Versar, Inc. (AMEX:VSR) delivered a profit and met Wall Street’s expectations. Shares are up 1%.
Versar, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share came in at $0.10 in the quarter.
Revenue: Decreased 21.04% to $24.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Versar, Inc. reported adjusted EPS income of $0.10 per share. By that measure, the company met the mean analyst estimate of $0.1.
Quoting Management: Tony Otten, CEO of Versar said, “We have achieved another quarter of solid profitability, improved margins and strengthened backlog. While we saw an anticipated decline in revenues related to the reduction in government spending in Iraq and wind down of Title II work in Afghanistan in the first half of this fiscal year, we are now fully ramped up on our Afghanistan Personal Services contract. We continue to make progress in securing significant contracts for opportunities related to non-discretionary funding such as sustainable range management, unexploded ordnance and performance based remediation (NYSE:PBR). The recent New England Region Air Force award is our fourth major AFCEC PBR award in just over a year and clearly validates our capabilities in accomplishing remediation and compliance activities at contaminated sites. We continue to pursue opportunities to provide our expertise to assist our existing and new partners with effective and permanent solutions and identifying new partners.”
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