ECOLOGY & ENVIRONMENT INC

CIK:0000809933|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Nov. 02, 2019	Oct. 27, 2018
Condensed Consolidated Statements of Operations (Unaudited) [Abstract]
Gross revenue	$ 22,213	$ 21,752
Cost of professional services and other direct operating expenses	9,543	8,134
Subcontract costs	3,472	4,574
Selling, general and administrative expenses	10,715	9,200
Depreciation and amortization	234	277
Loss from operations	(1,751)	(433)
Income from equity method investment	79	60
Net interest income	59	54
Net foreign exchange gain	1	23
Other income	18	26
Loss before income tax benefit	(1,594)	(270)
Income tax benefit	(194)	(155)
Net loss	(1,400)	(115)
Net income attributable to noncontrolling interests	(127)	(5)
Net loss attributable to Ecology and Environment Inc.	$ (1,527)	$ (120)
Net loss per common share: basic and diluted (in dollars per share)	$ (0.35)	$ (0.03)
Weighted average common shares outstanding: basic and diluted (in shares)	4,329,858	4,313,930

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Nov. 02, 2019	Oct. 27, 2018
Cash flows from operating activities:
Net loss	$ (1,400)	$ (115)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	234	277
Deferred income tax provision	31	32
Share-based compensation expense	34	153
Gain on sale of assets and investment securities	0	(1)
Net (recovery) provision for contract adjustments	(104)	23
Net bad debt expense (recovery)	94	(19)
Changes in:
- contract receivables	(1,300)	(1,204)
- other current assets	(490)	(945)
- income tax receivable	(114)	84
- equity method investment	(79)	(60)
- operating lease right of use assets	(5,771)	0
- other non-current assets	121	282
- accounts payable	123	1,999
- accrued payroll costs	(163)	(624)
- income taxes payable	0	3
- current portion of operating lease liabilities	1,754	0
- contract liabilities	790	226
- operating lease liabilities	4,041	0
- other accrued liabilities	(201)	43
Net cash (used in) provided by operating activities	(2,400)	154
Cash flows from investing activities:
Purchase of property, building and equipment	(76)	(140)
Proceeds from sale of property, buildings and equipment	35	2
Purchase of investment securities	(8)	(41)
Net cash used in investing activities	(49)	(179)
Cash flows from financing activities:
Dividends paid	(865)	(863)
Repayment of long-term debt and capital lease obligations	(9)	(15)
Net (repayments) borrowings under lines of credit	(62)	1
Distributions to noncontrolling interests	(6)	(4)
Net cash used in financing activities	(942)	(881)
Effect of exchange rate changes on cash and cash equivalents	59	35
Net decrease in cash, cash equivalents and restricted cash	(3,332)	(871)
Cash, cash equivalents and restricted cash at beginning of period	13,592	13,746
Cash, cash equivalents and restricted cash at end of period	10,260	12,875
Cash paid during the period for:
Interest	0	4
Income taxes	57	30
Supplemental disclosure of non-cash items:
Acquisition of noncontrolling interest of subsidiaries	$ (7)	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Nov. 02, 2019	Jul. 31, 2019
Current assets:
Cash and cash equivalents	$ 10,022	$ 13,344
Investment securities available for sale	1,582	1,577
Contract receivables, net	26,123	25,087
Income tax receivable	1,045	912
Other current assets	2,518	2,078
Total current assets	41,290	42,998
Property, buildings and equipment, net of accumulated depreciation $17,193 and $17,066, respectively	3,026	3,253
Operating lease right of use assets	5,771	0
Deferred income taxes	2,008	2,130
Equity method investment	1,684	1,658
Other assets	1,637	1,771
Total assets	55,416	51,810
Current liabilities:
Accounts payable	5,310	6,099
Lines of credit	200	284
Accrued payroll costs	6,440	6,661
Current portion of operating lease liabilities	1,754	0
Current portion of long-term debt	35	41
Customer deposits	4,287	3,551
Other accrued liabilities	1,146	1,386
Total current liabilities	19,172	18,022
Operating lease liabilities	4,041	0
Long-term debt	7	13
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, par value $.01 per share (2,000,000 shares authorized; no shares issued)	0	0
Capital in excess of par value	16,998	16,964
Retained earnings	17,160	18,687
Accumulated other comprehensive loss	(2,273)	(2,098)
Treasury stock, at cost (Class A common stock: 63,724 and 64,823 shares, respectively)	(729)	(729)
Total Ecology and Environment, Inc. shareholders' equity	31,200	32,868
Noncontrolling interests	996	907
Total shareholders' equity	32,196	33,775
Total liabilities and shareholders' equity	55,416	51,810
Class A [Member]
Shareholders' equity:
Common stock	32	32
Class B [Member]
Shareholders' equity:
Common stock	$ 12	$ 12