PDG Environmental, Inc. (dba FlagshipPDG) (OTCBB: PDGE), a leading provider of environmental remediation, disaster response and reconstruction services, today reported financial results for the second fiscal quarter and six months ended July 31, 2008.
Revenues for the second quarter of fiscal 2009 were $23.2 million, down 12.9% from the $26.6 million reported in the second quarter of fiscal 2008. Field margin for the second quarter of fiscal 2009 was $5.5 million or approximately 23.7% of revenue as compared to field margin of $6.8 million or approximately 25.6% of revenue in the prior year fiscal quarter. The drop in the field margin percentage is largely attributable to projected increased costs of approximately $0.7 million for a $4.0 million contract scheduled to be completed in the third quarter of fiscal 2009. The company reported a net after-tax loss of $(0.7) million, or $(0.04) per diluted share in the second quarter of fiscal 2009, compared with net income of $0.5 million, or $0.02 per diluted share in the second quarter of fiscal 2008.
