Business
Willdan Group Reports Third Quarter Financial Results and Provides Update on California IOU Awards
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 third quarter ended October 2, 2020.\n\nThird Quarter 2020 Summary\n\n\nConsolidated contract revenue of $104.5 million, a decrease of 11.1%\n\n\nNet revenue of $51.0 million, an increase of 0.3%\n\n\nNet income of $2.6 million, or $0.21 per diluted share\n\n\nAdjusted net income of $8.5 million, or $0.68 per diluted share\n\n\nAdjusted EBITDA of $11.0 million, or 21.6% of net revenue\n\n\nCash utilized by operating activities of $2.4 million\n\n\nNine Months Year to Date 2020 Summary\n\n\nConsolidated contract revenue of $294.1 million, a decrease of 6.2%\n\n\nNet revenue of $143.8 million, an increase of 3.9%\n\n\nNet loss of $10.5 million, or $0.90 per diluted share\n\n\nAdjusted net income of $9.0 million, or $0.77 per diluted share\n\n\nAdjusted EBITDA of $19.5 million, or 13.6% of net revenue\n\n\nCash provided by operating activities of $26.9 million\n\n\nFor the third quarter of 2020, Willdan reported consolidated contract revenue of $104.5 million and net income of $2.6 million, or $0.21 per diluted share. This compares with consolidated contract revenue of $117.5 million and net income of $0.4 million, or $0.04 per diluted share, for the third quarter of 2019. For the third 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 $51.0 million, remaining approximately flat compared to the same period in fiscal year 2019.\n\n“In the third quarter, contract revenue was down from the prior year due to the pandemic, but adjusted EBITDA was better than we expected, indicating that we did a good job of controlling our costs. We generated $26.9 million in cash flow from operations year-to-date, a company record for the first nine months of a fiscal year. We estimate that pandemic related slowdowns and work suspensions are currently reducing our revenue by approximately 20% from our planned pre-pandemic levels,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer.\n\nMr. Brisbin concluded, “I’m excited to announce that Willdan has signed a total of $781 million in new California Investor Owned Utility (“IOU”) Contracts this year. T...