LANCASTER, N.Y., Dec. 15, 2010 (GLOBE NEWSWIRE) -- Ecology and Environment, Inc. (Nasdaq:EEI) reported record revenue of $42.2 million for the first quarter of fiscal year 2011, ending October 30, 2010. Net income for the company during this quarter was also nearly a record at $1.9 million or $.44 per share.
Compared to the first quarter of fiscal year 2010, revenue for the most recent quarter was up 7%, revenue less subcontract costs were up 20%, and net income was up 33%.
"E & E's global operations continue to excel," said President and CEO Kevin Neumaier. "We delivered record revenue this quarter, coming on the back of a great last quarter. Net income for this quarter was our second best ever, second only to last quarter. Revenue less subcontract costs, one of our key business metrics, jumped an impressive 20% since last year, as we grow our global environmental services business."
As a result of increased revenues, gross margin also increased during this quarter. Revenue less subcontract costs were $34.9 million, an increase of $5.9 million or 20% from the $29.0 million reported in the first quarter of the prior year. Income from operations for the first quarter of fiscal year 2011 was $4.0 million, up 67% from the $2.4 million reported in first quarter of fiscal year 2010. Indirect costs increased only 5% during the first quarter of fiscal year 2011 and decreased as a percentage of sales.
E & E has completed more than 50,000 projects for a wide variety of clients in 96 countries, providing environmental solutions in nearly every ecosystem on our planet. Celebrating 40 years in business, E & E is listed on the NASDAQ under the symbol EEI, and the information contained in this press release is available on our Web site at .
CONTACT: Ecology and Environment, Inc. Mr. John Mye, P.E., Vice President, Treasurer, and Chief Financial Officer (716) 684-8060 firstname.lastname@example.org