Investment Community Conference Call Today at 5:30 p.m. Eastern
Time
ANAHEIM, Calif.–(BUSINESS WIRE)–Willdan Group, Inc. (“Willdan”) (NASDAQ: WLDN), a provider of
professional technical and consulting services, today reported financial
results for its first quarter ended March 29, 2019.
First Quarter 2019 Summary
- Consolidated contract revenue of $91.8 million, an increase of 68.1%
- Net revenue of $40.8 million, an increase of 33.8%
- Net loss of $0.4 million, or $0.04 per diluted share
- Adjusted diluted earnings per share of $0.22
- Adjusted EBITDA of $4.7 million
- Cash generated from operations of $10.5 million
- Increasing Net Revenue and Adjusted EPS guidance
For the first quarter of 2019, Willdan reported consolidated contract
revenue of $91.8 million and a net loss of $0.4 million, or $(0.04) per
diluted share. This compares with consolidated contract revenue of $54.6
million and net income of $2.2 million, or $0.24 per diluted share, for
the first quarter of 2018. For the first quarter of 2019, Net Revenue,
defined as revenue, net of subcontractor services and other direct costs
(see “Use of Non-GAAP Financial Measures” below), was $40.8 million, up
33.8% compared to the same period in fiscal year 2018.
“Our first quarter results were impacted by a lower level of activity
with two of our largest clients as we completed negotiations for program
expansions,” said Tom Brisbin, Willdan’s Chairman and Chief Executive
Officer. “We are raising our targets for net revenue and adjusted
diluted EPS for 2019. The combined capabilities and geographic presence
of Willdan and Lime Energy is having the positive impact on our business
development efforts that we expected. We have the largest pipeline of
work in our history and we continue to make good progress in executing
on our long-term vision for Willdan and adding new skill sets,
technologies, and experience that we believe will enhance our ability to
generate profitable growth in the years ahead.”
First Quarter 2019 Financial Highlights
Consolidated contract revenue for the first quarter of 2019 was $91.8
million, an increase of 68.1% from $54.6 million for the first quarter
of 2018. Contract revenue for the Energy segment was $74.7 million for
the first quarter of 2019, an increase of 100.0%, which was primarily
due to incremental revenue from the acquisitions of Lime Energy, Newcomb
Anderson McCormick (“NAM”), and The Weidt Group. Contract revenue for
the Engineering and Consulting segment was $17.1 million, a decrease of
0.9% from the first quarter of 2018 primarily due to normal quarterly
fluctuations in the level of services provided.
Net Revenue for the first quarter of 2019 was $40.8 million, an increase
of 33.8% from $30.5 million for the first quarter of 2018. The increase
was primarily due to incremental revenue from the acquisitions of Lime
Energy, NAM, and The Weidt Group. Net Revenue in the Energy segment was
$26.9 million for the first quarter of 2019, an increase of 64.8% over
the same period last year. Net Revenue in the Engineering and Consulting
segment was $13.9 million for the first quarter of 2019, a decrease of
1.8% over the same period last year.
Direct costs of contract revenue were $65.9 million for the first
quarter of 2019, an increase of 87.8%, from $35.1 million for the first
quarter of 2018. The increase was primarily related to incremental
direct costs from the acquisitions of Lime Energy, NAM and The Weidt
Group.
Total general and administrative expenses for the first quarter of 2019
was $26.2 million, an increase of 49.1% from $17.6 million for the first
quarter of 2018, driven primarily by increased costs largely related to
personnel added through the acquisitions of Lime Energy, NAM, and The
Weidt Group.
Interest expense was $1.1 million for the first quarter of 2019,
compared with $23,000 for the first quarter of 2018. The increase in
interest expense was primarily attributable to debt incurred in the
fourth quarter of 2018 to finance the acquisition of Lime Energy.
The Company recorded an income tax benefit of $0.9 million in the first
quarter of 2019, compared to an income tax benefit of $0.2 million for
the prior year period. The income tax benefit recorded in the first
quarter of 2019 was primarily attributable to various tax deductions and
tax credits.
Net loss for the first quarter of 2019 was $0.4 million, or $(0.04) per
diluted share, as compared to net income of $2.2 million, or $0.24 per
diluted share, for the first quarter of 2018. Adjusted Net Income (see
“Use of Non-GAAP Financial Measures” below) for the first quarter of
2019 was $2.4 million, or $0.22 per diluted share, as compared to
Adjusted Net Income of $4.2 million, or $0.45 per diluted share, for the
first quarter of 2018.
Adjusted EBITDA (see “Use of Non-GAAP Financial Measures” below) was
$4.7 million for the first quarter of 2019, an increase of 3.6% from
$4.5 million for the first quarter of 2018.
Balance Sheet
Willdan generated $10.5 million in cash flow from operations in the
quarter, compared to cash used in operations of $6.7 million in the
quarter last year.
Willdan reported $11.1 million in cash and cash equivalents at March 29,
2019, as compared to $15.3 million at December 28, 2018. The decrease in
cash and cash equivalents was primarily due to net cash
used in investing activities, partially offset by net cash provided by
operating and financing activities.
Financial Targets
Willdan has increased its Net Revenue and Adjusted Diluted EPS financial
targets for fiscal 2019 to the following:
- Net Revenue* of $185 to $205 million
- Adjusted Diluted EPS* of $2.40 – $2.50
- Effective tax rate of approximately 24%
- Diluted share count of 11.7 million shares
- Depreciation of approximately $4.5 million
- Amortization of approximately $8.5 million
- Stock-based compensation of approximately $11.9 million
- Interest of approximately $4.5 million
*See “Use of Non-GAAP Financial Measures” below.
The financial targets do not include the effect of any transaction that
has not been completed as of this date. Over the long-term, Willdan
continues to target both organic and acquisitive Net Revenue growth of
greater than 10%, resulting in total Net Revenue growth of greater than
20% per year.
Conference Call Details and Investor Report
Chief Executive Officer Thomas Brisbin and Chief Financial Officer Stacy
McLaughlin will host a conference call today, May 2, 2019, at 5:30 p.m.
Eastern/2:30 p.m. Pacific to discuss Willdan’s financial results and
provide a business update.
Interested parties may participate in the conference call by dialing
866-575-6539 and providing conference ID 5979139. The conference call
will be webcast simultaneously on Willdan’s website at www.willdan.com
under Investors:
Events and the replay will be archived for at least 12 months.
The telephonic replay of the conference call may be accessed following
the call by dialing 888-203-1112 and entering the passcode 5979139. The
replay will be available through May 16, 2019.
An Investor
Report containing supplemental financial information can also be
accessed on the home page of Willdan’s investor relations website.
About Willdan Group, Inc.
Willdan is a nationwide provider of professional technical and
consulting services to utilities, government agencies, and private
industry. Willdan’s service offerings span a broad set of complementary
disciplines that include electric grid solutions, energy efficiency and
sustainability, engineering and planning, and municipal financial
consulting. For additional information, visit Willdan’s website at www.willdan.com.
Use of Non-GAAP Financial Measures
“Net Revenue,” defined as contract revenue as reported in accordance
with GAAP minus subcontractor services and other direct costs, is a
non-GAAP financial measure, Net Revenue is a supplemental measure
that Willdan believes enhances investors’ ability to analyze Willdan’s
business trends and performance because it substantially measures the
work performed by Willdan’s employees. In the course of providing
services, Willdan routinely subcontracts various services. Generally,
these subcontractor services and other direct costs are passed through
to Willdan’s clients and, in accordance with U.S. generally accepted
accounting principles (“GAAP”) and industry practice, are included in
Willdan’s revenue when it is Willdan’s contractual responsibility to
procure or manage such subcontracted activities. Because subcontractor
services and other direct costs can vary significantly from project to
project and period to period, changes in revenue may not necessarily be
indicative of Willdan’s business trends. Accordingly, Willdan segregates
subcontractor services and other direct costs from revenue to promote a
better understanding of Willdan’s business by evaluating revenue
exclusive of subcontract services and other direct costs associated with
external service providers. A reconciliation of Willdan’s contract
revenue as reported in accordance with GAAP to Net Revenue is provided
at the end of this press release. A reconciliation of targeted contract
revenue for 2019 as reported in accordance with GAAP to targeted Net
Revenues for 2019, which is a forward-looking non-GAAP financial
measure, is not provided because Willdan is unable to provide such
reconciliation without unreasonable effort. The inability to provide a
reconciliation is due to the uncertainty and inherent difficulty
predicting the subcontractor services and other director costs that are
subtracted from contract revenues in order to derive Net Revenues. While
subcontractor costs have increased recently, subcontractor costs can
vary significantly from period to period. We expect that subcontractor
costs will be higher for the remainder of fiscal 2020 than fiscal 2019
as a result of our recent acquisitions and the shift in projects in our
Energy segment. For recent periods, subcontractor costs and other direct
costs have been 48.7% of contract revenue for fiscal year 2018 and 55.5%
and 44.1% of contract revenue for the three months ended March 29, 2019
and March 30, 2018, respectively.
“Adjusted EBITDA,” defined as net income plus interest expense, income
tax expense, stock-based compensation, interest accretion, depreciation
and amortization, transaction costs and gain on sale of equipment, is a
non-GAAP financial measure. Adjusted EBITDA is a supplemental measure
used by Willdan’s management to measure Willdan’s operating performance.
Willdan believes Adjusted EBITDA is useful because it allows Willdan’s
management to evaluate its operating performance and compare the results
of its operations from period to period and against its peers without
regard to its financing methods, capital structure and non-operating
expenses. Willdan uses Adjusted EBITDA to evaluate its performance for,
among other things, budgeting, forecasting and incentive compensation
purposes.
Certain items excluded from Adjusted EBITDA are significant components
in understanding and assessing a company’s financial performance, such
as a company’s costs of capital, stock-based compensation, as well as
the historical costs of depreciable assets. A reconciliation of net
income as reported in accordance with GAAP to Adjusted EBITDA is
provided at the end of this press release.
“Adjusted Net Income,” defined as net income plus stock-based
compensation, intangible amortization and transaction costs is a
non-GAAP financial measure. “Adjusted Diluted EPS,” defined as net
income plus stock-based compensation, intangible amortization and
transaction costs, net of tax, all divided by the diluted
weighted-average shares outstanding, is a non-GAAP financial measure.
Adjusted Net Income and Adjusted Diluted EPS are supplemental measures
used by Willdan’s management to measure its operating performance.
Willdan believes Adjusted Net Income and Adjusted Diluted EPS are useful
because they allow Willdan’s management to more closely evaluate and
explain the operating results of Willdan’s business by removing certain
non-operating expenses. Reconciliations of net income as reported in
accordance with GAAP to Adjusted Net Income and diluted EPS as reported
in accordance with GAAP to Adjusted Diluted EPS are provided at the end
of this press release.
Willdan’s definitions of Net Revenue, Adjusted EBITDA, Adjusted Net
Income and Adjusted Diluted EPS have limitations as analytical tools and
may differ from other companies reporting similarly named measures or
from similarly named measures Willdan has reported in prior periods.
These measures should be considered in addition to, and not as a
substitute for, or superior to, other measures of financial performance
prepared in accordance with GAAP, such as contract revenue and net
income.
Forward Looking Statements
Statements in this press release that are not purely historical,
including statements regarding Willdan’s intentions, hopes, beliefs,
expectations, representations, projections, estimates, plans or
predictions of the future are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including statements regarding Willdan’s targets for fiscal
2019, Willdan’s ability to capitalize on increased energy efficiency
spending in large markets and expected benefits from Willdan’s
acquisitions of Lime Energy and The Weidt Group. All statements other
than statements of historical fact included in this press release are
forward-looking statements. These forward-looking statements involve
risks and uncertainties including, but not limited to, the risk
that Willdan will not be able to expand its services or meet the needs
of customers in markets in which it operates. It is important to note
that Willdan’s actual results could differ materially from those in any
such forward-looking statements. Important factors that could cause
actual results to differ materially from its expectations include, but
are not limited to, Willdan’s ability to compete successfully in the
highly competitive energy efficiency services market, changes in state,
local and regional economies and government budgets, Willdan’s ability
to win new contracts, to renew existing contracts (including with our
three primary customers and the two primary customers of Lime Energy)
and to compete effectively for contracts awarded through bidding
processes, Willdan’s ability to successfully integrate its acquisitions,
including its recent acquisition of Lime Energy and The Weidt Group, and
execute on its growth strategy, Willdan’s ability to make principal and
interest payments as they come due and comply with applicable financial
maintenance covenants, and Willdan’s ability to obtain financing and to
refinance its outstanding debt as it matures.
The above is not a complete list of factors or events that could cause
actual results to differ from Willdan’s expectations, and Willdan cannot
predict all of them. All written and oral forward-looking statements
attributable to Willdan, or persons acting on its behalf, are expressly
qualified in their entirety by the cautionary statements and risk
factors disclosed from time to time in Willdan’s reports filed with the
Securities and Exchange Commission, including, but not limited to, the
Annual Report on Form 10-K filed for the year ended December 28, 2018,
as such disclosures may be amended, supplemented or superseded from time
to time by other reports Willdan files with the Securities and Exchange
Commission, including subsequent Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q or Current Reports on Form 8-K. Willdan cautions
investors not to place undue reliance on the forward-looking statements
contained in this press release. Willdan disclaims any obligation to,
and does not undertake to, update or revise any forward-looking
statements in this press release.
|
WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
| March 29, | December 28, | ||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 11,061,000 | $ | 15,259,000 | |||
|
Accounts receivable, net of allowance for doubtful accounts of $457,000 and $442,000 at March 29, 2019 and December 28, 2018, respectively |
44,959,000 | 61,346,000 | |||||
| Contract assets | 58,050,000 | 51,851,000 | |||||
| Other receivables | 2,589,000 | 1,893,000 | |||||
| Prepaid expenses and other current assets | 4,929,000 | 5,745,000 | |||||
| Total current assets | 121,588,000 | 136,094,000 | |||||
| Equipment and leasehold improvements, net | 9,573,000 | 7,998,000 | |||||
| Goodwill | 110,509,000 | 97,748,000 | |||||
| Right-of-use assets | 12,564,000 | — | |||||
| Other intangible assets, net | 50,227,000 | 44,364,000 | |||||
| Other assets | 3,651,000 | 3,311,000 | |||||
| Deferred income taxes, net | 12,252,000 | 12,321,000 | |||||
| Total assets | $ | 320,364,000 | $ | 301,836,000 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 36,763,000 | $ | 36,829,000 | |||
| Accrued liabilities | 32,615,000 | 37,401,000 | |||||
| Contingent consideration payable | 1,906,000 | 3,113,000 | |||||
| Contract liabilities | 4,831,000 | 5,075,000 | |||||
| Notes payable | 8,100,000 | 8,572,000 | |||||
| Finance lease obligations | 435,000 | 320,000 | |||||
| Lease liability | 4,139,000 | — | |||||
| Total current liabilities | 88,789,000 | 91,310,000 | |||||
| Contingent consideration payable | 1,729,000 | 1,616,000 | |||||
| Notes payable | 75,389,000 | 63,139,000 | |||||
| Finance lease obligations, less current portion | 282,000 | 224,000 | |||||
| Lease liability, less current portion | 9,452,000 | — | |||||
| Deferred lease obligations | — | 724,000 | |||||
| Other noncurrent liabilities | 729,000 | 534,000 | |||||
| Total liabilities | 176,370,000 | 157,547,000 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
|
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding |
— | — | |||||
|
Common stock, $0.01 par value, 40,000,000 shares authorized; 11,126,000
and 10,968,000 shares issued and outstanding at March 29, 2019 and |
111,000 | 110,000 | |||||
| Additional paid-in capital | 114,348,000 | 114,008,000 | |||||
| Accumulated other comprehensive loss | (219,000 | ) | — | ||||
| Retained earnings | 29,754,000 | 30,171,000 | |||||
| Total stockholders’ equity | 143,994,000 | 144,289,000 | |||||
| Total liabilities and stockholders’ equity | $ | 320,364,000 | $ | 301,836,000 | |||
|
WILLDAN GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER (Unaudited) |
||||||||
| Three Months Ended | ||||||||
| March 29, | March 30, | |||||||
| 2019 | 2018 | |||||||
| Contract revenue | $ | 91,793,000 | $ | 54,595,000 | ||||
|
Direct costs of contract revenue (inclusive of directly related depreciation and amortization): |
||||||||
| Salaries and wages | 14,910,000 | 10,998,000 | ||||||
| Subcontractor services and other direct costs | 50,948,000 | 24,069,000 | ||||||
| Total direct costs of contract revenue | 65,858,000 | 35,067,000 | ||||||
| General and administrative expenses: | ||||||||
| Salaries and wages, payroll taxes and employee benefits | 15,744,000 | 10,025,000 | ||||||
| Facilities and facility related | 1,772,000 | 1,209,000 | ||||||
| Stock-based compensation | 1,817,000 | 1,064,000 | ||||||
| Depreciation and amortization | 2,654,000 | 1,064,000 | ||||||
| Other | 4,182,000 | 4,192,000 | ||||||
| Total general and administrative expenses | 26,169,000 | 17,554,000 | ||||||
| (Loss) income from operations | (234,000 | ) | 1,974,000 | |||||
| Other (expense) income: | ||||||||
| Interest expense, net | (1,121,000 | ) | (23,000 | ) | ||||
| Other, net | 11,000 | 10,000 | ||||||
| Total other expense, net | (1,110,000 | ) | (13,000 | ) | ||||
| (Loss) income before income taxes | (1,344,000 | ) | 1,961,000 | |||||
| Income tax benefit | (927,000 | ) | (242,000 | ) | ||||
| Net (loss) income | $ | (417,000 | ) | $ | 2,203,000 | |||
| Other comprehensive income | ||||||||
| (Loss) gain on cash flow hedge valuations | $ | (219,000 | ) | $ | — | |||
| Comprehensive (loss) income | $ | (636,000 | ) | $ | 2,203,000 | |||
| (Loss) earnings per share: | ||||||||
| Basic | $ | (0.04 | ) | $ | 0.25 | |||
| Diluted | $ | (0.04 | ) | $ | 0.24 | |||
| Weighted-average shares outstanding: | ||||||||
| Basic | 10,974,000 | 8,753,000 | ||||||
| Diluted | 10,974,000 | 9,185,000 | ||||||
|
WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
| Three Months Ended | ||||||||
| March 29, | March 30, | |||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (417,000 | ) | $ | 2,203,000 | |||
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization | 2,739,000 | 1,101,000 | ||||||
| Deferred income taxes, net | 69,000 | (126,000 | ) | |||||
| Gain on sale/disposal of equipment | (25,000 | ) | — | |||||
| Provision for doubtful accounts | 27,000 | 96,000 | ||||||
| Stock-based compensation | 1,817,000 | 1,064,000 | ||||||
| Accretion and fair value adjustments of contingent consideration | 111,000 | 338,000 | ||||||
|
Changes in operating assets and liabilities, net of effects from business acquisitions: |
||||||||
| Accounts receivable | 18,043,000 | 17,747,000 | ||||||
| Contract assets | (5,765,000 | ) | (16,796,000 | ) | ||||
| Other receivables | (696,000 | ) | (152,000 | ) | ||||
| Prepaid expenses and other current assets | 918,000 | 495,000 | ||||||
| Other assets | (315,000 | ) | (98,000 | ) | ||||
| Accounts payable | (127,000 | ) | (5,206,000 | ) | ||||
| Accrued liabilities | (5,799,000 | ) | (6,592,000 | ) | ||||
| Contract liabilities | (396,000 | ) | (863,000 | ) | ||||
| Deferred lease obligations | — | 62,000 | ||||||
| Right-of-use assets | 303,000 | — | ||||||
| Net cash provided by (used in) operating activities | 10,487,000 | (6,727,000 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Purchase of equipment and leasehold improvements | (1,929,000 | ) | (144,000 | ) | ||||
| Proceeds from sale of equipment | 35,000 | — | ||||||
| Cash paid for acquisitions, net of cash acquired | (21,800,000 | ) | — | |||||
| Net cash used in investing activities | (23,694,000 | ) | (144,000 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Payments on contingent consideration | (1,205,000 | ) | (2,622,000 | ) | ||||
| Payments on notes payable | (472,000 | ) | (383,000 | ) | ||||
| Borrowings under term loan facility and line of credit | 14,000,000 | — | ||||||
| Repayments under term loan facility and line of credit | (1,750,000 | ) | — | |||||
| Principal payments on finance leases | (88,000 | ) | (90,000 | ) | ||||
| Proceeds from stock option exercise | 291,000 | 279,000 | ||||||
|
Proceeds from sales of common stock under employee stock purchase plan |
749,000 | 616,000 | ||||||
| Unregistered sales of equity securities and use of proceeds | (2,516,000 | ) | — | |||||
| Net cash provided by (used in) financing activities | 9,009,000 | (2,200,000 | ) | |||||
| Net decrease in cash and cash equivalents | (4,198,000 | ) | (9,071,000 | ) | ||||
| Cash and cash equivalents at beginning of period | 15,259,000 | 14,424,000 | ||||||
| Cash and cash equivalents at end of period | $ | 11,061,000 | $ | 5,353,000 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 965,000 | $ | 23,000 | ||||
| Income taxes | — | 36,000 | ||||||
|
Supplemental disclosures of noncash investing and financing activities: |
||||||||
| Other working capital adjustment | 579,000 | — | ||||||
| Accumulated other comprehensive loss | (219,000 | ) | — | |||||
| Equipment acquired under finance leases | 261,000 | 162,000 | ||||||
|
Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Revenue to Net Revenue (Non-GAAP Measure) |
||||||
| Three Months Ended | ||||||
| March 29, | March 30, | |||||
| Consolidated | 2019 | 2018 | ||||
| Contract revenue | $ | 91,793,000 | $ | 54,595,000 | ||
| Subcontractor services and other direct costs | 50,948,000 | 24,069,000 | ||||
| Net Revenue | $ | 40,845,000 | $ | 30,526,000 | ||
| Three Months Ended | ||||||
| March 29, | March 30, | |||||
| Energy segment | 2019 | 2018 | ||||
| Contract revenue | $ | 74,692,000 | $ | 37,332,000 | ||
| Subcontractor services and other direct costs | 47,780,000 | 20,999,000 | ||||
| Net Revenue | $ | 26,912,000 | $ | 16,333,000 | ||
| Three Months Ended | ||||||
| March 29, | March 30, | |||||
| Engineering and Consulting segment | 2019 | 2018 | ||||
| Contract revenue | $ | 17,101,000 | $ | 17,263,000 | ||
| Subcontractor services and other direct costs | 3,168,000 | 3,070,000 | ||||
| Net Revenue | $ | 13,933,000 | $ | 14,193,000 | ||
|
Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted EBITDA (Non-GAAP Measure) |
||||||||
| Three Months Ended | ||||||||
| March 29, | March 30, | |||||||
| 2019 | 2018 | |||||||
| Net (loss) income | $ | (417,000 | ) | $ | 2,203,000 | |||
| Interest expense | 1,110,000 | 23,000 | ||||||
| Income tax benefit | (927,000 | ) | (242,000 | ) | ||||
| Stock-based compensation | 1,817,000 | 1,064,000 | ||||||
| Interest accretion(1) | 110,000 | 338,000 | ||||||
| Depreciation and amortization | 2,739,000 | 1,101,000 | ||||||
| Transaction costs(2) | 218,000 | — | ||||||
| Adjusted EBITDA | $ | 4,650,000 | $ | 4,487,000 | ||||
Contacts
Willdan Group, Inc.
Stacy McLaughlin
Chief Financial
Officer
Tel: 714-940-6300
[email protected]
Or
Investor/Media
Contact
Financial Profiles, Inc.
Tony Rossi
Tel:
310-622-8221
[email protected]
