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TheStreet Open House

Willdan Reports Second Quarter 2011 Financial Results

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

For the second quarter of 2011, Willdan reported total contract revenue of $25.8 million and net income of $0.7 million, or $0.10 per share.

Tom Brisbin, Willdan’s Chief Executive Officer, stated: “We reported sequential improvements in revenue, earnings and cash flow in the second quarter. As planned, we continued to make investments in key people and technology across our business lines during the quarter. We continue to expect stronger profitability in the second half of the year as these investments begin to translate into improved revenue growth.”

Second Quarter 2011 Results

For the second quarter of fiscal 2011, revenue was $25.8 million, up $5.4 million, or 26.7%, from revenue of $20.4 million for the comparable period last year. On a sequential basis, revenue was up $3.1 million, or 13.5%, from the first quarter of 2011. Income from operations was $1.0 million for the second quarter of fiscal 2011, as compared to income from operations of $1.3 million for the comparable period last year. On a sequential basis, income from operations was up $1.2 million from a loss from operations of $0.3 million for the first quarter of 2011.

Net income was $0.7 million for the second quarter of fiscal 2011, as compared to net income of $1.3 million for the comparable period last year and a net loss of $0.3 million for the first quarter of 2011.

Basic and diluted earnings per share for the second quarter of fiscal 2011 were $0.10 as compared to earnings per share of $0.17 for the comparable period last year.

Willdan generated $0.9 million in cash flow from operations in the second quarter of fiscal 2011.

Six Months 2011 Results

For the six months ended July 1, 2011, revenue was $48.6 million, up $11.2 million, or 30.1%, from revenue of $37.3 million in the comparable period last year. Income from operations was $0.7 million for the six months ended July 1, 2011 as compared to income from operations of $1.7 million for the comparable period last year. Net income was $0.4 million for the six months ended July 1, 2011 as compared to net income of $1.7 million for the comparable period last year.

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