News Column

BRIEF: E&E reports $300,000 loss in third quarter

June 26, 2014

By Matt Glynn, The Buffalo News, N.Y.



June 26--Ecology & Environment reported a $300,000 loss during the third quarter, with its revenues still suffering from the company's decision to suspend its projects in China.

The Lancaster-based environmental services company recorded consolidated revenues of $31.5 million for the quarter ending April 30, down 2 percent from $32.2 million a year ago. E&E halted all work on projects in China during the fourth quarter of its 2013 fiscal year, so it generated no revenues from that source during its most recent quarter.

The company also reported lower project work volumes in domestic sectors related to government, energy and asbestos inspections. A bright spot was higher energy sector revenues from its South American operations.

E&E's troubled venture in China, as well as risky ventures in Africa and the Middle East, led to a massive management shakeup last year at E&E, as well as some job cuts.

E&E's loss of 8 cents per share $300,000 was smaller than the $400,000, or 10 cents per share, it reported a year ago.

Compared to the second quarter, the company's revenues increased 8 percent and its operating expenses rose 3 percent.

email: mglynn@buffnews.com

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Source: Buffalo News (NY)


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