Tetra Tech Reports Fourth Quarter and Fiscal 2013 Results
PASADENA, Calif. -- Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 29, 2013.
Fourth Quarter Results
Revenue in the fourth quarter was $698.4 million compared to $719.4 million in the same period last year. Revenue, net of subcontractor costs1, in the fourth quarter was $531.5 million compared to $536.3 million in the fourth quarter last year. Operating income was $40.6 million compared to $48.5 million in the fourth quarter last year. Diluted earnings per share (EPS) were $0.39 compared to $0.47 in the fourth quarter last year. Backlog was $1.91 billion compared to $2.14 billion at the end of the fourth quarter last year. Cash generated from operations was $22.5 million compared to $29.8 million in the fourth quarter last year.
Fiscal Year Results
Revenue for fiscal 2013 was $2.61 billion compared to $2.71 billion in fiscal 2012. Revenue, net of subcontractor costs, was $2.02 billion compared to $2.02 billion in fiscal 2012. Excluding the fiscal 2013 third quarter non-cash goodwill impairment charge, operating income was $76.8 million compared to $166.4 million in fiscal 2012. Diluted loss per share was $0.03 for fiscal 2013. Excluding the goodwill impairment charge, EPS were $0.70 per share compared to EPS of $1.63 in fiscal 2012. Cash generated from operations was $137.8 million compared to $158.0 million in fiscal 2012.
On June 17, 2013, Tetra Tech’s Board of Directors (the “Board”) authorized the repurchase of up to $100 million of its common stock (the “Stock Repurchase Program”). The Stock Repurchase Program was amended by the Board, effective on November 18, 2013, extending the program through fiscal 2014 and revising the pricing parameters to enable repurchases at a higher stock price. There is no guarantee as to the exact number of shares that will be repurchased under the program.
Tetra Tech’s Chairman and CEO, Dan Batrack, commented, “Tetra Tech finished the year with solid performance in the fourth quarter, in-line with the Company’s guidance. Over the last quarter, we have seen Eastern Canada and mining stabilize on a sequential basis, as we anticipated. In fiscal 2014, without additional acquisitions, we expect to grow net revenue approximately 10%, led by our U.S. commercial programs that are expected to increase approximately 10-15%. Overall, our expansion of international and U.S. commercial work is anticipated to result in EBITDA margin of 11-12% in fiscal 2014. The investments we made in key growth markets have provided us with a strong foundation for the coming year.”
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 2014 to be in the range of $0.35 to $0.40. Revenue, net of subcontractor costs, for the first quarter is expected to range from $440 million to $500 million. For fiscal 2014, Tetra Tech expects diluted EPS to be $1.60 to $1.80 and cash EPS2 to be $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.
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 website at www.tetratech.com on November 14, 2013 at 8:00 a.m. (PT).
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.
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