Consolidated Financial Report -
December 31, 2010 and 2009
April 11, 2011
2009 Financial Results -
August 11, 2009
David Zeitler, President of Rado Enterprises, announced that it has been awarded a contract to provide mechanical contracting services to Penn State Hershey Medical Center, Hershey, Pa. for the construction of the new Children’s Hospital. Rado will be the mechanical contractor providing heating ventilating and air conditioning equipment and installation as well as all plumbing for this project.
The value of the contract is approximately $18,000,000.
Rado Enterprises, founded in 1974, is a major mechanical contractor serving the north central, south central and northeastern sections of Pennsylvania. Rado is a commercial HVAC, plumbing and piping contractor, and sheet metal and piping fabricator.
For more information contact David Zeitler, President at 570-759-0303
Moro Corporation (OTCQX: MRCR) today announced that it has acquired, in two separate transactions, Titchener Iron Works, Binghamton, NY and Rondout Electric, Poughkeepsie, NY.
Titchener Iron Works, founded in 1920, is a fabricator and installer of architectural and ornamental metal including stairs, railings and miscellaneous steel. Its customers are general contractors and end users located within 100 miles of its location in the Southern Tier of New York State. The business has 25 employees.
Rondout Electric, founded in 1962, is an electrical contractor specializing in commercial and industrial installations, including high voltage systems, security and building controls and telecommunications (voice, data, and fiber-optics). Its customers are general contractors and end users located within approximately 150 miles of its location in the Hudson Valley of New York State. The business has 100 employees.
The operations of Titchener Iron Works and Rondout Electric are successful and profitable. Existing management will remain. The end users for both businesses include schools and universities, hospitals, industrial and manufacturing facilities, utilities, and governmental buildings.
These acquisitions geographically complement Moro’s existing presence in New York State. These include Appolo Heating, Inc., Schenectady and J & J Sheet Metal Works, Vestal. Moro’s operating units now do business from the northern Saratoga Region and Albany/Greater Capital District, southward to Putnam, Orange, and northern Westchester Counties and westward through the Southern Tier cities of Binghamton, Elmira, Ithaca and Corning.
These two transactions are expected to add increased efficiencies and cross-marketing opportunities and should increase Moro’s annual revenue by $15 – 18,000,000 and EPS by approximately five to six cents per share.
Moro is a profitable and financially-strong, multi-subsidiary, fifteen-location and 400-employee construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar), sheet metal (duct work), miscellaneous steel products (railings, stairs, ornamental iron work) and process piping, (b) distribution of construction steel, miscellaneous steel and construction accessories (c) mechanical contracting services (HVAC, plumbing, and piping) and electrical contracting (commercial and industrial work including high voltage, voice/data, fiber optics, security and building controls.
For more information, contact David W. Menard, President and CEO, or Lawrence J. Corr, Executive Vice President, at 484-367-0300, fax 484-367-0305.
August 7, 2010 - MORO CORPORATION REPORTS FULL YEAR 2009 EARNINGS PER SHARE INCREASES 143% OVER PREVIOUS YEAR
Moro Corporation (OTCQX:MRCR) today announced that financial results for the twelve months ended December 31, 2009 were as follows:
|Twelve Months Ended December 31|
Earning per share
Average number of common shares outstanding
Revenue for the twelve months ended December 31, 2009 was $63,123,000, a decrease of 17% from the prior year period. The Mechanical Contracting Division accounted for 65% and the Construction Materials Division accounted for 35% of full year revenue.
Net income for the year ended December 31, 2009 was $1,125,000 equal to $.17 per share.
The Mechanical Contracting Division reported stronger earnings due to a focus on cost control coupled with expanded sales and marketing initiatives. The Construction Materials Division reported increased earnings on lower sales due to improved profit margins. Both the Mechanical Contracting Division and the Construction Materials Division were strong contributors to profits.
David W. Menard, President and CEO, commented: “We benefited from improved profit margins on lower sales volume in 2009. We will continue to strategize for growth, including possible acquisitions and product line diversification with an emphasis on increasing market share and geographical coverage.”
Moro’s financial position is strong. At December 31, 2009, cash totaled $4,968,000 and represented 51% of stockholders’ equity. At December 31, 2009 equity per share was $1.51 versus $1.34 a year ago, an increase of 13%.
As the overall U.S. economy begins to recover, there should be an eventual increase in the demand for many of Moro’s products and services. However, Moro and its competitors will continue to compete for a relatively limited number of bidding opportunities. By continued strategic focus on enhanced product and service offerings, geographical expansion and operating cost controls, Moro is confident that it will weather the uncertainties of a potentially prolonged U.S. economic recovery, particularly as it affects the construction industry.
Moro is a profitable and financially strong multi-subsidiary and eleven-location construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar), sheet metal (duct work), and process piping, (b) distribution of construction steel, miscellaneous steel and construction accessories, and (c) industrial/commercial/residential mechanical contracting services (HVAC, plumbing, and piping).For more information, contact David W. Menard, President and CEO, at 484-367-0300, fax 484-367-0305.
CEOCFO: Mr. Menard, what is your focus at Moro today?
Mr. Menard: Moro’s business is divided into three segments; one, steel fabricating and steel distribution, two, commercial mechanical contracting, and three, residential heating, ventilating and air-conditioning contracting. In general, we have avoided most of the economic problems in the downturn of the economy, although most construction oriented customers are not doing well. In the year 2009 we made more money...read the full CEOCFO interview with Mr. Menard here
Moro Corporation (OTCQX:MRCR) today announced that its Construction Products Division obtained its first sales order being financed by the U.S. Government's Stimulus Plan. J.M. Ahle Co., an operating unit of Moro, has received a contract to provide reinforcing steel to parts of the I-295 Pavement Rehabilitation and Bridge Deck Replacement in Gloucester and Camden Counties, New Jersey. The government’s recovery program is funneling substantial amounts of money to Transportation Infrastructure Projects which utilize fabricated steel reinforcing bars – a major component of Moro’s revenue.
About 85% of Moro's business is of an infrastructure nature supplying products and services used in the construction of highways, roads, bridges, airports, dams, water treatment plants, hospitals, schools, and government buildings.
Moro is a profitable and financially strong, multi-subsidiary and eleven-location construction products and services company engaged in the (a) fabrication of concrete reinforcing steel (rebar), sheet metal (duct work), and process piping, (b) distribution of construction steel, miscellaneous steel and construction accessories, and (c) industrial/commercial/residential mechanical contracting services (HVAC, plumbing, and piping).
Moro's shares are listed on the Pink Sheets - symbol MRCR.
For more information, contact David W. Menard, President and CEO, at 484-367-0300, fax 484-367-0305.