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Willdan Reports Fourth Quarter 2012 And Fiscal Year 2012 Financial Results

Basic and diluted loss per share for fiscal year 2012 was $2.37, as compared to basic and diluted earnings per share of $0.25 and $0.24, respectively, for fiscal year 2011.

Willdan generated $5.3 million in cash flow from operations in the year ended December 28, 2012.
  Three Months Ended   Twelve Months Ended
In thousands (except EPS data) December 28,

  December 30,

December 28,

  December 30,

Revenue $ 22,947 $ 30,006 $ 93,443 $ 107,165
Income from operations 1,225 347 (19,255 ) 3,401
Interest income 2 6 5
Interest expense (26 ) (24 ) (106 ) (77 )
Other, net 7 (4 ) (28 ) 1
Income tax expense (benefit) 908 1,098 (2,083 ) 1,500
Net income (loss) $ 300 $ (779 ) $ (17,300 ) $ 1,830
Earnings (loss) per share
Basic $ 0.04 $ (0.11 ) $ (2.37 ) $ 0.25
Diluted $ 0.04 $ (0.11 ) $ (2.37 ) $ 0.24
Weighted average shares outstanding:
Basic 7,335 7,273 7,310 7,262
Diluted 7,343 7,273 7,310 7,485

Use of Non-GAAP Financial Measures

Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure its operating performance. Willdan defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation and amortization, goodwill impairment and other non-recurring income and expense items occurring in such period. Willdan’s definition of Adjusted EBITDA may differ from those of many companies reporting similarly named measures. This measure should be considered in addition to, and not as a substitute for or superior to, other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles, or GAAP, such as operating income and net income. Willdan believes Adjusted EBITDA enables management to separate non-recurring income and expense items from its results of operations to provide a more normalized and consistent view of operating performance on a period-to-period basis. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes. Willdan also believes Adjusted EBITDA is useful to investors, research analysts, investment bankers and lenders because it removes the impact of certain non-recurring income and expense items from its operational results, which may facilitate comparison of its results from period to period.

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