LANCASTER, N.Y., Nov. 13, 2012 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc., (E & E) (Nasdaq:EEI) reported consolidated revenues for fiscal year 2012 of $155.4 million, a decrease of $13.8 million or 8% from the $169.2 million reported in fiscal year 2011. Revenue less subcontracts for fiscal year 2012 was $123.1 million, a decrease of $14.7 million or 11% from the $137.8 million in fiscal year 2011. Net income for fiscal year 2012 was $.8 million or $.18 per share, down from the $7.0 million or $1.65 per share reported in the prior year.
E & E reported consolidated revenues for the fourth quarter of fiscal year 2012 of $36.9 million, a decrease of $7.3 million or 17% from the $44.2 million reported in the fourth quarter of fiscal year 2011. Revenue less subcontracts was $29.3 million for the quarter compared to $35.3 million in the fourth quarter of fiscal year 2011, a decrease of $6.0 million or 17% from the level in fiscal year 2011. E & E reported a net loss of $.9 million or ($.23) per share for the fourth quarter of fiscal year 2012, a decrease of $2.8 million from the net income of $1.9 million or $.45 per share reported in the prior year.
"We had disappointing earnings that came with project delays and lower revenue from U.S. operations," said E & E president and CEO Kevin Neumaier. "We look at fiscal year 2012 as a bump in the road forward and see a number of signs of improvement in fiscal year 2013."
FORWARD LOOKING STATEMENTS
Any statements that refer to projections or expectations concerning our future financial performance, anticipated growth and trends in our businesses are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. Information on risks and uncertainties is available in our SEC filings.
E & E has completed over 50,000 projects for a wide variety of clients in 122 countries, providing environmental solutions in nearly every ecosystem on our planet. E & E is listed on the NASDAQ under the symbol EEI and the information contained in this press release is available on the Company's website at www.ene.com.
|Financial Report -|
|(In thousands, except per share information)|
|Three Months Ending|
|July 31, 2012||July 31, 2011|
|Revenue||$ 36,914||$ 44,161|
|Revenue less Subcontract Costs||$ 29,270||$ 35,290|
|Net Income||$ (946)||$ 1,914|
|Net Income Per Common Share: Basic and Diluted||$ (0.23)||$ 0.45|
|Fiscal Year Ending|
|July 31, 2012||July 31, 2011|
|Revenue||$ 155,410||$ 169,173|
|Revenue less Subcontract Costs||$ 123,095||$ 137,847|
|Net Income||$ 774||$ 6,960|
|Net Income Per Common Share: Basic and Diluted||$ 0.18||$ 1.65|
Mr. John Mye, P.E. Vice President, Treasurer, and Chief Financial Officer (716) 684-8060