Business
Willdan Group Reports 2020 Second Quarter Financial Results
ANAHEIM, Calif.--(BUSINESS WIRE)-- Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN), a provider of professional technical and consulting services, today
About this update from Willdan Group, Inc.
[{"type":"text","content":" ANAHEIM, Calif.--(BUSINESS WIRE)--\nWilldan Group, Inc. (“Willdan”) (Nasdaq: WLDN), a provider of professional technical and consulting services, today reported financial results for its second quarter ended July 3, 2020.\n\n\nSecond Quarter 2020 Summary\n\n\n\nConsolidated contract revenue of $83.5 million, a decrease of 20.0%\n\n\nNet revenue of $43.2 million, a decrease of 7.7%\n\n\nNet loss of $5.0 million, or $(0.43) per diluted share\n\n\nAdjusted net income of $2.0 million, or $0.17 per diluted share\n\n\nAdjusted EBITDA of $7.2 million, or 16.7% of net revenue\n\n\nCash provided by operating activities of $12.8 million\n\n\n\nSix Months Year to Date 2020 Summary\n\n\n\nConsolidated contract revenue of $189.6 million, a decrease of 3.4%\n\n\nNet revenue of $92.8 million, an increase of 5.9%\n\n\nNet loss of $13.1 million, or $(1.13) per diluted share\n\n\nAdjusted net income of $0.5 million, or $0.04 per diluted share\n\n\nAdjusted EBITDA of $8.5 million, or 9.2% of net revenue\n\n\nCash provided by operating activities of $29.2 million\n\n\n\nFor the second quarter of 2020, Willdan reported consolidated contract revenue of $83.5 million and net loss of $5.0 million, or $(0.43) per diluted share. This compares with consolidated contract revenue of $104.4 million and net income of $1.6 million, or $0.14 per diluted share, for the second quarter of 2019. For the second quarter of 2020, Net Revenue, defined as revenue, net of subcontractor services and other direct costs (see “Use of Non-GAAP Financial Measures” below), was $43.2 million, a decrease 7.7% compared to the same period in fiscal year 2019.\n\n\n“In the second quarter, revenue and net income were down due to the pandemic, but adjusted EBITDA was down only marginally compared with last year, indicating that we did a good job of controlling our costs. We also continued our focus on cash flow, and this was very successful. We have now generated $29.2 million in cash flow from operations in the first half of this year, a company record. Our business environment continued to improve each month in the quarter, and the improvement has continued thus far in the third quarter. We currently estimate that pandemic related slowdowns and work suspensions are reducing our revenue by approximately 20% from pre-pandemic levels, an improvement from the estimated 40% reduction th...