LANCASTER, N.Y., June 14, 2012 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc., (E & E) (Nasdaq:EEI) reported consolidated revenues for the third quarter of fiscal year 2012 of $36.0 million, a decrease of $5.1 million or 12% from the $41.1 million reported in the third quarter of fiscal year 2011. Revenue less subcontracts was $30.0 million for the quarter compared to $33.5 million in the third quarter of fiscal year 2011, a decrease of 10% from the level in fiscal year 2011. Net income for the third quarter of fiscal year 2012 was $56,000 or $.01 per share, down from the $1.4 million or $.34 per share reported in the prior year.
"Delays in projects, primarily in the United States, hurt earnings substantially this past quarter. These were delays in schedule rather than cancellations and we expect to see those projects resume going forward," said Kevin Neumaier, E & E president and CEO.
Any statements that refer to projections or expectations concerning our future financial performance, anticipated growth, and trends in our businesses are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. Information on risks and uncertainties is available in our SEC filings.
E & E has completed over 50,000 projects for a wide variety of clients in 122 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 | ||
| April 30, 2012 | April 30, 2011 | |
| Revenue | $ 36,011 | $ 41,120 |
| Revenue less Subcontract Costs | $ 30,040 | $ 33,521 |
| Net Income | $ 56 | $ 1,429 |
| Net Income Per Common Share: Basic and Diluted | $ 0.01 | $ 0.34 |
| Nine Months Ending | ||
| April 30, 2012 | April 30, 2011 | |
| Revenue | $ 118,496 | $ 125,012 |
| Revenue less Subcontract Costs | $ 93,825 | $ 102,557 |
| Net Income | $ 1,719 | $ 5,046 |
| Net Income Per Common Share: Basic and Diluted | $ 0.41 | $ 1.19 |