Exhibit 99.1

 

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Willdan Group Reports

Second Quarter 2018 Results

 

Investment Community Conference Call Today at 5:30 p.m. Eastern Time

 

 

ANAHEIM, Calif. – August 2, 2018

– Willdan Group, Inc. (“Willdan”) (NASDAQ: WLDN), a provider of professional technical and consulting services, today reported financial results for its second quarter ended June 29, 2018.

 

Second Quarter 2018 Highlights

 

·

Total Contract Revenue of $59.8 million

·

Net Revenue of $34.3 million

·

Net Income of $3.3 million

·

Diluted earnings per share of $0.36

·

Adjusted diluted earnings per share of $0.50

·

Cash flow from operations of $10.8 million

 

For the second quarter of 2018, Willdan reported total contract revenue of $59.8 million and net income of $3.3 million, or $0.36 per diluted share.  This compares with total contract revenue of $71.8 million and net income of $3.3 million, or $0.36 per diluted share, for the second quarter of 2017.  For the second quarter of 2018, Net Revenue, defined as revenue, net of subcontractor services and other direct costs (see “Use of Non-GAAP Financial Measures” below), was $34.3 million, up 13.7% compared to the same period in fiscal year 2017.

 

“We executed well in the second quarter and delivered strong year-over year growth in Net Revenue and Adjusted Diluted EPS,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer.  “All of our major energy efficiency programs are performing well and we saw the ramp-up in revenue that we expected from Integral Analytics, our provider of energy data analytics software.  Our current revenue mix and new business pipeline reflects a broader range of work as we continue to diversify both geographically and by project type.  In addition, this quarter we generated $10.8 million in cash flow from operations and a 21.3% adjusted EBITDA net margin, both company records.”

 

“In addition to our traditional energy efficiency services and engineering work, we are seeing more opportunities for projects related to microgrids, fuel cells, and natural gas load pockets.  Advancements in technology and policy are transforming the global electricity system, and we believe we are well positioned to help utilities, businesses and governments make the transformation.  The electrification of our transportation systems will place a greater demand on the electric grid, and change when and where electricity is needed.  Use of renewables and battery storage will increase, generating two-way power flow that transacts with the grid, creating significant new engineering and market challenges.”

 

Second Quarter 2018 Financial Highlights

 

Total contract revenue for the second quarter of 2018 was $59.8 million, a decrease of 16.7% from $71.8 million for the second quarter of 2017.  Contract revenue for the Energy segment was $41.7 million for the second quarter of 2018, a decline of 22.3%, which was primarily attributable to the reduction in pass-through subcontractor costs, for which the Company receives little or no margin.  Contract revenue for the Engineering and Consulting segment was $18.1 million, relatively unchanged from the second quarter of 2017.

 

Net Revenue for the second quarter of 2018 was $34.3 million, an increase of 13.7% from $30.2 million for the second quarter of 2017.  The increase was primarily due to a ramp up in new programs within the Energy segment replacing high revenue and high pass-through cost projects with lower revenue and lower pass-through cost projects, as well as revenue


The following information was filed by Willdan Group, Inc. (WLDN) on Thursday, August 2, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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