Investment Community Conference Call Today
at 5:30 p.m. Eastern Time
Willdan Group, Inc. (“Willdan”) (NASDAQ: WLDN), a provider of
professional technical and consulting services, today reported
financial results for its fourth quarter and fiscal year ended
December 29, 2017 and provided its financial targets for fiscal
year 2018.
Fiscal Year 2017 Highlights
- Total contract revenue of $273.4
million, an increase of 31% over prior year
- Net Revenue was $121.4 million, an
increase of 16% over prior year
- Net income of $12.1 million, an
increase of 46% over prior year
- Diluted earnings per share of $1.32, an
increase of 36% over prior year
Fourth Quarter 2017 Highlights
- Total contract revenue of $64.2
million, an increase of 12% over prior year
- Income from operations of $3.0 million,
an increase of 11% over prior year
- Net income of $3.3 million, an increase
of 110% over prior year
- Diluted earnings per share of $0.36, an
increase of 100% over prior year
For the fourth quarter of 2017, Willdan reported total contract
revenue of $64.2 million and net income of $3.3 million, or $0.36
per diluted share. This compares with total contract revenue of
$57.4 million and net income of $1.6 million, or $0.18 per diluted
share, for the fourth quarter of 2016. For the fourth quarter of
2017, Net Revenue, defined as revenue, net of subcontractor
services and other direct costs (see “Use of Non-GAAP Financial
Measures” below), was $31.1 million, up 9.8% compared to the same
period in fiscal year 2016. The increase in earnings per share was
primarily attributable to higher revenue and a decrease in deferred
tax expense. Adjusted Diluted EPS (see “Use of Non-GAAP Financial
Measures” below), which excludes the one-time benefit from
remeasuring deferred tax liabilities as a result of the legislation
commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”)
enacted in December 2017, was $0.22, up from $0.18 in the prior
year.
“We had a strong year in 2017, surpassing our long-term 20%
growth targets,” said Tom Brisbin, Willdan’s Chairman and Chief
Executive Officer. “Importantly, through both organic growth and
our acquisition activity, we continue to improve the
diversification of our revenue across geographies, customers, and
project types. We anticipate another positive year in 2018, as a
number of significant new programs ramp-up including our Local
Capacity Requirements program for San Diego Gas & Electric and
recent wins from ComEd to expand our energy efficiency work in
Illinois. Through renegotiation and a change in our approach to
executing certain programs, we expect to continue reducing the
amount of equipment pass-through revenue we recognize with little
or no margin. This approach is expected to significantly improve
our profit margin in 2018, and we expect to generate another year
of strong earnings growth.”
Fourth Quarter 2017 Financial Highlights
Total contract revenue for the fourth quarter of 2017 was $64.2
million, an increase of 11.7% from $57.4 million for the fourth
quarter of 2016. The increase was primarily due to growth in the
Energy Efficiency Services segment, which increased revenue by
19.4% over the same quarter of the prior year.
Revenue, net of subcontractor services and other direct costs
(see “Use of Non-GAAP Financial Measures” below), for the fourth
quarter of 2017 was $31.1 million, an increase of 9.8% from $28.4
million for the fourth quarter of 2016.
Direct costs of contract revenue were $44.2 million for the
fourth quarter of 2017, an increase of $4.8 million, or 12.3%, from
$39.3 million for the fourth quarter of 2016. The increase was
primarily due to the expanded revenue base from new contracts in
the Energy Efficiency Services segment.
Total general and administrative expenses for the fourth quarter
of 2017 increased 10.3% to $17.0 million, from $15.4 million for
the prior year period, due primarily to the need for increased
staffing in support of the continuing growth in our Energy
Efficiency Services and Engineering Services segments.
We recorded an income tax benefit of $0.3 million in the fourth
quarter of 2017, compared to income tax expense of $1.1 million for
the prior year period. On December 22, 2017, the Tax Act was
enacted into law, which, among other items, lowered the U.S.
corporate tax rate from 35% to 21%, effective January 1, 2018. As a
result of the Tax Act, we recorded a one-time decrease in deferred
tax expense of $1.3 million for the fiscal quarter ended December
29, 2017 to account for the remeasurement of our deferred tax
assets and liabilities on the enactment date.
Net income for the fourth quarter of 2017 was $3.3 million, or
$0.36 per diluted share, as compared to net income of $1.6 million,
or $0.18 per diluted share, for the fourth quarter of 2016.
The growth in Net Revenue and improvement in project
profitability enabled Adjusted EBITDA (see “Use of Non-GAAP
Financial Measures” below) to increase 24.6% to $5.3 million for
the fourth quarter of 2017, as compared to $4.3 million for the
fourth quarter of 2016. Adjusted EBITDA as a percentage of Net
Revenue, was 17.0% in the fourth quarter of 2017, as compared with
15.0% for the fourth quarter of 2016.
Fiscal Year 2017 Financial Highlights
Total contract revenue for fiscal year 2017 was $273.4 million,
an increase of 30.8% from $208.9 million for fiscal year 2016. The
increase was primarily due to new projects and new customers in the
Energy Efficiency Services and Engineering segments, which
increased revenue 40.7% and 9.8%, respectively, from fiscal year
2016.
Direct costs of contract revenue increased 37.3% to $196.7
million, or 71.9% of contract revenue, for fiscal year 2017,
compared to $143.3 million, or 68.6% of contract revenue, for
fiscal year 2016. The assets we purchased from Genesys on March 4,
2016 incurred a total of $56.8 million in direct costs of contract
revenue for fiscal year 2017, which also accounts for most of the
increase in direct costs as a percentage of revenue, as Genesys’
projects tend to have a significantly higher percentage of
equipment and subcontractor costs than much of the rest of
Willdan’s business mix.
Net Revenue for fiscal year 2017 increased 16.0% to $121.4
million, compared with $104.7 million for fiscal year 2016.
Total general and administrative expenses for fiscal year 2017
were $63.0 million, an increase of 16.3% from $54.1 million for the
prior fiscal year, primarily due to an increase in general and
administrative expenses to support the growth of the Energy
Efficiency Services segment.
We recorded income tax expense of $1.6 million for fiscal year
2017, compared to income tax expense of $3.1 million for the prior
fiscal year. The effective tax rate for fiscal year 2017 was 11.4%,
as compared to 27.0% for fiscal year 2016. The reduction in the
year-over-year effective tax rate for fiscal year 2017 was
primarily attributable to increased deductions for stock options
and disqualifying dispositions and the impact of the Tax Act,
partially offset by energy efficient commercial building deductions
utilized in 2016, which were not available for use in 2017.
Net income for fiscal year 2017 was $12.1 million, or $1.32 per
diluted share, as compared to net income of $8.3 million, or $0.97
per diluted share, for fiscal year 2016.
The growth in Net Revenue enabled Adjusted EBITDA to grow 32.8%
to 21.8 million for fiscal year 2017, compared with $16.4 million
for fiscal year 2016. Adjusted EBITDA as a percentage of Net
Revenue, was 18.0% for fiscal year 2017, as compared with 15.7% for
fiscal year 2016.
Balance Sheet
Willdan reported $14.4 million in cash and cash equivalents at
December 29, 2017, as compared to $22.7 million at December 30,
2016. The decrease in cash and cash equivalents was primarily due
to cash paid for the acquisition of Integral Analytics of $15.0
million, payments of $5.9 million for contingent consideration and
on notes payable related to our prior acquisitions and $2.2 million
for purchases of equipment and leasehold improvements, which was
partially offset by cash proceeds from stock option exercises and
proceeds from sales of common stock under our employee stock
purchase plan of $2.7 million and cash provided by operations of
$11.1 million.
Outlook
Willdan has provided the following financial targets for fiscal
year 2018:
- Total Net Revenue of $130 - $140
million
- Diluted earnings per share before
stock-based compensation expense of $1.95 - $2.05
- Effective tax rate of approximately
23%
- Diluted share count of 9.3 million
shares
- Depreciation of approximately $2.0
million
- Amortization of approximately $3.0
million
Over the long-term, Willdan continues to target both organic and
acquisitive Net Revenue growth of greater than 10%, resulting in
total Net Revenue growth of greater than 20% per year.
Conference Call Details and Investor Report
Chief Executive Officer Thomas Brisbin and Chief Financial
Officer Stacy McLaughlin will host a conference call today, March
8, 2018, at 5:30 p.m. Eastern/2:30 p.m. Pacific to discuss
Willdan’s financial results and provide a business update.
Interested parties may participate in the conference call by
dialing 866-548-4713 and providing conference ID 7721987. The
conference call will be webcast simultaneously on Willdan’s website
at www.willdan.com under Investors: Events and the replay will be
archived for at least 12 months.
The telephonic replay of the conference call may be accessed
following the call by dialing 888-203-1112 and entering the
passcode 7721987. The replay will be available through March 22,
2018.
An Investor Report containing supplemental financial information
can also be accessed on the home page of Willdan’s investor
relations website.
About Willdan Group, Inc.
Willdan provides professional technical and consulting
services, including comprehensive energy efficiency services, for
utilities, private industry and public agencies throughout the
United States. Willdan’s service offerings span a broad range of
complementary services including energy efficiency and
sustainability, engineering, construction management and planning,
economic and financial consulting and national preparedness and
interoperability. Willdan provides integrated technical
solutions to extend the reach and resources of its clients and
provides all services through its subsidiaries specialized in each
segment. For additional information,
visit Willdan's website at www.willdan.com.
Use of Non-GAAP Financial Measures
“Net Revenue,” a non-GAAP financial measure, is a supplemental
measure that Willdan believes enhances investors’ ability
to analyze our business trend and performance because it
substantially measures the work performed by our employees. In the
course of providing services, Willdan routinely subcontracts
various services. Generally, these subcontractor services and other
direct costs are passed through to our clients and, in accordance
with U.S. generally accepted accounting principles (“GAAP”) and
industry practice, are included in our revenue when it is our
contractual responsibility to procure or manage these activities.
Because subcontractor services and other direct costs can vary
significantly from project to project and period to period, changes
in revenue may not necessarily be indicative of our business
trends. Accordingly, Willdan segregates costs from revenue to
promote a better understanding of our business by evaluating
revenue exclusive of costs associated with external service
providers. A reconciliation of contract revenue as reported in
accordance with GAAP to revenue, net of subcontractor services and
other direct costs is provided at the end of this news release.
Adjusted EBITDA is a supplemental measure used by Willdan’s
management to measure its operating performance. Willdan defines
Adjusted EBITDA as net income (loss) plus interest expense
(income), income tax expense (benefit), stock-based compensation,
interest accretion and depreciation and amortization. Adjusted
EBITDA is not a measure of net income (loss) determined in
accordance with GAAP. Willdan believes Adjusted EBITDA is useful
because it allows Willdan’s management to evaluate its operating
performance and compare the results of its operations from period
to period and against its peers without regard to its financing
methods, capital structure and non-operating expenses. Willdan uses
Adjusted EBITDA to evaluate its performance for, among other
things, budgeting, forecasting and incentive compensation
purposes.
Adjusted EBITDA has limitations as an analytical tool and should
not be considered as an alternative to, or more meaningful than,
net income (loss) as determined in accordance with GAAP. Certain
items excluded from Adjusted EBITDA are significant components in
understanding and assessing a company’s financial performance, such
as a company’s costs of capital, stock-based compensation, as well
as the historical costs of depreciable assets. Willdan’s definition
of Adjusted EBITDA may also differ from those of many companies
reporting similarly named measures. Willdan believes Adjusted
EBITDA is useful to investors, research analysts, investment
bankers and lenders because it removes the impact of certain
non-operational items from its operational results, which may
facilitate comparison of its results from period to period. A
reconciliation of net income as reported in accordance with GAAP to
Adjusted EBITDA is provided at the end of this news release.
“Adjusted Net Income” is a supplemental measure used by
Willdan’s management to measure its operating performance. Willdan
defines Adjusted Net Income as net income plus stock compensation
expense and impact of state net operating loss carryover minus the
tax benefit from the remeasurement of deferred tax liabilities.
Adjusted Net Income has limitations as an analytical tool and
should not be considered as an alternative to, or more meaningful
than, net income as determined in accordance with GAAP. A
reconciliation of net income as reported in accordance with GAAP to
Adjusted Net Income is provided at the end of this news
release.
“Adjusted Diluted EPS” is a supplemental measure used by
Willdan’s management to measure its operating performance. Willdan
defines Adjusted Diluted EPS as Adjusted Net Income divided by the
diluted weighted-average shares outstanding. Adjusted Diluted EPS
has limitations as an analytical tool and should not be considered
as an alternative to, or more meaningful than, diluted EPS as
determined in accordance with GAAP. A reconciliation of diluted EPS
as reported in accordance with GAAP to Adjusted Diluted EPS is
provided at the end of this news release.
Willdan’s definition of revenue, net of subcontractor services
and other direct costs (Net Revenue), Adjusted EBITDA, Adjusted Net
Income and Adjusted Diluted EPS may differ from other companies
reporting similarly named measures. These measures should be
considered in addition to, and not as a substitute for, or superior
to, other measures of financial performance prepared in accordance
with GAAP, such as contract revenue and net income.
Forward Looking Statements
Statements in this press release that are not purely historical,
including statements regarding Willdan’s intentions,
hopes, beliefs, expectations, representations, projections,
estimates, plans or predictions of the future are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding Willdan’s
targets for fiscal year 2018 and the expected benefits of Willdan’s
acquisition of Integral Analytics. The forward-looking statements
involve risks and uncertainties including, but not limited to, the
risk that Willdan will not be able to expand its services
or meet the needs of customers in markets in which it operates. It
is important to note that Willdan’s actual results could
differ materially from those in any such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, Willdan’s ability to
adequately complete projects in a timely manner, Willdan’s ability
to compete successfully in the highly competitive energy efficiency
services market, changes in state, local and regional economies and
government budgets, Willdan’s ability to win new contracts, to
renew existing contracts (including with its two primary customers)
and to compete effectively for contracts awards through bidding
processes and Willdan’s ability to successfully integrate its
acquisitions and execute on its growth
strategy. Willdan’s business could be affected by a
number of other factors, including the risk factors listed from
time to time in Willdan’s reports filed with the
Securities and Exchange Commission, including, but not limited to,
the Annual Report on Form 10-K filed for the year
ended December 30, 2016 and the Quarterly Report on Form 10-Q
for the quarter ended September 29, 2017. Willdan cautions
investors not to place undue reliance on the forward-looking
statements contained in this press
release. Willdan disclaims any obligation to, and does
not undertake to, update or revise any forward-looking statements
in this press release.
WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
December 29, December 30, 2017 2016
Assets Current assets: Cash and cash equivalents $
14,424,000 $ 22,668,000 Accounts receivable, net of allowance for
doubtful accounts of $369,000 and $785,000 at December 29, 2017 and
December 30, 2016, respectively 38,441,000 30,285,000 Costs and
estimated earnings in excess of billings on uncompleted contracts
24,732,000 18,988,000 Other receivables 1,833,000 699,000 Prepaid
expenses and other current assets 3,760,000 2,601,000
Total current assets 83,190,000 75,241,000 Equipment and leasehold
improvements, net 5,306,000 4,511,000 Goodwill 38,184,000
21,947,000 Other intangible assets, net 10,666,000 5,941,000 Other
assets 826,000 707,000 Total assets $ 138,172,000 $
108,347,000
Liabilities and Stockholders’ Equity Current
liabilities: Accounts payable $ 20,826,000 $ 17,395,000 Accrued
liabilities 23,293,000 19,049,000 Contingent consideration payable
4,246,000 1,925,000 Billings in excess of costs and estimated
earnings on uncompleted contracts 7,321,000 8,377,000 Notes payable
383,000 3,972,000 Capital lease obligations 289,000
334,000 Total current liabilities 56,358,000 51,052,000 Contingent
consideration payable 5,062,000 2,537,000 Notes payable 2,500,000
2,074,000 Capital lease obligations, less current portion 160,000
210,000 Deferred lease obligations 614,000 714,000 Deferred income
taxes, net 2,463,000 1,842,000 Other noncurrent liabilities
363,000 — Total liabilities 67,520,000
58,429,000 Commitments and contingencies
Stockholders’ equity: Preferred stock, $0.01 par value, 10,000,000
shares authorized, no shares issued and outstanding — — Common
stock, $0.01 par value, 40,000,000 shares authorized; 8,799,000 and
8,348,000 shares issued and outstanding at December 29, 2017 and
December 30, 2016, respectively 88,000 83,000 Additional paid-in
capital 50,976,000 42,376,000 Retained earnings 19,588,000
7,459,000 Total stockholders’ equity 70,652,000
49,918,000 Total liabilities and stockholders’ equity $
138,172,000 $ 108,347,000
WILLDAN GROUP, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)
Three Months Ended Year Ended December 29,
December 30, December 29, December 30,
2017 2016 2017 2016 Contract
revenue $ 64,161,000 $ 57,425,000 $ 273,352,000
$ 208,941,000 Direct costs of contract revenue
(inclusive of directly related depreciation and amortization):
Salaries and wages 11,149,000 10,271,000 44,743,000 39,024,000
Subcontractor services and other direct costs 33,038,000
29,075,000 151,919,000 104,236,000
Total direct costs of contract revenue 44,187,000
39,346,000 196,662,000 143,260,000
General and administrative expenses: Salaries and
wages, payroll taxes and employee benefits 10,442,000 8,049,000
36,534,000 31,084,000 Facilities and facility related 1,146,000
1,107,000 4,624,000 4,085,000 Stock-based compensation 782,000
507,000 2,774,000 1,239,000 Depreciation and amortization 1,053,000
896,000 3,949,000 3,204,000 Other 3,557,000
4,831,000 15,105,000 14,525,000 Total general
and administrative expenses 16,980,000
15,390,000 62,986,000 54,137,000 Income from
operations 2,994,000 2,689,000
13,704,000 11,544,000 Other income (expense):
Interest expense, net (23,000 ) (42,000 ) (111,000 ) (179,000 )
Other, net 42,000 — 98,000 2,000
Total other expense, net 19,000 (42,000
) (13,000 ) (177,000 ) Income before income taxes 3,013,000
2,647,000 13,691,000 11,367,000 Income tax expense
(277,000 ) 1,078,000 1,562,000 3,068,000
Net income $ 3,290,000 $ 1,569,000 $
12,129,000 $ 8,299,000 Earnings per share:
Basic $ 0.38 $ 0.19 $ 1.42 $ 1.01
Diluted $ 0.36 $ 0.18 $ 1.32 $ 0.97
Weighted-average shares outstanding: Basic 8,689,000
8,334,000 8,541,000 8,219,000 Diluted 9,231,000 8,959,000 9,155,000
8,565,000
WILLDAN GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Year Ended December 29, December
30, 2017 2016 Cash flows from operating
activities: Net income $ 12,129,000 $ 8,299,000 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,082,000 3,220,000 Deferred income
taxes, net 621,000 1,225,000 Loss (gain) on sale/disposal of
equipment 27,000 4,000 (Recovery of) provision for doubtful
accounts (189,000 ) 216,000 Stock-based compensation 2,774,000
1,239,000 Accretion and fair value adjustments of contingent
consideration 1,156,000 21,000 Changes in operating assets and
liabilities, net of effects from business acquisitions: Accounts
receivable (7,412,000 ) 1,288,000 Costs and estimated earnings in
excess of billings on uncompleted contracts (5,744,000 ) (4,057,000
) Other receivables (1,126,000 ) 82,000 Prepaid expenses and other
current assets (1,096,000 ) (519,000 ) Other assets 25,000 (169,000
) Accounts payable 3,186,000 206,000 Accrued liabilities 4,329,000
8,409,000 Billings in excess of costs and estimated earnings on
uncompleted contracts (1,593,000 ) 2,159,000 Deferred lease
obligations (100,000 ) (23,000 ) Net cash provided by
operating activities 11,069,000 21,600,000
Cash flows from investing activities: Purchase of equipment
and leasehold improvements (2,178,000 ) (1,662,000 ) Proceeds from
sale of equipment — 15,000 Cash paid for acquisitions, net of cash
acquired (14,603,000 ) (8,857,000 ) Net cash used in
investing activities (16,781,000 ) (10,504,000 ) Cash
flows from financing activities: Payments on contingent
consideration (1,709,000 ) (1,284,000 ) Payments on notes payable
(4,164,000 ) (4,378,000 ) Proceeds from notes payable — 733,000
Borrowings under line of credit 1,000,000 — Principal payments on
capital lease obligations (390,000 ) (522,000 ) Proceeds from stock
option exercise 1,901,000 327,000 Proceeds from sales of common
stock under employee stock purchase plan 830,000
209,000 Net cash used in financing activities
(2,532,000 ) (4,915,000 ) Net (decrease) increase in cash
and cash equivalents (8,244,000 ) 6,181,000 Cash and cash
equivalents at beginning of period 22,668,000
16,487,000 Cash and cash equivalents at end of period $
14,424,000 $ 22,668,000 Supplemental disclosures of
cash flow information: Cash paid during the period for: Interest $
111,000 $ 179,000 Income taxes 2,750,000 1,875,000 Supplemental
disclosures of noncash investing and financing activities: Issuance
of notes payable related to business acquisitions $ — $ 4,569,000
Issuance of common stock related to business acquisitions 3,100,000
2,228,000 Contingent consideration related to business acquisitions
5,400,000 — Other payable for working capital adjustment 113,000 —
Equipment acquired under capital leases 294,000 373,000
Willdan Group, Inc. and Subsidiaries
Reconciliation of GAAP Revenue to Net Revenue
(Non-GAAP Measure)
Three Months Ended Year
Ended December 29, December 30, December
29, December 30, 2017 2016 2017
2016 Contract revenue $ 64,161,000 $ 57,425,000 $
273,352,000 $ 208,941,000 Subcontractor services and other direct
costs 33,038,000 29,075,000 151,919,000
104,236,000 Net Revenue $ 31,123,000 $ 28,350,000 $ 121,433,000 $
104,705,000
Willdan Group, Inc. and
Subsidiaries Reconciliation of GAAP Net Income to Adjusted
EBITDA
(Non-GAAP Measure)
Three Months Ended Year
Ended December 29, December 30, December
29, December 30, 2017 2016 2017
2016 Net income $ 3,290,000 $ 1,569,000 $ 12,129,000 $
8,299,000 Interest expense 23,000 42,000 111,000 179,000 Income tax
expense (benefit) (277,000 ) 1,078,000 1,562,000 3,068,000
Stock-based compensation 782,000 507,000 2,774,000 1,239,000
Interest accretion(1) 377,000 161,000 1,156,000 439,000
Depreciation and amortization 1,106,000
896,000 4,082,000 3,204,000 Adjusted EBITDA $
5,301,000 $ 4,253,000 $ 21,814,000 $ 16,428,000
_____________________________
(1) Interest accretion represents the imputed interest on
the earn-out payments to be paid by us in connection with the
acquisitions of Abacus Resource Management Company and
substantially all of the assets of 360 Energy Engineers, LLC in
January 2015 and the acquisition of Integral Analytics in July
2017.
Willdan Group, Inc. and Subsidiaries
Reconciliation of GAAP Net Income to Adjusted Net Income and
Adjusted Diluted EPS
(Non-GAAP Measure)
Three Months Ended Year
Ended December 29, December 30, December
29, December 30, 2017 2016 2017
2016 Net income $ 3,290,000 $ 1,569,000 $ 12,129,000 $
8,299,000 Adjustment for remeasurement of deferred tax liabilities
(1,277,000 ) — (1,277,000 ) — Adjustment for stock-based
compensation 782,000 507,000 2,774,000
1,239,000 Adjusted Net Income 2,795,000 2,076,000
13,626,000 9,538,000 Diluted weighted-average shares
outstanding 9,231,000 8,959,000
9,155,000 8,565,000 Diluted earnings per share
$ 0.36 $ 0.18 $ 1.32 $ 0.97 Impact of adjustment:
Remeasurement of deferred tax liabilities (0.14 ) — (0.14 ) —
Stock-based compensation 0.08 0.06 0.30
0.14 Adjusted Diluted EPS $ 0.30 $ 0.23 $ 1.49
$ 1.11
Willdan Group, Inc. and
Subsidiaries Reconciliation of Diluted EPS to Adjusted
Diluted EPS Guidance
(Non-GAAP Measure)
2018 Guidance High Low
Diluted earnings per share $ 1.60 $ 1.70 Stock-based compensation
expense 0.35 0.35 Adjusted Diluted EPS $ 1.95 $ 2.05
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180308006367/en/
Willdan Group, Inc.Stacy McLaughlinChief Financial
OfficerTel: 714-940-6300smclaughlin@willdan.comOrInvestor/Media
ContactFinancial Profiles, Inc.Tony RossiTel:
310-622-8221trossi@finprofiles.com
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