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Ecology And Environment, Inc., Fourth Quarter And Year-to-Date Earnings Down Vs. Last Year

Stocks in this article: EEI

LANCASTER, N.Y., Nov. 14, 2013 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc., ("E&E" or the "Company") (Nasdaq:EEI) reported a consolidated net loss of $3.8 million or $.90 per share for the fourth quarter of fiscal year 2013, an increase of $2.9 million from the net loss of $0.9 million or $.23 per share reported in the fourth quarter of the prior year. The net loss for the fourth quarter increased $3.4 million from the loss of $0.4 million reported for the third quarter of fiscal year 2013. Consolidated revenues of $29.7 million for the fourth quarter of fiscal year 2013 decreased $7.2 million or 19% from the $36.9 million reported in the fourth quarter of the prior year.

For the full fiscal year ended July 31, 2013, the Company reported a net loss of $2.1 million or $.50 per share, which was down $2.9 million from net income of $0.8 million reported for the prior fiscal year. Consolidated revenues for fiscal year 2013 were $134.9 million, a decrease of $20.5 million or 13% from the $155.4 million reported in fiscal year 2012.

Domestic revenue for fiscal year 2013 decreased 7% from the prior year. During fiscal years 2013 and 2012, a stagnant U.S. economy significantly inhibited the Company's ability to grow or to replace expiring projects in certain market sectors which historically have been integral to our business, such as energy transmission, mining and governments.

Foreign revenue for fiscal year 2013 decreased 24% from the prior year. During fiscal years prior to 2013, the Company identified opportunities to expand in Asia, the Middle East and Africa. Over that same period however, we experienced significant collection risks and incremental related operating costs that may have outweighed the benefits of operating within these markets. As a result, the Company experienced significant volatility in its earnings during fiscal years 2013, 2012 and 2011, primarily resulting from contract adjustments that are recorded as adjustments to revenue. 

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