SOURCE: Ecology and Environment, Inc.

Ecology and Environment, Inc.

March 16, 2016 13:00 ET

Ecology and Environment, Inc. Reports Increased U.S. Revenues, Overall Quarterly Loss of $0.11 per Share

LANCASTER, NY--(Marketwired - March 16, 2016) -  Ecology and Environment, Inc., ("E & E" or the "Company") (NASDAQ: EEI) reported a loss of $0.11 per share for the quarter ended January 30, 2016, down from a loss of $0.04 per share reported for the same period last year. Higher Department of Defense, other government, and energy project revenues drove U.S. revenues up by 4% during the current quarter as compared with the prior year. Increased domestic gains were more than offset by a 40% decrease in international revenues during the current quarter as compared with the prior year. 

The recession in Brazil and global and regional economic trends affecting mining and energy project activity continue to impact the Company's South American operations. "We have achieved our performance and profitability goals for U.S. operations," said Gerard A. Gallagher III, E & E president and CEO. "Our focus is now more outward and we are exploring opportunities for growth and strategic investment. At the same time, our management team continues to work closely with our South American companies, particularly in Brazil where we face considerable challenges and where economic recovery has been slow to take hold."

Significant reductions of energy sector revenues in Peru and Brazil were partially offset by higher energy sector revenue in Chile. Targeted operating expense reductions in South America during the first half of fiscal 2016 were somewhat offset by higher bad debt and litigation costs in Brazil. 

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 30, 2016   January 31, 2015   % Increase
             
Revenue, net   $ 24,643     $ 28,221     -13 %
                       
Gross revenue less subcontract costs   $ 19,846     $ 23,135     -14 %
                       
Total operating expenses (including depreciation and amortization)   $ 20,371     $ 22,966     -11 %
                       
(Loss) income before income tax provision   $ (361 )   $ 186     -294 %
                       
Net (loss) income attributable to Ecology and Environment, Inc.   $ (481 )   $ (152 )   -216 %
                       
Net income (loss) per common share: Basic and Diluted   $ (0.11 )   $ (0.04 )   -175 %
                       
                       
      Six Months Ending  
      January 30, 2016       January 31, 2015     % Increase  
                       
Revenue, net   $ 54,705     $ 61,420     -11 %
                       
Gross revenue less subcontract costs   $ 43,860     $ 50,956     -14 %
                       
Total operating expenses (including depreciation and amortization)   $ 42,270     $ 48,734     -13 %
                       
Income before income tax provision   $ 2,259     $ 2,147     5 %
                       
Net income attributable to Ecology and Environment, Inc.   $ 183     $ 695     -74 %
                       
Net income per common share: Basic and Diluted   $ 0.04     $ 0.16     -75 %