Versar, Inc. (NYSE Amex: VSR) today announced its financial results for the fiscal second quarter and six months ended December 30, 2011.
Revenue for the second quarter of fiscal year 2012 was $31.3 million, a decrease of 25% compared to revenue of $41.9 million reported in the same quarter of fiscal year 2011. The decrease in revenue is primarily attributable to non-recurring equipment purchase revenue of approximately $8.4 million, from our Tooele project in Utah, recorded in the second quarter of 2011, which was previously announced.
The Company achieved gross profit in the current quarter of $3.4 million, or 11% of sales, compared to gross profit of $3.5 million, or 8.4% of sales in the second quarter last year, resulting from increased margins primarily in our international operations. Operating income declined slightly to $1.3 million in the second quarter versus $1.5 million in the second quarter of last year. Versar recorded net income of $0.8 million or $0.09 per basic and diluted share for the second quarter of fiscal year 2012, compared to net income of $0.9 million, or $0.10 per basic and diluted share, in the second quarter of fiscal 2011.
For the first six months of fiscal 2012, Versar recorded gross revenue of $64.6 million. While this was a 9% decrease compared to revenue of $71.2 million in the first six months of last fiscal year, gross profit increased 13% to $7.2 million, or 11% of sales, compared to gross profit of $6.4 million or 9% of sales in the first half of fiscal year 2011. Operating income increased 8% in the first half of fiscal year 2012 to $2.6 million from $2.4 million in the same period last year. Versar achieved net income of $1.6 million or $0.18 per basic and diluted share in the first six months of fiscal 2012 as compared to $1.5 million or $0.16 per basic and diluted share in the first six months of fiscal 2011. The improved profit margins were due to strong performance in the Company’s Program Management segment.