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 ResultsFor 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 $0.7 million in cash flow from operations in the first quarter of fiscal 2011.
|Three Months Ended|
|April 1,||April 2,|
|In thousands (except per share data)||2011||2010|
|(Loss) income from operations||
|Income tax expense||--||--|
|Net (loss) income||$||(291||)||$||392|
|Basic and diluted (loss) earnings per share||$||(0.04||)||$||0.05|
|Weighted average shares outstanding:|