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Willdan Reports Fourth Quarter 2011 and Fiscal Year 2011 Financial Results
ANAHEIM, Calif., March 27, 2012(BUSINESS WIRE)Willdan Group, Inc. (Willdan) (NASDAQ:WLDN), today announced financial results for its fourth quarter and fiscal year 2011 ended December 30, 2011.
For the fourth quarter of 2011, Willdan reported total contract revenue of $30.0 million and a net loss of $0.8 million, or $0.11 per basic and diluted share.
For the fiscal year ended December 30, 2011, Willdan reported total contract revenue of $107.2 million and net income of $1.8 million, or $0.25 per basic share and $0.24 per diluted share.
Tom Brisbin, Willdans Chief Executive Officer, stated: Were pleased with our results for 2011. The investments we have made in diversifying our business are paying off and we are now on a clear path to sustained long-term growth. Our diversification into the energy efficiency market, in particular, has significantly contributed to our recovery and growth over the past three years. We are excited about the future and believe that Willdan is poised to deliver improved profits and stockholder returns in 2012 and beyond.
Fourth Quarter 2011 Results
For the fourth quarter of fiscal 2011, revenue was $30.0 million, up $10.1 million, or 51.0%, from revenue of $19.9 million for the comparable period last year. On a sequential basis, revenue was up $1.4 million, or 4.9%, from the third quarter of 2011. Income from operations was $0.3 million for the fourth quarter of fiscal 2011, as compared to $30,000 for the comparable period last year. On a sequential basis, income from operations decreased $2.1 million from $2.4 million in the third quarter of 2011.
Net loss was $0.8 million for the fourth quarter of fiscal 2011, as compared to net income of $0.3 million in the comparable period last year and net income of $2.2 million in the third quarter of 2011.
Basic and diluted loss per share for the fourth quarter of fiscal 2011 was $0.11 as compared to basic and diluted earnings per share of $0.04 for the comparable period last year.
Willdan used $3.7 million in cash flow from operations in the fourth quarter of fiscal 2011.
Fiscal Year 2011 Results
Revenue for fiscal year 2011 was $107.2 million, up $29.3 million, or 37.6%, from revenue of $77.9 million for fiscal year 2010. Income from operations was $3.4 million for fiscal year 2011 as compared to $3.1 million for fiscal year 2010. Net income was $1.8 million for fiscal year 2011 as compared to $2.7 million for fiscal year 2010.
The following information was filed by Willdan Group, Inc. (WLDN) on Tuesday, March 27, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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