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Willdan Group Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 10, 2011 04:05PM

Willdan Group Inc. (WLDN) filed Quarterly Report for the period ended 2011-09-30. Willdan Group Inc. has a market cap of $27.99 million; its shares were traded at around $3.85 with a P/E ratio of 18.33 and P/S ratio of 0.36.



Highlight of Business Operations:

Contract revenue. Our contract revenue was $28.6 million for the three months ended September 30, 2011, with $24.6 million attributable to the Engineering Services segment, $2.5 million attributable to the Public Finance Services segment and $1.5 million attributable to the Homeland Security Services segment. Consolidated contract revenue increased $7.9 million, or 38.1%, to $28.6 million for the three months ended September 30, 2011, from $20.7 million for the three months ended October 1, 2010. This was due to increases of $7.7 million, or 46.0%, in contract revenue for the Engineering Services segment, primarily as a result of the increase in demand for the energy efficiency, sustainability and renewable energy services of Willdan Energy Solutions, and $0.3 million, or 22.5%, in contract revenue for the Homeland Security Services segment, partially offset by a decrease in contract revenue for the Public Finance Services segment of $0.1 million, or 4.9%.

Direct costs of contract revenue. Direct costs of contract revenue were $16.9 million for the three months ended September 30, 2011, with $15.3 million attributable to the Engineering Services segment, $0.8 million attributable to the Public Finance Services segment, and $0.8 million attributable to the Homeland Security Services segment. Overall, direct costs increased by $5.4 million, or 47.2%, to $16.9 million for the three months ended September 30, 2011, from $11.5 million for the three months ended October 1, 2010. This increase is attributable to increases in direct costs of $5.0 million, $0.1 million and $0.3 million for our Engineering Services segment, Public Finance Services segment and Homeland Security Services segment, respectively.

Contract revenue. Our contract revenue was $77.2 million for the nine months ended September 30, 2011, with $65.2 million attributable to the Engineering Services segment, $7.4 million attributable to the Public Finance Services segment and $4.6 million attributable to our Homeland Security Services during this period. Consolidated contract revenue increased $19.1 million, or 33.0%, to $77.2 million for the nine months ended September 30, 2011, from $58.0 million for the nine months ended October 1, 2010. Contract revenue increased primarily from an increase of $19.1 million, or 41.3%, in contract revenue for the Engineering Services segment primarily as a result of the increase in demand for the services of our subsidiary, Willdan Energy Solutions. Contract revenue for our Public Finance Services segment decreased $0.7 million, or 8.4%, to $7.4 million for the nine months ended September 30, 2011 as compared to $8.1 million for the nine months ended October 1, 2010. Contract revenue for our Homeland Security Services segment increased $0.8 million, or 19.8%, to $4.6 million for the nine months ended September 30, 2011 as compared to $3.9 million for the nine months ended October 1, 2010.

Direct costs of contract revenue. Direct costs of contract revenue were $45.9 million for the nine months ended September 30, 2011, with $41.3 million attributable to the Engineering Services segment, $2.3 million attributable to the Public Finance Services segment and $2.3 million attributable to the Homeland Security Services segment. Overall, direct costs increased by $15.4 million, or 50.4%, to $45.9 million for the nine months ended September 30, 2011, from $30.5 million for the nine months ended October 1, 2010. This increase is attributable to increases in direct costs within our Engineering Services, Public Finances Services and Homeland Security Services segments of $14.7 million, $0.1 million and $0.6 million, respectively.

General and administrative expenses. General and administrative expenses increased by $3.7 million, or 15.3%, to $28.2 million for the nine months ended September 30, 2011 from $24.4 million for the nine months ended October 1, 2010. This was due to increases in general and administrative expenses of $4.0 million for the Engineering Services segment and $0.7 million for the Homeland Security Services segment, partially offset by decreases of $0.7 million for the Public Finance Services segment and $0.3 million of unallocated corporate expenses. General and administrative expenses as a percentage of contract revenue decreased to 36.5% for the nine months ended September 30, 2011 from 42.1% for the nine months ended October 1, 2010.

Read the The complete Report



Stocks Discussed: WLDN,
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