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E&E's 2nd quarter profits up 35%

More work from international and energy industry customers helped Ecology & Environment boost its second-quarter profits more than sevenfold.

The Lancaster-based environmental services company said its profits soared to $1.76 million, or 42 cents per share, from $235,000, or 6 cents per share, a year ago.

E&E's revenues grew by 35 percent to $41.8 million during the quarter that ended in January, up from $31.1 million a year earlier, as rising work in the energy sector and international markets offset lower sales to state and federal government agencies. Revenues from the company's subsidiary in Chile more than doubled, mainly because of increased work in the mining industry.

E&E's sales and earnings were the highest ever for any second quarter in the company's 41-year history.

"These results are excellent," said Kevin Neumaier, E&E's president and chief executive officer, noting that the winter quarter often is the company's slowest period because the cold weather limits field work in Northern climates.

E&E also said Wednesday that it has made a commitment to acquire an additional 5.5 percent stake in its majority-owned Walsh Environmental Scientists & Engineers subsidiary in Colorado during the current quarter.

The latest purchase, valued at $1.16 million, will boost its stake in Walsh to about 83 percent, the company said in a filing with the Securities and Exchange Commission.

e-mail: drobinson@buffnews.com

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