costs and estimated profits in excess of billings $38,823 $ 30,193
Billings in excess of costs and estimated profits (7,698) (14,309)
------- --------
$31,125 $ 15,884
======= ========
</TABLE>
Included in costs and estimated profits in excess of billings on uncompleted
contracts was approximately $5.5 million relating to unapproved change orders
and claims arising from a dispute over design and specification changes on a
project currently under construction.
-7-
<PAGE>
Item 1. Financial Statements (Continued)
Note C. Contingencies
There are various claims and legal proceedings against the Company arising
from the normal course of business. As previously reported, in May 1984,
Washington Public Power Supply System ("WPPSS") filed a complaint against the
Company and its surety in the United States District Court for the Eastern
District of Washington. Various claims in connection with retrofit work
performed by the company at Nuclear Unit #2, Hanford, Washington, were alleged.
Four alternative damages theories were presented, ranging in amounts from $53
million to $86 million.
In January 1986, the District Court granted partial summary judgment and
dismissed some of WPPSS' claims. After a trial in June 1986, and a jury verdict
favorable to the Company, the Court entered final judgment dismissing all the
claims of WPPSS against the Company. WPPSS filed a notice of appeal to the
United States Court of Appeals for the Ninth Circuit. In May 1989, the Court of
Appeals affirmed the judgment of the District Court that the Company was not
liable for breach of warranties in connection with its construction of the
retrofit of the containment vessel at Nuclear Unit #2, Hanford, Washington.
However, the Court of Appeals remanded the case to the District Court for a
determination of whether WPPSS had released its claims against the Company for
breach of contract with respect to the Company's retrofit contract.
After several preliminary rulings in 1990 in favor of the Company, the
District Court entered an order dismissing WPPSS' complaint with prejudice on
May 1, 1991.
In an order filed January 26, 1993, the United States Court of Appeals
affirmed the judgment of the District Court in part, but reversed and again
remanded the case to the District Court for determination of whether WPPSS had
released its claims against the Company for breach of contract with respect to
the retrofit contract, including its original claims for consequential damages.
A jury trial was held in the District Court commencing June 27, 1994. On July
11, 1994, the jury returned a verdict in the Company's favor, ruling that WPPSS
has no breach of contract claims against the Company by reason of the
containment vessel retrofit. The District Court again entered an order
dismissing all of WPPSS' claims and WPPSS has again appealed to the United
States Court of Appeals for the Ninth Circuit. The Court of Appeals has
scheduled oral argument for November 13, 1995.
Although counsel is unable to predict with certainty the ultimate outcome,
management and counsel believe the Company has significant and meritorious
defenses to any claims, and intend to pursue them vigorously.
The Company's operations, including idle facilities and other property, are
subject to and affected by federal, state and local laws and regulations
regarding the protection of the environment. The Company accrues for
environmental costs where such obligations are either known or considered
probable and can be reasonably estimated.
The Company is participating as a potentially responsible party (PRP) at three
different sites pursuant to proceedings under the Comprehensive Environmental
Response, Compensation and Liability Act (CERCLA). Other parties have also been
identified as PRP's at the sites. Investigative and/or remedial activities are
ongoing. The Company believes, based upon information presently available to
it, that such future costs will not have a material effect on the Company's
financial position, results of operations or liquidity.
-8-
<PAGE>
Item 1. Financial Statements (Continued)
Note C. Contingencies (Continued)
However, the imposition of more stringent requirements under environmental laws
or regulations, new developments or changes regarding site cleanup costs or the
allocation of such costs among PRP's or a determination that the Company is
potentially responsible for the release of hazardous substances at sites other
than those currently identified, could result in additional costs.
On November 3, 1993, an accident occurred at the construction site of a new
United States Post Office in Chicago where the Company's Steel Construction
business segment was in the process of erecting the steel structure of the
building. Two men were killed and five seriously injured when a portion of the
erected steel collapsed. An investigation is being conducted by the Federal
Occupational Safety and Health Administration (OSHA) and the Justice Department.
OSHA has cited the Company for safety violations and has assessed $147,000 in
fines and penalties. On April 28, 1995 an Administrative Law Judge dismissed
the citation, fines and penalties. OSHA has filed an appeal of the dismissal to
the OSHA Review Commission. The Justice Department, as required by OSHA law, is
investigating whether to institute criminal action against the Company as a
result of the accident. The Company cannot predict whether or not such action
will be instituted. If such action is commenced, and the Company is found in
violation of these laws, management believes that the resulting fines, penalties
and costs of defense, which would be uninsured, would not be material to the
Company's financial condition, although it could be material to the Company's
reported results of operations for the period in which such payments are
incurred. The Company believes that it has significant and meritorious defenses
to any such charges and intends to vigorously defend them. Although the Company
has insurance coverages containing various deductible clauses totalling $1.5
million, the Company and its insurance carriers are assessing the damages and
related policy coverages. A charge of $2.0 million was recorded in the fourth
quarter of 1993 relating to this accident. There may be uninsured costs
relating to this accident for which the Company would be liable.
Management believes it is improbable that the ultimate outcome of any matter
currently pending against the Company will materially affect the financial
position of the Company; accordingly, other than the amounts described above, no
provisions for any such additional liabilities have been recorded in the
accompanying financial statements.
-9-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
RESULTS OF OPERATIONS
Three months ended September 30, 1995 compared with three months ended September
30, 1994.
The Company reported net income of $4.2 million, or $1.78 per share, on earned
revenue of $123.2 million for the quarter ended September 30, 1995. These
results compare with net income of $4.8 million, or $2.04 per share, on earned
revenue of $107.5 million for the quarter ended September 30, 1994. Overall,
the Company posted stronger results from operations of $7.3 million for the
current quarter when compared with $4.5 million for the same quarter in 1994.
Earnings for the third quarter in 1994 were favorably impacted by non-operating
income of $2.4 million and an effective income tax rate of 30.2 percent. Both of
these components were directly related to the sale of PDM Saudi Arabia Ltd., a
joint venture, recognized during the third quarter of 1994.
The Engineered Construction Division's earned revenue and operating
profitability remained relatively unchanged at $51.5 million and $2.9 million,
respectively, for the current quarter when compared with the same quarter in the
previous year. However, new awards for the same periods show an improvement of
23 percent, to $60.4 million, while backlog at $109.5 million is at the highest
level since 1991.
Steel Construction realized a 40 percent increase in earned revenue, from $21.5
million to $30.0 million, and a $2.3 million increase in operating profitability
to $3.0 million from $700,000 during the current quarter in 1995 when compared
with the same period in 1994. New awards were $35.2 million and $45.1 million
for the quarters ended September 30, 1995 and 1994, respectively. Steel
Construction is well positioned for the fourth quarter with a backlog of $96.8
million. As indicated in "Costs and Estimated Profits on Uncompleted Contracts"
in the Notes to Consolidated Financial Statements, Steel Construction's earned
revenue for the period ended September 30, 1995 includes approximately $5.5
million relating to unapproved change orders and claims arising from a dispute
over design and specification changes on a project currently under construction.
Management continues to gather the necessary information to prepare a claim
which will facilitate the realization of the amounts recognized.
During the third quarter of 1995, Steel Service Centers reported an increase in
earned revenue of 17 percent, from $35.6 million to $41.6 million, and an
improvement in operating profitability of 34 percent, to $3.7 million from $2.7
million, when compared with the same period in 1994. All the Steel Service
Center locations continue to experience strong business activity.
The effective federal and state income tax rates for the third quarter of 1995
were 39.4 percent compared with 30.2 percent for the same period in 1994. The
1994 tax rate was favorably affected by the difference between the book and tax
treatment of the sale of the Company's investment in PDM Saudi Arabia Ltd., a
joint venture. With this exception, there was no difference between the
effective tax rate and the statutory tax rate for the third quarter of 1995 and
1994.
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<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (Continued)
RESULTS OF OPERATIONS (Continued)
Nine months ended September 30, 1995 compared with nine months ended September
30, 1994.
For the nine months ended September 30, 1995, the Company reported net income of
$9.1 million, or $3.89 per share, on revenue of $355.9 million. These results
compare with net income on $7.4 million, or $3.16 per share, on earned revenue
of $303.4 million for the nine months ended September 30, 1994. Income from
operations increased $7.7 million to $16.1 million from $8.4 million for the
periods ended September 30, 1995 and 1994, respectively. New awards for the nine
months ended September 30, 1995 were $357.5 million compared with $327.9 million
for the same period in 1994. The Company's backlog at September 30, 1995 was
$194.7 million.
During the nine months ended September 30, 1995, the Engineered Construction
Division reported a twelve percent increase in earned revenue, to $147.5 million
from $131.2 million, when compared with the same period in 1994. Income from
operations improved $500,000 to $7.5 million and new awards increased 23 percent
to $60.4 million for the current period when compared with the same period for
the previous year.
Steel Construction reported a 25 percent increase in revenue, from $74.8 million
to $93.2 million, and a $4.3 million increase in income from operations, from
$1.7 million to $6.0 million, for the nine months ended September 30, 1995 when
compared to the same period in 1994. New awards for the current period were
$94.2 million compared with $67.0 million for the same period in the previous
year.
For the period ended September 30, 1995, Steel Service Centers improved earned
revenue $17.8 million, from $97.5 million to $115.3 million, and income from
operations rose $2.6 million, from $6.6 million to $9.2 million, when compared
with the same period in 1994.
Non-operating expense was $1.2 million for the current period, a decrease of
$4.7 million from non-operating income of $3.5 million recognized in 1994.
During 1995, non-operating expense was primarily interest expense associated
with borrowings on the revolving credit facility. In 1994, non-operating income
was primarily the result of the gains on the sale of a joint venture and idle
properties.
The effective federal and state income tax rates were 39.1 percent and 34.1
percent for the nine months ended September 30, 1995 and 1994, respectively.
The 1994 tax rate was favorably affected by the difference between the book and
tax treatment of the sale of the Company's investment in PDM Saudi Arabia Ltd.,
a joint venture. With this exception, there was no difference between the
effective tax rate and the statutory tax rate for the nine months ended
September 30, 1995 and 1994.
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<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (Continued)
LIQUIDITY AND CAPITAL RESOURCES
During the nine months ended September 30, 1995, the Company's primary source of
liquidity was cash and cash equivalents, accounts receivable and proceeds from
debt obligations. On September 30, 1995, cash and cash equivalents decreased
$9.4 million to $2.3 million from $11.7 million on December 31, 1994. This
decrease was primarily the result of cash utilized in operating and investing
activities. Working capital increased $9.2 million from $71.8 million at year
end 1994 to $81.0 million for the period ended September 30, 1995.
The decrease in accounts receivable, since year end 1994, was the primary source
of cash in operating activities. The major use of cash in operating activities
was accounts payable and the net increase in contract related costs over
billings.
Capital expenditures were $3.9 million and $5.1 million for the nine months
ended September 30, 1995 and 1994, respectively. During 1995 capital
expenditures, which were the major use of cash in investing activities, were
primarily for plant machinery and equipment. Capital expenditures during 1994,
were primarily for plant and construction equipment and additions to the
company-owned trucking fleet. Total capital expenditures for the year ending
December 31, 1995, which are expected to be internally financed, should
approximate $7.1 million. In addition, the Company intends to continue to
pursue acquisition opportunities beneficial to the Company.
Net cash utilized by financing activities for the current period was $742,000.
Cash provided by proceeds from debt obligations, which was used primarily for
working capital, was more than offset by payments of cash dividends and debt
obligations. On November 2, 1995, the Board of Directors declared a cash
dividend of $.25 per share of common stock, payable December 29, 1995 to
stockholders of record on December 15, 1995. For the nine months ended
September 30, 1995 and 1994, the Company paid cash dividends per common share of
$.75 and $.675, respectively. Payment of future dividends will be evaluated
based upon business conditions.
The Company has on hand and access to sufficient sources of funds to meet its
anitipated operating, expansion and capital needs. These sources include cash
on hand and a $40.0 million unsecured revolving credit facility which matures on
December 31, 1997. This facility contains an annual option to renew for an
additional one-year period, subject to lender approval. On September 30, 1995,
$23.0 million of borrowings and $12.5 million of stand-by letters of credit were
outstanding under this agreement.
-12-
<PAGE>
Part II - Other Information
Item 1. Legal Proceedings
Refer to Part I Item 1, "Note C - Contingencies" of the Notes to
Consolidated Financial Statements for information, which information is
incorporated herein by reference.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 11.1 - Computation of earnings per share for the three months
ended September 30, 1995 and 1994.
Exhibit 11.2 - Computation of earnings per share for the nine months
ended September 30, 1995 and 1994.
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K.
There have been no reports on Form 8-K filed by the Company during the
quarter ended September 30, 1995.
-13-
<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.
Pitt-Des Moines, Inc.
-----------------------
(Registrant)
Principal Executive Officer:
Date: November 13, 1995 By: /s/ Wm. W. McKee
-----------------------
Wm. W. McKee
(President and
Chief Executive Officer)
Principal Financial Officer:
Date: November 13, 1995 By: /s/ R. A. Byers
-----------------------
R. A. Byers
(Vice President
Finance and Treasurer)
-14-
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- -------
11.1 Computation of earnings per share for the three months ended
September 30, 1995 and 1994
11.2 Computation of earnings per share for the nine months ended
September 30, 1995 and 1994
27 Financial Data Schedule
-15-
<PAGE>
Exhibit 11.1
PITT-DES MOINES, INC.
Computation of Earnings Per Share
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended
September 30,
----------------------------------
1995 1994
--------- ---------
<S> <C> <C>
Primary
Average shares outstanding 2,321,903 2,323,978
Dilutive stock options based on treasury stock
method using average market price 7,832 0
---------- ----------
2,329,735 2,323,978
========== ==========
Income from continuing operations $4,158,097 $4,805,449
Income (loss) from discontinued operations, net of taxes 0 (51,306)
---------- ----------
Net income $4,158,097 $4,754,143
========== ==========
Income (loss) per common share:
Continuing operations $ 1.78 $ 2.06
Discontinued operations .00 (.02)
---------- ----------
Net income per common share $ 1.78 $ 2.04
========== ==========
Fully Diluted
Average shares outstanding 2,321,903 2,323,978
Dilutive stock options based on treasury stock method
using greater of period-end or average market price 12,844 0
---------- ----------
2,334,747 2,323,978
========== ==========
Income from continuing operations $4,158,097 $4,805,449
Income (loss) from discontinued operations, net of taxes 0 (51,306)
---------- ----------
Net income $4,158,097 $4,754,143
========== ==========
Income (loss) per common share:
Continuing operations $ 1.78 $ 2.06
Discontinued operations .00 (.02)
---------- ----------
Net income per common share $ 1.78 $ 2.04
========== ==========
</TABLE>
<PAGE>
Exhibit 11.2
PITT-DES MOINES, INC.
Computation of Earnings Per Share
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
-------------------------------
1995 1994
---------- ----------
<S> <C> <C>
Primary
Average shares outstanding 2,321,903 2,323,978
Dilutive stock options based on treasury stock
method using average market price 6,612 1,228
---------- ----------
2,328,515 2,325,206
========== ==========
Income from continuing operations $9,064,021 $7,862,592
Income (loss) from discontinued operations, net of taxes 0 (508,913)
---------- ----------
Net income $9,064,021 $7,353,679
========== ==========
Income (loss) per common share:
Continuing operations $ 3.89 $ 3.38
Discontinued operations .00 (.22)
---------- ----------
Net income per common share $ 3.89 $ 3.16
========== ==========
Fully Diluted
Average shares outstanding 2,321,903 2,323,978
Dilutive stock options based on treasury stock method
using greater of period-end or average market price 8,905 1,228
---------- ----------
2,330,808 2,325,206
========== ==========
Income from continuing operations $9,064,021 $7,862,592
Income (loss) from discontinued operations, net of taxes 0 (508,913)
---------- ----------
Net income $9,064,021 $7,353,679
========== ==========
Income (loss) per common share:
Continuing operations $ 3.89 $ 3.38
Discontinued operations .00 (.22)
---------- ----------
Net income per common share $ 3.89 $ 3.16
========== ==========
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
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<S> <C> <C>
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<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
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<PERIOD-END> SEP-30-1995 SEP-30-1995
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0 0
0 0
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</TABLE>
