Wed, 14th Dec 2016 20:30
Ecology and Environment, Inc. Reports Higher First Quarter Net Income
LANCASTER, NY--(Marketwired - December 14, 2016) - Ecology and Environment, Inc., ("E & E" or the "Company") (NASDAQ: EEI) reported net income of $0.21 per share for the quarter ended October 29, 2016, up from $0.15 per share reported for the same quarter of the prior year. Net income of $0.9 million for the quarter was up 34% from the same quarter last year, due mainly to lower losses from the Company's South American operations. Net income from U.S. operations for the quarter was relatively unchanged compared to last year. Lower income tax expense associated with South American operations, and lower operating expenses in the U.S. and South America more than offset reductions in revenues.
"We are seeing some positive results from the strategies we implemented in our Brazilian operations," said E & E president and CEO Gerard A. Gallagher III. "We are similarly engaged in working proactively with all of our South American companies to assess economic conditions that have the potential to impact our regional markets and adjusting operations accordingly."
Revenues of $21.3 million for the current quarter were 13% lower than the prior year. Global economic and political trends affecting oil, natural gas, and other commodity prices continued to have a negative impact on project activity and revenues within the Company's U.S. and South American operations.
E & E is listed on the NASDAQ under the symbol EEI and the information contained in this press release is available on the Company's website at www.ene.com.
|Financial Report -|
|(In thousands, except per share information)|
|Three Months Ending|
|October 29, 2016||October 31, 2015||% Increase|
|Revenue less Subcontract Costs||$||21,304||$||24,467||-13||%|
|Total Operating Expenses (excluding depreciation and amortization)||$||19,657||$||21,604||-12||%|
|Net Income Per Common Share: Basic and Diluted||$||0.21||$||0.15||40||%|
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