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Willdan Group Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 13, 2012 04:27PM

Willdan Group Inc. (WLDN) filed Quarterly Report for the period ended 2012-06-29. Willdan Group, Inc. has a market cap of $8.8 million; its shares were traded at around $1.16 with and P/S ratio of 0.1.



Highlight of Business Operations:

Contract revenue. Our contract revenue was $23.5 million for the three months ended June 29, 2012, with $8.3 million attributable to the Engineering Services segment, $11.6 million attributable to the Energy Efficiency Services segment, $2.6 million attributable to the Public Finance Services segment, and $1.0 million attributable to the Homeland Security Services segment. Consolidated contract revenue decreased $2.3 million, or 9.0%, to $23.5 million for the three months ended June 29, 2012 from $25.8 million in the three months ended July 1, 2011. This decrease was due primarily to a decrease of $1.2 million, or 9.3%, in contract revenue of the Energy Efficiency Services segment as a result of delays in the renewal of contracts for the energy efficiency, sustainability and renewable energy services of our subsidiary, Willdan Energy Solutions. For the three months ended June 29, 2012 as compared to the three months ended July 1, 2011, contract revenue decreased $0.6 million, or 6.3%, and $0.6 million, or 38.2%, for our Engineering Services Segment and Homeland Security Services segments, respectively, and remained flat for our Public Finance Services segment.

Direct costs of contract revenue. Direct costs of contract revenue were $17.1 million for the three months ended June 29, 2012, with $4.8 million attributable to the Engineering Services segment, $10.8 million attributable to the Energy Efficiency Services segment, $1.0 million attributable to the Public Finance Services segment, and $0.5 million attributable to the Homeland Security Services segment. Overall, direct costs increased by $1.6 million, or 10.3%, to $17.1 million for the three months ended June 29, 2012, from $15.5 million for the three months ended July 1, 2011. This increase is attributable to increases in direct costs within our Energy Efficiency Services, Engineering Services and Public Finance Services segments of $1.7 million, or 19.0%, $0.1 million, or 1.6% and $0.1 million, or 11.3%, respectively, partially offset by a decrease in direct costs of contract revenue of $0.3 million, or 35.9%, in our Homeland Security Services segment.

Contract revenue. Our contract revenue was $48.9 million for the six months ended June 29, 2012, with $16.1 million attributable to the Engineering Services segment, $25.9 million attributable to the Energy Efficiency Services segment, $4.9 million attributable to the Public Finance Services segment, and $2.0 million attributable to the Homeland Security Services segment. Consolidated contract revenue for the six months ended June 29, 2012 increased $0.4 million, or 0.8%, to $48.9 million from $48.6 million for the six months ended July 1, 2011, reflecting an increase of $2.9 million, or 12.8%, in contract revenue for the Energy Efficiency Services segment and decreases of $1.4 million, or 8.2%, and $1.1 million, or 35.2%, in contract revenue for our Engineering Services and Homeland Security Services segments, respectively. Contract revenue for our Public Finance Services segment remained flat for the six months ended June 29, 2012 as compared to the six months ended July 1, 2011.

Direct costs of contract revenue. Direct costs of contract revenue were $34.3 million for the six months ended June 29, 2012, with $9.1 million attributable to the Engineering Services segment, $22.4 million attributable to the Energy Efficiency Services segment, $1.8 million attributable to the Public Finance Services segment, and $1.0 million attributable to the Homeland Security Services segment. Overall, direct costs increased by $5.2 million, or 18.0%, to $34.3 million for the six months ended June 29, 2012, from $29.1 million for the six months ended July 1, 2011. This increase is attributable to increases in direct costs within our Energy Efficiency Services segment and our Public Finance Services segment of $6.0 million, or 36.8%, and $0.2 million, or 11.6%, respectively, partially offset by decreases in direct costs of contract revenue of $0.5 million, or 5.2%, and $0.5 million, or 31.4%, in our Engineering Services and Homeland Security Services segments, respectively.

General and administrative expenses. General and administrative expenses increased by $17.7 million, or 94.3%, to $36.5 million for the six months ended June 29, 2012 from $18.8 million for the six months ended July 1, 2011. This reflected increases of $18.4 million and $0.1 million in general and administrative expenses of the Energy Efficiency Services, and the Engineering Services segments, respectively, partially offset by decreases of $0.3 million and $0.4 million, for our Public Finance Services and Homeland Security Services segments, respectively. Our unallocated corporate expenses remained flat. General and administrative expenses as a percentage of contract revenue was 74.6% for the six months ended June 29, 2012 as compared to 38.7% for the six months ended July 1, 2011.

Read the The complete Report



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