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Ecology and Environment Inc (EEI) filed Quarterly Report for the period ended 2011-04-30.
Ecology And Environment Inc. has a market cap of $80.6 million; its shares were traded at around $19.05 with a P/E ratio of 12.9 and P/S ratio of 0.6. The dividend yield of Ecology And Environment Inc. stocks is 2.3%. Ecology And Environment Inc. had an annual average earning growth of 10% over the past 10 years. GuruFocus rated Ecology And Environment Inc. the business predictability rank of 2-star.
This is the annual revenues and earnings per share of EEI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of EEI.
Highlight of Business Operations:
Operating activities provided $3.9 million of cash during the first nine months of fiscal year 2011. This was mainly attributable to the reported $6.3 million in net income, an increase in accrued payroll costs, an increase in billings in excess of revenue and an increase in other accrued liabilities. Billings in excess of revenue increased $3.8 million during the first nine months of fiscal year 2011mainly attributable to balances on contracts with organizations in Kuwait and contracts at the majority owned subsidiary E&E do Brasil. Accrued payroll costs increased $2.7 million during the first nine months due to an additional week of payroll accrued at Ecology and Environment, Inc. (Parent Company) at April 30, 2011. Other accrued liabilities increased $.9 million during the first nine months of fiscal year 2011. Offsetting these was an increase in contract receivables and a decrease in accounts payables. Contract receivables increased $9.4 million during the first nine months of fiscal year 2011 due to increased receivables from contracts in the Middle East and the formation of Ecology and Environment, Inc. s ("E&E" or the "Company") subsidiary Engineering Consulting Services Inc., LLC (ECSI) during the first quarter of the current fiscal year. The Company believes these will be collected. Accounts payable decreased $2.2 million during the first nine months of fiscal year 2011 primarily due to the decreased subcontracted work.
Financing activities consumed $3.3 million of cash during the first nine months of fiscal year 2011. The Company paid dividends in the amount of $1.8 million of which approximately $.9 million was accrued as of July 31, 2010. Distributions to noncontrolling interests during the first nine months of fiscal year 2011 were approximately $.6 million. The Company purchased treasury stock in the amount $.6 million during the first nine months of fiscal year 2011. Net cash outflow on long-term debt and capital lease obligations was $.3 million due mainly to the repayment of $.5 million on a loan at the Parent Company.
Revenue for the third quarter of fiscal year 2011 was $41.4 million, an increase of $8.1 million from the $33.3 million reported for the third quarter of fiscal year 2010. Revenue at the Parent Company was $25.0 million during the third quarter of fiscal year 2011, an increase of $5.1 million attributable to work performed on contracts in the Company s energy and international sectors offset by decreases in work in the state sector. The inclusion of ECSI, formed in August 2010, contributed revenue of $1.4 million for the third quarter of fiscal year 2011. The Company s Chilean subsidiary Gestion Ambiental Consultores (GAC) reported revenue of $1.9 million during the third quarter of fiscal year 2011, an increase of $1.0 million or 111% from the $.9 million reported in the third quarter of fiscal year 2010 due to increased work in mining and extractive industries.
Revenues for the first nine months of fiscal year 2011 were $125.6 million, an increase of $21.7 million from the $103.9 million reported for the first nine months of fiscal year 2010. Revenue at the Parent Company was $72.6 million during the first nine months of fiscal year 2011, an increase of $13.8 million attributable to a significant increase in work performed on contracts in the Company s energy and international sectors offset by smaller decreases in work in the federal government and state sectors. The formation of ECSI contributed revenue of $4.0 million for the first nine months of fiscal year 2011. GAC reported revenue of $5.7 million during the first nine months of fiscal year 2011, an increase of $3.0 million or 111% from the $2.7 million reported in the prior year. The increase in revenue was attributable to increased work on contracts in mining and extractive industries. Walsh reported revenue of $29.7 million during the first nine months of fiscal year 2011, a decrease of $2.2 million or 7% from the $31.9 million reported in the first nine months of fiscal year 2010 mainly attributable to the completion of work associated with a large redevelopment project completed in the second quarter of fiscal year 2010.
The Company s income before income taxes was $2.6 million for the third quarter of fiscal year 2011, an increase of $.8 million from the $1.8 million reported in the third quarter of 2010. Income from operations for the third quarter of fiscal year 2011 was $2.2 million, up 22% from the $1.8 million reported in third quarter of fiscal year 2010. These increases were mainly attributable to the increased energy market work in the Parent Company. Indirect costs increased $1.8 million during the third quarter of fiscal year 2011 mainly attributable to the formation of ECSI and increased marketing costs at the Parent Company and increased staffing at the Company s majority owned subsidiary E&E do Brasil. ECSI reported indirect costs of $.7 million for the third quarter of fiscal year 2011.
The Company s income before income taxes was $9.8 million for the first nine months of fiscal year 2011, an increase of $3.5 million from the $6.3 million reported in the first nine month of the prior year. Revenue less subcontract costs were $102.1 million, an increase of $22.0 million or 27% from the $80.1 million reported in the prior year. Income from operations for the first nine months of fiscal year 2011 was $9.4 million, up 65% from the $5.7 million reported in first nine months fiscal year 2010. These increases were mainly attributable to the increased energy market work in the Parent Company. Indirect costs increased $3.7 million during the first nine months of fiscal year 2011 attributable to increased staffing levels and business development costs throughout the Company and the inclusion of ECSI s indirect costs of $1.8 million for the first nine months of fiscal year 2011. The Company recorded a sale of land during the first quarter of fiscal year 2010 for a gain of $809,000 ($453,000 after tax) which positively impacted earnings by $.11 per share compared to a $290,000 gain on the sale of the assets of AMARCO in current fiscal year.
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