BUFFALO, N.Y., Dec. 16, 2009 (GLOBE NEWSWIRE) -- HIGHLIGHTS - Ecology and Environment, Inc., (Nasdaq:EEI) reported revenues for the first quarter of fiscal year 2010 of $39.5 million, up 17% from the $33.7 million reported in the first quarter of fiscal year 2009. Net income for the first quarter of fiscal year 2010 was $1.4 million or $.34 per share, consistent with the $1.5 million or $.35 per share reported in the prior year.
DETAILS - E & E reported an increase of $5.8 million in revenue during the first quarter of fiscal year 2009 compared to the prior year. Most of the increase in revenue was attributable to increased subcontract work at the Company's subsidiary Walsh Environmental. Revenue less subcontract costs remained steady at $29.0 million for the first quarter of fiscal year 2010 and 2009.
Net income for the first quarter of fiscal year 2010 was $1.4 million or $.34 per share, compared to net income of $1.5 million or $.35 per share in the first quarter of fiscal year 2009. The Company recorded a sale of 16.5 acres of land at its Walden Ave. facility in Lancaster, NY for the sum of $959,000 plus closing costs. This sale resulted in a gain of approximately $809,000 ($453,000 after tax) which positively impacted earnings by $.11 per share.
Ecology and Environment has completed over 45,000 projects for a wide variety of clients in 84 countries, providing environmental solutions in nearly every ecosystem on our planet. Ecology and Environment 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/news.
Financial Report -
(In thousands, except per share information)
Three Months Ending
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Oct. 31, 2009 Nov. 1, 2008
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Revenue $ 39,475 $ 33,692
Net Income $ 1,400 $ 1,475
Net Income Per Common Share:
Basic and Diluted $ 0.34 $ 0.35