Tetra Tech: Record Fourth Quarter and Fiscal 2009 Results

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Tetra Tech, Inc. announced results for the fourth quarter and fiscal year ended September 27, 2009.

Fiscal Year Results

Revenue for fiscal 2009 was $2,287.5 million, up 6.6% from $2,145.3 million, and revenue, net of subcontractor costs, was $1,386.1 million, an increase of 11.3% from $1,245.5 million for the same period last year. Income from operations was $121.9 million, up 14.6% from $106.4 million for the same period last year. Net income was $87.0 million, up 42.9% from $60.9 million for the same period last year. Diluted earnings per share (EPS) were $1.43, up 40.2% from $1.02 for the same period last year. Diluted EPS included approximately $0.21 from a tax benefit related to prior years’ research and experimentation tax credits. Cash generated from operations improved to $198.2 million, up 189.9% compared to $68.4 million for the same period last year.

Fourth Quarter Results

Revenue in the quarter was $575.1 million, down 11.4% from $649.2 million, and revenue, net of subcontractor costs, was $367.0 million, up 5.2% from $348.8 million for the same quarter last year. Income from operations was $32.7 million, up 6.1% from $30.8 million for the same quarter last year. Net income was $20.5 million, up 12.6% from $18.2 million for the same quarter last year. Diluted EPS was $0.33, up 10.0% from $0.30 for the same quarter last year. Backlog was $1.58 billion, down 4.0% from $1.65 billion at the end of the same quarter last year. Cash generated from operations improved to $90.8 million, up 259.2% from $25.3 million for the same quarter last year.

Tetra Tech’s Chairman and CEO Dan Batrack commented, “Tetra Tech concluded the fiscal year with strong fourth quarter performance highlighted by growth in our federal and international business. While fiscal 2009 presented a challenging economic environment, we were successful in growing our business, improving our operating margin, winning key new orders, and expanding internationally during the year. Our strong cash generation provides us with a record cash position and a solid foundation for future growth. Tetra Tech’s core markets – water, environment, and energy – remain a priority to our customers and the public. Our fiscal 2010 forecast reflects solid growth for the year, with modest growth in the first half and additional strength in the back half.”

In thousands (except EPS data)
          Three Months Ended           Fiscal Year Ended
        Sept. 27,           Sept. 28,         Sept. 27,           Sept. 28,
        2009         2008         2009         2008

Revenue         $     575,120             $     649,204             $     2,287,484             $     2,145,254     
Revenue, net of subcontractor costs             





Income from operations             32,693                 30,810                 121,889                 106,400     
Interest expense, net             (444     )             (388     )             (2,684     )             (2,987     )
Income tax expense               (11,754     )               (12,224     )               (32,177     )               (42,507     )
Net income         $     20,495               $     18,198               $     87,028               $     60,906     

Earnings per share:                                 
Basic         $     0.34               $     0.31               $     1.45               $     1.04     

Diluted         $     0.33               $     0.30               $     1.43               $     1.02     

Weighted-average common

shares outstanding:

Basic             60,750                 59,508                 60,135                 58,813     
Diluted             61,905                 60,563                 60,994                 59,632     

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 2010 to be in the range of $0.28 to $0.30. Revenue, net of subcontractor costs, for the first quarter is expected to range from $330 million to $345 million. For fiscal 2010, Tetra Tech expects diluted EPS to be $1.25 to $1.35. Revenue, net of subcontractor costs, for fiscal 2010 is expected to range from $1.45 billion to $1.55 billion.

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 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.

Tetra Tech, Inc.
Jorge Casado, Investor Relations

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