SOURCE: Ecology and Environment, Inc.

Ecology and Environment, Inc.

March 15, 2017 10:30 ET

Ecology and Environment, Inc. Reports Higher Net Income for First Half of Fiscal Year 2017

LANCASTER, NY--(Marketwired - March 15, 2017) - Ecology and Environment, Inc., ("E & E" or the "Company") (NASDAQ: EEI) reported earnings of $0.13 per share for the six months ended January 28, 2017, up 225% from earnings of $0.04 per share reported for the same period of the prior year. A significantly reduced effective tax rate associated with South American operations and lower operating expenses in the U.S. and South America more than offset reductions in domestic and foreign revenues during the first half of fiscal year 2017.

Quarterly earnings improved to a loss of $0.07 per share for the current quarter from a loss of $0.11 per share for the second quarter of the prior year. Net income before taxes improved to income of $0.2 million for the current quarter from a loss of $0.5 million for the same quarter last year. The current quarter loss was mainly due to a tax charge related to repatriation of dividends from the Company's 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  
   January 28, 2017   January 30, 2016   % Increase  
                
Revenue, net  $24,802   $24,643   1 %
                
Revenue, net less subcontract costs  $19,379   $19,913   -3 %
                
Total operating expenses (excluding depreciation and amortization)  $18,852   $20,083   -6 %
                
Income (loss) before income tax provision  $165   $(360 ) 146 %
                
Net loss attributable to Ecology and Environment, Inc.  $(318 ) $(481 ) 34 %
                
Net loss per common share (Basic and Diluted)  $(0.07 ) $(0.11 ) 36 %
                
                
    Six Months Ending  
    January 28, 2017    January 30, 2016   % Increase  
                
Revenue, net  $50,407   $54,705   -8 %
                
Gross revenue less subcontract costs  $40,683   $44,380   -8 %
                
Total operating expenses (excluding depreciation and amortization)  $38,509   $41,688   -8 %
                
Income before income tax provision  $1,584   $2,259   -30 %
                
Net income attributable to Ecology and Environment, Inc.  $570   $183   211 %
                
Net income per common share (Basic and Diluted)  $0.13   $0.04   225 %