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Willdan Group Reports Fourth Quarter and Fiscal Year 2016 Financial Results
Investment Community Conference Call Today at 5:30 p.m. Eastern Time
ANAHEIM, Calif. – March 9, 2017 – 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 30, 2016, and provided a business update.
Fiscal Year 2016 Highlights
Fourth Quarter 2016 Highlights
For the fourth quarter of 2016, Willdan reported total contract revenue of $57.4 million and net income of $1.6 million, or $0.18 per diluted share. This compares with total contract revenue of $31.5 million and net income of $0.4 million, or $0.05 per diluted share, for the fourth quarter of 2015. The increase in earnings per share in the fourth quarter of 2016 was primarily driven by higher total contract revenue, resulting from both organic growth and incremental revenue contributed by substantially all of the assets of Genesys Engineering P.C. (“Genesys”) acquired in March 2016.
“We executed well in the fourth quarter, delivering another quarter of significant year-over-year growth in revenue, earnings per share and EBITDA,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “We continue to deliver strong energy savings on all of our major long-term programs for utilities, while effectively ramping up the new programs we won in 2016. We are seeing positive trends in demand for energy efficiency services nationwide, which is resulting in growth opportunities for Willdan in a number of new markets. Our proven ability to deliver energy savings, combined with our expanded performance contracting capabilities, has positioned us well to maintain our current base of business, while winning new programs with public utilities, municipalities, universities and hospitals. We expect to continue generating profitable growth in 2017 and the years ahead.”
Fourth Quarter 2016 Financial Highlights
Total contract revenue for the fourth quarter of 2016 was $57.4 million, an increase of 82.2% from $31.5 million for the fourth quarter of 2015. The increase was primarily due to higher contract revenue from the Energy Efficiency Services segment, which increased $22.4 million, or 140.9%, from the fourth quarter of 2015. Total contract revenue for the fourth quarter of 2016 included $13.1 million of revenue generated by substantially all of the assets of Genesys, which were acquired in March 2016. Contract revenue for the Energy Efficiency Services, Engineering Services, Public Finance Services, and Homeland Security Services segments was $38.3 million, $15.4 million, $3.2 million and $0.5 million, respectively, in the fourth quarter of 2016.
The following information was filed by Willdan Group, Inc. (WLDN) on Thursday, March 9, 2017 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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