10 Nov 11. Versar, Inc. (NYSE Amex: VSR) announced its financial results for the fiscal first quarter ended September 30, 2011. Revenue for the first quarter of fiscal year 2012 was $33.3m, an increase of 14% compared to revenue of $29.3m reported in same quarter of fiscal year 2011. The Company achieved gross profit of $3.7m, a 28% increase compared to gross profit of $2.9m in the first quarter of last year, with gross margins of 11% in the first quarter as compared to 10% in the same quarter last year. Operating income improved 44% to $1.3m in the first quarter versus $0.9m in the first quarter of last year. Versar recorded net income of $0.8m or $0.09 per basic and diluted share for the first quarter of fiscal year 2012, compared to net income of $0.5m, or $0.06 per basic and diluted share, in the first quarter of fiscal 2011. Increased revenue and profitability in the first quarter of 2012 can be primarily attributed to additional revenue from the Company’s Title II Construction Management projects and from the Tooele Chemical Demilitarization project in its National Security business segment and improved performance from its US based construction projects. Additionally, the Company experienced organic growth during the fiscal 2012 quarter in its Professional Services business segment. Versar booked new orders in excess of $40m and completed the first quarter of 2012 with a funded backlog of $84m, a decrease of 8% compared to the first quarter of 2011, but an increase of 8% when compared to the end of FY 2011. As of September 30, 2011 the Company had working capital of $20.3m. Subsequent to the close of the quarter, Versar increased its existing credit line from $10m to $15m and extended the maturity date of the facility to September 25, 2012. (Source: Yahoo!/BUSINESS WIRE)
12 Nov 11. Aiming to do away with “ambiguities”, the government is reviewing its offset policy for defence deals, a senior Defence Ministry official said. As per the offset clause in the defence procurement procedure, a foreign vendor bagging deals worth over Rs 300 crore has to invest back at least 30 per cent of the worth of the deal in the Indian defence, civilian aerospace and homeland security sector.
“The review is being done to take care of ambiguity in the current policy,” Additional Secretary (Defence Finance) Amit Cowshish said while addressing a seminar at the Observers Research Foundation (ORF).
He made it clear that the government would continue with its offset policy saying there is “no question of going back on it”. (Source: Google)
09 Nov 11. Applied Energetics, Inc., (NASDAQ:AERG – News), reported summary financial results for the third quarter ended September 30, 2011.
Revenue decreased by approximately $2.6m to $611,000 for the three months ended September 30, 2011 compared to $3.2m for the three months ended
September 30, 2010. Revenue from the C-IED product line decreased by $2.4m to $0 as the Company completed all deliverables and testing required in the second quarter of 2011. LGE revenue decreased by $459,000 to $407,000 and High Voltage revenues increased by $178,000 to $205,000.
Net loss attributable to common shareholders for the three months ended
September 30, 2011 was $1.8m, or $0.02 per basic and diluted common share, as compared to a net loss of $374,000 or $0.004 per basic and diluted common share for the same period last year. Revenue decreased approximately $5.2m to $4.5m for the nine months ended September 30, 2011 compared to $9.7m for the nine months ended September 30, 2010. Revenue from the C-IED product line decreased by $4.5m to $2.2 m as the Company completed all deliverables and testing required under the C-IED contract during the second quarter of 2011. LGE product line revenue decreased $750,000 to $1.6m and the ultrafast laser revenue decreased by $484,000 to $181,000. Offsetting these decreases was an increase in the High Voltage product line revenue of $427,000 to $478,000. Net loss