“Some major swing items explain the contrast between the record third quarter of 2004 results and this year’s performance. The combination of a number of items that significantly added to last year’s income, the current quarter losses incurred on two of our Federal Services projects, as well as the lower revenues overall account for most of the decrease in income. We continue to work on recovering claims on the contracts that experienced the losses as well as adding new business to increase revenues in higher margin areas.”
Robert F. Shawver, Executive Vice President and CFO




For the nine month period ended September 30, 2005, net income was $13.0 million, or $0.85 per diluted share, as compared to net income of $18.0 million, or $1.23 per diluted share, for the comparable period in 2004. Revenues were $212.7 million for the nine months ended September 30, 2005 compared to revenues of $215.1 million for the same period in 2004. The decrease in the year-to-date net income of $5.0 million was due to the items discussed previously. The decrease in year-to-date revenues of $2.4 million was due primarily to lower revenues generated by the Commercial Services business segment offset partially by higher revenues from Federal Services.