SOURCE: Ecology and Environment, Inc.

Ecology and Environment, Inc.

June 21, 2016 10:06 ET

Ecology and Environment, Inc. Reports Quarterly Income of $0.04 per Share

LANCASTER, NY--(Marketwired - June 21, 2016) - Ecology and Environment, Inc., ("E & E" or the "Company") (NASDAQ: EEI) reported income of $0.04 per share for the quarter ended April 30, 2016, down from income of $0.42 per share reported for the same period last year. EEI reported income of $0.08 per share for the first nine months of its fiscal year ending July 31, 2016, down from income of $0.58 per share reported for the prior year.

Year-to-date earnings from U.S. operations have been offset by weak global and regional economic trends that have had a negative impact on net revenues and operating results in South America.

"Domestic revenues are tracking on pace with last year and we continue to pursue strategic growth opportunities in the U.S.," said Gerard A. Gallagher III, E & E president and CEO. "In South America, our Chilean company has contributed steady profits this year. We curbed costs in Brazil, but the economic downturn in Brazil and regional trends in the energy and mining markets in Peru have depressed our overall results. Management continues to evaluate and take measures to adjust to the difficult economy in South America."

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, 2016  May 2, 2015  % Increase  
            
Revenue, net  $25,218  $30,396  -17 %
              
Gross revenue less subcontract costs  $21,284  $25,807  -18 %
              
Total operating expenses (including depreciation and amortization)  $20,469  $22,085  -7 %
              
Income before income tax provision  $788  $3,183  -75 %
              
Net income attributable to Ecology and Environment, Inc.  $175  $1,794  90 %
              
Net income per common share: Basic and Diluted  $0.04  $0.42  90 %
              
            
   Nine Months Ending  
   April 30, 2016  May 2, 2015  % Increase  
              
Revenue, net  $79,923  $91,816  -13 %
              
Gross revenue less subcontract costs  $65,144  $76,764  -15 %
              
Total operating expenses (including depreciation and amortization)  $62,157  $70,054  -11 %
              
Income before income tax provision  $3,047  $5,330  -43 %
              
Net income attributable to Ecology and Environment, Inc.  $357  $2,489  -86 %
              
Net income per common share: Basic and Diluted  $0.08  $0.58  -86 %