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Ecology And Environment, Inc., Third Quarter Earnings Down And Year-To-Date Earnings Unchanged Vs. Last Year

Stocks in this article: EEI

LANCASTER, N.Y., June 21, 2013 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc., ("E & E" or the "Company") (Nasdaq:EEI) reported consolidated revenues for the third quarter of fiscal year 2013 of $32.2 million, a decrease of $3.8 million or 11% from the $36.0 million reported in the third quarter of fiscal year 2012. Revenue less subcontract costs of $26.1 million for the current quarter decreased $3.9 million or 13% compared to the third quarter of fiscal year 2012. E & E reported a net loss of $0.4 million or $.10 per share for the third quarter of fiscal year 2013, a decrease of $0.5 million from the net income of $0.1 million or $.01 per share reported in the third quarter of the prior year. Compared to the second quarter of fiscal year 2013, net income for the third quarter decreased $2.3 million.

Consolidated revenues for the first nine months of fiscal year 2013 were $105.2 million, a decrease of $13.3 million or 11% from the $118.5 million reported in the first nine months of fiscal year 2012. Revenue less subcontract costs of $86.6 million for the first nine months of fiscal year 2013 decreased $7.2 million or 8% compared to the same period in the prior fiscal year.  Net income of $1.7 million or $.40 per share for the first nine months of 2013 was relatively unchanged from net income reported for the same period last year.

E & E's expansion to countries in the Middle East, Africa and Asia over the past several years has resulted in heightened political, regulatory, and cultural risks within these regions in comparison with similar risks associated with its business in the United States, Canada and South America. The Company has experienced slow and inconsistent collections from clients in the Middle East, Africa, and Asia, which in turn has had a significant impact on the comparability of its quarterly and annual results due to large swings in allowances established to record contract receivables at expected amounts.

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