UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 7, 2014

 


 

WILLDAN GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-33076

 

14-1951112

(State of other jurisdiction
of incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

 

2401 East Katella Avenue, Suite 300, Anaheim, California 92806

(Address of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (800) 424-9144

 

Not Applicable

(Former name or former address, if changed since last report)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

 

o            Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.                                        Results of Operation and Financial Condition

 

Willdan Group, Inc. (“Willdan”) issued a press release on August 7, 2014. The press release announced Willdan’s financial results for the second quarter ended June 27, 2014. The press release is filed as Exhibit 99.1 and is hereby incorporated by reference in its entirety. The information in this Form 8-K and the exhibit attached hereto is being furnished (not filed) under Item 2.02 of Form 8-K.

 

Item 9.01                                           Financial Statements and Exhibits

 

(d)                                 Exhibits.

 

99.1                        Press Release of Willdan Group, Inc. dated August 7, 2014 (financial results for the second quarter ended June 27, 2014).

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

WILLDAN GROUP, INC.

 

 

 

 

Date: August 7, 2014

By:

/s/ Stacy B. McLaughlin

 

 

Stacy B. McLaughlin

 

 

Chief Financial Officer

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Document

 

 

 

99.1

 

Press Release of Willdan Group, Inc. dated August 7, 2014

 

 

(Financial results for the second quarter ended June 27, 2014)

 

4


Exhibit 99.1

 

GRAPHIC

 

Willdan Group Reports Second Quarter 2014 Financial Results

 

Reports 31.6% Revenue Increase and 8th Consecutive Quarter of Profitability

 

Investment Community Conference Call Today at 5:00 p.m. Eastern Time

 

ANAHEIM, Calif., August 7, 2014 — Willdan Group, Inc. (“Willdan”) (NASDAQ: WLDN), a provider of professional technical and consulting services, today reported financial results for its second quarter ended June 27, 2014, and provided a business update.

 

For the second quarter of 2014, Willdan reported total contract revenue of $27.0 million and net income of $1.9 million, or $0.25 per diluted share. For the six months ended June 27, 2014, total contract revenue was $49.7 million and net income was $3.2 million, or $0.43 per diluted share.

 

“We are reporting our eighth consecutive quarter of profitability with revenue growth from each of our business segments,” said Willdan’s Chief Executive Officer Tom Brisbin. “In the first half of the year, net income increased to $3.2 million, or $0.43 per diluted share, from net income of $1.1 million, or $0.15 per diluted share, for the same period last year.

 

“Our outlook is for continued profitable growth, supported by our expanded service offering, geographic reach and a better economic environment,” he added. “We are winning new contracts and increasing our services with existing customers based on the quality of our work and program management capabilities. We also see opportunities to grow our business through tuck-in acquisitions and have a strong balance sheet to capitalize on this strategy.”

 

Second Quarter 2014 Financial Highlights

 

Total contract revenue for the second quarter of 2014 increased 31.6% to $27.0 million from $20.5 million for the second quarter of 2013. The revenue growth was due primarily to an increase of $5.7 million in contract revenue from the Energy Efficiency Services segment to $13.7 million in the second quarter of 2014, due to an increase in the direct installation of energy efficiency measures from the energy efficiency audits in New York and California. Contract revenue for the Engineering Services segment increased by $0.9 million to $9.5 million as a result of greater demand for building and safety, and construction management services. Contract revenue for the Public Finance Services segment was $2.7 million and was $1.1 million for the Homeland Security Services segment.

 



 

Net income for the quarter ended June 27, 2014 increased by $1.2 million, to $1.9 million, or $0.25 per diluted share, from net income of $0.7 million, or $0.09 per diluted share, for the quarter ended June 28, 2013.

 

Revenue, net of subcontractor costs, for the second quarter of 2014 increased 24% to $21.2 million from $17.1 million for the second quarter of 2013.

 

Direct costs of contract revenue were $16.3 million for the second quarter of 2014, compared with $11.4 million for the second quarter of 2013.  The $4.9 million increase resulted primarily from increased demand for the energy efficiency, sustainability and renewable energy services of Willdan Energy Solutions, which generally utilizes a higher percentage of subconsultants than Willdan’s other subsidiaries.

 

Total general and administrative expenses for the second quarter of 2014 increased by 4.7% to $8.7 million compared with $8.3 million for the prior year period.

 

Six Months 2014 Financial Highlights

 

Total contract revenue for the six months ended June 27, 2014 increased 18.6% to $49.7 million from $41.9 million for the six months ended June 28, 2013. The increase was due primarily to a $6.1 million increase in contract revenue for the Energy Efficiency Services segment due to an increase in the direct installation of energy efficiency measures from the energy efficiency audits in New York and California. Contract revenue for the Engineering Services segment increased by $1.5 million to $18.4 million as a result of greater demand for the building and safety, and construction management services of our Engineering Services segment. Contract revenue from the Public Finance Services segment was $5.2 million and was $2.0 million from the Homeland Security Services segment.

 

Net income for the six months ended June 27, 2014 increased by $2.1 million, to $3.2 million, or $0.43 per diluted share, from net income of $1.1 million, or $0.15 per diluted share, for the six months ended June 28, 2013.

 

Revenue, net of subcontractor costs, for the six months ended June 27, 2014 increased 18% to $39.7 million from $33.6 million for the six months ended June 28, 2013.

 

Direct costs of contract revenue were $29.5 million for the six months ended June 27, 2014, as compared to $23.5 million for the six months ended June 28, 2013.  The $6.0 million increase resulted primarily from increased demand for the energy efficiency, sustainability and renewable energy services of Willdan Energy Solutions, which generally utilizes a higher percentage of subconsultants than Willdan’s other subsidiaries and an increase in personnel costs of $1.2 million.

 

Adjusted EBITDA (as defined below) was $3.5 million for the six months ended June 27, 2014, compared with $1.5 million for the six months ended June 28, 2013.

 

Total general and administrative expenses for the six months ended June 27, 2014 decreased by 2% to $16.9 million from $17.2 million for the prior year period, due primarily to lower facilities and facility related expenses.

 



 

 

 

Three Months Ended

 

Six Months Ended

 

In thousands (except per share data)

 

June 27,
2014

 

June 28,
2013

 

June 27,
2014

 

June 28,
2013

 

Revenue

 

$

26,970

 

$

20,496

 

$

49,656

 

$

41,881

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

1,941

 

718

 

3,253

 

1,175

 

Interest income

 

1

 

2

 

3

 

5

 

Interest expense

 

(3

)

(50

)

(7

)

(77

)

Other, net

 

18

 

10

 

67

 

25

 

Income tax expense (benefit)

 

64

 

(8

)

108

 

41

 

Net income

 

$

1,893

 

$

688

 

$

3,208

 

$

1,087

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.26

 

$

0.09

 

$

0.43

 

$

0.15

 

Diluted

 

$

0.25

 

$

0.09

 

$

0.43

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

7,405

 

7,353

 

7,401

 

7,336

 

Diluted

 

7,661

 

7,401

 

7,517

 

7,383

 

 

Liquidity and Capital Resources

 

Willdan reported $12.1 million in cash and cash equivalents at June 27, 2014, as compared to $8.1 million at December 27, 2013. Willdan’s primary sources of liquidity are cash generated from operations and a revolving line of credit with BMO Harris Bank, N.A., which matures on March 24, 2016. In connection with the new credit facility entered into during the first half of 2014, no cash amounts are restricted as of June 27, 2014 as compared to $5.0 million at December 27, 2013. Cash flows provided by operating activities were $4.4 million for the six months ended June 27, 2014, compared with $2.0 million for the six months ended June 28, 2013.

 

Outlook

 

Willdan is affirming its three-year financial and operational targets announced on June 20, 2014, as follows:

 

·                  Contract revenue growth of up to 15% per year (organic and acquisitive growth combined)

·                  Gross margin of 40% to 45%

·                  Adjusted EBITDA margin of 5% to 10%

·                  Accounts receivable days outstanding of 70 to 75

 

Use of Non-GAAP Financial Measures

 

“Revenues, net of subcontractor costs,” a non-GAAP financial measure, is a supplemental measure that Willdan believes enhances investors’ ability to analyze our business trend and performance because it substantially measures the work performed by our employees. In the course of providing services, we routinely subcontract various services. Generally, these subcontractor costs are passed through to our clients and, in accordance with GAAP and industry practice, are included in our revenue when it is our

 



 

contractual responsibility to procure or manage these activities. Because subcontractor services can vary significantly from project to project and period to period, changes in revenue may not necessarily be indicative of our business trends. Accordingly, we segregate costs from revenue to promote a better understanding of our business by evaluating revenue exclusive of costs associated with external service providers. A reconciliation of contract revenue as reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP) to revenues, net of subcontractor costs is provided at the end of this news release.

 

Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure its operating performance. Willdan defines Adjusted EBITDA as net income plus net interest expense, income tax expense (benefit), depreciation and amortization, goodwill impairment and other non-recurring income and expense items occurring in such period. Willdan believes Adjusted EBITDA is useful to investors, research analysts, investment bankers and lenders because it removes the impact of certain non-recurring income and expense items from its operational results, which may facilitate comparison of its results from period to period. A reconciliation of net income as reported in accordance with U.S. GAAP to Adjusted EBITDA is provided at the end of this news release.

 

Willdan’s definition of Revenue, net of subcontractor costs and Adjusted EBITDA may differ from other companies reporting similarly named measures. 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 U.S. GAAP, such as contract revenue and net income.

 

Conference Call Details

 

Chief Executive Officer Thomas Brisbin and Chief Financial Officer Stacy McLaughlin will host a conference call today, August 7, 2014, at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time, to discuss Willdan’s financial results and provide a business update.

 

Interested parties may participate in the conference call by dialing 888-567-4387 (719-457-2085 for international callers). When prompted, ask for the “Willdan Group, Inc., Second Quarter 2014 Conference Call.” The conference call will be webcast simultaneously on Willdan’s website at www.willdan.com under Investors: Events.

 

The telephonic replay of the conference call may be accessed approximately two hours after the call through August 21, 2014, by dialing 888-203-1112 (719-457-0820 for international callers).  The replay access code is 5891096.  The webcast replay will be archived for 12 months.

 

About Willdan Group, Inc.

 

Celebrating its 50th year of business, Willdan provides outsourced professional technical and consulting services to public agencies, public and private utilities, and commercial and industrial firms throughout the United States. Willdan benefits from well-established relationships, industry-leading expertise and a solid reputation for delivering projects on time and on budget. The company’s service offerings span a broad set of complementary disciplines that include engineering and planning, energy efficiency and sustainability, financial and economic consulting, and national preparedness. Willdan has crafted this set of integrated services so that, in the face of an evolving environment—whether economic, natural, or built—Willdan can continue to extend the reach and resources of its clients. For additional information, visit Willdan’s website at www.willdan.com.

 



 

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. The forward-looking statements involve risks and uncertainties including, but not limited to our ability to expand our service offerings and geographic reach, continue to win new contracts and locate and successfully complete acquisition opportunities. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, a slowdown in the local and regional economies of the states where Willdan conducts business and the loss of or inability to hire additional qualified professionals. Willdan’s business could be affected by a number of other factors, including the risk factors listed from time to time in Willdan’s SEC reports including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 27, 2013. 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

 

 

 

June 27,
2014

 

December 27,
2013

 

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents, including restricted cash of $0 and $5,000,000 at June 27, 2014 and December 27, 2013, respectively

 

$

12,105,000

 

$

8,134,000

 

Accounts receivable, net of allowance for doubtful accounts of $532,000 and $385,000 at June 27, 2014 and December 27, 2013, respectively

 

12,221,000

 

13,167,000

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

13,023,000

 

9,635,000

 

Other receivables

 

449,000

 

212,000

 

Prepaid expenses and other current assets

 

1,239,000

 

2,377,000

 

Total current assets

 

39,037,000

 

33,525,000

 

Equipment and leasehold improvements, net

 

889,000

 

691,000

 

Other assets

 

646,000

 

333,000

 

Deferred income taxes, net of current portion

 

3,688,000

 

3,688,000

 

Total assets

 

$

44,260,000

 

$

38,237,000

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Excess of outstanding checks over bank balance

 

$

1,419,000

 

$

1,473,000

 

Accounts payable

 

5,085,000

 

3,957,000

 

Accrued liabilities

 

7,141,000

 

5,808,000

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

2,670,000

 

2,247,000

 

Current portion of notes payable

 

115,000

 

517,000

 

Current portion of capital lease obligations

 

180,000

 

129,000

 

Current portion of deferred income taxes

 

3,688,000

 

3,688,000

 

Total current liabilities

 

20,298,000

 

17,819,000

 

 

 

 

 

 

 

Capital lease obligations, less current portion

 

292,000

 

85,000

 

Deferred lease obligations

 

44,000

 

120,000

 

Total liabilities

 

20,634,000

 

18,024,000

 

 

 

 

 

 

 

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: 7,461,000 and 7,375,000 shares issued and outstanding at June 27, 2014 and December 27, 2013, respectively

 

74,000

 

74,000

 

Additional paid-in capital

 

34,859,000

 

34,654,000

 

Accumulated deficit

 

(11,307,000

)

(14,515,000

)

Total stockholders’ equity

 

23,626,000

 

20,213,000

 

Total liabilities and stockholders’ equity

 

$

44,260,000

 

$

38,237,000

 

 



 

WILLDAN GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 27,

 

June 28,

 

June 27,

 

June 28,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Contract revenue

 

$

26,970,000

 

$

20,496,000

 

$

49,656,000

 

$

41,881,000

 

 

 

 

 

 

 

 

 

 

 

Direct costs of contract revenue (exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

Salaries and wages

 

7,003,000

 

6,129,000

 

13,205,000

 

11,972,000

 

Subconsultant services and other direct costs

 

9,296,000

 

5,309,000

 

16,292,000

 

11,500,000

 

Total direct costs of contract revenue

 

16,299,000

 

11,438,000

 

29,497,000

 

23,472,000

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

Salaries and wages, payroll taxes and employee benefits

 

5,014,000

 

4,948,000

 

9,932,000

 

10,486,000

 

Facilities and facilities related

 

1,125,000

 

1,149,000

 

2,187,000

 

2,337,000

 

Stock-based compensation

 

52,000

 

38,000

 

93,000

 

88,000

 

Depreciation and amortization

 

102,000

 

127,000

 

205,000

 

276,000

 

Lease abandonment, net

 

 

 

 

13,000

 

Other

 

2,437,000

 

2,078,000

 

4,489,000

 

4,034,000

 

Total general and administrative expenses

 

8,730,000

 

8,340,000

 

16,906,000

 

17,234,000

 

Income from operations

 

1,941,000

 

718,000

 

3,253,000

 

1,175,000

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Interest income

 

1,000

 

2,000

 

3,000

 

5,000

 

Interest expense

 

(3,000

)

(50,000

)

(7,000

)

(77,000

)

Other, net

 

18,000

 

10,000

 

67,000

 

25,000

 

Total other income (expense), net

 

16,000

 

(38,000

)

63,000

 

(47,000

)

Income before income taxes

 

1,957,000

 

680,000

 

3,316,000

 

1,128,000

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

64,000

 

(8,000

)

108,000

 

41,000

 

Net income

 

$

1,893,000

 

$

688,000

 

$

3,208,000

 

$

1,087,000

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.26

 

$

0.09

 

$

0.43

 

$

0.15

 

Diluted

 

$

0.25

 

$

0.09

 

$

0.43

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

7,405,000

 

7,353,000

 

7,401,000

 

7,336,000

 

Diluted

 

7,661,000

 

7,401,000

 

7,517,000

 

7,383,000

 

 



 

WILLDAN GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 27,
2014

 

June 28,
2013

 

Cash flows from operating activities:

 

 

 

 

 

Net income

 

$

3,208,000

 

$

1,087,000

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

205,000

 

310,000

 

Lease abandonment expense, net

 

 

13,000

 

Loss (gain) on sale of equipment

 

2,000

 

(6,000

)

Provision for doubtful accounts

 

191,000

 

162,000

 

Stock-based compensation

 

93,000

 

88,000

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

755,000

 

4,282,000

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

(3,388,000

)

(381,000

)

Other receivables

 

(237,000

)

27,000

 

Prepaid expenses and other current assets

 

1,138,000

 

560,000

 

Other assets

 

(313,000

)

9,000

 

Accounts payable

 

1,128,000

 

(3,543,000

)

Changes in excess of outstanding checks over bank balance

 

(54,000

)

(370,000

)

Accrued liabilities

 

1,333,000

 

(196,000

)

Billings in excess of costs and estimated earnings on uncompleted contracts

 

423,000

 

140,000

 

Deferred lease obligations

 

(76,000

)

(150,000

)

Net cash provided by operating activities

 

4,408,000

 

2,032,000

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchase of equipment and leasehold improvements

 

(330,000

)

(86,000

)

Proceeds from sale of equipment

 

 

11,000

 

Net cash used in investing activities

 

(330,000

)

(75,000

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Payments on notes payable

 

(402,000

)

(459,000

)

Borrowings under line of credit

 

 

266,000

 

Repayments on line of credit

 

 

(3,266,000

)

Principal payments on capital lease obligations

 

183,000

 

(66,000

)

Proceeds from stock option exercise

 

84,000

 

 

Proceeds from sales of common stock under employee stock purchase plan

 

28,000

 

37,000

 

Net cash used in financing activities

 

(107,000

)

(3,488,000

)

Net increase (decrease) in cash and cash equivalents

 

3,971,000

 

(1,531,000

)

Cash and cash equivalents at beginning of the period

 

8,134,000

 

10,006,000

 

Cash and cash equivalents at end of the period

 

$

12,105,000

 

$

8,475,000

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

Interest

 

$

7,000

 

$

81,000

 

Income taxes

 

20,000

 

155,000

 

 

 

 

 

 

 

Supplemental disclosures of noncash investing and financing activities:

 

 

 

 

 

Equipment acquired under capital lease obligations

 

$

334,000

 

$

7,000

 

 



 

Willdan Group, Inc. and Subsidiaries

Reconciliation of GAAP Revenue and “Revenue, Net of Subcontractor Costs”

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 27,

 

June 28,

 

Change

 

June 27,

 

June 28,

 

Change

 

In thousands

 

2014

 

2013

 

$

 

%

 

2014

 

2013

 

$

 

%

 

Contract revenue

 

$

26,970,000

 

$

20,496,000

 

6,474,000

 

32

 

$

49,656,000

 

$

41,881,000

 

7,775,000

 

19

 

Subcontractor costs

 

5,783,000

 

3,438,000

 

2,345,000

 

68

 

9,977,000

 

8,243,000

 

1,734,000

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue, net of subcontractor costs

 

21,187,000

 

17,058,000

 

4,129,000

 

24

 

39,679,000

 

33,638,000

 

6,041,000

 

18

 

 

Willdan Group, Inc. and Subsidiaries

Reconciliation of GAAP Net Income to Adjusted EBITDA

 

The following is a reconciliation of net income to Adjusted EBITDA:

 

 

 

Six Months Ended

 

In thousands

 

June 27,
2014

 

June 28,
2013

 

Net income

 

$

3,208

 

$

1,087

 

Interest income

 

3

 

(5

)

Interest expense

 

(7

)

77

 

Income tax expense

 

108

 

41

 

Lease abandonment, net

 

 

13

 

Depreciation and amortization

 

205

 

310

 

Loss (gain) on sale of assets

 

(2

)

(6

)

Adjusted EBITDA

 

$

3,515

 

$

1,517

 

 

Contact:

 

Willdan Group, Inc.
Stacy McLaughlin
Chief Financial Officer
Tel: 714-940-6300
smclaughlin@willdan.com

 

Or

 

Investor/Media Contact
Financial Profiles, Inc.
Tel: 310-478-2700
Moira Conlon: mconlon@finprofiles.com
Jody Cain: jcain@finprofiles.com