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WILLDAN GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2014 FINANCIAL RESULTS
Reports 34.6% Year-over-Year Revenue Increase for Fourth Quarter,
Annual Revenue Growth of 26.4% and Diluted EPS of $1.22 for 2014
Investment Community Conference Call Today at 5:00 p.m. Eastern Time
ANAHEIM, Calif. March 31, 2015 Willdan Group, Inc. (Willdan) (NASDAQ: WLDN), a provider of professional technical and consulting services to utilities, private industry, and public agencies at all levels of government, today reported financial results for the fourth quarter and fiscal year ended January 2, 2015, and provided a business update.
For the fourth quarter of 2014, Willdan reported total contract revenue of $30.2 million and net income of $2.0 million, or $0.27 and $0.26 per basic and diluted share, respectively.
For the fiscal year ended January 2, 2015, Willdan reported total contract revenue of $108.1 million and net income of $9.4 million, or $1.26 and $1.22 per basic and diluted share, respectively. Excluding the reversal of our valuation allowance against our deferred tax assets, for the fiscal year ended January 2, 2015, Willdan would have reported net income of $ 4.84 million, or $0.65 and $0.63 per basic and diluted share, respectively.
We are very pleased with our results for fiscal year 2014, said Tom Brisbin, Willdans Chief Executive Officer. Our revenue grew organically by 26% year-over-year primarily due to strength in our energy efficiency and engineering business.
Fiscal 2015 is off to a great start. In January, we expanded our Energy Efficiency Services segment into new geographies with the acquisitions of 360 Energy Engineers and Abacus Resource Management Company. We also bolstered our executive leadership team with key strategic additions. With our outstanding team, ample resources, and attractive market opportunities, we are well positioned for another year of strong growth, profitability and continuing momentum in our businesses.
Fourth Quarter 2014 Financial Highlights
Total contract revenue for the fourth quarter of 2014 increased 34.6% to $30.2 million compared with $22.5 million for the fourth quarter of 2013. Revenue growth was due primarily to a higher level of energy efficiency services in New York. Contract revenue for the Engineering Services segment for the fourth quarter of 2014 was $11.3 million, an increase of 22.8% from the prior year, due mainly to greater demand for city engineering, building and safety, construction management and geotechnical services in California. Contract revenue for the Public Finance Services and Homeland Security Services segments was $2.6 million and $1.0 million, respectively.
Revenue, net of subcontractor costs, (as defined below) for the fourth quarter of 2014 increased by 43.5% to $25.4 million compared with $17.7 million for the fourth quarter of 2013.
The following information was filed by Willdan Group, Inc. (WLDN) on Tuesday, March 31, 2015 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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