15.11.07

15.11.2007: Meldung: Tetra Tech Reports Q4 Results

Tetra Tech, Inc. (NASDAQ:TTEK) today announced results for the fourth quarter ended September 30, 2007. The Company exceeded its earnings and revenue guidance for the quarter, delivering growth of 20.0% and 9.9% in EPS and revenue, respectively, and achieving new record backlog.

Fourth Quarter Results

Revenue in the quarter was $434.8 million, up 9.9% from $395.6 million, and revenue, net of subcontractor costs, was $275.5 million, up 9.8% from $250.9 million for the same quarter last year. Income from operations for the quarter was $24.5 million, up 22.3% from $20.0 million for the same quarter last year. Net income for the quarter was $14.1 million, up 19.7% from $11.8 million for the same quarter last year. Diluted earnings per share (EPS) for the quarter was $0.24. This represents a 20.0% increase from $0.20 for the same quarter last year. Backlog at the end of the quarter was a record $1.26 billion, up 19.8% from $1.05 billion at the end of the same quarter last year. Cash provided by operations for the quarter was $34.5 million, up 23.0% from $28.0 million for the same quarter last year.

Compared to the same quarter last year, the resource management segment experienced strong growth in revenue, net of subcontractor costs, driven primarily by robust state and local government markets. The infrastructure segment also experienced growth in revenue, net of subcontractor costs, primarily as a result of increased commercial work.

Fiscal Year Results

Revenue for fiscal 2007 was a record $1.55 billion, up 9.8% from $1.41 billion, and revenue, net of subcontractor costs, was a record $1.01 billion, up 5.7% from $958.6 million for the same period last year. Income from operations for fiscal 2007 was a record $86.3 million, up 24.2% from $69.5 million for the same period last year. Net income for fiscal 2007 was $46.4 million, up 26.6% from $36.6 million for the same period last year. Diluted EPS for fiscal 2007 was $0.79, up 25.4% from $0.63 for the same period last year.

Tetra Tech CEO Dan Batrack commented, "We are pleased with our strong performance in the fourth quarter, which capped a solid year of growth and record accomplishments at Tetra Tech. Each of our business segments performed well, and we continued to win major key contracts. We are also pleased to report on the continued strong, broad-based demand for our services, which resulted in new record backlog of over $1.2 billion. Moreover, our operating margin continued to improve as planned, we achieved strong cash generation in the quarter and the fiscal year, and we made several strategic acquisitions in the fiscal year which will contribute to our future success."

In thousands
(except EPS data) Three Months Ended Fiscal Year Ended
------------------------ -------------------------
September 30, October 1, September 30, October 1,
2007 2006 2007 2006
------------- ---------- ------------- -----------
Revenue $434,765 $395,565 $1,553,888 $1,414,704
Revenue, net of
subcontractor
costs 275,459 250,947 1,012,915 958,641
Income from
operations 24,470 20,008 86,297 69,495
Interest income
(expense), net (389) 218 (2,290) (5,098)
Loss on
retirement of
debt - - (4,226) -
Income tax
expense (9,947) (8,735) (33,437) (27,933)
------------- ---------- ------------- -----------
Income from
continuing
operations 14,134 11,491 46,344 36,464
Income (loss) from
discontinued
operations, net of
tax (44) 279 9 140
------------- ---------- ------------- -----------
Net income $ 14,090 $11,770 $46,353 $ 36,604
============= ========== ============= ===========
Basic EPS:
Income from
continuing
operations $ 0.24 $ 0.20 $ 0.80 $ 0.64
Income from
discontinued
operations, net
of tax - - - -
------------- ---------- ------------- -----------
Net income $ 0.24 $ 0.20 $ 0.80 $ 0.64
============= ========== ============= ===========

Diluted EPS:
Income from
continuing
operations $ 0.24 $ 0.20 $ 0.79 $ 0.63
Income from
discontinued
operations, net
of tax - - - -
------------- ---------- ------------- -----------
Net income $ 0.24 $ 0.20 $ 0.79 $ 0.63
============= ========== ============= ===========

Weighted average
common shares
outstanding:
Basic 58,227 57,658 57,948 57,376
Diluted 58,911 58,078 58,553 57,892

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 first quarter of fiscal 2008 to be in the range of $0.19 to $0.21. Revenue, net of subcontractor costs, for the first quarter is expected to range from $280 million to $300 million. For fiscal 2008, Tetra Tech expects diluted EPS to be $0.86 to $0.93. Revenue, net of subcontractor costs, for fiscal 2008 is expected to range from $1.11 billion to $1.21 billion.

Mr. Batrack concluded, "In fiscal 2008, we plan to exceed $1.8 billion in revenue, continue to win larger, more strategic contracts, particularly with the U.S. Army Corp of Engineers, and continue to expand our services in the commercial and international marketplace."

Webcast

Investors will have the opportunity to access a live audio-visual webcast and supplemental financial information concerning the fourth quarter results through a link posted on the Company"s web site at www.tetratech.com on November 15, 2007 at 8:00 a.m. (PST).

About Tetra Tech (www.tetratech.com)

Tetra Tech is a leading provider of consulting, engineering, and technical services. With approximately 8,500 associates located in the United States and internationally, the Company supports commercial and government clients in the areas of resource management and infrastructure. Tetra Tech"s services include research and development, applied science and technology, engineering design, program management, construction management, and operations and maintenance.

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: fluctuations in quarterly operating results; the impact of downturns in the financial markets and reductions in government budgets; volatility of common stock value; concentration of revenues from government agencies and funding disruptions by these agencies; failure to properly manage projects; acquisition strategy risks; management of growth strategy; use of the percentage-of-completion method of accounting; adverse resolution of an IRS examination; loss of key personnel or the inability to attract and retain qualified personnel; implementation of the enterprise resource planning system; international operations risks; credit risks associated with commercial clients; violations of government contractor regulations; competitive bidding for government contracts; the affect of a negative government audit; the inability to accurately estimate contract risks, revenue, and costs; backlog cancellation and adjustments; client base consolidation; failure of partners to perform on joint projects; inability to find qualified subcontractors; changes in existing environmental laws, regulations, or programs; competition; restrictive covenants in debt agreements; risks of professional and other liabilities; adverse resolution of litigation; conflict of interest issues; changes in accounting for equity-related compensation; expenses associated with corporate governance; and disruption of operations due to computer viruses or terrorism. 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
Talia Starkey, Media & Public Relations
626-351-4664

SOURCE: Tetra Tech, Inc.
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