Revenue during the quarter grew 9.08 percent to $37.50 million from $34.37 million in the previous year period. Gross margin for the quarter expanded 191 basis points over the previous year period to 12.49 percent. Total expenses were 93.36 percent of quarterly revenues, down from 95.77 percent for the same period last year. This has led to an improvement of 241 basis points in operating margin to 6.64 percent.

Operating income for the quarter was $2.49 million, compared with $1.46 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $3.17 million compared with $2.05 million in the prior year period. At the same time, adjusted EBITDA margin improved 248 basis points in the quarter to 8.45 percent from 5.97 percent in the last year period.

Douglas Reynolds, President, commented on the announcement. “We are very pleased with the operating results for the first three months of fiscal year 2017. The $37.5 million in revenue and $1.2 million in net income available to common shareholders represent the best first quarter of any fiscal year in the Company’s history.” Reynolds continued, “We had several significant pipeline projects that were awarded in fiscal year 2016 that continued into the first quarter of fiscal year 2017. We have been awarded two pipeline projects that will begin soon, but we are still bidding work to replace the completed projects. At December 31, 2016, we had a backlog of $81.2 million, as compared to $91.1 million at December 31, 2015. We’re seeing projects being put out for bid a little later as compared to last year, but we feel there are some exciting possibilities for both C.J Hughes and Nitro Electric in fiscal year 2017.”