Willdan Group, Inc. (“Willdan”) (NASDAQ:WLDN), today announced financial results for its first quarter ended April 2, 2010.
For the first quarter of 2010, Willdan reported total contract revenue of $17.0 million and net income of $0.4 million, or $0.05 per share.
Tom Brisbin, Willdan’s Chief Executive Officer, stated: “We’re pleased with the incremental improvement in our first quarter financial performance. These results reflect a continued strong contribution from our Engineering Services and Homeland Security Services segments. Importantly, they also reflect the decisive steps we have taken over the past 24 months to position Willdan for profitable growth.
“We believe we have reached an inflection point where our diversified business model will offset weakness in our traditional engineering business. While the economic recovery is far from complete, we are optimistic that we’ll see continued improvements in our financial performance going forward.”First Quarter 2010 Results For the first quarter of fiscal 2010, revenue was $17.0 million, down $0.2 million, or 1.4%, from revenue of $17.2 million for the comparable period last year. On a sequential basis, revenue was up $2.6 million, or 17.9%, from the fourth quarter of 2009. Income from operations was $0.4 million for the first quarter of fiscal 2010, as compared to loss from operations of $0.7 million for the comparable period last year. On a sequential basis, income from operations was up $4.4 million, or 109.7%, from a loss from operations of $4.0 million for the fourth quarter of 2009. Net income was $0.4 million for the first quarter of fiscal 2010, as compared to a net loss of $0.5 million in the comparable period last year and a net loss of $3.3 million in the fourth quarter of 2009. Basic and diluted income per share for the first quarter of fiscal 2010 was $0.05 as compared to a loss per share of $0.06 for the comparable period last year.