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November 17 , 2021 TT WILLIAMS Williams Reports Third Quarter 2021 Financial Results Backlog Continues to Expand ; Revising Guidance to Reflect Margin Pressure and Order Timing ATLANTA -- ( BUSINESS WIRE ) -- Williams Industrial Services Group Inc. ( NYSE American : WLMS ) ( " Williams " or the " Company " ) , an energy and industrial infrastructure services company , today reported its financial results for the fiscal third quarter ended September 30 , 2021 . Recent Highlights • Williams posted revenue of $ 73.4 million in the third quarter of 2021 compared with $ 66.2 million in the prior - year period • The Company reported net income of $ 0.7 million , or $ 0.03 per diluted share , in the third quarter versus net income of $ 1.0 million , or $ 0.04 per diluted share , in the third quarter of 2020 • Adjusted EBITDA¹ was $ 3.8 million for the third quarter of 2021 compared with $ 4.1 million in the prior - year period As of September 30 , 2021 , the Company's backlog was $ 672.5 million compared to $ 664.4 million as of June 30 , 2021 , with approximately $ 207.4 million expected to be converted to revenue over the following twelve months and $ 73.4 million expected to be converted by the end of the fiscal year The Company announced November 8 , 2021 that it restructured the organization and made substantial changes to management to improve business development initiatives , strengthen operational execution , and drive long - term growth " Although revenue rose 11 % year - over - year and our backlog climbed to $ 672.5 million , gross margins fell , as did adjusted EBITDA , primarily due to cost overruns on certain fixed price contracts , " said Tracy Pagliara , President and CEO of Williams . " In addition , due to the delay - and uncertainty - associated with an anticipated , significant customer order , our backlog has not grown at the pace previously envisioned , such that fourth quarter results will also be adversely impacted . Accordingly , we have revised our guidance for 2021 . " It goes without saying that we are working aggressively to address these issues . First and foremost , as recently announced , we have upgraded and reorganized our leadership team , which we believe will improve Williams ' business development and overall performance going forward . Our new structure necessitates greater focus on customer initiatives and