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Versar, Inc. Announces Improved First Quarter FY 2011 Financial Results

Versar, Inc. (NYSE Amex: VSR) today announced its financial results for its first quarter fiscal year 2011, ended September 24, 2010. Gross revenue for the first quarter was $29,296,000, a 19% increase from the $24,714,000 reported in the first quarter of fiscal year 2010. Net income for the first quarter of fiscal year 2011 was $539,000, or $0.06 per share compared to $237,000 or $0.03 per share for the same period last year. First quarter FY 2011 operating income of $876,000 was 132% higher than the $378,000 reported during the same period last year.

Revenue and profit growth during the period were driven by the firms two successful acquisitions completed during FY 2010, the start of new electrical inspection work in Iraq and the increased military munitions program work at the Nellis Air Force base in Nevada and the Ft. Irwin Army range in California. The improved profit margin was also a result of the company’s ongoing cost reduction efforts as controllable and fixed expenses were flat compared to last year despite a large increase in revenue.

Tony Otten, CEO of Versar said, “Our improved performance is a direct result of the focus and hard work of our employees. Versar has responded positively to a difficult 2010 and recorded one of the highest revenue quarters in the firm’s history. Our backlog ended the quarter at over $92 million, 59% higher compared to the same period last year, and we expect to see continued profitability and improved margins as several large projects fully ramp up.

VERSAR, INC., headquartered in Springfield, VA, is a publicly held global project management company providing sustainable solutions to government and commercial clients in construction management, environmental services, munitions response, telecommunications and energy. VERSAR operates a number of web sites, including the corporate Web sites, www.versar.com, www.homelanddefense.com, www.geomet.com; www.viap.com; www.dtaps.com; www.adventenv.com, and www.ppsgb.com.

This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 25, 2010, as updated from time to time in the Company’s periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
 
VERSAR, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited - in thousands, except per share amounts)
 
For the Three-Months Ended

September 24,2010
 

September 25,2009
GROSS REVENUE $ 29,296 $ 24,714
Purchased services and materials, at cost 14,474 12,770
Direct costs of services and overhead   11,937   9,591
GROSS PROFIT 2,885 2,353
 
Selling, general and administrative expenses   2,009   1,975
OPERATING INCOME 876 378
 
OTHER (INCOME) EXPENSE
Interest (income) (82) (32)
Interest expense   43   13
INCOME BEFORE INCOME TAXES 915 397
 
Income tax expense   376   160
 
NET INCOME $ 539 $ 237
 
NET INCOME PER SHARE – BASIC $ 0.06 $ 0.03

NET INCOME PER SHARE – DILUTED

$

0.06

$

0.03
 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC
 

9,258
  9,011
 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – DILUTED
  9,276   9,146
 

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