Ecology and Environment, Inc., Second Quarter Earnings Up Substantially vs.
LANCASTER, N.Y., March 18, 2013 (GLOBE NEWSWIRE) -- Ecology and Environment,
Inc., (E & E) (Nasdaq:EEI) reported net income of $1.9 million or $.45 per
share for the second quarter of fiscal year 2013, an increase of $1.4 million
or 280% from the net income of $0.5 million or $.12 per share reported in the
second quarter of the prior year. Net income also improved for the first six
months of fiscal year 2013 from $1.7 million to $2.2 million.
Consolidated revenues for the second quarter of fiscal year 2013 were $36.2
million, a decrease of $4.0 million or 10% from the $40.2 million reported in
the second quarter of fiscal year 2012. However, revenue less subcontract
costs, a key metric for the Company, were $30.7 million for the current
quarter, relatively unchanged compared to the second quarter of fiscal year
2012 and up slightly on a sequential basis for the last two quarters where
they were $29.8 million in the first quarter of 2013 and $29.3 million in the
fourth quarter of 2012.
"We are starting to see an improvement in operations and in earnings over the
past few quarters," said E & E president and CEO Kevin Neumaier. "By their
nature these are somewhat lumpy from quarter to quarter. With a stabilizing
and slow improvement in revenue less subcontracts and some cost reductions,
earnings are improving. Over the longer term we are seeing a number of signs
of improvement in our markets."
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
CONTACT: Mr. John Mye, P.E.
Vice President, Treasurer, and Chief Financial Officer
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