Ecology and Environment, Inc. Reports a Decrease in First Quarter Earnings
LANCASTER, N.Y., Dec. 13, 2011 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc. (EEI) (E & E) (Nasdaq:EEI) reported revenues for the first quarter of fiscal year 2012 of $42.3 million, up slightly from the $42.0 million reported in the first quarter of fiscal year 2011. Revenue less subcontracts was $33.2 million for the quarter compared to $34.9 million in the first quarter of fiscal year 2011, a decrease of 5% from the record level in fiscal year 2011. Net income for the first quarter of fiscal year 2012 was $1.16 million or $.28 per share, down from the $1.86 million or $.44 per share reported in the prior year.
"There is some natural ebb and flow in our business, as seen in the successful completion of a large field program and the comparison against last year's record earnings," said E & E president and CEO Kevin Neumaier. "While there is some softness in the U.S. market, we see a long-term global demand for our services."
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 the Company's website at www.ene.com .
| Financial Report -- | ||
| (In thousands, except per share information) | ||
| Three Months Ending | ||
| October 29, 2011 | October 30, 2010 | |
| Revenue | $ 42,312 | $ 42,026 |
| Revenue less Subcontract Costs | $ 33,200 | $ 34,944 |
| Net Income | $ 1,160 | $ 1,859 |
| Net Income Per Common Share: Basic and Diluted | $ 0.28 | $ 0.44 |
CONTACT: Mr. John Mye, P.E.
Vice President, Treasurer, and Chief Financial Officer
(716) 684-8060
jmye@ene.com
Source: Ecology and Environment, Inc.
2011 GlobeNewswire, Inc.