We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ecology and Environment Inc | NASDAQ:EEI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.45 | 0.01 | 199,999.99 | 0 | 01:00:00 |
New York
|
16-0971022
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification Number)
|
|
368 Pleasant View Drive
Lancaster, New York
|
14086
|
|
(Address of principal executive offices)
|
(Zip code)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☑
|
|
(Do not check if a smaller reporting company)
|
Item 1.
|
Financial Statements
|
Balance at
|
||||||||
April 29, 2017
|
July 31, 2016
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash, cash equivalents and restricted cash
|
$
|
11,675
|
$
|
10,161
|
||||
Investment securities available for sale
|
1,481
|
1,499
|
||||||
Contract receivables, net of allowance for doubtful accounts and contract adjustments of $2,260 and $6,792, respectively
|
31,161
|
34,319
|
||||||
Income tax receivable
|
2,822
|
916
|
||||||
Other current assets
|
2,678
|
2,104
|
||||||
Total current assets
|
49,817
|
48,999
|
||||||
Property, buildings and equipment, net of accumulated depreciation of $17,857 and $18,324, respectively
|
4,423
|
6,094
|
||||||
Deferred income taxes
|
658
|
2,650
|
||||||
Other assets
|
1,788
|
1,769
|
||||||
Total assets
|
$
|
56,686
|
$
|
59,512
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
6,082
|
$
|
6,874
|
||||
Lines of credit
|
689
|
312
|
||||||
Accrued payroll costs
|
4,890
|
6,590
|
||||||
Current portion of long-term debt and capital lease obligations
|
203
|
240
|
||||||
Billings in excess of revenue
|
3,505
|
3,297
|
||||||
Other accrued liabilities
|
3,037
|
3,445
|
||||||
Total current liabilities
|
18,406
|
20,758
|
||||||
Income taxes payable
|
107
|
107
|
||||||
Deferred income taxes
|
870
|
525
|
||||||
Long-term debt and capital lease obligations
|
59
|
217
|
||||||
Commitments and contingencies (Note 16)
|
-
|
-
|
||||||
Shareholders' equity:
|
||||||||
Preferred stock, par value $.01 per share (2,000,000 shares authorized; no shares issued)
|
-
|
-
|
||||||
Class A common stock, par value $.01 per share (6,000,000 shares authorized; 3,035,778 shares issued)
|
30
|
30
|
||||||
Class B common stock, par value $.01 per share; (10,000,000 shares authorized; 1,357,947 shares issued)
|
14
|
14
|
||||||
Capital in excess of par value
|
16,595
|
16,606
|
||||||
Retained earnings
|
22,177
|
22,237
|
||||||
Accumulated other comprehensive loss
|
(2,163
|
)
|
(2,143
|
)
|
||||
Treasury stock, at cost (Class A common: 34,822 and 39,272 shares; Class B common: 64,801 shares)
|
(1,122
|
)
|
(1,172
|
)
|
||||
Total Ecology and Environment, Inc. shareholders' equity
|
35,531
|
35,572
|
||||||
Noncontrolling interests
|
1,713
|
2,333
|
||||||
Total shareholders' equity
|
37,244
|
37,905
|
||||||
Total liabilities and shareholders' equity
|
$
|
56,686
|
$
|
59,512
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29, 2017
|
April 30, 2016
|
April 29, 2017
|
April 30, 2016
|
|||||||||||||
Revenue, net
|
$
|
24,204
|
$
|
25,218
|
$
|
74,611
|
$
|
79,923
|
||||||||
Cost of professional services and other direct operating expenses
|
9,346
|
9,279
|
27,787
|
29,060
|
||||||||||||
Subcontract costs
|
3,410
|
3,888
|
13,133
|
14,212
|
||||||||||||
Administrative and indirect operating expenses
|
7,588
|
8,223
|
22,447
|
24,424
|
||||||||||||
Marketing and related costs
|
2,465
|
2,967
|
7,674
|
8,673
|
||||||||||||
Depreciation and amortization
|
265
|
290
|
782
|
873
|
||||||||||||
Income from operations
|
1,130
|
571
|
2,788
|
2,681
|
||||||||||||
Net interest income (expense)
|
9
|
(27
|
)
|
(3
|
)
|
(49
|
)
|
|||||||||
Proxy costs, net
|
(550
|
)
|
-
|
(550
|
)
|
-
|
||||||||||
Gain on insurance settlement
|
-
|
359
|
-
|
359
|
||||||||||||
Net foreign exchange (loss) gain
|
(9
|
)
|
(94
|
)
|
(81
|
)
|
17
|
|||||||||
Other (expense) income
|
(70
|
)
|
(21
|
)
|
(60
|
)
|
39
|
|||||||||
Income before income tax provision
|
510
|
788
|
2,094
|
3,047
|
||||||||||||
Income tax provision
|
246
|
653
|
1,319
|
2,937
|
||||||||||||
Net income
|
264
|
135
|
775
|
110
|
||||||||||||
Net (income) loss attributable to noncontrolling interests
|
(12
|
)
|
40
|
47
|
247
|
|||||||||||
Net income attributable to Ecology and Environment, Inc.
|
$
|
252
|
$
|
175
|
$
|
822
|
$
|
357
|
||||||||
Net income per common share - basic and diluted
|
$
|
0.06
|
$
|
0.04
|
$
|
0.19
|
$
|
0.08
|
||||||||
Weighted average common shares outstanding - basic and diluted
|
4,294,102
|
4,290,720
|
4,293,646
|
4,290,106
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29, 2017
|
April 30, 2016
|
April 29, 2017
|
April 30, 2016
|
|||||||||||||
Net income including noncontrolling interests
|
$
|
264
|
$
|
135
|
$
|
775
|
$
|
110
|
||||||||
Foreign currency translation adjustments
|
(36
|
)
|
486
|
88
|
(461
|
)
|
||||||||||
Unrealized investment (losses) gains, net
|
7
|
1
|
(24
|
)
|
14
|
|||||||||||
Comprehensive (loss) income
|
235
|
622
|
839
|
(337
|
)
|
|||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
(32
|
)
|
(94
|
)
|
(37
|
)
|
327
|
|||||||||
Comprehensive (loss) income attributable to Ecology and Environment, Inc.
|
$
|
203
|
$
|
528
|
$
|
802
|
$
|
(10
|
)
|
Nine Months Ended
|
||||||||
April 29, 2017
|
April 30, 2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
775
|
$
|
110
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
782
|
873
|
||||||
Deferred income taxes
|
2,356
|
739
|
||||||
Share based compensation expense
|
-
|
53
|
||||||
Tax impact of share-based compensation
|
(6
|
)
|
-
|
|||||
Gain on sale of assets and investment securities
|
(90
|
)
|
(2
|
)
|
||||
Net recovery of contract adjustments and doubtful accounts
|
(1,178
|
)
|
(910
|
)
|
||||
Net bad debt expense
|
399
|
351
|
||||||
Changes in:
|
||||||||
- contract receivables
|
2,953
|
7,397
|
||||||
- other current assets
|
(607
|
)
|
(827
|
)
|
||||
- income tax receivable
|
(1,906
|
)
|
180
|
|||||
- other non-current assets
|
(18
|
)
|
16
|
|||||
- accounts payable
|
49
|
(3,387
|
)
|
|||||
- accrued payroll costs
|
(1,724
|
)
|
(2,186
|
)
|
||||
- income taxes payable
|
(6
|
)
|
34
|
|||||
- billings in excess of revenue
|
196
|
684
|
||||||
- other accrued liabilities
|
700
|
(108
|
)
|
|||||
Net cash provided by operating activities
|
2,675
|
3,017
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sale of subsidiaries
|
75
|
150
|
||||||
Purchase of property, building and equipment
|
(479
|
)
|
(259
|
)
|
||||
Proceeds from sale of property, buildings and equipment
|
1,483
|
5
|
||||||
Proceeds from maturity of investments
|
-
|
26
|
||||||
Purchase of investment securities
|
(22
|
)
|
(78
|
)
|
||||
Net cash provided by (used in) investing activities
|
1,057
|
(156
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Dividends paid
|
(1,720
|
)
|
(2,066
|
)
|
||||
Proceeds from debt
|
-
|
6
|
||||||
Repayment of debt
|
(196
|
)
|
(505
|
)
|
||||
Net borrowings (repayments) under lines of credit
|
370
|
(138
|
)
|
|||||
Distributions to noncontrolling interests
|
(681
|
)
|
(427
|
)
|
||||
Net cash used in financing activities
|
(2,227
|
)
|
(3,130
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
9
|
(204
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
1,514
|
(473
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
10,161
|
8,703
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
11,675
|
$
|
8,230
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
90
|
$
|
102
|
||||
Income taxes
|
987
|
1,951
|
||||||
Supplemental disclosure of non-cash items:
|
||||||||
Sale of subsidiary (loans receivable)
|
-
|
75
|
||||||
Proceeds from capital lease obligations
|
-
|
15
|
Class A
Common
Stock
Shares
|
Class A
Common
Stock
Amount
|
Class B
Common
Stock
Shares
|
Class B
Common
Stock
Amount
|
Capital in
Excess of Par
Value
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Treasury
Stock
Shares
|
Treasury
Stock
Amount
|
Noncontrolling
Interest
|
|||||||||||||||||||||||||||||||
Balance at July 31, 2015 (audited)
|
3,023,206
|
$
|
30
|
1,370,519
|
$
|
14
|
$
|
16,575
|
$
|
23,246
|
$
|
(1,726
|
)
|
107,046
|
$
|
(1,224
|
)
|
$
|
3,570
|
|||||||||||||||||||||
Net income (loss)
|
-
|
-
|
-
|
-
|
-
|
887
|
-
|
-
|
-
|
(278
|
)
|
|||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
(438
|
)
|
-
|
-
|
(119
|
)
|
||||||||||||||||||||||||||||
Cash dividends declared ($0.44 per share)
|
-
|
-
|
-
|
-
|
-
|
(1,895
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Unrealized investment gains, net
|
-
|
-
|
-
|
-
|
-
|
-
|
21
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Conversion of Class B common stock to Class A common stock
|
12,572
|
-
|
(12,572
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Issuance of stock under stock award plan
|
-
|
-
|
-
|
-
|
(6
|
)
|
-
|
-
|
(4,533
|
)
|
52
|
-
|
||||||||||||||||||||||||||||
Share-based compensation expense
|
-
|
-
|
-
|
-
|
37
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(530
|
)
|
|||||||||||||||||||||||||||||
Sale of majority-owned subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(310
|
)
|
|||||||||||||||||||||||||||||
Stock award plan forfeitures
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,560
|
-
|
-
|
||||||||||||||||||||||||||||||
Balance at July 31, 2016 (audited)
|
3,035,778
|
$
|
30
|
1,357,947
|
$
|
14
|
$
|
16,606
|
$
|
22,238
|
$
|
(2,143
|
)
|
104,073
|
$
|
(1,172
|
)
|
$
|
2,333
|
|||||||||||||||||||||
Net income (loss)
|
-
|
-
|
-
|
-
|
-
|
822
|
-
|
-
|
-
|
(47
|
)
|
|||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
-
|
84
|
||||||||||||||||||||||||||||||
Cash dividends declared ($0.20 per share)
|
-
|
-
|
-
|
-
|
-
|
(859
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Unrealized investment losses, net
|
-
|
-
|
-
|
-
|
-
|
-
|
(24
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Issuance of stock under stock award plan
|
-
|
-
|
-
|
-
|
(5
|
)
|
-
|
-
|
(4,450
|
)
|
50
|
-
|
||||||||||||||||||||||||||||
Tax impact of share based compensation
|
-
|
-
|
-
|
-
|
(6
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Tax impact of noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
(24
|
)
|
-
|
-
|
-
|
24
|
|||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(681
|
)
|
|||||||||||||||||||||||||||||
Balance at April 29, 2017 (unaudited)
|
3,035,778
|
$
|
30
|
1,357,947
|
$
|
14
|
$
|
16,595
|
$
|
22,177
|
$
|
(2,163
|
)
|
99,623
|
$
|
(1,122
|
)
|
$
|
1,713
|
1. |
Organization and Basis of Presentation
|
2. |
Recent Accounting Pronouncements
|
3.
|
Proxy Costs, Net
|
4.
|
Cash, Cash Equivalents and Restricted Cash
|
Balance at
|
||||||||
April 29,
2017
|
July 31,
2016
|
|||||||
(in thousands)
|
||||||||
Cash and cash equivalents
|
$
|
11,376
|
$
|
9,902
|
||||
Restricted cash
|
299
|
259
|
||||||
Total cash, cash equivalents and restricted cash
|
$
|
11,675
|
$
|
10,161
|
5. |
Fair Value of Financial Instruments
|
6. |
Revenue and Contract Receivables, net
|
Contract Type
|
Work Type
|
Revenue Recognition Policy
|
||
Time and materials
|
Consulting
|
As incurred at contract rates.
|
||
Fixed price
|
Consulting
|
Percentage of completion, approximating the ratio of either total costs or Level of Effort (LOE) hours incurred to date to total estimated costs or LOE hours.
|
||
Cost-plus
|
Consulting
|
Costs as incurred plus fees. Fees are recognized as revenue using percentage of completion determined by the percentage of LOE hours incurred to total LOE hours in the respective contracts.
|
Balance at
|
||||||||
April 29,
2017
|
July 31,
2016
|
|||||||
(in thousands)
|
||||||||
Contract Receivables:
|
||||||||
Billed
|
$
|
15,812
|
$
|
20,415
|
||||
Unbilled
|
17,609
|
20,696
|
||||||
33,421
|
41,111
|
|||||||
Allowance for doubtful accounts and contract adjustments
|
(2,260
|
)
|
(6,792
|
)
|
||||
Contract receivables, net
|
$
|
31,161
|
$
|
34,319
|
Balance at April 29, 2017
|
Balance at July 31, 2016
|
|||||||||||||||
|
Total
Billed and
Unbilled
Contract
Receivables
|
Allowance for
Doubtful
Accounts and
Contract
Adjustments
|
Total
Billed and
Unbilled
Contract
Receivables
|
Allowance for
Doubtful
Accounts and
Contract
Adjustments
|
||||||||||||
(in thousands)
|
||||||||||||||||
EEI and its subsidiaries located in the U.S.
|
$
|
21,389
|
$
|
958
|
$
|
29,027
|
$
|
5,809
|
||||||||
Subsidiaries located in South America
|
11,610
|
1,302
|
11,659
|
983
|
||||||||||||
Other foreign subsidiaries
|
422
|
---
|
425
|
---
|
||||||||||||
Totals
|
$
|
33,421
|
$
|
2,260
|
$
|
41,111
|
$
|
6,792
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
2,047
|
$
|
6,119
|
$
|
6,792
|
5,954
|
|||||||||
Net increase (decrease) due to adjustments in the allowance for:
|
||||||||||||||||
Contract adjustments
(1)
|
---
|
(428
|
)
|
(4,941
|
)
|
(577
|
)
|
|||||||||
Doubtful accounts
(2)
|
213
|
107
|
409
|
421
|
||||||||||||
Balance at end of period
|
$
|
2,260
|
$
|
5,798
|
$
|
2,260
|
$
|
5,798
|
(1) |
Increases (decreases) to the allowance for contract adjustments on the condensed consolidated balance sheets are recorded as (decreases) increases to revenue, net on the condensed consolidated statements of operations.
During the three months ended January 28, 2017, the Company reversed $4.9 million of allowance related to a specific project in the Middle East, for which a corresponding $4.9 million contract receivable balance was also written off during the period.
|
(2) |
Increases (decreases) to the allowance for doubtful accounts on the condensed consolidated balance sheets are recorded as increases (decreases) to administrative and other indirect operating expenses on the condensed consolidated statements of operations.
|
7. |
Sale of Property
|
8. |
Lines of Credit
|
Balance at
|
||||||||
April 29,
2017
|
July 31,
2016
|
|||||||
(in thousands)
|
||||||||
Outstanding cash draws, recorded as lines of credit on the accompanying condensed consolidated balance sheets
|
$
|
689
|
$
|
312
|
||||
Outstanding letters of credit to support operations
|
2,035
|
2,187
|
||||||
Total amounts used under lines of credit
|
2,724
|
2,499
|
||||||
Remaining amounts available under lines of credit
|
36,287
|
36,496
|
||||||
Total approved unsecured lines of credit
|
$
|
39,011
|
$
|
38,995
|
9. |
Debt and Capital Lease Obligations
|
Balance at
|
||||||||
April 29, 2017
|
July 31, 2016
|
|||||||
(in thousands)
|
||||||||
Various bank loans and advances (interest rates ranging from 6.00% to 6.58% at April 29, 2017)
|
$
|
132
|
$
|
217
|
||||
Capital lease obligations (interest rates ranging from 7.36% to 15.09% at April 29, 2017)
|
130
|
240
|
||||||
262
|
457
|
|||||||
Current portion of long-term debt and capital lease obligations
|
(203
|
)
|
(240
|
)
|
||||
Long-term debt and capital lease obligations
|
$
|
59
|
$
|
217
|
Twelve Months Ended
April 30,
|
Amount
|
|||
(in thousands)
|
||||
2018
|
$
|
203
|
||
2019
|
35
|
|||
2020
|
13
|
|||
2021
|
11
|
|||
Thereafter
|
-
|
|||
Total
|
$
|
262
|
10. |
Income Taxes
|
11. |
Other Accrued Liabilities
|
Balance at
|
||||||||
April 29,
2017
|
July 31,
2016
|
|||||||
(in thousands)
|
||||||||
Allowance for project disallowances
|
$
|
687
|
$
|
1,819
|
||||
Other
|
2,350
|
1,626
|
||||||
Total other accrued liabilities
|
$
|
3,037
|
$
|
3,445
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
711
|
$
|
1,819
|
$
|
1,819
|
$
|
2,243
|
||||||||
Reduction of settlement estimate recorded in prior periods
|
(24
|
)
|
---
|
(1,132
|
)
|
(424
|
)
|
|||||||||
Balance at end of period
|
$
|
687
|
$
|
1,819
|
$
|
687
|
$
|
1,819
|
12 . |
Stock Award Plan
|
13. |
Shareholders' Equity
|
Balance at
|
||||||||
April 29,
2017
|
July 31,
2016
|
|||||||
(in thousands)
|
||||||||
Unrealized net foreign currency translation losses
|
$
|
(2,172
|
)
|
$
|
(2,176
|
)
|
||
Unrealized net investment gains on available for sale investments
|
9
|
33
|
||||||
Total accumulated other comprehensive loss
|
$
|
(2,163
|
)
|
$
|
(2,143
|
)
|
14. |
Earnings Per Share
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands, except share and per share amounts)
|
||||||||||||||||
Net income attributable to Ecology and Environment, Inc.
|
$
|
252
|
$
|
175
|
$
|
822
|
$
|
357
|
||||||||
Dividends declared
|
---
|
---
|
(859
|
)
|
(1,033
|
) | ||||||||||
Balance at end of period
|
$
|
252
|
$
|
175
|
$
|
(37
|
)
|
$
|
(676
|
) | ||||||
Weighted-average common shares outstanding - basic and diluted
|
4,294,102
|
4,290,720
|
4,293,646
|
4,290,106
|
||||||||||||
Distributed earnings per share - basic and diluted
|
$
|
---
|
$
|
---
|
$
|
0.20
|
$
|
0.24
|
||||||||
Undistributed earnings (distributions in excess of earnings) per share - basic and diluted
|
0.06
|
0.04
|
(0.01
|
)
|
(0.16
|
) | ||||||||||
Net income per common share - basic and diluted
|
$
|
0.06
|
$
|
0.04
|
$
|
0.19
|
$
|
0.08
|
15. |
Segment Reporting
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
EEI and its subsidiaries located in the U.S.
|
$
|
18,402
|
$
|
19,658
|
$
|
57,706
|
$
|
62,335
|
||||||||
Subsidiaries located in South America:
|
||||||||||||||||
Walsh Peru, S.A. Ingenieros y Cientificos Consultores (“Walsh Peru”)
|
1,704
|
2,288
|
4,441
|
8,153
|
||||||||||||
Gestion Ambiental Consultores S.A. (“GAC”)
|
1,642
|
1,949
|
5,699
|
5,832
|
||||||||||||
Ecology & Environment do Brasil, Ltda (“E&E Brasil”)
|
2,375
|
1,202
|
6,540
|
3,232
|
||||||||||||
Other
|
81
|
121
|
225
|
371
|
||||||||||||
5,802
|
5,560
|
16,905
|
17,588
|
|||||||||||||
Total revenue, net
|
$
|
24,204
|
$
|
25,218
|
$
|
74,611
|
$
|
79,923
|
Balance at
|
||||||||
April 29,
2017
|
July 31,
2016
|
|||||||
(in thousands)
|
||||||||
EEI and its subsidiaries located in the United States
|
$
|
3,314
|
$
|
4,916
|
||||
Subsidiaries located in South America
|
1,109
|
1,178
|
16. |
Commitments and Contingencies
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
EEI and subsidiaries located in the United States:
|
||||||||||||||||
Revenue, net
|
$
|
18,402
|
$
|
19,658
|
$
|
57,706
|
$
|
62,335
|
||||||||
Revenue, net less subcontract costs (1)
|
16,053
|
16,992
|
48,682
|
52,068
|
||||||||||||
Direct operating expenses (2)
|
7,054
|
7,230
|
21,399
|
22,601
|
||||||||||||
Indirect operating expenses (3)
|
7,832
|
8,918
|
23,831
|
25,764
|
||||||||||||
Income (loss) before income tax provision
|
490
|
1,040
|
2,391
|
3,529
|
||||||||||||
Net income (loss) attributable to EEI
|
264
|
499
|
1,373
|
1,555
|
||||||||||||
Subsidiaries located in South America:
|
||||||||||||||||
Revenue, net
|
$
|
5,802
|
$
|
5,560
|
$
|
16,905
|
$
|
17,588
|
||||||||
Revenue, net less subcontract costs (1)
|
4,741
|
4,338
|
12,796
|
13,643
|
||||||||||||
Direct operating expenses (2)
|
2,292
|
2,049
|
6,388
|
6,459
|
||||||||||||
Indirect operating expenses (3)
|
2,217
|
2,255
|
6,276
|
7,252
|
||||||||||||
Income (loss) before income tax provision
|
24
|
(231
|
)
|
(283
|
)
|
(399
|
)
|
|||||||||
Net income (loss) attributable to EEI
|
(8
|
)
|
(311
|
)
|
(537
|
)
|
(1,148
|
)
|
||||||||
Other foreign subsidiaries:
|
||||||||||||||||
Revenue, net
|
$
|
---
|
$
|
---
|
$
|
---
|
$
|
---
|
||||||||
Revenue, net less subcontract costs (1)
|
---
|
---
|
---
|
---
|
||||||||||||
Direct operating expenses (2)
|
---
|
---
|
---
|
---
|
||||||||||||
Indirect operating expenses (3)
|
4
|
17
|
14
|
81
|
||||||||||||
Income (loss) before income tax provision
|
(4
|
)
|
(21
|
)
|
(14
|
)
|
(83
|
)
|
||||||||
Net income (loss) attributable to EEI
|
(4
|
)
|
(13
|
)
|
(14
|
)
|
(50
|
)
|
(1) |
Revenue, net less subcontract costs, which is a key operating metric for our company, represents revenue, net less subcontract costs from the condensed consolidated statements of operations. References to “revenues” in the following commentary refer to revenue, net less subcontract costs.
|
(2) |
Direct operating expenses consist of cost of professional services and other direct operating expenses from the condensed consolidated statements of operations.
|
(3) |
Indirect operating expenses consist of administrative and indirect operating expenses and marketing and related costs from the condensed consolidated statements of operations.
|
Balance at April 29, 2017
|
Balance at July 31, 2016
|
|||||||||||||||
|
Total
Billed and
Unbilled
Contract
Receivables
|
Allowance for
Doubtful
Accounts and
Contract
Adjustments
|
Total
Billed and
Unbilled
Contract
Receivables
|
Allowance for
Doubtful
Accounts and
Contract
Adjustments
|
||||||||||||
(in thousands)
|
||||||||||||||||
EEI and its subsidiaries located in the U.S.
|
$
|
21,389
|
$
|
958
|
$
|
29,027
|
$
|
5,809
|
||||||||
Subsidiaries located in South America
|
11,610
|
1,302
|
11,659
|
983
|
||||||||||||
Other foreign subsidiaries
|
422
|
---
|
425
|
---
|
||||||||||||
Totals
|
$
|
33,421
|
$
|
2,260
|
$
|
41,111
|
$
|
6,792
|
Contract Type
|
Work Type
|
Revenue Recognition Policy
|
||
Time and materials
|
Consulting
|
As incurred at contract rates.
|
||
Fixed price
|
Consulting
|
Percentage of completion, approximating the ratio of either total costs or Level of Effort (LOE) hours incurred to date to total estimated costs or LOE hours.
|
||
Cost-plus
|
Consulting
|
Costs as incurred plus fees. Fees are recognized as revenue using percentage of completion determined by the percentage of LOE hours incurred to total LOE hours in the respective contracts.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Time and materials
|
$
|
12,433
|
$
|
12,841
|
$
|
35,413
|
$
|
40,065
|
||||||||
Fixed price
|
8,976
|
9,316
|
28,316
|
30,833
|
||||||||||||
Cost-plus
|
2,795
|
3,061
|
10,882
|
9,025
|
||||||||||||
Total revenue by contract type
|
$
|
24,204
|
$
|
25,218
|
$
|
74,611
|
$
|
79,923
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue, net by business segment:
|
||||||||||||||||
EEI and subsidiaries located in the U.S.
|
$
|
18,402
|
$
|
19,658
|
$
|
57,706
|
$
|
62,335
|
||||||||
Subsidiaries located in South America:
|
||||||||||||||||
Walsh Peru
|
1,704
|
2,288
|
4,441
|
8,153
|
||||||||||||
GAC
|
1,642
|
1,949
|
5,699
|
5,832
|
||||||||||||
E&E Brasil
|
2,375
|
1,202
|
6,540
|
3,232
|
||||||||||||
Other
|
81
|
121
|
225
|
371
|
||||||||||||
5,802
|
5,560
|
16,905
|
17,588
|
|||||||||||||
Total revenue, net
|
$
|
24,204
|
$
|
25,218
|
$
|
74,611
|
$
|
79,923
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
EEI and subsidiaries located in the U.S.
|
$
|
7,054
|
$
|
7,230
|
$
|
21,399
|
$
|
22,601
|
||||||||
Subsidiaries located in South America:
|
||||||||||||||||
Walsh Peru
|
412
|
722
|
936
|
2,316
|
||||||||||||
GAC
|
716
|
602
|
2,140
|
2,074
|
||||||||||||
E&E Brasil
|
1,106
|
674
|
3,179
|
1,908
|
||||||||||||
Other
|
58
|
51
|
133
|
161
|
||||||||||||
2,292
|
2,049
|
6,388
|
6,459
|
|||||||||||||
Total direct operating expenses
|
$
|
9,346
|
$
|
9,279
|
$
|
27,787
|
$
|
29,060
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
April 29,
2017
|
April 30,
2016
|
April 29,
2017
|
April 30,
2016
|
|||||||||||||
(in thousands)
|
||||||||||||||||
EEI and subsidiaries located in the U.S.
|
$
|
7,832
|
$
|
8,918
|
$
|
23,831
|
$
|
25,764
|
||||||||
Subsidiaries located in South America:
|
||||||||||||||||
Walsh Peru
|
757
|
698
|
2,504
|
2,569
|
||||||||||||
GAC
|
707
|
761
|
1,822
|
2,131
|
||||||||||||
E&E Brasil
|
696
|
737
|
1,814
|
2,416
|
||||||||||||
Other
|
57
|
59
|
136
|
136
|
||||||||||||
2,217
|
2,255
|
6,276
|
7,252
|
|||||||||||||
Other foreign subsidiaries
|
4
|
17
|
14
|
81
|
||||||||||||
Total indirect operating expenses
|
$
|
10,053
|
$
|
11,190
|
$
|
30,121
|
$
|
33,097
|
Item 4. |
Controls and Procedures
|
· |
Enhanced training of foreign accounting staff regarding U.S. GAAP accounting and reporting requirements as they relate to their operations;
|
· |
Enhanced training of foreign accounting staff regarding accounting and reporting risks inherent in their operations and development of internal controls developed to mitigate those risks; and
|
· |
Enhanced review and oversight controls established for corporate finance management located in the U.S. over the accounting and financial reporting activities of subsidiaries.
|
Item 1. |
Legal Proceedings
|
Item 2. |
Changes in Securities and Use of Proceeds
|
Fiscal Year 2017
Reporting Month
|
Total Number
of Shares
Purchased
|
Average
Price Paid
Per Share
|
Total Number of
Shares Purchased
as Part of
Publicly Announced
Plans or Programs
|
Maximum Number
of Shares That May
Yet Be Purchased
Under the Plans or
Programs
|
||||||||||||
August 2016
|
---
|
---
|
---
|
77,082
|
||||||||||||
September 2016
|
---
|
---
|
---
|
77,082
|
||||||||||||
October 2016
|
---
|
---
|
---
|
77,082
|
||||||||||||
November 2016
|
---
|
---
|
---
|
77,082
|
||||||||||||
December 2016
|
---
|
---
|
---
|
77,082
|
||||||||||||
January 2017
|
---
|
---
|
---
|
77,082
|
||||||||||||
February 2017
|
---
|
---
|
---
|
77,082
|
||||||||||||
March 2017
|
---
|
---
|
---
|
77,082
|
||||||||||||
April 2017
|
---
|
---
|
---
|
77,082
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Submission of Matters to a Vote of Security Holders
|
Item 5. |
Other Information
|
Item 6. |
Exhibits and Reports on Form 8-K
|
(a) |
31.1
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
(b) |
The Company filed a Current Report on Form 8-K on November 15, 2016 to announce that the tenure of Frank B. Silvestro as Chairman of the Board of Directors will be extended to the date of the Company’s Annual Meeting of Shareholders to be held on April 20, 2017.
|
(c) |
The Company filed a Current Report on Form 8-K on January 13, 2017 to announce
Dr. Michael R. Cellino’s decision not to stand for re-election as a Director of the Company, and that his tenure as a Director will terminate effective with the Company’s Annual Meeting of Shareholders to be held on April 20, 2017.
|
(d) |
The Company filed a Current Report on Form 8-K on January 27, 2017 to announce
Mr. Gerard A. Gallagher’s decision not to stand for re-election as a Director of the Company, and that his tenure as a Director will terminate effective with the Company’s Annual Meeting of Shareholders to be held on April 20, 2017.
|
(e) |
The Company filed a Current Report on Form 8-K on March 16, 2017 to announce
that it had: (i) filed its definitive proxy materials in connection with the Company’s 2017 Annual Meeting of Shareholders; (ii) mailed the proxy materials to its shareholders; and (iii) mailed a letter to shareholders urging them to vote “FOR” the Company’s highly-qualified director nominees.
|
(f) |
The Company filed a Current Report on Form 8-K on April 19, 2017 to announce
that it had reached a settlement with Mill Road Capital II, L.P. to amicably resolve a proxy contest in connection with the Company’s 2017 Annual Meeting of Shareholders. Terms of the settlement agreement were announced in a subsequent Cu
rrent Report on Form 8-K, filed on April 25, 2017
.
|
(g) |
The Company filed a Current Report on Form 8-K on June 7, 2017 to announce
that the Company’s Board of Directors took the following actions at its June 1, 2017 meeting: (i) approved a revised Code of Conduct for the Company; (ii) elected Mr. Marshall A. Heinberg as Chairman of the Board of Directors; (iii) designated Mr. Michael El-Hillow as its “financial expert”; and (iv) appointed chairmen and members of its Audit Committee and its Governance, Nominating and Compensation Committee.
|
Ecology and Environment, Inc.
|
|||
Date:
|
June 13, 2017
|
By:
|
/s/ H. John Mye III
|
H. John Mye III
|
|||
Chief Financial Officer and Treasurer
Principal Financial and Accounting Officer
|
1 Year Ecology and Environment Chart |
1 Month Ecology and Environment Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions