Willdan Group, Inc. (“Willdan”) (NASDAQ:WLDN), today announced financial results for its second quarter ended June 29, 2012.
For the second quarter of 2012, Willdan reported total contract revenue of $23.5 million and a net loss of $17.0 million, or $2.33 per share. Included in this loss was a goodwill impairment charge of $15.2 million, or $2.08 per share.
Tom Brisbin, Willdan’s Chief Executive Officer, stated: “We anticipated weak results in the second quarter due to continued delays in contract renewals. We were able to successfully renew our significant contracts in New York and win additional work in the Midwest. We will be ramping up these contracts in our third quarter and are forecasting positive results in our third and fourth quarters of 2012.”
Second Quarter 2012 ResultsFor the second quarter of fiscal 2012, revenue was $23.5 million, down $2.3 million, or 9.0%, from revenue of $25.8 million for the comparable period last year. On a sequential basis, revenue was down $2.0 million, or 7.8%, from the first quarter of 2012. Loss from operations was $19.6 million for the second quarter of fiscal 2012, as compared to income from operations of $1.0 million for the comparable period last year. On a sequential basis, loss from operations was $19.6 million, including the $15.2 million goodwill impairment charge, as compared to $2.3 million for the first quarter of 2012. Net loss was $17.0 million for the second quarter of fiscal 2012, as compared to net income of $0.7 million for the comparable period last year and a net loss of $1.4 million for the first quarter of 2012. Loss per share for the second quarter of fiscal 2012 was $2.33 as compared to earnings per share of $0.10 for the comparable period last year. Willdan generated $1.7 million in cash flow from operations in the second quarter of fiscal 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV