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Willdan Group Reports Fourth Quarter and
Full Year 2015 Financial Results
Investment Community Conference Call Today at 5:00 p.m. Eastern Time
ANAHEIM, Calif. – March 10, 2016 – 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 January 1, 2016, and provided a business update.
For the fourth quarter of 2015, Willdan reported total contract revenue of $31.5 million and net income of $0.4 million, or $0.05 per basic and diluted share.
For the fiscal year ended January 1, 2016, Willdan reported total contract revenue of $135.1 million and net income of $4.3 million, or $0.54 and $0.52 per basic and diluted share, respectively.
“As we forecasted, our overall results in the fourth quarter were negatively impacted by the performance of our Energy Efficiency Services segment,” said Tom Brisbin, Willdan’s Chief Executive Officer. “Similar to what we experienced in the third quarter of 2015, we had a decline in the scope of activity for our largest utility customer and a long ramp-up phase in one of our new utilities programs. We enter 2016 with a robust pipeline of new opportunities in the Energy Efficiency Services segment, which we believe will help us improve the performance of this business going forward. Our Engineering Services segment continued to perform well, generating 13% year-over-year revenue growth in 2015, largely driven by increased demand for city engineering services in Northern California.”
Fourth Quarter 2015 Financial Highlights
Total contract revenue for the fourth quarter of 2015 increased 4.3% to $31.5 million, as compared to $30.2 million for the fourth quarter of 2014. The increase in total contract revenue was primarily due to growth in the Engineering Services segment and the contribution of contract revenue from Willdan’s January 2015 acquisitions of 360 Energy Engineers, LLC (“360 Energy”) and Abacus Resource Management Company(“Abacus”). In aggregate, contract revenue resulting from Willdan’s acquisitions of 360 Energy and Abacus was $4.5 million in the fourth quarter of 2015. Contract revenue for the Energy Efficiency Services, Engineering Services, Public Finance Services, and Homeland Security Services segments was $15.9 million, $12.1 million, $2.9 million and $0.7 million, respectively, in the fourth quarter of 2015.
The following information was filed by Willdan Group, Inc. (WLDN) on Thursday, March 10, 2016 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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