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Willdan Reports Fourth Quarter 2012 And Fiscal Year 2012 Financial Results

Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to operating income or net income as an indicator of operating performance or any other GAAP measure.

Adjusted EBITDA decreased to $(3.3) million for fiscal year 2012 from $4.3 million for fiscal year 2011.

The following is a reconciliation of net (loss) income to Adjusted EBITDA:

In thousands   Twelve Months Ended
December 28,

2012

  December 30,

2011

 
Net (loss) income $ (17,300 ) $ 1,830
Interest income (6 ) (5 )
Interest expense 106 77
Income tax (benefit) expense (2,083 ) 1,500
Lease abandonment expense 26 2
Depreciation and amortization 737 944
Impairment of goodwill 15,208
Loss on sale of assets 18 2
Adjusted EBITDA $ (3,294 ) $ 4,350
 

Liquidity and Capital Resources

Willdan had $10.0 million in cash and cash equivalents at December 28, 2012, compared with $3.0 million at December 30, 2011. Willdan has a $5.0 million revolving line of credit with Wells Fargo Bank, National Association ("Wells Fargo"), with $3.0 million in outstanding borrowings at December 28, 2012. In addition, the revolving line of credit is scheduled to expire on April 1, 2013. Wells Fargo may also refuse to renew the facility when it expires on April 1, 2013 and if they do so, Willdan will have to repay the outstanding balance of $3.0 million.

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