Versar (NYSE Amex: VSR) announced third quarter financial results for fiscal year 2010 for the period ending March 26, 2010.
According to the firm, gross revenue for the third quarter of fiscal year 2010 was $24, 355, 000 a decrease of $7, 496, 000 (24%) from the third quarter of fiscal year 2009.
Gross revenue for the first nine months of fiscal year 2010 was $73, 456, 000, a decrease of $11, 360, 000 (13%) compared to $84, 816, 000 for the first nine months of the prior fiscal year. The Company reported a loss of $1, 580, 000, or ($0.17) per share, for the first nine months of fiscal year 2010 compared to net income of $2, 214, 000, or $0.24 per share, during the same period in 2009. The decrease in net income was due to the same factors described above.
“Versar remains committed to improved profit margins and revenue growth, ” said CEO Anthony Otten. “The restructuring charge and cost reduction efforts were designed to improve our agility and turn around our financial performance as rapidly as possible. We are beginning to see improvement in our leading indicators. Furthermore, our two acquisitions announced during the third quarter, as well as our recent wins at Ft. Irwin, Ca., Deseret Chemical Depot, Utah, the Environmental Protection Agency, and our Iraq Personal Services extension, bode well for the remainder of fiscal year 2010 and forward.”
