Willdan Group Reports First Quarter 2016 Financial Results

Willdan Group, Inc. ("Willdan") (NASDAQ: WLDN), a provider of professional technical and consulting services, today reported financial results for its first quarter ended April 1, 2016, and provided a business update.

For the first quarter of 2016, Willdan reported total contract revenue of $33.9 million and net income of $1.1 million, or $0.13 per basic and diluted share.

"In the first quarter, we were awarded the San Diego Gas & Electric Local Capacity Requirements ('LCR') contract which the Company values at approximately $90 million," said Tom Brisbin, Willdan's CEO. "This LCR contract was one of two awarded and was the only energy efficiency contract issued by San Diego Gas & Electric. We also renewed the ConEd New York contract for $33 million in 2016. Puget Sound Energy also awarded us a lodging contract for up to $2.8 million. Today we announced winning the Elk Grove engineering re-compete for up to $73 million over five years. Additionally, Willdan has won other significant contracts that are currently under negotiation."

"We also acquired Genesys Engineering, which we expect to add more than $30 million of revenue in 2016. Genesys adds complementary mechanical and electrical engineering capabilities in New York. Genesys designs and manages the construction of central plants, cogeneration, chillers, microgrids, renewables, and battery storage. These capabilities allow Willdan to offer its customers complete turnkey energy efficiency services. We expect strong organic growth and profitability in 2016 and beyond," said Mr. Brisbin.

First Quarter 2016 Financial Highlights

Total contract revenue for the first quarter of 2016 increased 1.9% to $33.9 million, as compared to $33.3 million for the first quarter of 2015. The increase in total contract revenue was primarily due to growth in total contract revenue of $0.5 million for the Engineering Services segment and incremental total contract revenue of $3.9 million from Willdan's March 2016 acquisition of the assets of Genesys Engineering ("Genesys"). Excluding the incremental contract revenue from our acquisition, our consolidated contract revenue decreased by $3.3 million, primarily due to a delayed 2016 ConEd contract extension that was resolved during the quarter. Contract revenue for the Energy Efficiency Services, Engineering Services, Public Finance Services, and Homeland Security Services segments was $19.0 million, $11.3 million, $3.0 million and $0.7 million, respectively, in the first quarter of 2016.

If you liked this article you might like

Insider Trading Alert - SBSI, TUBE And WLDN Traded By Insiders

Insider Trading Alert - WLDN, WMC And FELE Traded By Insiders

Insider Trading Alert - HEAR, WLDN And HMSY Traded By Insiders

Insider Trading Alert - ALXN, SUPN And WLDN Traded By Insiders

3 Big-Volume Stocks Triggering Breakout Trades