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Willdan Reports First Quarter 2011 Financial Results

Willdan Group, Inc. (“Willdan”) (NASDAQ:WLDN), today announced financial results for its first quarter ended April 1, 2011.

For the first quarter of 2011, Willdan reported total contract revenue of $22.7 million and a net loss of $0.3 million, or $0.04 per share.

Tom Brisbin, Willdan’s Chief Executive Officer, stated: “Our first quarter was a slow quarter, and our results reflect that. We continue to see solid growth opportunities across our businesses and we are investing in key personnel and technology so we are positioned to capitalize on them. As previously reported, based on our planned investments in the first half of 2011, we expect stronger profitability in the second half of the year.”

First Quarter 2011 Results

For the first quarter of fiscal 2011, revenue was $22.7 million, up $5.8 million, or 34.2%, from revenue of $17.0 million for the comparable period last year. On a sequential basis, revenue was up $2.8 million, or 14.4%, from the fourth quarter of 2010. Loss from operations was $0.3 million for the first quarter of fiscal 2011, as compared to income from operations of $0.4 million for the comparable period last year. On a sequential basis, loss from operations was down $0.3 million from income from operations of $30,000 for the fourth quarter of 2010.

Net loss was $0.3 million for the first quarter of fiscal 2011, as compared to net income of $0.4 million for the comparable period last year and net income of $0.3 million for the fourth quarter of 2010.

Basic and diluted loss per share for the first quarter of fiscal 2011 was $0.04 as compared to earnings per share of $0.05 for the comparable period last year.

Willdan generated $0.7 million in cash flow from operations in the first quarter of fiscal 2011.
 
  Three Months Ended
April 1,   April 2,
In thousands (except per share data) 2011 2010
Revenue $ 22,742   $ 16,951  
 
(Loss) income from operations

(280

)
385
Interest income 2 5
Interest expense (18 ) (8 )
Other, net 5 10
Income tax expense   --     --  
Net (loss) income $ (291 ) $ 392  
 
Basic and diluted (loss) earnings per share $ (0.04 ) $ 0.05
 
Weighted average shares outstanding:
 
Basic 7,251 7,223
Diluted 7,251 7,230
 

Use of Non-GAAP Financial Measures

Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure its operating performance. Willdan defines Adjusted EBITDA as net (loss) income plus net interest expense, depreciation and amortization, lease abandonment (recapture) and gain on sale of assets. Willdan’s definition of Adjusted EBITDA may differ from those of many companies reporting similarly named measures. This measure should be considered in addition to, and not as a substitute for or superior to, other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles, or GAAP, such as net income. Willdan believes Adjusted EBITDA enables management to separate unusual or infrequent income and expense items from its results of operations to provide a more normalized and consistent view of operating performance on a period-to-period basis. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes. Willdan also believes Adjusted EBITDA is useful to investors, research analysts, investment bankers and lenders because it removes from its operational results the impact of certain unusual or infrequent income and expense items, which may facilitate comparison of its results from period to period.

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