Versar (NYSE Amex: VSR) presented fiscal figures for the first quarter fiscal year 2011.
The firm released the following statement:
“Gross revenue for the first quarter was $29, 296, 000, a 19 percent increase from the $24, 714, 000 reported in the first quarter of fiscal year 2010. Net income for the first quarter of fiscal year 2011 was $539, 000, or $0.06 per share compared to $237, 000 or $0.03 per share for the same period last year. First quarter FY 2011 operating income of $876, 000 was 132 percent higher than the $378, 000 reported during the same period last year.
“Revenue and profit growth during the period were driven by the firms two successful acquisitions completed during FY 2010, the start of new electrical inspection work in Iraq and the increased military munitions program work at the Nellis Air Force base in Nevada and the Ft. Irwin Army range in California. The improved profit margin was also a result of the company’s ongoing cost reduction efforts as controllable and fixed expenses were flat compared to last year despite a large increase in revenue.
“Our improved performance is a direct result of the focus and hard work of our employees, ” CEO Tony Otten said. “Versar has responded positively to a difficult 2010 and recorded one of the highest-revenue quarters in the firm’s history. Our backlog ended the quarter at over $92 million, 59 percent higher compared to the same period last year, and we expect to see continued profitability and improved margins as several large projects fully ramp up.”
