Exhibit 99.1
BAKER REPORTS PRELIMINARY REVENUE RESULTS FOR 2005
PITTSBURGH, April 3 /PRNewswire-FirstCall/ -- Michael Baker Corporation (the
"Company") (Amex: BKR) today reported its preliminary and unaudited revenue
results for the full year of 2005 compared to the actual and reported results,
prior to any restatement, for 2004. The Company is providing these preliminary
results in an effort to keep its shareholders informed about the performance of
the Company while it works to complete the previously announced restatement of
its consolidated financial statements for fiscal years 2000, 2001, 2002, 2003
and 2004, and its related interim consolidated financial statements for each of
the quarters of 2003 and 2004 and the first quarter of 2005. The Company
previously disclosed in a news release and related Form 8-K dated January 31,
2006 that it would be restating these financial results and indicated the
reasons for the restatement and delay in filing the required documents with the
Securities and Exchange Commission. Additionally, the Company filed a Form
12B-25 with the Securities and Exchange Commission indicating it would need
additional time to file its Form 10-K for the period ended December 31, 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020605/BAKERLOGO)
For 2005, the Company's total contract revenues were approximately $575 million,
which compares to total contract revenues of $551 million for 2004. Revenues in
the Engineering business increased approximately seven percent from the year-ago
period, while revenues in the Energy business were basically equal to 2004.
In November 2005, the company issued a news release with a September 30, 2005
year-to-date earnings range of $1.05 to $1.15 earnings per diluted common share.
The company's full-year 2005 earnings results are currently in the review and
audit process and are expected to be reported in late May or early June. As
previously announced, the 2005 results will be adversely impacted by a number of
factors, including various items related to the restatement and goodwill
impairment and damage to assets owned by an unconsolidated subsidiary as a
result of the hurricanes in the Gulf of Mexico of approximately three cents per
diluted common share. Subsequent to the September 30, 2005 earnings range, the
Company announced a legal settlement with A&L, Inc. which adversely affects
earnings by approximately seven cents per diluted common share.
The Company had a cash balance of approximately $19 million at December 31,
2005, compared to $15 million on December 31, 2004.
The Company cautions that all of these results are preliminary and subject to
change, possibly materially, following the completion and analysis of the
year-to-date financial statements for 2005, and the restatement of the financial
statements for the five years ended December 31, 2004. In addition, because the
Company has not yet reported its results for the quarters ended June 30, 2005,
or September 30, 2005, these periods remain open to the potential effect of
subsequent events which may occur after the current date and before the Company
reports its results for these periods. Finally, the Company reiterates that the
above preliminary and unaudited financial information does not represent all of
the information that would normally be included in a year-end report on Form
10-K with respect to the Company's financial results.
Michael Baker Corporation (Amex: BKR) provides engineering and operations and
maintenance services for its clients' most complex challenges worldwide. The
firm's primary practice areas are aviation, environmental, facilities,
geospatial information technologies, linear utilities, transportation,
water/wastewater, and oil & gas. With more than 4,500 employees in over 40
offices across the United States and internationally, Baker is focused on
providing services that span the complete life cycle of infrastructure and
managed asset projects.
(The above information includes certain forward-looking statements concerning
future operations and performance of the Company. Forward-looking statements are
subject to market, operating and economic risks and uncertainties that may cause
the Company's actual results in future periods to be materially different from
the performance suggested above. Factors that may cause such differences
include, among others: increased competition; increased costs; changes in
general market conditions; changes in industry trends; changes in the regulatory
environment; changes in the Company's relationship and/or contracts with FEMA;
changes in anticipated levels of government spending on infrastructure,
including TEA-21; changes in loan relationships or sources of financing; changes
in management; changes in information systems; and costs to comply with the
requirements of the Sarbanes-Oxley Act of 2002; late SEC filings; and the
possibility for restatement of financial results. Such forward-looking
statements are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995.)
SOURCE Michael Baker Corporation
-0- 04/03/2006
/CONTACT: David Higie of Michael Baker Corporation, +1-412-269-6449/
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/Web site: http://www.mbakercorp.com/
(BKR)