Versar net income increases 292% YOY for fiscal 2007
Shares of Versar, Inc. (Amex: VSR) are on the uptick today after the professional services firm reported robust revenue and earnings for fiscal year 2007.
For the fiscal year ended June 29, 2007, the Springfield, Va.-based company reported that net income increased 292% to $5.3 million, or $0.62 per share, from $1.3 million, or $0.16 per share in fiscal year 2006. No analyst estimates were available.
Gross revenue for the year was $102.7 million, or 69% greater than revenue of $31.8 million earned in the prior fiscal year.
Net income for the fourth quarter of fiscal year 2007 was $803,000 compared with a quarterly loss of $199,000 during the same period last year. Gross revenue for the company’s fourth quarter increased 69% to approximately $30.2 million.
Versar said the strong results can be attributed to large program management projects for the Air Force and Army’s rebuilding efforts in Iraq as well as large construction projects and public aquatic facilities in the United States.
Versar previously announced that it ended its fiscal year with a funded backlog of approximately $57 million; which represents a 19% increase over the company’s backlog at the end of fiscal year 2006. The 2007 year end backlog does not include a contract for $24.9 million from the U.S. Air Force secured in early July 2007.
Going forward, Versar’s CEO, Ted Prociv, said the company is expanding the services it provides in Iraq to other countries, including the United States.
Shares of Versar rose $0.63, or 7.24%, to $9.33 in mid-day trading Monday.
