Willdan Group, Inc. (“Willdan”) (NASDAQ:WLDN), today announced financial results for its second quarter ended June 28, 2013.
For the second quarter of 2013, Willdan reported total contract revenue of $20.5 million and net income of $0.7 million, or $0.09 per share.
Tom Brisbin, Willdan’s Chief Executive Officer, stated: “While our second quarter revenue was lower than last year, I’m pleased to report that we generated positive cash flow and earnings for the quarter. Lower revenue was due to continued declines in our energy segment, offset by gains in all of our other business lines. Our energy projects began to ramp up during the second quarter as planned and we expect revenue growth and higher levels of profitability in the second half of 2013 .”
Second Quarter 2013 ResultsFor the second quarter of fiscal 2013, revenue was $20.5 million, down $3.0 million, or 12.7%, from revenue of $23.5 million for the comparable period last year. On a sequential basis, revenue was down $0.9 million, or 4.2%, from the first quarter of 2013. Income from operations was $0.7 million for the second quarter of fiscal 2013, as compared to a loss from operations of $19.6 million for the comparable period last year. On a sequential basis, income from operations was $0.7 million as compared to $0.5 million for the first quarter of 2013. Net income was $0.7 million for the second quarter of fiscal 2013, as compared to a net loss of $17.0 million for the comparable period last year and net income of $0.4 million for the first quarter of 2013. Basic and diluted earnings per share for the second quarter of fiscal 2013 were $0.09 as compared to a basic and diluted loss per share of $2.33 for the comparable period last year. Willdan generated $1.4 million in cash flow from operations in the second quarter of fiscal 2013.
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