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To: ~digs who wrote (2358)	9/22/2006 2:24:06 PM
From: ~digs	Read Replies (1) \| Respond to of 7944

VSR 3.7 Professional services company Versar Inc., on Wednesday said income for its full fiscal year more than quintupled, but sales fell due to Defense Department delays. For the fiscal year ended June 30, the company reported net income of about $1.3 million, or 16 cents per share, compared with $202,000, or 2 cents per share, last year. Gross revenues for the year were nearly $60.9 million, compared with $67.7 million the year before. The decrease was primarily caused by contract and project funding delays by the Defense Department, which caused a six-to-nine month delay in many of Versar's contract awards. But the company said its funded contract backlog at the end of the fiscal year was about $48 million -- 55 percent more than the year before -- and it expects revenues will increase at least 10 percent this year.