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Willdan Group, Inc. Message Board

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  • Reply to

    Acquisitions not adding up !

    by amazin9999 May 23, 2016 9:17 PM

    You're right. It hasn't made sense for some time. On the last 3 conference calls, they've stated that the revenues from our acquisitions have outperformed and the core WLDN parent has underperformed. They've also mentioned that it was through the new companies that they now have decent mechanical and electrical engineering expertise. The question I've been asking for nearly a year now is what did WLDN do besides be an employment leasing agency, and it appears we don't do 90% of what our website shows. Look up Willdan on any corporate research site of your choosing and you will see that they list between 625 and 690 employees. What do they all do?
    No...this doesn't make sense, nor does Brisbin. No wonder the stock is flat on news of huge new contracts.

  • The last quarter should have reflected an increase in revenues, EBITDA and earnings as a result of the acquisitions completed in 1/15/2015.

    Yet revenues were flat, EBITDA was down and earnings were lower.

    This makes no sense.

    And more concerning was accounts receivables increasing from 51 days to 86.

    Something wrong here and maybe the next quarter will clear things up !

  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    (how stupid, my bad - "weak", not week)

  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    As others have pointed out regarding comments made by the company on their conference calls, they didn't have much in the way of engineering depth. They openly admitted that their acquisitions, brought in engineering expertise they didn't have previously and are seeking rounding out their abilities perhaps with further buyouts. I was really surprised to discover how week WLDN was and still is...and are in transition from an being engineering employment agency, with incredibly low margins, to actually having professionals on their staff to package solutions for municipalities and energy companies.
    Again, as others have posted, the WLDN employee base is officially listed at between 620 and nearly 700 people. What do they do??? I love the revenue per employee stat often shown on growing companies. I haven't found one for WLDN yet.
    Until WLDN can bring on staff a truly deep and qualified Engineering staff of certified professionals across their platform, they can never make the kind of margins we all thought probable. Why are their top administrative staff salaries making such moderate incomes??? They can't afford to pay them more...they haven't earned it in becoming a top tier "in- house'" engineering firm. The merely find freelancers to fill in where needed at barely break even contracts to stay competitive. Tom Brisbin has been less thorough in his assessments of the company during his conference calls.

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  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    net - you're right. My disbelief with this company is that they don't have the horsepower in engineering, occasionally buy companies that do and claim success when their acquisitions outperform the parent. This is a sham!!! Or it was a failing business that took extreme measures to stay afloat.
    Salaries are 'about right' because there's not much there except Brisbin wind at investors and an unwilling group of analysts to hold them accountable on a conference call.

  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    you know the salaries on their face look reasonable, so what is the management failure here? why such poor results to the bottom line?

  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    my concern, and everyone's concern, is that they are not spitting out any profits from the large contracts. this is an accounting maneuver. maybe they are draining the money away in salaries and leaving shareholders with crapola. who announces a contract worth the market cap and the stock goes up 7 cents.

    only explanation i can see is gamesmanship against the shareholders or poor contract writing. 50 million dollar contract and we made $42 and some gum as a profit. and please keep away from my maybach. it's new.

  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    By the way, this was the 4th straight Q where the legacy business has underperformed. WLDN has depended on our acquisitions to make us any real headway while the core continues to devolve. Again, I don't understand your metrics, and apparent propensity to be lured by Brisbin's spin...but I'm open to learning more.

  • Reply to

    This looks awfully good to me...

    by hesitantcontrarian May 5, 2016 4:40 PM

    You need to read closer. Revenues DID include Genesys. Note the Call statement nearly at the outset by Stacy: "Genesys Engineering, the firm we acquired on March 4, 2016, contributed $3.9 million in contract revenue for the first quarter of 2016." To anyone listening to the conference call, this meant that without Genesys, we would have missed revenue projections by a whopping 11%!!!
    I don't know where you get your info from, but Brisbin has been pumping numbers out at a disappointing rate. Sure, he paints a rosy picture, but he hasn't yet delivered.

  • and they make a million in earnings? so the 90 million dollar contract is worth about 3 million in net earnings, then it doesnt repeat? a poor quarter for the shareholders who pay for stock. not bad for the insider/looters.

  • If you would have told me three months ago that Willdan Group would be the highest flier in my portfolio in 2016, I would have laughed and laughed and then hit you with a frying pan. And that would have been wrong, so let me hypothetically apologize for that. Sales? $170-$185M in 2016. Nice! Profits? $0.13/share. Down a little from last year, but if the revenue projections are right then this quarter only brought in 20 percent of the year's revenue ($34M/$170M), so the remaining three quarters should be super. Nice! And this doesn't even account for the acquisition of Genesys engineering, which should contribute significant organic growth potential going forward. Brisbin haters, repent! (Or at least tell me why I'm wrong.) Peace!

  • Reply to

    wldn is going back to $18

    by netprophecy2 Apr 27, 2016 6:01 PM

    Wouldn't that be super?

  • should be $14 after earnings. massive contracts coming in.

  • $WLDN ouch

  • Reply to

    YEAH! Someone at WLDN actually works.

    by somuch2gain Mar 31, 2016 11:06 AM

    hestiantcontrarian - not sure where you got "maybe I'm just sensitive to being called unoriginal". Not at all the case. I try to be as informed about a company as possible when I invest, but especially over the duration following. As you acknowledged, Willdan indicates we have Water Resources engineering capabilities, yet we don't seen to derive any revenue from that sector. Then when Brisbin plainly stated in an earning call that we will NOT get involved competing against the ‘big players’ in the CA water issue, it seemed like false advertising that we claim to have a vibrant engineering company, which according to Yahoo employs 698 full time staff, and according to other company screeners somewhere between 637 and 675. That’s not reflective of some small engineering company, even though they only have around $100 million in revenues. When it has been well known that water has long been considered the most critical commodity of the near future, why aren’t we at least in the game???
    Perhaps what was more astonishing in this last earnings call was the admission: Mike Bieber, Willdan Group, Inc. - SVP-Corporate Development - "We've got only slight electrical engineering capabilities today. So, it's not specific to geography that we want to add additional electrical engineering capabilities. We need both high-end electrical engineering consulting services and detailed design services across the United States right now. The last three acquisitions were focused on mechanical engineering and now we just need to add that electrical capability."
    It makes one wonder what we can actually do.
    So, Brisbin doesn’t break down revenues by department for public consumption, but between saying what they won’t do, and what Bieber admitted where we are severely limited, (obviously for a long time), the EC’s explain a lot about why we are languishing at these levels with a PE of 12. Sorry to be blunt, but it seems we have a team of nearly 700 players, but very few professional

  • Reply to

    YEAH! Someone at WLDN actually works.

    by somuch2gain Mar 31, 2016 11:06 AM

    Just to be clear, I think the water supply is a promising area of business development for someone; I have no idea whether or not it is an appropriate area of business development for Willdan Group. I did notice on their website that they have a "Water Resources" section, and a contact for it. I don't know what their actual capacity is, however.

    Also: To expect a small company to grow quickly and not make a few executional errors or missteps over the time strikes me as a tad unrealistic. And I hardly think that the irrational pricing forces of the market are a cliche, but maybe I'm just sensitive to being called unoriginal.

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WLDN
10.030.00(0.00%)May 27 4:00 PMEDT