LANCASTER, N.Y., March 16, 2011 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc., (E & E) (Nasdaq:EEI) reported revenues for the second quarter of fiscal year 2011 of $41.8 million, up 35% from the $31.1 million reported in the second quarter of fiscal year 2010. Net income for the second quarter of fiscal year 2011 was $1.8 million or $.42 per share, up $1.5 million or 648% from the $235,000 or $.06 per share reported in the prior year.
E & E reported an increase of $10.8 million in revenue during the second quarter of fiscal year 2011, ending January 29, 2011, compared to the same quarter in the prior fiscal year. Strong growth in E & E's energy and emerging markets more than offset decreases in US federal and state sectors. Net income for the second quarter of fiscal year 2011 was $1.8 million or $.42 per share, compared to a net income of $235,000 or $.06 per share in the second quarter of fiscal year 2010. E & E set company second quarter records for Revenue, Revenue less Subcontract Costs, and Net Income.
"Historically our second quarter is a little slower than the other quarters due to holidays and limited field activities in Northern climates - so these results are excellent," said E & E president and CEO Kevin Neumaier. "We are delivering high quality work and solid financials, and we are working on some of the coolest projects in the world. For us, that defines success."
Any statements that refer to projections or expectations concerning our future financial performance, anticipated growth, and trends in our business 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.
E & E has completed over 50,000 projects for a wide variety of clients in 113 countries, providing environmental solutions in nearly every ecosystem on our planet. E & E is listed on the NASDAQ under the symbol EEI and the information contained in this press release is available on E & E's Web site at www.ene.com/news.
| Financial Report - | |||
| (In thousands, except per share information) | |||
| Three Months Ending | |||
| January 29, 2011 | January 30, 2010 | % Increase | |
| Revenue | $ 41,833 | $ 31,062 | 35% |
| Revenue less Subcontract Costs | $ 33,892 | $ 25,132 | 35% |
| Net Income | $ 1,758 | $ 235 | 648% |
| Net Income Per Common Share: Basic and Diluted | $ 0.42 | $ 0.06 | 600% |
| Fiscal Year Ending | |||
| January 29, 2011 | January 30, 2010 | % Increase | |
| Revenue | $ 84,005 | $ 70,537 | 19% |
| Revenue less Subcontract Costs | $ 68,835 | $ 54,128 | 27% |
| Net Income | $ 3,617 | $ 1,635 | 121% |
| Net Income Per Common Share: Basic and Diluted | $ 0.86 | $ 0.40 | 115% |