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TheStreet Open House

Willdan Reports Second Quarter 2010 Financial Results

Willdan Group, Inc. (“Willdan”) (NASDAQ:WLDN), today announced financial results for its second quarter ended July 2, 2010.

For the second quarter of 2010, Willdan reported total contract revenue of $20.4 million and net income of $1.3 million, or $0.17 per share.

Tom Brisbin, Willdan’s Chief Executive Officer, stated: “We’re pleased to report our second consecutive quarter of profitability in 2010. Our energy and homeland security services groups are doing well and have a favorable outlook for the future.

“Our traditional engineering group is now stable and breaking even. Our financial services group, which realized a decline in revenue, continued to be profitable. We believe that we have now turned the corner and that our diversified business model will position Willdan for continued profitable growth ahead.”

Second Quarter 2010 Results

For the second quarter of fiscal 2010, revenue was $20.4 million, up $4.9 million, or 31.6%, from revenue of $15.5 million for the comparable period last year. On a sequential basis, revenue was up $3.4 million, or 20.0%, from the first quarter of 2010. Income from operations was $1.3 million for the second quarter of fiscal 2010, as compared to a loss from operations of $1.4 million for the comparable period last year. On a sequential basis, income from operations was up $0.9 million, or 225.0%, from income from operations of $0.4 million for the first quarter of 2010.

Net income was $1.3 million for the second quarter of fiscal 2010, as compared to a net loss of $0.9 million in the comparable period last year and net income of $0.4 million in the first quarter of 2010.

Basic and diluted earnings per share for the second quarter of fiscal 2010 was $0.17 as compared to a loss per share of $0.12 for the comparable period last year.

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