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National Technical Expects Struggles in Q1

A decrease in orders and the bankruptcy of a major client contributed to National Technical Systems Inc. reporting lower income in the fourth quarter when compared with the previous year. Those factors plus the overall sluggish economy will likely have a negative impact on first quarter 2010 revenues of the Calabasas-based provider of engineering and testing services. “Although uncertainty associated with the current economic environment continues, we remain cautiously optimistic regarding the outlook for the remainder of fiscal 2010, as we have expanded our capabilities through investment in new equipment and new technologies and continue the development of our engineering services business,” said CEO William C. McGinnis. For the fourth quarter ending Jan. 31, National Technical reported net income of $607,000, or $0.06 per diluted share, on revenues of $30.3 million. That is a 2.6 percent drop from net income of $622,000, or $0.07 per diluted share, on revenues of $25.5 million for the same period in 2008. For the full fiscal year, the company reported net income of $3.6 million, or $0.38 per diluted share, on revenues of $119.9 million. That is a 39 percent increase over the net income of $2.6 million, or $0.28 per diluted share, on revenues of $100.9 million for fiscal 2008. During the year, National Technical acquired testing laboratory Elliott Laboratories Inc. and International Management Systems Inc, and closed its Santa Rosa facility due to a substantial decrease in its inter-operability testing business. Mark R. Madler

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