Ecology and Environment Inc

Ecology and Environment, Inc. Reports Continued Increases in Quarterly Revenuesand ProfitsBUFFALO, N.Y., June 17, 2009 (GLOBE NEWSWIRE) — HIGHLIGHTS – Ecology andEnvironment, Inc., (Nasdaq:EEI) reported revenues for the third quarter endedMay 2 of fiscal year 2009, of $38.0 million, up 39% from the $27.4 millionreported in the prior year. Net income for the third quarter of fiscal year 2009was $1.7 million or $.44 per share ($.43 per share diluted), compared to netincome of $123,000 or $.03 per share in the third quarter of fiscal year 2008.The third quarter of fiscal year 2009 includes a net gain of $.25 attributableto the favorable tax settlement in Kuwait, net of an additional charge to fullyreserve the balance of accounts receivable from the Middle East work. Excludingthis $.25 per share gain, the current quarter’s earnings increased to $.19 pershare from $.03 per share in the third quarter of the prior year.DETAILS – E & E reported an increase of $10.6 million in revenue during thethird quarter of fiscal year 2009 compared to the third quarter of the prioryear. The increase in revenue was attributable to increased work in theCompany’s energy, environmental restoration, and federal government sectors. “Westrongly believe in sustainability throughout our organization and in ourfinancials,” said President and CEO, Kevin Neumaier. At the end of the quarter,the company had cash of $13.5 million with debt of only $.7 million andavailable lines of credit of $37.6 million.

The Company’s book value was $40.3million or $9.86 per share. In April 2009, the Company declared a dividend of$.20 per share to shareholders of both Class A and Class B common stock, whichrepresents the 47th consecutive dividend since the Company became public in 1987and the 14th increase in 22 years.E & E took a step forward in Kuwait, settling the tax dispute and the relatedFIN 48 charges. As a result, the Company has released the remaining accrual ofapproximately $1.4 million (net of deferred tax) by reducing the currentquarter’s income tax provision by $850,000 and reducing interest expense andgeneral and administrative costs each by $275,000. In addition the Company hasrecorded a charge during the quarter in the amount of $925,000 to reserve thebalance of accounts receivable from the work performed in the Middle East. Thenet impact of these actions results in a gain of approximately $.25 per sharefor the third quarter of fiscal year 2009. “In addition to bolstering thirdquarter earnings, this resolution removes most of the FIN 48 issue that we havehad in previous quarters,” says Neumaier. “Over the past two years, this matterwith Kuwait has resulted in over 90% of our FIN 48 charges against earnings, andwe are happy to take this step forward.”Ecology and Environment has completed over 45,000 projects for a wide variety ofclients in 84 countries, providing environmental solutions in nearly everyecosystem on our planet.

DUESSELDORF, Germany, June 17 (Reuters) – Deutsche Telekom’s(DTEGn.DE) finance chief is optimistic that the telecoms groupwill soon agree with rival Vodafone (VOD.L) on a price foraccess to its high-speed Internet broadband services in Germany. “We are in intense negotiations with Vodafone,” TimotheusHoettges said at an industry event in Duesseldorf on Wednesday. Hoettges said he hoped to reach an agreement with Vodafonebefore the launch of Deutsche Telekom’s VDSL double play offer– telephone and Internet –, which will most likely beavailable next month. So far, Deutsche Telekom has only offered VDSL connections,available in some 50 German cities, in combination with itsInternet based TV (IPTV). Deutsche Telekom had said earlier this year that it waswilling to allow competitors access to its VDSL network — afaster version of standard broadband technology with speeds ofseveral tens of megabits per second, enough for high-definitionvideo streaming.