Willdan Group, Inc (WLDN) has reported 312.89 percent jump in profit for the quarter ended Dec. 30, 2016. The company has earned $1.57 million, or $0.18 a share in the quarter, compared with $0.38 million, or $0.05 a share for the same period last year. Revenue during the quarter surged 82.17 percent to $57.42 million from $31.52 million in the previous year period. Gross margin for the quarter contracted 1006 basis points over the previous year period to 31.48 percent. Total expenses were 95.32 percent of quarterly revenues, down from 98.55 percent for the same period last year. This has led to an improvement of 324 basis points in operating margin to 4.68 percent.
Operating income for the quarter was $2.69 million, compared with $0.46 million in the previous year period.
“We executed well in the fourth quarter, delivering another quarter of significant year-over-year growth in revenue, earnings per share and EBITDA,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “We continue to deliver strong energy savings on all of our major long-term programs for utilities, while effectively ramping up the new programs we won in 2016. We are seeing positive trends in demand for energy efficiency services nationwide, which is resulting in growth opportunities for Willdan in a number of new markets. Our proven ability to deliver energy savings, combined with our expanded performance contracting capabilities, has positioned us well to maintain our current base of business, while winning new programs with public utilities, municipalities, universities and hospitals. We expect to continue generating profitable growth in 2017 and the years ahead.”
For the first-quarter, Willdan Group expects adjusted revenue to be in the range of $42 million to $47 million. Willdan Group expects adjusted revenue to be in the range of $230 million to $245 million for financial year 2017. The company projects diluted earnings per share to be in the range of $0.12 to $0.14 for the first-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $1.05 to $1.20.
Operating cash flow improves significantly
Willdan Group, Inc has generated cash of $21.60 million from operating activities during the year, up 166.60 percent or $13.50 million, when compared with the last year. The company has spent $10.50 million cash to meet investing activities during the year as against cash outgo of $10.64 million in the last year. It has incurred net capital expenditure of $1.65 million on net basis during the year, down 33.27 percent or $0.82 million from year ago.
The company has spent $4.92 million cash to carry out financing activities during the year as against cash inflow of $0.85 million in the last year period.
Cash and cash equivalents stood at $22.67 million as on Dec. 30, 2016, up 37.49 percent or $6.18 million from $16.49 million on Jan. 01, 2016.
Debt moves up
Willdan Group, Inc has witnessed an increase in total debt over the last one year. It stood at $6.59 million as on Dec. 30, 2016, up 13.17 percent or $0.77 million from $5.82 million on Jan. 01, 2016. Interest coverage ratio improved to 64.02 for the quarter from 3.38 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
