Ecology and Environment Inc. Releases Third Quarter Financial Results
June 17 2019 - 5:15PM
Ecology and Environment Inc. (E & E, or the Company) (NASDAQ:
EEI) reported a consolidated net loss of $1.0 million ($0.24 per
share) for its third quarter ended April 27, 2019, compared with
consolidated net income of $0.1 million ($0.02 per share) for the
third quarter of the prior fiscal year. For the nine months ended
April 27, 2019, E & E reported a consolidated net loss of $1.5
million ($0.34 per share), compared with consolidated net income of
$0.1 million ($0.03 per share) for the first nine months of the
prior year.
Nonrecurring incremental expenses, including $0.8 million of
employee severance costs associated with the voluntary retirement
program and reduction in workforce and $0.9 million of incremental
expenses associated with recent restatements of its prior year
consolidated financial statements, had a significant detrimental
impact on the Company’s operating results for the third quarter and
first nine months of fiscal year 2019.
“We have been notified by Nasdaq that our filing delinquencies
have been remedied and that the potential delisting has been
favorably resolved,” said Executive Chairman Marshall A. Heinberg.
“Unfortunately, our third quarter was a difficult one. Nonrecurring
employee severance costs and audit expenses associated with the
restatement had a negative impact, while growth initiatives
undertaken in the second quarter, including a restructuring of US
Operations to drive improved efficiency and strategic investments
in sales and marketing, are not yet reflected in our
results.”
Improved revenue from the Company’s US and Brazilian operations
was partially offset by lower revenue operations in Peru during the
current quarter, as compared with the same quarter last year. For
the first nine months of fiscal year 2019, higher revenue from
Brazil was more than offset by lower revenue from operations in the
US and Peru.
E & E plans to host a conference call on Tuesday, June 18,
2019, at 8:30 a.m. Eastern Time to discuss its financial
results and provide a business update. Interested parties can
participate in the conference call by dialing 833-715-4322 and
entering code 7699815. A webcast link is available on the E & E
Investor page at www.ene.com, and an on-demand version of the
webcast will be available following the call.
About Ecology and Environment, Inc. E & E
is a global network of innovators and problem solvers, dedicated
professionals and industry leaders in scientific, engineering, and
planning disciplines working collaboratively with clients to
develop technically sound, science-based solutions to the leading
environmental challenges of our time. The company is listed on the
Nasdaq Stock Exchange under the ticker symbol EEI
and the information in this release can be found online at
www.ene.com.
Contact:Sara HerrmannCorporate Communications Manager(716)
684-8060sherrmann@ene.com
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Financial Report - |
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(In thousands, except per
share information) |
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Three Months Ended |
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April 27, 2019 |
April 28, 2018(Restated) |
% Change |
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Gross revenue |
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$ |
21,775 |
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$ |
20,677 |
5% |
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Revenue, net less subcontract
costs |
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$ |
18,783 |
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$ |
18,037 |
4% |
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Cost of professional services
and other direct operating expenses |
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$ |
8,810 |
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$ |
7,910 |
11% |
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Selling, general and
administrative expenses |
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$ |
10,504 |
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$ |
9,949 |
6% |
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Income before income tax
provision |
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$ |
(727 |
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$ |
127 |
-672% |
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Net income attributable to
Ecology and Environment, Inc. |
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$ |
(1,030 |
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$ |
69 |
-1593% |
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Net income per common share -
basic and diluted |
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$ |
(0.24 |
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$ |
0.02 |
-1588% |
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Nine Months Ended |
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April 27, 2019 |
April 28, 2018(Restated) |
% Change |
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Gross revenue |
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$ |
63,780 |
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$ |
68,071 |
-6% |
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Revenue, net less subcontract
costs |
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$ |
52,595 |
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$ |
54,653 |
-4% |
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Cost of professional services
and other direct operating expenses |
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$ |
24,718 |
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$ |
24,494 |
1% |
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Selling, general and
administrative expenses |
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$ |
29,156 |
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$ |
29,213 |
0% |
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Income before income tax
provision |
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$ |
(1,671 |
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$ |
604 |
-377% |
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Net income attributable to
Ecology and Environment, Inc. |
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$ |
(1,459 |
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$ |
138 |
-1157% |
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Net income per common share -
basic and diluted |
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$ |
(0.34 |
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$ |
0.03 |
-1154% |
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