31.01.14

Tetra Tech: First Quarter Results

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PASADENA, California - Tetra Tech, Inc. announced results for the fiscal 2014 first quarter ended December 29, 2013.

First Quarter Results

Revenue in the quarter was $645.8 million compared to $658.5 million in the first quarter last year. Revenue, net of subcontractor costs1, was $483.0 million compared to $497.2 million in the first quarter last year. Operating income was $43.7 million, up 4.6% compared to $41.8 million in the first quarter last year. Diluted earnings per share (EPS) were $0.42, up 2.4% compared to $0.41 in the first quarter last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA2), were $59.4 million, up 9.9% compared to $54.1 million in the first quarter last year. Backlog was $1.9 billion for the first quarter, up slightly from the prior quarter. Cash generated from operations was $41.7 million, up 135.0% compared to $17.8 million in the first quarter last year.

The Board has authorized the amendment of the Company’s stock repurchase program to revise the pricing grids and to commit $30 million of the $100 million authorized buyback to be expended prior to the end of Company’s fiscal year. The $30 million committed amount will offset the Company’s share dilution from equity awards. It is the Board’s intent to re-authorize a repurchase program which offsets annual dilution.

Tetra Tech’s Chairman and CEO, Dan Batrack commented, “We had a solid first quarter, in line with our expectations. Work for oil & gas clients, which grew organically over 20%, continues to be our strongest market. In addition, the recently passed U.S. federal spending bill provides more certainty for our government business outlook. Our focus on water and the environment continues to differentiate us in the marketplace. Cash generation has consistently exceeded net income, enabling us to commit $30 million this year to offset dilution from equity awards without impacting the Company’s M&A strategy.”

1 Tetra Tech’s revenue includes a significant amount of subcontractor costs and, therefore, the Company believes revenue, net of subcontractor costs, which is a non-GAAP financial measure, provides a valuable perspective on its business results.

2 EBITDA is a non-GAAP financial measure. The Company believes EBITDA is a useful representation of operating performance because of significant amounts of acquisition-related non-cash amortization expense. A table reconciling net income attributable to Tetra Tech to EBITDA can be found at the end of this release.

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 2014 to be in the range of $0.37 to $0.42. Revenue, net of subcontractor costs, for the second quarter is expected to range from $450 million to $500 million. Fiscal 2014 guidance remains unchanged. Diluted EPS is expected to range from $1.60 to $1.80 and cash EPS3 is expected to range from $2.30 to $2.60. Revenue, net of subcontractor costs, for fiscal 2014 is expected to range from $2.1 billion to $2.3 billion.

 About Tetra Tech (www.tetratech.com)

Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With more than 14,000 staff worldwide, Tetra Tech’s capabilities span the entire project life cycle.

Source: Tetra Tech, Inc.
Contact:
Tetra Tech, Inc.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
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