BUFFALO, N.Y., March 17, 2010 (GLOBE NEWSWIRE) -- HIGHLIGHTS – Ecology and Environment, Inc., (Nasdaq:EEI) reported revenues for the second quarter of fiscal year 2010 of $31.1 million, down 9% from the $34.1 million reported in the second quarter of fiscal year 2009. Net income for the second quarter of fiscal year 2010 was $235,000 or $.06 per share, a decrease of $730,000 from the $965,000 or $.24 per share reported in the prior year.
DETAILS – E & E reported a decrease of $3.0 million in revenue during the second quarter of fiscal year 2010 compared to the prior year, mainly attributable to decreased work levels at the parent company. The second quarter was adversely affected by temporary project and funding delays. The Company responded to these delays by making appropriate staff reductions during the second quarter and believes that its staff is now adequately sized for the work anticipated. The Company has continued to aggressively market and propose on new work and believes it will benefit from increased contract signings in future quarters.
Net income for the second quarter of fiscal year 2010 was $235,000 or $.06 per share, compared to net income of $965,000 or $.24 per share in second quarter of fiscal year 2009. Indirect costs increased $1.3 million during the second quarter of fiscal year 2010, attributable to increased staffing levels and business development and proposal costs.
FORWARD LOOKING STATEMENTS
Any statements that refer to projections or expectations concerning our future financial performance, anticipated growth and trends in our businesses 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. Information on risks and uncertainties is available in our SEC filings.
Ecology and Environment, Inc., (Nasdaq:EEI) has completed more than 45,000 projects in 84 countries for a wide variety of clients, providing environmental solutions in nearly every ecosystem on the planet. The information contained in this press release is available on the Company's website at www.ene.com/news.
| Financial Report - | ||
| (In thousands, except per share information) | ||
| Three Months Ending | ||
| January 30, 2010 | January 31, 2009 | |
| Revenue | $31,062 | $34,069 |
| Net Income | $235 | $965 |
| Net Income Per Common Share: Basic and Diluted | $0.06 | $0.24 |
| Six Months Ending | ||
| January 30, 2010 | January 31, 2009 | |
| Revenue | $70,537 | $67,760 |
| Net Income | $1,635 | $2,440 |
| Net Income Per Common Share: Basic and Diluted | $0.40 | $0.59 |