SOURCE: Williams Industries, Inc.

March 14, 2008 21:47 ET

Williams Industries, Inc. Announces Second Quarter Results

MANASSAS, VA--(Marketwire - March 14, 2008) - Williams Industries, Inc. (OTC: WMSI) today announced results for the second quarter of Fiscal 2008, which ended January 31, 2008. The company reported a loss of $572,000 or $0.16 per share on revenues of $8,444,000. For the corresponding quarter in the prior year, the company reported a loss of $143,000 or $0.04 per share on revenues of $9,481,000. The Fiscal 2007 loss of $143,000 was after a $1,136,000 gain on the sale of real estate.

The company attributed the loss to a combination of factors, including, but not limited to: overall lack of work, due in part to business conditions in the company's traditional geographic business areas; significant legal and consulting expense, due in large measure to defending against a claim relating to the Woodrow Wilson Bridge project; and higher interest rates due to the company's current asset-based lending arrangements.

Full details of the company's financial condition as of January 31, 2008 are available from the SEC's EDGAR system at www.sec.gov. For additional information, call the company's investor relations office at (703) 335-7800 or view the company's website at www.wmsi.com.

The subsidiaries of Williams Industries, Inc. provide a wide range of quality, cost competitive services and products for the industrial, commercial and institutional construction markets. The construction and manufacturing services include: steel and precast concrete erection; miscellaneous metals installation; fabrication of welded steel plate girders; rolled steel beams, and light structural and other metal products; construction, repair and rehabilitation of bridges; crane rental, heavy and specialized hauling and rigging.

This release contains forward-looking statements, which are subject to risks and uncertainties, that could cause actual results or events to differ materially from those expressed in, or implied by, the forward-looking statements. These forward-looking statements may include, among others, statements concerning the Company's revenue and cost trends, cost reduction strategies and anticipated outcomes, planned capital expenditures, financing needs and availability of such financing, and the outlook for future construction activity in the Company's market areas. Investors or other users of forward-looking statements are cautioned that such statements are not a guarantee of future performance by the Company and that such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

Contact Information


  • CONTACT:
    Marianne V. Pastor
    (703) 335-7800