Versar (VSR) Will Delay 10-Q Filing

Versar (NYSE: VSR) submitted a Form 12b-25 to delay its 10-Q submission on Tuesday. The following is from the filing:

The Company has experienced a significant change in its results of operations from the corresponding period for the last fiscal year as will be reflected by the earnings statements to be included in the Form 10-Q. The Company’s revenue for the third quarter of fiscal year 2016 decreased 8% to $36.5 million, compared to revenues of $39.8 million during the third quarter of last fiscal year. Gross margin decreased to 4%, compared to 8% in the same prior year quarter, due to a variety of factors including some lower margin work, costs due to project design changes, and order delays for our PPS subsidiary. Selling, general and administrative expenses increased to $3.0 million in the third quarter, as compared to $2.7 million in third quarter fiscal 2015. Net loss for the quarter was $13.3 million or ($1.34) per share compared to net income of $0.3 million or $0.03 per share in the same period of fiscal 2015.

For the nine months ended April 1, 2016, revenues increased 24% to $128.7 million compared to revenues of $103.5 million in the same period of fiscal 2015. The Company reported a decrease in gross margin for the first nine months of 2016 to 5.8% as compared to gross margin of 9.1% in the first nine months of fiscal 2015, related primarily to changes in the Company's portfolio of contracts. Selling, general and administrative expenses increased to $9.2 million in the first nine months of 2016, but decreased to 7% of sales as compared to SG&A of $8.4 million or 8% of sales in the first nine months of 2015. Net loss for the first nine months of fiscal 2016 was $13.7 million or ($1.39) per share as compared to net income of $0.5 million, or $0.05 per share in the first nine months of fiscal 2015.

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