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Ecology and Environment, Inc. Reports a Decrease in First Quarter Earnings

2011-12-13 17:07 ET - News Release

LANCASTER, N.Y., Dec. 13, 2011 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc. (E & E) (Nasdaq:EEI) reported revenues for the first quarter of fiscal year 2012 of $42.3 million, up slightly from the $42.0 million reported in the first quarter of fiscal year 2011. Revenue less subcontracts was $33.2 million for the quarter compared to $34.9 million in the first quarter of fiscal year 2011, a decrease of 5% from the record level in fiscal year 2011. Net income for the first quarter of fiscal year 2012 was $1.16 million or $.28 per share, down from the $1.86 million or $.44 per share reported in the prior year.

"There is some natural ebb and flow in our business, as seen in the successful completion of a large field program and the comparison against last year's record earnings," said E & E president and CEO Kevin Neumaier. "While there is some softness in the U.S. market, we see a long-term global demand for our services."

E & E has completed over 50,000 projects for a wide variety of clients in 113 countries, providing environmental solutions in nearly every ecosystem on our planet. E & E is listed on the NASDAQ under the symbol EEI and the information contained in this press release is available on the Company's website at www.ene.com.

Financial Report --
     
(In thousands, except per share information)
  Three Months Ending
  October 29, 2011 October 30, 2010
     
Revenue  $ 42,312  $ 42,026
     
Revenue less Subcontract Costs  $ 33,200  $ 34,944
     
Net Income  $ 1,160  $ 1,859
     
Net Income Per Common Share: Basic and Diluted  $ 0.28  $ 0.44
     
CONTACT: Mr. John Mye, P.E.
         Vice President, Treasurer, and Chief Financial Officer
         (716) 684-8060
         jmye@ene.com

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