Willdan Group, Inc. ("Willdan") (NASDAQ: WLDN), a provider of professional technical and consulting services, reported financial results for its fourth quarter and fiscal year ended December 30, 2016, and provided a business update.
Fiscal Year 2016 Highlights
- Total contract revenue of $208.9 million, an increase of 55% over prior year
- Net income of $8.3 million, an increase of 95% over prior year
- Diluted earnings per share of $0.97, up 87% over prior year
- EBITDA of $15.2 million, an increase of 49% over prior year
- Cash flow from operations of $21.6 million
Fourth Quarter 2016 Highlights
- Total contract revenue of $57.4 million, an increase of 82% over prior year
- Net income of $1.6 million, an increase of 313% over prior year
- Diluted earnings per share of $0.18, an increase of 260% over prior year
- EBITDA of $3.7 million, an increase of 108% over prior year
For the fourth quarter of 2016, Willdan reported total contract revenue of $57.4 million and net income of $1.6 million, or $0.18 per diluted share. This compares with total contract revenue of $31.5 million and net income of $0.4 million, or $0.05 per diluted share, for the fourth quarter of 2015. The increase in earnings per share in the fourth quarter of 2016 was primarily driven by higher total contract revenue, resulting from both organic growth and incremental revenue contributed by substantially all of the assets of Genesys Engineering P.C. ("Genesys") acquired in March 2016.
"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."
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