LANCASTER, N.Y., June 15, 2011 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc., (E & E) (Nasdaq:EEI) reported revenues for the third quarter of fiscal year 2011 of $41.4 million, up 24% from the $33.3 million reported in the third quarter of fiscal year 2010. Net income for the third quarter of fiscal year 2011 almost doubled to $1.4 million or $.34 per share, from the $.7 million or $.18 per share reported in the prior year.
E & E reported an increase of $8.1 million in revenue during the third quarter ending April 30, 2011 compared to the prior year, as work performed on contracts in the Company's energy and global sectors more than offset decreases in work in the US state market. Revenue less subcontract costs, a key business metric for E & E, was $33.5 million, an increase of $6.6 million or 25% from the $26.9 million reported in the third quarter of the prior year.
E & E continued to improve financial performance with a combination of solid growth and improvements in efficiency of operations. Net income increased by 91% for the third quarter of fiscal year 2011 to $1.4 million or $.34 per share, compared to net income of $.7 million or $.18 per share in the third quarter of fiscal year 2010. "We continue to work on great projects for leading edge clients around the world," said E & E president and CEO Kevin Neumaier. "We have an outstanding staff improving long term environmental sustainability with every project we work on."
Ecology and Environment, Inc. has completed over 50,000 projects for a wide variety of clients in 113 countries, providing environmental solutions in nearly every ecosystem on our planet. E & E is listed on the NASDAQ under the symbol EEI and the information contained in this press release is available on E & E's website at .
CONTACT: Mr. John Mye, P.E. Vice President, Treasurer, and Chief Financial Officer (716) 684-8060 jmye@ene.com