Ultrasystems’ First Quarter Net Drops 50% to $649,000

Ultrasystems Inc., the Irvine-based engineering concern that specializes in constructing electrical power facilities, said that its net income for the first quarter ended April 30 fell by 50% to $649,000 from $1.3 million in the same period last year. Total revenues for the period came to just over $29 million, down 25% from $38.5 million.

Company President Philip J. Stevens blamed the lower revenues on the fact that construction on Ultrasystems’ projects were set to commence in the second quarter of this year, whereas last year the company had three major projects under construction during the first quarter.

He said the actual construction of a project normally draws more revenue for the company than does the engineering work involved, which constituted the bulk of its first quarter revenues. As a result, the company’s net income declined, he said.

Stevens added that the company’s backlog for the year stands at $273.7 million, 71% more than the $159.6 million backlog last year.