US firm ecology firm attributes revenue growth to $19 million Saudi contract
Net revenues for Ecology and Environment, Inc. for the first quarter of fiscal year 2003 were $19.5 million, up 17 percent from the $16.6 million reported in the first quarter of fiscal year 2002. Net income for the quarter was $553,000 or $.14 per share, up 41 percent from the $392,000 or $.10 per share reported in the prior year.
Ronald Frank, executive vice president and chief financial officer, attributed the increase in net revenues for the first quarter to the company's contracts in Saudi Arabia and Kuwait. These contracts reported net revenues for the first quarter of fiscal year 2003 of $5.2 million.
On September 21, 2002, the company signed a contract in the amount of $19 million through its' majority owned subsidiary in Saudi Arabia. Under the contract, which covers a sixty-month period, the company will collect, centralize and manage health effects data associated with the Iraqi invasion.
The company will also conduct a Public Health and Exposure Assessment survey, which will be used to connect war-related factors with the diseases that have appeared during and after the war. Headquartered in Lancaster, New York, Ecology and Environment, Inc’s common stock is listed on the American Stock Exchange — (menareport.com)
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