Michael Baker Corporation's Board of Directors declared an $0.18 per share dividend for the second quarter of 2013, payable on July 2, 2013 to shareholders of record on June 12. This represents a $0.02 per share increase from the dividend paid for the first quarter of 2013. The company reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income attributable to company of $5.5 million, or $0.57 per diluted share, on revenues of $144.0 million, compared to net income attributable to company of $1.7 million, or $0.18 per diluted share, on revenues of $151.7 million in the first quarter of 2012. The substantial improvement in first-quarter 2013 net income and earnings per share resulted from increases in both of the Company's business segments' operating income. This was due mainly to the timing of revenue recognition on certain projects in the Transportation segment, which contributed $3.0 million, higher utilization, a decrease in acquisition-related intangible asset amortization expenses, and a $3.3 million reduction in selling, general and administrative costs primarily related to the performance improvement plan. Operating income was $7.7 million against $1.411 million a year ago period. Income before income taxes and noncontrolling interest was $8.520 million against $1.736 million a year ago. Net income from continuing operations attributable to company was $5.533 million against $0.959 million a year ago period. Cash flows from operations were $2.7 million, which was a decrease from $13.3 million in the first quarter of 2012. This decrease is temporary and was primarily a result of an increase in receivables, which had the impact of increasing DSOs from 91 days in the current quarter from 87 days at year end. Capital expenditures were above $800,000 for the quarter.

Michael Baker Corporation, Q1 2013 Earnings Call, May 02, 2013

Michael Baker Corporation announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on May 02, 2013