Michael Baker Corp.'s second-quarter profit dropped 14.6 percent, the primarily the result of an increase in incentive compensation adjustments equivalent to about 30 cents a share, the Moon-based engineering/energy management services company said today.
For the three-month period ended June 30, Baker said profit totalled more than $7 million, or 79 cents a share, down from $8.3 million, or 93 cents s share during the second quarter of 2008. Revenues fell to $164.3 million from $170.9 million one year ago.
"Excluding the impact of the incentive compensation accrual, the second quarter of 2009 was better than the then-record second quarter of 2008, exceeding even our own expectations," CEO Bradley L. Mallory said.
Mallory said despite the current economic conditions, Baker's infrastructure and related services continue to be in strong demand.
Baker's business backlog at June 30, was more than $1.6 billion, compared to a $1.2 billion backlog at Dec. 31.
