Ecology and Environment Inc (EEI, Financial) filed Quarterly Report for the period ended 2009-10-31.
ECOLOGY & ENVIRONMENT, INC. is a broad based environmental consulting and testing firm that offers a broad range of environmental consulting services including: environmental audits; environmental impact assessments; terrestrial, aquatic and marine surveys; air quality management and air toxics pollution control; nvironmental engineering; noise pollution evaluations; wastewater analyses; water pollution control; industrial hygiene and occupational health studies; archaeological and cultural resource studies; and environmental infrastructure planning. Ecology And Environment Inc has a market cap of $58.9 million; its shares were traded at around $14.41 with a P/E ratio of 14 and P/S ratio of 0.4. The dividend yield of Ecology And Environment Inc stocks is 2.9%. Ecology And Environment Inc had an annual average earning growth of 16.9% over the past 10 years.
Investing activities provided $396,000 of cash during the first three months of fiscal year 2010. The increase was mainly attributable to the sale of 16.5 acres of land by the Company at its Walden Avenue facility in Lancaster, New York for the sum of approximately $959,000. Offsetting this was purchases of property, plant and equipment of $548,000 during the first quarter of fiscal year 2010.
Financing activities consumed $364,000 of cash during the first three months of fiscal year 2010. Net cash outflow on long-term debt and capital lease obligations was $263,000 due mainly to the repayment of outstanding loans and leases by the Company s majority owned subsidiaries Walsh Environmental and E&E do Brasil. Distributions to noncontrolling interests during the first three months of fiscal year 2010 were approximately $141,000.
The Company maintains an unsecured line of credit available for working capital and letters of credit of $19 million at one-half percent below the prevailing prime rate. Other lines are available solely for letters of credit in the amount of $19.5 million. The Company guarantees the line of credit of its majority owned subsidiary, Walsh Environmental. The banks have reaffirmed the Company s lines of credit within the past twelve months. At October 31, 2009 and July 31, 2009 the Company had letters of credit outstanding totaling approximately $.5 million and $.6 million, respectively. After letters of credit and loans, there was $38.0 million of availability under the lines of credit at October 31, 2009. The Company believes that cash flows from operations and borrowings against the line of credit will be sufficient to cover all working capital requirements for at least the next twelve months and the foreseeable future.
Revenues for the first quarter of fiscal year 2010 were $39.5 million, an increase of $5.8 million from the $33.7 million reported for the first quarter of fiscal year 2009. The increase in revenue was mainly attributable to increased subcontract work at Walsh Environmental. Revenues from Walsh Environmental were $13.9 million for the first quarter of fiscal year 2010, an increase of $5.9 million from the $8.0 million reported in the first quarter of fiscal year 2009. The increase in Walsh Environmental revenues was mainly attributable to increased activity in the environmental remediation and energy markets. Revenues of the parent company E&E, Inc. decreased $.8 million during the first quarter of fiscal year 2010. The decrease in revenue was attributable to decreased work on contracts in the Company s state sectors.
The Company s income before income taxes was $3.2 million for the first quarter of fiscal year 2010, consistent with the $3.1 million reported in the first quarter of fiscal year 2009. Gross margin increased during the quarter as a result of the increased revenues from Walsh Environmental. Revenue less subcontract costs remained steady at $29.0 million for the first quarter of fiscal year 2010 and 2009. The increased gross profits were offset by higher indirect costs at the parent company and Walsh Environmental. The parent company reported indirect costs of $8.8 million for the first quarter of 2010, an increase of $1.2 million from the $7.6 million reported in the first quarter of fiscal year 2009. The increase was attributable to increased staffing levels and business development and proposal costs worldwide within the parent company. Walsh Environmental reported indirect costs of $3.2 million for the first quarter of fiscal year 2010, an increase of $600,000 from the $2.6 million reported in the prior year. The increase in indirect costs was attributable to increased staffing levels and increased operational expenses related to their overall business growth. The Company recorded a sale of 16.5 acres of land at its Walden Avenue facility in Lancaster, New York for the sum of approximately $959,000 plus closing costs. This sale resulted in a gain of approximately $809,000 ($453,000 after tax) which positively impacted earnings by $.11 per share.
Read the The complete ReportEEI is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
ECOLOGY & ENVIRONMENT, INC. is a broad based environmental consulting and testing firm that offers a broad range of environmental consulting services including: environmental audits; environmental impact assessments; terrestrial, aquatic and marine surveys; air quality management and air toxics pollution control; nvironmental engineering; noise pollution evaluations; wastewater analyses; water pollution control; industrial hygiene and occupational health studies; archaeological and cultural resource studies; and environmental infrastructure planning. Ecology And Environment Inc has a market cap of $58.9 million; its shares were traded at around $14.41 with a P/E ratio of 14 and P/S ratio of 0.4. The dividend yield of Ecology And Environment Inc stocks is 2.9%. Ecology And Environment Inc had an annual average earning growth of 16.9% over the past 10 years.
Highlight of Business Operations:
Operating activities provided $34,000 of cash during the first three months of fiscal year 2010. This increase was mainly attributable to the reported $2.1 million in net income, a $1.1 million increase in accrued payroll costs and a $1.2 million increase in other accrued liabilities. Other accrued liabilities increased during the first three months of fiscal year 2010 mainly due to an increase in billings in excess of revenue throughout the Company. Offsetting these was an increase in contracts receivables and a decrease in accounts payable. Contracts receivable increased $2.2 million during the first three months of fiscal year 2010 mainly attributable to the revenue growth at the Company s majority owned subsidiary Walsh Environmental. Accounts payable decreased $2.7 million during the first three months of fiscal year 2010 primarily due to the payment of payables that were outstanding from the increased work levels at the parent company during the fourth quarter of fiscal year 2009.Investing activities provided $396,000 of cash during the first three months of fiscal year 2010. The increase was mainly attributable to the sale of 16.5 acres of land by the Company at its Walden Avenue facility in Lancaster, New York for the sum of approximately $959,000. Offsetting this was purchases of property, plant and equipment of $548,000 during the first quarter of fiscal year 2010.
Financing activities consumed $364,000 of cash during the first three months of fiscal year 2010. Net cash outflow on long-term debt and capital lease obligations was $263,000 due mainly to the repayment of outstanding loans and leases by the Company s majority owned subsidiaries Walsh Environmental and E&E do Brasil. Distributions to noncontrolling interests during the first three months of fiscal year 2010 were approximately $141,000.
The Company maintains an unsecured line of credit available for working capital and letters of credit of $19 million at one-half percent below the prevailing prime rate. Other lines are available solely for letters of credit in the amount of $19.5 million. The Company guarantees the line of credit of its majority owned subsidiary, Walsh Environmental. The banks have reaffirmed the Company s lines of credit within the past twelve months. At October 31, 2009 and July 31, 2009 the Company had letters of credit outstanding totaling approximately $.5 million and $.6 million, respectively. After letters of credit and loans, there was $38.0 million of availability under the lines of credit at October 31, 2009. The Company believes that cash flows from operations and borrowings against the line of credit will be sufficient to cover all working capital requirements for at least the next twelve months and the foreseeable future.
Revenues for the first quarter of fiscal year 2010 were $39.5 million, an increase of $5.8 million from the $33.7 million reported for the first quarter of fiscal year 2009. The increase in revenue was mainly attributable to increased subcontract work at Walsh Environmental. Revenues from Walsh Environmental were $13.9 million for the first quarter of fiscal year 2010, an increase of $5.9 million from the $8.0 million reported in the first quarter of fiscal year 2009. The increase in Walsh Environmental revenues was mainly attributable to increased activity in the environmental remediation and energy markets. Revenues of the parent company E&E, Inc. decreased $.8 million during the first quarter of fiscal year 2010. The decrease in revenue was attributable to decreased work on contracts in the Company s state sectors.
The Company s income before income taxes was $3.2 million for the first quarter of fiscal year 2010, consistent with the $3.1 million reported in the first quarter of fiscal year 2009. Gross margin increased during the quarter as a result of the increased revenues from Walsh Environmental. Revenue less subcontract costs remained steady at $29.0 million for the first quarter of fiscal year 2010 and 2009. The increased gross profits were offset by higher indirect costs at the parent company and Walsh Environmental. The parent company reported indirect costs of $8.8 million for the first quarter of 2010, an increase of $1.2 million from the $7.6 million reported in the first quarter of fiscal year 2009. The increase was attributable to increased staffing levels and business development and proposal costs worldwide within the parent company. Walsh Environmental reported indirect costs of $3.2 million for the first quarter of fiscal year 2010, an increase of $600,000 from the $2.6 million reported in the prior year. The increase in indirect costs was attributable to increased staffing levels and increased operational expenses related to their overall business growth. The Company recorded a sale of 16.5 acres of land at its Walden Avenue facility in Lancaster, New York for the sum of approximately $959,000 plus closing costs. This sale resulted in a gain of approximately $809,000 ($453,000 after tax) which positively impacted earnings by $.11 per share.
Read the The complete ReportEEI is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
