1Revenue was $319.4M, driven by the Company’s school clients, while a decrease in revenue from non-school clients offset part of that growth.
2Gross profit was $87.9M, and gross margin was 27.5%, with the decrease primarily due to a change in mix associated with EPC project revenue from the Energy Services group and Aerospace revenue.
3Operating income was $25.1M, increasing due to higher gross profit but partially offset by an increase in selling, general and administrative (SGA) expense.
4Net cash provided by operating activities was $19.0M, and free cash flow was $17.4M after $1.6M in capital expenditures, supporting working capital needs.
5Diluted EPS was $2.14, and liquidity requirements consist primarily of funds necessary to pay labor costs and other related expenditures.
6The Revolving Credit Facility contains covenants that restrict the Company’s ability to borrow in order to pay dividends.