Versar Inc.

Germantown, MD, United States

Versar Inc.

Germantown, MD, United States
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SPRINGFIELD, VA / ACCESSWIRE / April 28, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced its plan to resume making timely filings with the Securities and Exchange Commission after the market's close on May 10, 2017, when the Company will report its operational performance and financial results for the first, second and third quarters of fiscal 2017. Versar has scheduled its quarterly investor conference call for 5 p.m. EDT, on May 10, 2017, to discuss its results and business outlook. The dial-in number for the U.S. and Canada is toll free, 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and internationally by dialing 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.


SPRINGFIELD, VA / ACCESSWIRE / April 28, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced its plan to resume making timely filings with the Securities and Exchange Commission after the market's close on May 10, 2017, when the Company will report its operational performance and financial results for the first, second and third quarters of fiscal 2017. Versar has scheduled its quarterly investor conference call for 5 p.m. EDT, on May 10, 2017, to discuss its results and business outlook. The dial-in number for the U.S. and Canada is toll free, 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and internationally by dialing 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. SPRINGFIELD, VA / ACCESSWIRE / April 28, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced its plan to resume making timely filings with the Securities and Exchange Commission after the market's close on May 10, 2017, when the Company will report its operational performance and financial results for the first, second and third quarters of fiscal 2017. Versar has scheduled its quarterly investor conference call for 5 p.m. EDT, on May 10, 2017, to discuss its results and business outlook. The dial-in number for the U.S. and Canada is toll free, 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and internationally by dialing 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.


SPRINGFIELD, VA / ACCESSWIRE / May 17, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of option year four of the Architect-Engineer Construction Phase Support Services Contract that the Company holds through its joint venture with Parsons Corporation. This option year extends the period of performance to May 14, 2018. The total capacity of the contract is $90 million, with $83 million remaining in option year four. Contract funding will be provided separately under each awarded task order. The Architect-Engineer Construction Phase Support Services Contract was awarded by the U.S. Army Corps of Engineers Middle East District (USACE-TAM) in May 2013. The contract had one base year and four option years. "This contract allows Versar to work in 18 countries within the Middle East, Northern Africa, and Southwest Asia," said Tony Otten, Versar's Chief Executive Officer. "As USACE begins executing new construction contracts in the region, Versar looks forward to continuing our productive relationship with Parsons to provide onsite professional and engineering services supporting the USACE mission." VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. SPRINGFIELD, VA / ACCESSWIRE / May 17, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of option year four of the Architect-Engineer Construction Phase Support Services Contract that the Company holds through its joint venture with Parsons Corporation. This option year extends the period of performance to May 14, 2018. The total capacity of the contract is $90 million, with $83 million remaining in option year four. Contract funding will be provided separately under each awarded task order. The Architect-Engineer Construction Phase Support Services Contract was awarded by the U.S. Army Corps of Engineers Middle East District (USACE-TAM) in May 2013. The contract had one base year and four option years. "This contract allows Versar to work in 18 countries within the Middle East, Northern Africa, and Southwest Asia," said Tony Otten, Versar's Chief Executive Officer. "As USACE begins executing new construction contracts in the region, Versar looks forward to continuing our productive relationship with Parsons to provide onsite professional and engineering services supporting the USACE mission." VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.


SPRINGFIELD, VA / ACCESSWIRE / May 17, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of option year four of the Architect-Engineer Construction Phase Support Services Contract that the Company holds through its joint venture with Parsons Corporation. This option year extends the period of performance to May 14, 2018. The total capacity of the contract is $90 million, with $83 million remaining in option year four. Contract funding will be provided separately under each awarded task order. The Architect-Engineer Construction Phase Support Services Contract was awarded by the U.S. Army Corps of Engineers Middle East District (USACE-TAM) in May 2013. The contract had one base year and four option years. "This contract allows Versar to work in 18 countries within the Middle East, Northern Africa, and Southwest Asia," said Tony Otten, Versar's Chief Executive Officer. "As USACE begins executing new construction contracts in the region, Versar looks forward to continuing our productive relationship with Parsons to provide onsite professional and engineering services supporting the USACE mission." VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.


SPRINGFIELD, VA / ACCESSWIRE / April 25, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of an option year as a sub-contractor to Jacobs Engineering Group in support of the West Desert Test Center (WDTC) located at Dugway Proving Ground, Utah. The option year runs from March 24, 2017 through March 23, 2018, and is valued at $1.3 million. There remains one additional option year under this 15 year contract. Versar has been a sub-contractor to Jacobs for the entire duration of this contract, originally awarded in 2004. As a major test site for the U.S. Army Test and Evaluation Command, WDTC is responsible for the test and evaluation of chemical and biological (CB) defense systems, incendiary and smoke/obscuration munitions systems, and related operational concepts. Versar currently employs 11 scientists, micro biologists, and chemical specialists across the different divisions to support the DOD's designated Major Range and Test Facility Base for Chemical and Biological Testing and Training. "Versar is proud to enter its 14th year as a trusted partner at this important chemical and biological test center of the U.S. Army," said Tony Otten, Versar's Chief Executive Officer. "It is gratifying to earn the trust of both the Army and Jacobs Engineering Group over this critical long-term engagement." VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.


SPRINGFIELD, VA / ACCESSWIRE / April 25, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of an option year as a sub-contractor to Jacobs Engineering Group in support of the West Desert Test Center (WDTC) located at Dugway Proving Ground, Utah. The option year runs from March 24, 2017 through March 23, 2018, and is valued at $1.3 million. There remains one additional option year under this 15 year contract. Versar has been a sub-contractor to Jacobs for the entire duration of this contract, originally awarded in 2004. As a major test site for the U.S. Army Test and Evaluation Command, WDTC is responsible for the test and evaluation of chemical and biological (CB) defense systems, incendiary and smoke/obscuration munitions systems, and related operational concepts. Versar currently employs 11 scientists, micro biologists, and chemical specialists across the different divisions to support the DOD's designated Major Range and Test Facility Base for Chemical and Biological Testing and Training. "Versar is proud to enter its 14th year as a trusted partner at this important chemical and biological test center of the U.S. Army," said Tony Otten, Versar's Chief Executive Officer. "It is gratifying to earn the trust of both the Army and Jacobs Engineering Group over this critical long-term engagement." VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. VERSAR operates the following website: www.versar.com. Find out more about VERSAR at Twitter: https://twitter.com/VersarInc Facebook: https://www.facebook.com/VersarInc LinkedIn: http://www.linkedin.com/company/38251 This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. Contact: Karin Weber M&A, Investor Relations Manager Versar, Inc. (415) 575-1589kweber@versar.com Robert Ferri Robert Ferri Partners (703) 642-6706robert.ferri@robertferri.com SOURCE: Versar, Inc. ReleaseID: 460479April 25, 2017 /AccessWire/ — SPRINGFIELD, VA / ACCESSWIRE / April 25, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced the award of an option year as a sub-contractor to Jacobs Engineering Group in support of the West Desert Test Center (WDTC) located at Dugway Proving Ground, Utah. The option year runs from March 24, 2017 through March 23, 2018, and is valued at $1.3 million. There remains one additional option year under this 15 year contract. Versar has been a sub-contractor to Jacobs for the entire duration of this contract, originally awarded in 2004. As a major test site for the U.S. Army Test and Evaluation Command, WDTC is responsible for the test and evaluation of chemical and biological (CB) defense systems, incendiary and smoke/obscuration munitions systems, and related operational concepts. Versar currently employs 11 scientists, micro biologists, and chemical specialists across the different divisions to support the DOD's designated Major Range and Test Facility Base for Chemical and Biological Testing and Training. "Versar is proud to enter its 14th year as a trusted partner at this important chemical and biological test center of the U.S. Army," said Tony Otten, Versar's Chief Executive Officer. "It is gratifying to earn the trust of both the Army and Jacobs Engineering Group over this critical long-term engagement." VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. VERSAR operates the following website: www.versar.com. Find out more about VERSAR at Twitter: https://twitter.com/VersarInc Facebook: https://www.facebook.com/VersarInc LinkedIn: http://www.linkedin.com/company/38251 This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. Contact: Karin Weber M&A, Investor Relations Manager Versar, Inc. (415) 575-1589kweber@versar.com Robert Ferri Robert Ferri Partners (703) 642-6706robert.ferri@robertferri.com SOURCE: Versar, Inc. ReleaseID: 460479 Source URL: http://marketersmedia.com/versar-inc-announces-14th-year-of-support-at-dugway-proving-ground-as-subcontractor-to-jacobs-engineering-group/190108Source: AccessWireRelease ID: 190108


SPRINGFIELD, VA / ACCESSWIRE / May 10, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced financial results for the first three quarters of fiscal 2017, ended March 31, 2017. The Form 10-Qs for the first and second quarters have been filed with the Securities and Exchange Commission (SEC). The financial statements for the third quarter of fiscal year 2017 are attached to this press release and the associated Form 10-Q will be filed in the next several days, within the time period prescribed by the SEC. With today's filings, the Company has resumed timely filings with the SEC. Among the highlights of the first nine months of Versar's fiscal 2017: Funded backlog of $152 million as of March 31, 2017 Gross revenue of $85.1 million Reduced overall debt by approximately 50% to $9.4 million Adjusted EBITDA of $2.6 million (Non-GAAP metric - see definition at end of this earnings release) Versar said that it expects that following today's resumption of on-time filings, the Company will continue to comply with the filing requirements of both the SEC and the New York Stock Exchange MTK LLC (the "Exchange"). Consistent with its obligations to its lender, Bank of America, N.A., the Company continues to seek a replacement credit facility or other financial arrangement. In parallel, Versar continues to implement improvements to its cost structure, financial strength and business focus. On May 8, 2017, the Company submitted its plan to the Exchange describing the actions it has taken and will take to regain compliance with the continued listing standards, specifically Section 1003(a)(i) of the Exchange Company Guide regarding stockholders' equity. The Company will continue to work with the Exchange as necessary to ensure approval and implementation of a plan to address compliance with the listing standards. "While Versar is still in the process of restructuring, we are approaching the successful completion of revising internal and external processes that will result in a structurally strengthened company that is better able to meet the anticipated increased demand of our military and other infrastructure customers," said Tony Otten, Versar's Chief Executive Officer. "The resumption of timely SEC filings is an important milestone as a leaner and more sharply focused Versar advances toward a successful return to sustainable, profitable growth." Though Mr. Otten noted that the Company would provide a detailed business outlook at the outset of fiscal 2018, he pointed to the increasing frequency of Versar's new-business announcements recently as positive indicators of a prospective return to growth. He also said that it was important to place the escalation of announced awards for the Company in the context of the federal government's announced plans for massive spending increases for the Department of Defense, as well as for public infrastructure in general. Year to date fiscal 2017 gross revenue decreased 34% to $85.1 million, compared to revenues of $128.7 million during the first nine months of fiscal 2016. This decrease is largely attributable to the Dover Air Force Base (DAFB) project wind down, Performance Based Remediation (PBR) wind down, Versar Security Systems (VSS) lower than expected revenues, and projects ending within the Environmental Services Group (ESG). Both the DAFB and PBR ramp-downs were anticipated with those projects scheduled to end in calendar year 2017 and 2020, respectively. Offsetting these revenue decreases, each reporting segment reported additional contributions, such as the Fort Belvoir project for Engineering and Construction Management (ECM), Shoreline Stabilization Projects within ESG, and the 88th Regional Support Command contract within the Professional Services Group (PSG). Purchased services and materials decreased 45% to $44.5 million for the first nine months of fiscal 2017, from $80.5 million during the same period of fiscal 2016. The wind down in DAFB was the primary driver of that decrease. Gross profit for the first nine months of fiscal 2017 was $5.9 million, compared to a gross profit of $6.8 million for the same period of fiscal 2016. Gross margin increased from 5% to 7%. While SG&A remained flat on a dollar amount, it increased as a percent of revenue from 7% to 11%. Included in the last nine months of SG&A are approximately $900 thousand related to requirements of the Bank of America Loan Amendment. In addition, the Company paid for two outside audits and unusual legal fees associated with our restructuring. Despite these additional expenses, the Company was able to control indirect costs. Net Loss for the first nine months of fiscal 2017 was $4.2 million, which translates to a loss per share of $.42. To assist our investors and other users of our financial statements, we have introduced a non-GAAP metric to show company performance without the non-cash one-time write-downs. We are calling this metric Adjusted EBITDA. More details can be found at the end of this earnings release. Versar will host a conference call today, May 10, 2017 at 5:00 p.m. Eastern Time to discuss its business outlook and its operational performance and financial results for the first three quarters of fiscal 2017. The dial in number for the U.S. and Canada is toll free at 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5:00 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and international callers may dial 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. 10,284,467 shares issued and 9,952,208 shares outstanding as of May 1, 2016; 10,217,227 shares issued and 9,982,778 shares outstanding as of July 1, 2016 Capital in excess of par value VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Nine Months Ended Adjustments to reconcile net loss to net cash used in operating activities: Changes in assets and liabilities: (Increase) in prepaid and other assets (Increase) decrease in other assets and liabilities Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period This earnings release contains a non-GAAP (Generally Accepted Accounting Principles) financial measure, as defined by the Securities and Exchange Commission Regulation G and indicated by a footnote in the text of the release. While we believe investors and other users of our financial statements may find this non-GAAP financial measure useful in evaluating our financial performance and operational trends, they should be considered as supplemental in nature, and therefore, should not be considered in isolation or as a substiture for financial information prepared in accordance with GAAP. Reconcilations are provided for the non-GAAP measure in the table above. Other companies may define this measure differently or may utilize different non-GAAP measures. SPRINGFIELD, VA / ACCESSWIRE / May 10, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced financial results for the first three quarters of fiscal 2017, ended March 31, 2017. The Form 10-Qs for the first and second quarters have been filed with the Securities and Exchange Commission (SEC). The financial statements for the third quarter of fiscal year 2017 are attached to this press release and the associated Form 10-Q will be filed in the next several days, within the time period prescribed by the SEC. With today's filings, the Company has resumed timely filings with the SEC. Among the highlights of the first nine months of Versar's fiscal 2017: Funded backlog of $152 million as of March 31, 2017 Gross revenue of $85.1 million Reduced overall debt by approximately 50% to $9.4 million Adjusted EBITDA of $2.6 million (Non-GAAP metric - see definition at end of this earnings release) Versar said that it expects that following today's resumption of on-time filings, the Company will continue to comply with the filing requirements of both the SEC and the New York Stock Exchange MTK LLC (the "Exchange"). Consistent with its obligations to its lender, Bank of America, N.A., the Company continues to seek a replacement credit facility or other financial arrangement. In parallel, Versar continues to implement improvements to its cost structure, financial strength and business focus. On May 8, 2017, the Company submitted its plan to the Exchange describing the actions it has taken and will take to regain compliance with the continued listing standards, specifically Section 1003(a)(i) of the Exchange Company Guide regarding stockholders' equity. The Company will continue to work with the Exchange as necessary to ensure approval and implementation of a plan to address compliance with the listing standards. "While Versar is still in the process of restructuring, we are approaching the successful completion of revising internal and external processes that will result in a structurally strengthened company that is better able to meet the anticipated increased demand of our military and other infrastructure customers," said Tony Otten, Versar's Chief Executive Officer. "The resumption of timely SEC filings is an important milestone as a leaner and more sharply focused Versar advances toward a successful return to sustainable, profitable growth." Though Mr. Otten noted that the Company would provide a detailed business outlook at the outset of fiscal 2018, he pointed to the increasing frequency of Versar's new-business announcements recently as positive indicators of a prospective return to growth. He also said that it was important to place the escalation of announced awards for the Company in the context of the federal government's announced plans for massive spending increases for the Department of Defense, as well as for public infrastructure in general. Year to date fiscal 2017 gross revenue decreased 34% to $85.1 million, compared to revenues of $128.7 million during the first nine months of fiscal 2016. This decrease is largely attributable to the Dover Air Force Base (DAFB) project wind down, Performance Based Remediation (PBR) wind down, Versar Security Systems (VSS) lower than expected revenues, and projects ending within the Environmental Services Group (ESG). Both the DAFB and PBR ramp-downs were anticipated with those projects scheduled to end in calendar year 2017 and 2020, respectively. Offsetting these revenue decreases, each reporting segment reported additional contributions, such as the Fort Belvoir project for Engineering and Construction Management (ECM), Shoreline Stabilization Projects within ESG, and the 88th Regional Support Command contract within the Professional Services Group (PSG). Purchased services and materials decreased 45% to $44.5 million for the first nine months of fiscal 2017, from $80.5 million during the same period of fiscal 2016. The wind down in DAFB was the primary driver of that decrease. Gross profit for the first nine months of fiscal 2017 was $5.9 million, compared to a gross profit of $6.8 million for the same period of fiscal 2016. Gross margin increased from 5% to 7%. While SG&A remained flat on a dollar amount, it increased as a percent of revenue from 7% to 11%. Included in the last nine months of SG&A are approximately $900 thousand related to requirements of the Bank of America Loan Amendment. In addition, the Company paid for two outside audits and unusual legal fees associated with our restructuring. Despite these additional expenses, the Company was able to control indirect costs. Net Loss for the first nine months of fiscal 2017 was $4.2 million, which translates to a loss per share of $.42. To assist our investors and other users of our financial statements, we have introduced a non-GAAP metric to show company performance without the non-cash one-time write-downs. We are calling this metric Adjusted EBITDA. More details can be found at the end of this earnings release. Versar will host a conference call today, May 10, 2017 at 5:00 p.m. Eastern Time to discuss its business outlook and its operational performance and financial results for the first three quarters of fiscal 2017. The dial in number for the U.S. and Canada is toll free at 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5:00 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and international callers may dial 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. 10,284,467 shares issued and 9,952,208 shares outstanding as of May 1, 2016; 10,217,227 shares issued and 9,982,778 shares outstanding as of July 1, 2016 Capital in excess of par value VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Nine Months Ended Adjustments to reconcile net loss to net cash used in operating activities: Changes in assets and liabilities: (Increase) in prepaid and other assets (Increase) decrease in other assets and liabilities Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period This earnings release contains a non-GAAP (Generally Accepted Accounting Principles) financial measure, as defined by the Securities and Exchange Commission Regulation G and indicated by a footnote in the text of the release. While we believe investors and other users of our financial statements may find this non-GAAP financial measure useful in evaluating our financial performance and operational trends, they should be considered as supplemental in nature, and therefore, should not be considered in isolation or as a substiture for financial information prepared in accordance with GAAP. Reconcilations are provided for the non-GAAP measure in the table above. Other companies may define this measure differently or may utilize different non-GAAP measures.


SPRINGFIELD, VA / ACCESSWIRE / May 10, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced financial results for the first three quarters of fiscal 2017, ended March 31, 2017. The Form 10-Qs for the first and second quarters have been filed with the Securities and Exchange Commission (SEC). The financial statements for the third quarter of fiscal year 2017 are attached to this press release and the associated Form 10-Q will be filed in the next several days, within the time period prescribed by the SEC. With today's filings, the Company has resumed timely filings with the SEC. Among the highlights of the first nine months of Versar's fiscal 2017: Versar said that it expects that following today's resumption of on-time filings, the Company will continue to comply with the filing requirements of both the SEC and the New York Stock Exchange MTK LLC (the "Exchange"). Consistent with its obligations to its lender, Bank of America, N.A., the Company continues to seek a replacement credit facility or other financial arrangement. In parallel, Versar continues to implement improvements to its cost structure, financial strength and business focus. On May 8, 2017, the Company submitted its plan to the Exchange describing the actions it has taken and will take to regain compliance with the continued listing standards, specifically Section 1003(a)(i) of the Exchange Company Guide regarding stockholders' equity. The Company will continue to work with the Exchange as necessary to ensure approval and implementation of a plan to address compliance with the listing standards. "While Versar is still in the process of restructuring, we are approaching the successful completion of revising internal and external processes that will result in a structurally strengthened company that is better able to meet the anticipated increased demand of our military and other infrastructure customers," said Tony Otten, Versar's Chief Executive Officer. "The resumption of timely SEC filings is an important milestone as a leaner and more sharply focused Versar advances toward a successful return to sustainable, profitable growth." Though Mr. Otten noted that the Company would provide a detailed business outlook at the outset of fiscal 2018, he pointed to the increasing frequency of Versar's new-business announcements recently as positive indicators of a prospective return to growth. He also said that it was important to place the escalation of announced awards for the Company in the context of the federal government's announced plans for massive spending increases for the Department of Defense, as well as for public infrastructure in general. Year to date fiscal 2017 gross revenue decreased 34% to $85.1 million, compared to revenues of $128.7 million during the first nine months of fiscal 2016. This decrease is largely attributable to the Dover Air Force Base (DAFB) project wind down, Performance Based Remediation (PBR) wind down, Versar Security Systems (VSS) lower than expected revenues, and projects ending within the Environmental Services Group (ESG). Both the DAFB and PBR ramp-downs were anticipated with those projects scheduled to end in calendar year 2017 and 2020, respectively. Offsetting these revenue decreases, each reporting segment reported additional contributions, such as the Fort Belvoir project for Engineering and Construction Management (ECM), Shoreline Stabilization Projects within ESG, and the 88th Regional Support Command contract within the Professional Services Group (PSG). Purchased services and materials decreased 45% to $44.5 million for the first nine months of fiscal 2017, from $80.5 million during the same period of fiscal 2016. The wind down in DAFB was the primary driver of that decrease. Gross profit for the first nine months of fiscal 2017 was $5.9 million, compared to a gross profit of $6.8 million for the same period of fiscal 2016. Gross margin increased from 5% to 7%. While SG&A remained flat on a dollar amount, it increased as a percent of revenue from 7% to 11%. Included in the last nine months of SG&A are approximately $900 thousand related to requirements of the Bank of America Loan Amendment. In addition, the Company paid for two outside audits and unusual legal fees associated with our restructuring. Despite these additional expenses, the Company was able to control indirect costs. Net Loss for the first nine months of fiscal 2017 was $4.2 million, which translates to a loss per share of $.42. To assist our investors and other users of our financial statements, we have introduced a non-GAAP metric to show company performance without the non-cash one-time write-downs. We are calling this metric Adjusted EBITDA. More details can be found at the end of this earnings release. Versar will host a conference call today, May 10, 2017 at 5:00 p.m. Eastern Time to discuss its business outlook and its operational performance and financial results for the first three quarters of fiscal 2017. The dial in number for the U.S. and Canada is toll free at 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5:00 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and international callers may dial 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. This earnings release contains a non-GAAP (Generally Accepted Accounting Principles) financial measure, as defined by the Securities and Exchange Commission Regulation G and indicated by a footnote in the text of the release. While we believe investors and other users of our financial statements may find this non-GAAP financial measure useful in evaluating our financial performance and operational trends, they should be considered as supplemental in nature, and therefore, should not be considered in isolation or as a substiture for financial information prepared in accordance with GAAP. Reconcilations are provided for the non-GAAP measure in the table above. Other companies may define this measure differently or may utilize different non-GAAP measures.


Failure of on-going management programs to restore oyster populations in Chesapeake Bay, USA, prompted state and federal agencies to consider the introduction of the non-native Asian oyster (Crassostrea ariakensis). An ecological risk assessment (ERA) of the proposed introduction was an essential element in preparation of a programmatic environmental impact statement (PEIS). The ERA had to assess risks of not only the proposed action (Asian oyster introduction) but also of the eight alternatives evaluated in the PEIS. The ERA suggested that the risk that the Asian oyster would not provide ecosystem services similar to those afforded by the native Eastern oyster was low, but there was moderate uncertainty associated with that conclusion. There was a non-zero risk of self-sustaining Asian oyster populations becoming established even if aquaculture with triploid, purportedly sterile Asian oysters were to be permitted. Nearly all of the risk conclusions had associated moderate to high uncertainty, not providing the level of proof that the agencies felt sufficient to justify proceeding with any action involving the Asian oyster. The irreversible nature of an introduction of the species bolstered that decision. Maryland and Virginia agencies have implemented numerous actions focused on the native oyster, but the outcome of these on-going actions is not yet known. © 2013 Copyright Taylor and Francis Group, LLC.


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