Tetra Tech: Q4 & Fiscal 2010 Results

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Tetra Tech, Inc. announced results for the fourth quarter and fiscal year ended October 3, 2010.

Fourth Quarter Results

Revenue in the quarter was $627.4 million, up 9.1% compared to $575.1 million in the fourth quarter last year. Revenue, net of subcontractor costs1, was $420.7 million, up 14.6% compared to $367.0 million in the fourth quarter last year. Operating income was $37.1 million, up 13.6% compared to $32.7 million in the fourth quarter last year. Net income was $23.1 million, up 12.9% compared to $20.5 million in the fourth quarter last year. Diluted EPS were $0.37, up 12.7% compared to $0.33 in the fourth quarter last year. Backlog was $1.85 billion, up 17.1% compared to $1.58 billion at the end of fiscal 2009, and up 10.4% compared to $1.68 billion at the end of the third quarter of 2010. Cash from operations was $42.3 million, compared to $90.8 million in the fourth quarter last year. Last year's $90.8 million of cash from operations included a tax refund of $39.8 million.

Fiscal Year Results

Revenue for fiscal 2010 was $2,201.2 million, compared to $2,287.5 million in fiscal 2009. Revenue, net of subcontractor costs, was $1,460.2 million, compared to $1,386.1 million in fiscal 2009. Operating income was $124.5 million, compared to $121.9 million in fiscal 2009. Net income was $76.8 million, compared to $87.0 million in fiscal 2009. Last year's $87.0 million of net income was positively impacted by $13.0 million of income tax benefits. Diluted EPS in fiscal 2010 were $1.24, compared to $1.43 in fiscal 2009. Last year's $1.43 of diluted EPS included approximately $0.21 of income tax benefits. Cash from operations was $106.8 million, compared to $198.2 million in fiscal 2009. Last year's $198.2 million of cash from operations included a tax refund of $39.8 million.

Tetra Tech's Chairman and CEO, Dan Batrack, said, "Tetra Tech finished the year with strong fourth quarter performance that resulted in 9% organic net revenue growth, 17% backlog growth, and net revenue and EPS that exceeded our guidance. Our fourth quarter performance was driven by growth in our front-end consulting and engineering services across a broad range of customers. Our backlog, the recent acquisition of BPR, and continuing demand for our front-end services are more than offsetting weak demand for back-end services that we anticipate will continue into fiscal 2011."

In thousands (except EPS data)
            Three Months Ended             Fiscal Year Ended
            Oct. 3,

            Sept. 27,

            Oct. 3,

            Sept. 27,

Revenue             $     627,383                 $     575,120                 $     2,201,232                 $     2,287,484     
Subcontractor costs                 (206,707     )                 (208,150     )                 (741,002     )                 (901,347     )
Revenue, net of subcontractor costs                 





Operating income                 37,124                     32,693                     124,474                     121,889     
Interest expense, net                 (444     )                 (444     )                 (1,387     )                 (2,684     )
Income tax expense                 (13,539     )                 (11,754     )                 (46,268     )                 (32,177     )
Net income             $     23,141                 $     20,495                 $     76,819                 $     87,028     

Earnings per share:                                                 
Basic             $     0.38                 $     0.34                 $     1.25                 $     1.45     

Diluted             $     0.37                 $     0.33                 $     1.24                 $     1.43     

Weighted-average common

shares outstanding:

Basic                 61,580                     60,750                     61,430                     60,135     
Diluted                 61,999                     61,905                     62,087                     60,994     

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 2011 to be in the range of $0.31 to $0.33. Revenue, net of subcontractor costs, for the first quarter is expected to range from $380 million to $410 million. For fiscal 2011, Tetra Tech expects diluted EPS to be $1.28 to $1.40. Revenue, net of subcontractor costs, for fiscal 2011 is expected to range from $1.6 billion to $1.7 billion.


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 website at www.tetratech.com on November 11, 2010 at 7:00 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 approximately 12,000 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 and commercial services; credit risks associated with certain commercial clients; 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; violations of government contractor regulations; dependence on winning or renewing federal, state and local government contracts; the delay or unavailability of public funding; 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 ability to maintain adequate utilization of our workforce; 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 and integration risks; goodwill or other intangible asset impairment; growth strategy management; backlog cancellation and adjustments; risks associated with international operations; the failure of partners to perform on joint projects; the failure of subcontractors to satisfy their obligations; changes in resource management or infrastructure industry laws, regulations or programs; changes in capital markets and the access to capital; credit agreement covenants; industry competition; volatility of common stock value; liability related to legal proceedings; the availability of third-party insurance coverage; the ability to obtain adequate bonding; employee, agent or partner misconduct; employee risks related to international travel; safety programs; conflict of interest issues; liabilities relating to environmental laws and regulations; force majeure events; protection of intellectual property rights; and reliance on third-party software to run critical systems. 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.

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.

SOURCE: Tetra Tech, Inc.

Tetra Tech, Inc.
Jorge Casado, Investor Relations
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