Date: January 10, 2002
Source: News Room
VERSAR, Inc. (Amex: VSR) expects to report record operating income of approximately $1 million for its second quarter of fiscal year 2002, ended December 31, 2001. Operating income for the second quarter of fiscal year 2002 should represent a 79 percent increase over the results of the second quarter of fiscal year 2001, and a $1.17 million increase over the results recorded in the first quarter of fiscal year 2002. VERSAR also expects gross revenues for the second quarter of fiscal year 2002 to increase by over 20 percent from the first quarter of fiscal year 2002 to approximately $18.3 million. The increase in sales is primarily due to the company's Homeland Defense initiatives, which to date have resulted in booked new orders approaching $4 million. The increase in business volume significantly improved the company's labor utilization and pushed the company's operating income for the quarter to the highest level in VERSAR's history. Since early October 2001, the company has experienced a substantial increase in business activities in its Homeland Defense business segment due to the recent anthrax outbreak and other terrorist concerns. More information: www.versar.com.
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