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Versar, Inc. Announces Second Quarter Fiscal 2012 Results

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.

Stock quotes in this article: VSR 

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