Volume 36, Number 3, March 2001
Flour City Internatoinal Posts Year-End Revenues of $70.2 Million
Flour City International of Kingsport, Tenn. recently announced increases in both its
fourth-quarter and October 31, 2000 year-end earnings. The past year has been yet
another unparalleled year of growth for the company, said Edward M. Boyle,
president. I attribute the tremendous growth in revenue, our significant improvement
in net income and five consecutive quarters of profitability to a solid business plan, a
strong multi-continent infrastructure and a focused, cohesive management team, he
The companys financial statement says fourth-quarter earnings rose 59 percent to $22.8 million compared to 1999s fourth-quarter earnings of $14.4 million. Net income for the fourth quarter saw a 21 percent improvement at $889,000, or earnings per share of 17 cents on a diluted basis, compared to $718,000 or 14 cents per share on a diluted basis
In addition, revenue for the October 31 period was $70.3 million, a $25.3 million increase in revenue and 56 percent improvement over revenue of $44.4 million reported for the 1999 fiscal year. The companys net income for 2000 was $2.6 million, or net earnings of 47 cents on a diluted basis, compared with a $2.2 million net loss in 1999.
Johnson K. Fong, vice president and chief financial officer, also said the companys contract backlog was $110,700 million compared to 1999s backlog of $108.900 million.
Firm $ Million
The Turner Corp. 3,971.0
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