Ebola-Related Stock Versar (VSR) Swings to Q1 Loss

Versar (NYSE: VSR) reported Q1 EPS of ($0.01), versus $0.07 reported last year. Revenue for the quarter came in at $29.6 million, versus $29.1 million reported last year.

Increased Funded Backlog

As of September 26, 2014, Versar recorded funded backlog of approximately $223 million, an increase of 96% compared to $114 million of funded backlog at the end of fiscal year 2014. Additionally, subsequent to the quarter end, but prior to the federal government's fiscal year end, Versar was awarded an additional $16 million of funding for our work in the Middle East and reported funded backlog of $239 million as of September 30, 2014.

During the quarter, Versar announced a $98.3 million contract with the U.S. Air Force for repairs to runways at Dover Air Force base and it also completed the acquisition of J.M. Waller Associates which has more than $30 million in annual revenue. Following the close of the quarter, the Company announced the award of two new task orders under its personal services contract in Afghanistan with a total value of $18.3 million; a $4.2 million contract to provide fence to fence environmental services at Barksdale Air Force Base in Louisiana and Columbus Air Force Base in Mississippi; a $3.5 million contract from the Air Force Reserve Command for Facilities Operations Capability and Utilization Surveys at several locations and a $2.6 million contract to provide construction manager as agent services for the new Department of State Federal Office Building in Charleston, SC.

Versar's wholly owned subsidiary, VersarPPS, a U.K.-based manufacturer of decontamination equipment and personal protective equipment, was awarded a $5.1 million contract to supply chemical splash protective suits to the U.K.'s Department for International Development in support of emergency response efforts related to the treatment of Ebola. VersarPPS will deliver the suits over the next few months and the contract is expected to be completed by the end of March 2015.

For earnings history and earnings-related data on Versar (VSR) click here.

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