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Meldungen 29.01.2009

Tetra Tech: Q1 results

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Tetra Tech, Inc. announced announced results for the first quarter ended December 28, 2008.

Revenue in the quarter was $638.7 million, up 35.8% from $470.4 million, and revenue, net of subcontractor costs, was $330.0 million, up 19.1% from $277.2 million for the same quarter last year. Income from operations for the quarter was $28.6 million, up 26.0% from $22.7 million for the same quarter last year. Net income for the quarter was $16.3 million, up 26.4% from $12.9 million for the same quarter last year. Diluted earnings per share (EPS) for the quarter were $0.27, up 24.1% from $0.22 for the same quarter last year. Backlog at the end of the quarter was a record $1.77 billion, up 36.4% from $1.30 billion at the end of the same quarter last year. Cash used in operations was $27.7 million, up 52.8% from $18.1 million for the same quarter last year.

Compared to the first quarter of fiscal 2008, Tetra Tech’s federal government business grew 7.6%, driven by strength in U.S. Agency for International Development (USAID) and military Base Realignment and Closure (BRAC) projects; commercial business grew 127.0%, driven by strength in wind energy and water projects; and state and local business declined 13.9% due to weak economic conditions.

Reflecting on the first quarter results, Dan Batrack, Tetra Tech’s Chairman and CEO, remarked, “While the economy continued to experience significant deterioration, our focus on water projects and federal customers resulted in a strong first quarter. We ended the first quarter with a record backlog of $1.77 billion, a sequential increase of $120 million, which provides a positive outlook for the remainder of our fiscal year.”

Mr. Batrack continued, “We completed our first major international acquisition, Wardrop Engineering, Inc., a Canadian consulting and engineering firm with 1,200 employees. Wardrop is expected to contribute approximately $75 million of net revenue and two cents of EPS for the remainder of fiscal 2009, both of which are factored into our updated guidance.”

In thousands (except EPS data)     Three Months Ended
    December 28, 2008           December 30, 2007
Revenue     $     638,683             $     470,387     
Revenue, net of subcontractor costs         330,026                 277,161     
Income from operations         28,616                 22,711     
Interest expense, net         (916     )             (660     )
Income tax expense           (11,392     )               (9,151     )
Net income     $     16,308               $     12,900     
            

EPS:
            
Basic     $     0.27               $     0.22     
Diluted     $     0.27               $     0.22     
            
Weighted-average common shares outstanding:             
Basic         59,736                 58,313     
Diluted         60,275                 59,163     

Business Outlook

The following statements are based on current expectations. These statements are forward-looking and the actual results could differ materially. These statements do not include the potential impact of transactions that may be completed or developments that become evident after the date of this release. The Business Outlook section should be read in conjunction with the information on forward-looking statements at the end of this release.

Tetra Tech expects diluted EPS for the second quarter of fiscal 2009 to be in the range of $0.24 to $0.26. Revenue, net of subcontractor costs, for the second quarter is expected to range from $315 million to $335 million. For fiscal 2009, Tetra Tech is raising the lower end of its earnings guidance, and now expects diluted EPS to be in the range of $1.12 to $1.18. Revenue, net of subcontractor costs, for fiscal 2009 is expected to range from $1.35 billion to $1.45 billion.

Webcast

Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the first quarter results through a link posted on the Company’s web site at www.tetratech.com on January 29, 2009 at 8:00 a.m. (PST).

About Tetra Tech (www.tetratech.com)

Tetra Tech is a leading provider of consulting, engineering, program management, construction and technical services addressing the resource management and infrastructure markets. The Company supports government and commercial clients by providing innovative solutions focused on water, the environment and energy. With more than 10,000 employees worldwide, Tetra Tech’s capabilities span the entire project life cycle.

Forward-Looking Statements

This news release contains forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information concerning future events and the future financial performance of Tetra Tech that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are urged to read the documents filed by Tetra Tech with the SEC, specifically the most recent reports on Form 10-K, 10-Q, and 8-K, each as it may be amended from time to time, which identify risk factors that could cause actual results to differ materially from the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: worldwide political and economic uncertainties; fluctuations in annual revenue, expenses and operating results; the cyclicality in demand for state and local government services; concentration of revenues from government agencies and funding disruptions by these agencies; a shift in U.S. defense spending; a delay in the completion of the U.S. government budget process; impact of downturns in the financial markets and reductions in government budgets; violations of government contractor regulations; dependence on winning or renewing federal, state and local government contracts; the government’s right to modify, delay, curtail or terminate contracts at its convenience; the failure to properly manage projects; the loss of key personnel or the inability to attract and retain qualified personnel; the use of estimates and assumptions in the preparation of financial statements; the use of the percentage-of-completion method of accounting; the inability to accurately estimate contract risks, revenue and costs; the failure to win or renew contracts with private and public sector clients; acquisition strategy risks; goodwill impairment; growth strategy management; adverse resolution of an IRS examination; backlog cancellation and adjustments; risks associated with international operations; the failure of partners to perform on joint projects; the inability to find qualified subcontractors; the failure of subcontractors to satisfy their obligations; changes in existing environmental laws, regulations or programs; credit risks associated with commercial clients; changes in capital markets and the access to capital; credit agreement covenants; industry competition; the volatility of common stock value; liability risks and the ability to obtain or maintain adequate insurance; the ability to obtain adequate bonding; safety programs; conflict of interest issues; force majeure events; protection of intellectual property rights; and the implementation of the enterprise resource planning system. Any projections in this release are based on limited information currently available to Tetra Tech, which is subject to change. Although any such projections and the factors influencing them will likely change, Tetra Tech will not necessarily update the information, since Tetra Tech will only provide guidance at certain points during the year. Readers should not place undue reliance on forward-looking statements since such information speaks only as of the date of this release.

Contact:
Tetra Tech, Inc.
Jorge Casado, Investor Relations
626-470-2844

Source: Tetra Tech, Inc.

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