By GlobeNewswire, March 18, 2013, 03:40:00 PM EDT
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 www.ene.com.
CONTACT: Mr. John Mye, P.E.
Vice President, Treasurer, and Chief Financial Officer
Source: Ecology and Environment, Inc.