Aduddell Industries, Inc. (OTCBB: ADDL.OB) (“Aduddell” or “the Company”), today announced that through the first five months of 2007, new contract awards totaled $22.2 million. Management indicated that most of the 2007 contract awards now in backlog, plus the $23.8 million that was in Aduddell’s contract backlog at the start of 2007, are scheduled for completion in the remaining quarters of 2007.
Stanley G. Genega, Aduddell’s President and CEO, noted, “Following the seasonally slow first quarter when revenues were just under $10 million, contract bidding and wins have resumed at a rather brisk pace. As we entered the warmer months, bookings have averaged $10 million monthly. The increase in business activity reflects our core roofing operations as well as the performance of our two 2006 acquisitions, Merit Construction and Brent Anderson. These businesses broadened our service capabilities with concrete restoration and waterproofing, as well as the geographic reach for all of our exterior building envelope services.”
Aduddell Industries, Inc. is one of the leaders in the commercial roofing, restoration and disaster services industry nationwide. Through Aduddell Roofing and other subsidiaries, Aduddell Industries offers Fortune 500 companies and large governmental agencies a broad range of roofing services, including re-roofing, restoration and repair, new roof construction, sheet metal fabrication, concrete restoration and waterproofing. In addition to work on large projects and high security roofing matters, the company has a nationally recognized track record for handling disaster recovery and emergency projects efficiently and cost effectively.
This press release includes certain statements that fall within the definition of "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, competitors' and customers' actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company's filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks.
Reggie Cook, CFO, 405-810-2969
Investor Relations Counsel:
The Equity Group Inc.
Linda Latman, 212-836-9609
Lena Cati, 212-836-9611
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