Versar, Inc. (NYSE Amex: VSR) today announced solid financial results for the third quarter of fiscal year 2011, ending April 1, 2011. Gross revenue for the third quarter of $31.5 million was 29% higher than the $24.4 million reported during the same period last year. Net income for the third quarter of fiscal year 2011 was $629 thousand or $0.07 per share compared to a loss of $1.5 million or ($0.16) per share for the same period last year. Third quarter fiscal year 2011 Gross profit of $4.2 million was 223% higher than the $1.3 million reported during the third quarter of fiscal year 2010 and Operating Income of $1.4 million was approximately $3.6 million higher than the $2.3 million loss reported during the same period last year.
Third quarter year on year revenue growth benefitted from Versar’s two acquisitions completed in fiscal year 2010 and strong performance in the Company’s Compliance and Environmental and National Security Business Segments. Further, Versar’s cost reduction efforts, combined with ongoing efficiency improvements, kept selling, general and administrative (SG&A) expenses flat compared to last year, even as revenue grew 40% during the first nine months of fiscal year 2011.
For the first nine months of fiscal year 2011, gross revenue was $102.7 million, 40% higher compared to $73.5 million reported in the first nine months of last fiscal year. The Company reported net income of $2.1 million, or $.23 per share, for the first nine months of fiscal year 2011 compared to a loss of $1.6 million, or ($0.17) per share, during the same period in fiscal year 2010, a $.40 per share turn around. Gross Profit for the first nine months of fiscal year 2011 of $10.7 million was 100% higher than the same period last year and Operating Income for the first nine months of fiscal year 2011 of $3.7 million was $6.1 million higher than $2.4 million loss reported during the same period last year.
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