Versar, Inc. (NYSE Amex: VSR) today announced its financial results for the fiscal first quarter ended September 30, 2011.
Revenue for the first quarter of fiscal year 2012 was $33.3 million, an increase of 14% compared to revenue of $29.3 million reported in same quarter of fiscal year 2011. The Company achieved gross profit of $3.7 million, a 28% increase compared to gross profit of $2.9 million in the first quarter of last year, with gross margins of 11% in the first quarter as compared to 10% in the same quarter last year. Operating income improved 44% to $1.3 million in the first quarter versus $0.9 million in the first quarter of last year. Versar recorded net income of $0.8 million or $0.09 per basic and diluted share for the first quarter of fiscal year 2012, compared to net income of $0.5 million, or $0.06 per basic and diluted share, in the first quarter of fiscal 2011.
Increased revenue and profitability in the first quarter of 2012 can be primarily attributed to additional revenue from the Company’s Title II Construction Management projects and from the Tooele Chemical Demilitarization project in its National Security business segment and improved performance from its US based construction projects. Additionally, the Company experienced organic growth during the fiscal 2012 quarter in its Professional Services business segment.
Versar booked new orders in excess of $40 million and completed the first quarter of 2012 with a funded backlog of $84 million, a decrease of 8% compared to the first quarter of 2011, but an increase of 8% when compared to the end of FY 2011.
As of September 30, 2011 the Company had working capital of $20.3 million. Subsequent to the close of the quarter, Versar increased its existing credit line from $10 million to $15 million and extended the maturity date of the facility to September 25, 2012.