Moro Corporation Reports Nine Month Results
WAYNE, Pa., Nov. 8, 2019 /PRNewswire/ -- Moro Corporation (OTC: MRCR), a multi-subsidiary construction products and services company, announced that revenues for the three quarters ending September 30, 2019 were $40.9 million, compared to $41.6 million in the comparable period in 2018, a decrease of 1.77%.
Net income for the three quarters ending September 30, 2019 was $186,632, or $0.03 per share, compared to $782,325, or $.013 per share, in the comparable period of 2018.
Adjusted net income (non-GAAP) for the three quarters ending September 30, 2019 was $500,821 or $0.08 per share. This compares to $0.13 per share for the comparable period in 2018, a 36% decrease in earnings per share. Adjusted net income for the nine month period excludes one-time charges related to the retirement of Moro's former President.
"Profits for our first nine months this year are down primarily due to several unusual circumstances, including the non-recurring expenses related to the retirement of our former President," said Moro Corporation President, Ehud Israel. He added, "Net Income was also negatively affected by significantly inclement weather faced by Appolo Heating, a subsidiary of Moro Corporation. Reports of over a foot of rain in Upstate New York placed a hold on or slowed the progress of residential construction projects in spring 2019."
Mr. Israel continued, "As a result of the fundamental strength of our operations, we have returned to profitability for our first nine months this year. Based on this, we look forward to a strong performance in 2020."
The Company believes that our presentation of non-GAAP financial measures, when presented together with the corresponding GAAP financial measures, provides a more complete understanding to investors of the Company's results of operations. Our adjusted financial measures provide greater transparency to investors of supplemental period-to-period information used by management in its financial and operational decision making. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, the corresponding measures calculated in accordance with GAAP.
About Moro Corporation
Moro Corporation is a multi-subsidiary construction products and services company. Moro's contracting subsidiaries provide electrical, structural steel, sheet metal ductwork and HVAC products and services to a variety of commercial and residential customers located in Pennsylvania, New Jersey, New York, Connecticut, Rhode Island and Massachusetts. Moro Corporation is comprised of six operating units: J&J Sheet Metal, Appolo Heating & Cooling, Rondout Electric, Titchener Iron Works, J.M. Ahle Co and Whaling City Iron. Each of these companies established their reputations and established a loyal customer base prior to being acquired. For additional information, visit www.morocorp.com.
President, Trust Relations
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2019 (unaudited) AND SEPTEMBER 30, 2018 (unaudited)
(All numbers in thousands, except per share numbers.)
TOTAL EXPENSES *
NET GAIN PER SHARE, BASIC & DILUTED
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GAAP NET INCOME
ADJUSTMENT FOR ONE-TIME CHARGE
LESS PROVISION FOR TAXES
NON-GAAP NET INCOME
NET GAIN PER SHARE, BASIC & DILUTED – NON GAAP
* TOTAL EXPENSES includes Cost of Revenues, General and Administrative Expenses, Other Income and/or Expenses, Provision for Income Taxes and Expenses related to Discontinued Operations.
SOURCE Moro Corporation