VSR 4.08 + .44 Superb quarter. May finally be ready to move.
Versar Reports Record Revenues of $22 Million and Funded Contract Backlog of $65 Million for the First Quarter of Fiscal Year 2007
Business Wire - November 09, 2006 09:00
SPRINGFIELD, Va., Nov 09, 2006 (BUSINESS WIRE) -- VERSAR, Inc. (Amex: VSR) today reported record quarterly revenue and funded contract backlog with the release of its financial results for the first quarter of fiscal year 2007, ending September 29, 2006.
Gross Revenue for the first quarter of fiscal year 2007 was $22,285,000, an increase of 65% above the first quarter of fiscal year 2006. This increase was due to the higher construction work and the additional revenue associated with the Company's personnel services contract in Iraq. Net income for the first quarter of fiscal year 2007 was $606,000, or $0.07 per share compared to $116,000, or $0.01 per share in the first quarter of fiscal year 2006. The increase in earnings was primarily because of the increased gross revenues mentioned above and reduction in overhead costs as a result of the Company's cost cutting efforts implemented in fiscal year 2006.
Funded contract backlog for the Company for the first quarter of fiscal year 2007 was $65 million, a 35% increase over that reported at June 30, 2006. This represents the largest funded contract backlog in the Company's 38 years of operations. During the first quarter of fiscal year 2007, the Company received $39 million in additional contract funding. A large portion of this funding was for new, large construction projects and follow on funding for our work in Iraq in support of the Air Force.
Dr. Ted Prociv, President and CEO of Versar said, "I am very pleased with the results for the first quarter of 2007. The record revenues and funded contract backlog speaks volumes for our efforts and sets a foundation for growth in both the top and bottom line of the Company. Versar weathered the government market slowdowns in FY06 and entered the FY07 as a more robust Company. We successfully crossed a significant milestone in our transition process by moving some of our business base to larger infrastructure markets. We saw an opportunity and entered the international market with excellent results. With the additional top revenue growth and the concurrent increase in profitability, we expect continued further success as we proceed into the future. " |
