In the same periods last year, the company lost $536,565 in the second quarter and lost $1 million in the six-month period.
In a prepared statement, Alan R. Abrams, co-chairman, president and CEO of the firm, says the current year's results were "materially impacted" by legal and professional fees of $500,526 and $972,656 in the second quarter and six months respectively. The legal fees "resulted from the company's previously disclosed internal investigation and ongoing cooperation with the US Department of Justice," Abrams says.
The company is continuing to complete its acquisition of the operating business and assets of locally based Wheatstone Energy Group Inc. but "there can be no assurance that any transaction will ultimately occur," Abrams says.
In several corporate changes, Melinda S. Garrett, director of Abrams Industries and president of Abrams Properties Inc., has been promoted to CEO of the real estate subsidiary. Claire J. Wiggill, vice president of Abrams Industries, has been named interim president of Servidyne Systems LLC, the company's energy management subsidiary.
George W. Hodges Jr. is the new president of the company's construction subsidiary. Michael York has joined Abrams Construction Inc. as vice president of operations.
Of the new company lineup, Abrams says he is "encouraged by the vigorous spirit of our new management team and the early indicators of a positive turn in the national economy."
He adds, "Our recent challenges at construction have re-energized our focus on profitability and have stimulated our efforts to accomplish our long-term strategic objectives in the shortest time possible.
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