BUFFALO, N.Y., March 18, 2009 (GLOBE NEWSWIRE) -- HIGHLIGHTS -- Ecology and Environment, Inc. (Nasdaq:EEI), reported revenues for the second quarter of fiscal year 2009, ended January 31, 2009, of $34.1 million, up 41% from the $24.1 million reported in the prior year. With the revenue growth, profitability improved substantially. Net income for the second quarter of fiscal year 2009 was $965,000 or $.25 per share, compared to net income of $130,000 or $.03 per share in the second quarter of fiscal year 2008, an increase of 637%.
DETAILS -- The Company reported an increase of $10.0 million in revenue during the second quarter of fiscal year 2009 compared to the second quarter of the prior year. The increase in revenue was attributable to increased work on contracts in the Company's energy and federal government sectors. Net income for the second quarter of fiscal year 2009 increased to $965,000, an increase of $835,000 compared with the second quarter of the prior year. Gross profits increased $2.5 million during the second quarter of fiscal year 2009 as a result of the increased revenue reported at the parent company E&E, Inc., and Walsh Environmental, offset by an increase in corporate-wide subcontractor costs. The increased gross profits were offset by higher indirect costs at the parent company E&E, Inc., and the Company's subsidiary E&E do Brasil. The increase in indirect costs was mainly attributable to an increase in staffing levels due to their overall business growth. At the end of the quarter, the company had cash of $11.1 million with debt of only $1.1 million. The Company's book value was $38.2 million or $9.35 per share.
"Despite tough financial times, we continue to run our business well and in a sustainable manner," says E&E, Inc. President and CEO Kevin Neumaier. "Looking out over the next couple years, we see a number of positives for our business such as the Stimulus Plan and an increased global concern for our environment."
This document contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. Further, information on risks and uncertainties is available in our filings with the Securities and Exchange Commission, which are incorporated by reference.
Ecology and Environment has completed over 35,000 projects in 83 countries -- providing solutions for a wide variety of environmental challenges in nearly every ecosystem on our planet. Ecology and Environment is listed on the NASDAQ under the symbol EEI and is located on the web at www.ene.com.
Financial Report -
(In thousands, except per share information)
Three Months Ending
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Jan. 31, 2009 Jan. 26, 2008
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Revenue $34,069 $24,078
Net Income From Continuing Operations 969 130
Net Loss From Discontinued Operations (4) --
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Net Income 965 130
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Net Income Per Common Share: Basic
Continuing Operations $ 0.25 $ 0.03
Discontinued Operations -- --
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Net Income Per Common Share: Basic $ 0.25 $ 0.03
Net Income Per Common Share: Diluted
Continuing Operations $ 0.24 $ 0.03
Discontinued Operations -- --
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Net Income Per Common Share: Diluted $ 0.24 $ 0.03
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Six Months Ending
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Jan. 31, 2009 Jan. 26, 2008
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Revenue $67,760 $49,724
Net Income From Continuing Operations 2,445 631
Net Loss From Discontinued Operations (5) --
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Net Income 2,440 631
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Net Income Per Common Share: Basic
Continuing Operations $ 0.61 $ 0.15
Discontinued Operations -- --
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Net Income Per Common Share: Basic $ 0.61 $ 0.15
Net Income Per Common Share: Diluted
Continuing Operations $ 0.60 $ 0.15
Discontinued Operations -- --
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Net Income Per Common Share: Diluted $ 0.60 $ 0.15