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Tetra Tech: Results for the fourth quarter and fiscal year
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Tetra Tech, Inc. announced results for the fourth quarter and fiscal year ended September 28, 2008. The Company exceeded both its revenue and earnings guidance for the quarter and fiscal year.
Fourth Quarter Results
Revenue in the quarter was $649.2 million, up 49.3% from $434.8 million, and revenue, net of subcontractor costs, was $348.8 million, up 26.6% from $275.5 million for the same quarter last year. Income from operations for the quarter was $30.8 million, up 25.9% from $24.5 million for the same quarter last year. Net income for the quarter was $18.2 million, up 29.2% from $14.1 million for the same quarter last year. Diluted earnings per share (EPS) for the quarter was $0.30, up 25.0% from $0.24 for the same quarter last year. Backlog at the end of the quarter was a record $1.65 billion, up 30.8% from $1.26 billion at the end of the same quarter last year. Cash generated from operations in the fourth quarter was $25.3 million, down 27.6% from $34.9 million for the same quarter last year.
Compared to the fourth quarter of fiscal 2007, Tetra Tech’s federal government business grew 23.2%, driven by increased workload with the U.S. Agency for International Development; state and local business declined 11.7%, due largely to reduced activity on school design projects and the conclusion of a large wired communications project; and commercial business grew 54.3%, driven largely by wind energy and core water and environmental projects.
Fiscal Year Results
Revenue for fiscal 2008 was $2.145 billion, up 38.1% from $1.554 billion, and revenue, net of subcontractor costs, was $1.246 billion, an increase of 23.0% from $1.013 billion for the same period last year. Income from operations for fiscal 2008 was $106.4 million, up 23.3% from $86.3 million for the same period last year. Net income for fiscal 2008 was $60.9 million, up 31.4% from $46.4 million for the same period last year. Diluted EPS for fiscal 2008 was $1.02, up 29.1% from $0.79 for the same period last year. Cash generated from operations improved in fiscal 2008 to $68.4 million, up 46.5% from $46.7 million for the same period last year.
Tetra Tech’s Chairman and CEO Dan Batrack stated, “Tetra Tech had an outstanding fiscal 2008 and we are pleased to report record fourth quarter and fiscal 2008 results. Our excellent performance was driven by our focus on water, environmental, and alternative energy solutions. We thank all of our associates throughout the Company, without whose dedication to service and excellence we could not have accomplished these record results. We also thank our clients for entrusting us with a growing share of their most complex project needs. While we are clearly aware of the current global economic challenges, we are confident in our growth outlook for fiscal 2009. We remain committed to achieving our long-term goal of 15% top and bottom line growth, with approximately half resulting from organic operations and half from acquisitions.”
In thousands (except EPS data)
Three Months Ended Fiscal Year Ended
Sept. 28,
2008
Sept. 30,
2007
Sept. 28,
2008
Sept. 30,
2007
Revenue $ 649,204 $ 434,765 $ 2,145,254 $ 1,553,888
Revenue, net of subcontractor costs
348,764
275,459
1,245,545
1,012,915
Income from operations 30,810 24,470 106,400 86,297
Interest expense, net (388 ) (389 ) (2,987 ) (2,290 )
Loss on retirement of debt – – – (4,226 )
Income tax expense (12,224 ) (9,947 ) (42,507 ) (33,437 )
Income from continuing operations
18,198
14,133
60,906
46,344
Income (loss) from discontinued operation, net of tax
–
(43
)
–
9
Net income $ 18,198 $ 14,090 $ 60,906 $ 46,353
Earnings per share:
Basic $ 0.31 $ 0.24 $ 1.04 $ 0.80
Diluted $ 0.30 $ 0.24 $ 1.02 $ 0.79
Weighted-average common shares outstanding:
Basic 59,508 58,227 58,813 57,948
Diluted 60,563 58,911 59,632 58,553
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 2009 to be in the range of $0.25 to $0.27. Revenue, net of subcontractor costs, for the first quarter is expected to range from $310 million to $330 million. For fiscal 2009, Tetra Tech expects diluted EPS to be $1.10 to $1.18. Revenue, net of subcontractor costs, for fiscal 2009 is expected to range from $1.275 billion to $1.375 billion.
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 13, 2008 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 alternative energy. With more than 8,500 associates located in the United States and internationally, Tetra Tech’s capabilities span the full 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
Source: Tetra Tech, Inc.
Tetra Tech, Inc. announced results for the fourth quarter and fiscal year ended September 28, 2008. The Company exceeded both its revenue and earnings guidance for the quarter and fiscal year.
Fourth Quarter Results
Revenue in the quarter was $649.2 million, up 49.3% from $434.8 million, and revenue, net of subcontractor costs, was $348.8 million, up 26.6% from $275.5 million for the same quarter last year. Income from operations for the quarter was $30.8 million, up 25.9% from $24.5 million for the same quarter last year. Net income for the quarter was $18.2 million, up 29.2% from $14.1 million for the same quarter last year. Diluted earnings per share (EPS) for the quarter was $0.30, up 25.0% from $0.24 for the same quarter last year. Backlog at the end of the quarter was a record $1.65 billion, up 30.8% from $1.26 billion at the end of the same quarter last year. Cash generated from operations in the fourth quarter was $25.3 million, down 27.6% from $34.9 million for the same quarter last year.
Compared to the fourth quarter of fiscal 2007, Tetra Tech’s federal government business grew 23.2%, driven by increased workload with the U.S. Agency for International Development; state and local business declined 11.7%, due largely to reduced activity on school design projects and the conclusion of a large wired communications project; and commercial business grew 54.3%, driven largely by wind energy and core water and environmental projects.
Fiscal Year Results
Revenue for fiscal 2008 was $2.145 billion, up 38.1% from $1.554 billion, and revenue, net of subcontractor costs, was $1.246 billion, an increase of 23.0% from $1.013 billion for the same period last year. Income from operations for fiscal 2008 was $106.4 million, up 23.3% from $86.3 million for the same period last year. Net income for fiscal 2008 was $60.9 million, up 31.4% from $46.4 million for the same period last year. Diluted EPS for fiscal 2008 was $1.02, up 29.1% from $0.79 for the same period last year. Cash generated from operations improved in fiscal 2008 to $68.4 million, up 46.5% from $46.7 million for the same period last year.
Tetra Tech’s Chairman and CEO Dan Batrack stated, “Tetra Tech had an outstanding fiscal 2008 and we are pleased to report record fourth quarter and fiscal 2008 results. Our excellent performance was driven by our focus on water, environmental, and alternative energy solutions. We thank all of our associates throughout the Company, without whose dedication to service and excellence we could not have accomplished these record results. We also thank our clients for entrusting us with a growing share of their most complex project needs. While we are clearly aware of the current global economic challenges, we are confident in our growth outlook for fiscal 2009. We remain committed to achieving our long-term goal of 15% top and bottom line growth, with approximately half resulting from organic operations and half from acquisitions.”
In thousands (except EPS data)
Three Months Ended Fiscal Year Ended
Sept. 28,
2008
Sept. 30,
2007
Sept. 28,
2008
Sept. 30,
2007
Revenue $ 649,204 $ 434,765 $ 2,145,254 $ 1,553,888
Revenue, net of subcontractor costs
348,764
275,459
1,245,545
1,012,915
Income from operations 30,810 24,470 106,400 86,297
Interest expense, net (388 ) (389 ) (2,987 ) (2,290 )
Loss on retirement of debt – – – (4,226 )
Income tax expense (12,224 ) (9,947 ) (42,507 ) (33,437 )
Income from continuing operations
18,198
14,133
60,906
46,344
Income (loss) from discontinued operation, net of tax
–
(43
)
–
9
Net income $ 18,198 $ 14,090 $ 60,906 $ 46,353
Earnings per share:
Basic $ 0.31 $ 0.24 $ 1.04 $ 0.80
Diluted $ 0.30 $ 0.24 $ 1.02 $ 0.79
Weighted-average common shares outstanding:
Basic 59,508 58,227 58,813 57,948
Diluted 60,563 58,911 59,632 58,553
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 2009 to be in the range of $0.25 to $0.27. Revenue, net of subcontractor costs, for the first quarter is expected to range from $310 million to $330 million. For fiscal 2009, Tetra Tech expects diluted EPS to be $1.10 to $1.18. Revenue, net of subcontractor costs, for fiscal 2009 is expected to range from $1.275 billion to $1.375 billion.
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 13, 2008 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 alternative energy. With more than 8,500 associates located in the United States and internationally, Tetra Tech’s capabilities span the full 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
Source: Tetra Tech, Inc.