Ecology and Environment, Inc. Reports Excellent Quarter

• Press Release
• Source: Ecology and Environment, Inc.
• On 9:00 am EST, Wednesday December 17, 2008

                 * Revenues Up 32% 
                 * Profits Up 300% 

Related Quotes

Symbol	Price	Change
EEI	15.20	+0.05

{"s" : "eei","k" : "c10,l10,p20,t10","o" : "","j" : ""}

BUFFALO, N.Y., Dec. 17, 2008 (GLOBE NEWSWIRE) --

HIGHLIGHTS -- Ecology and Environment, Inc., (NasdaqGM:EEI - News) reported revenues for the first quarter of fiscal year 2009 of $33.7 million, up 32% from the $25.6 million reported in the prior year. With the revenue growth, profitability improved substantially. Net income for the first quarter of fiscal year 2009 was $1.5 million or $.36 per share, compared to net income of $.5 million or $.12 per share in the first quarter of fiscal year 2008, an increase of 300%.

DETAILS -- The Company reported an increase of $8.1 million in revenue during the first quarter of fiscal year 2009 as demand for the Company's environmental services has increased. Net income for the first quarter of fiscal year 2009 increased $1.0 million compared with the first quarter of the prior year.

``We are seeing competing forces at play in our markets,'' says President and CEO Kevin Neumaier. ``While the financial crisis has some negative impact on us, energy independence and the green movement are having an overwhelmingly positive impact. Our Company was one of the first in the world to provide green jobs -- starting back in 1970. We are providing a variety of solutions to climate change and other environmental issues. We feel we are well positioned to address the environmental priorities of the new Obama administration and the world.''

In addition to providing a variety of services to improve environmental sustainability for our clients, Ecology and Environment operates from a strong, sustainable financial position. At the end of the quarter, the company had cash of $12.5 million with debt of only $2.3 million. The Company's book value was $38.0 million or $9.30 per share.

The Company previously announced that it had increased its dividend for the thirteenth time, representing the 46th consecutive dividend paid since going public in 1987. The Company also repurchased 207,941 of its Class A common stock shares, the majority of which were purchased from Tontine Associates during the first quarter of fiscal year 2009, which is accretive to earnings per share.

Ecology and Environment has completed over 35,000 projects for a wide variety of clients in 83 countries providing environmental solutions in nearly every ecosystem on our planet. The Company is listed on the NASDAQ under the symbol EEI and is located on the web at http://www.ene.com.

 Financial Report -

 (In thousands, except per share information)
                                                 Three Months Ending
                                             -------------------------
                                             November 1,    October 27,
                                               2008           2007
 ---------------------------------------------------------------------
 Revenue                                     $33,692        $25,647

 Net Income From Continuing Operations         1,477            501
 Net Loss From Discontinued Operations            (2)            --
                                             -------------------------
 Net Income                                    1,475            501
                                             =========================

 Net Income Per Common Share: Basic
   Continuing Operations                     $  0.36        $  0.12
   Discontinued Operations                        --             --
                                             -------------------------
   Net Income Per Common Share: Basic        $  0.36        $  0.12

 Net Income Per Common Share: Diluted
   Continuing Operations                     $  0.35        $  0.12
   Discontinued Operations                        --             --
                                             -------------------------
   Net Income Per Common Share: Diluted      $  0.35        $  0.12

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          Ecology and Environment, Inc.
          John Mye
          (716) 684-8060
          jmye@ene.com