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13.05.2009 20:15:00
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URS Corporation Reports First Quarter 2009 Results
URS Corporation (NYSE: URS) today reported its financial results for the first quarter of fiscal 2009, which ended on April 3, 2009. Revenues for the quarter were $2.52 billion, an 11.6% increase from the $2.26 billion recorded during the first quarter of 2008. URS net income was $75.5 million, a 52.8% increase from the $49.4 million reported in the year-ago period, and fully diluted earnings per share ("EPS”) was $0.92, 55.9% higher than the $0.59 reported for the first quarter of 2008.
The Company’s backlog was $19.6 billion at the end of the quarter, compared to $17.2 billion as of January 2, 2009, the last day of the Company’s 2008 fiscal year. The Company ended the quarter with a book of business of $31.7 billion, compared with $29.1 billion at the end of fiscal 2008. Effective with the first quarter of 2009, the Company no longer includes designations within its book of business.
Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: "URS performed very well in the quarter, despite a challenging economic environment. We had revenue growth in each of our four key market sectors – federal, infrastructure, power and industrial and commercial, and we continued to win significant new contracts and grow our book of business. Our results for the quarter demonstrate the success of our strategy to diversify the markets we serve, the services we provide and the funding sources that drive our business.”
Business Segment Results
In addition to providing consolidated financial results, URS reports separate financial information for its three divisions: the URS Division, the EG&G Division and the Washington Division. The URS Division performs program management, planning, design and engineering, and construction management services in the federal, power, infrastructure, and industrial and commercial markets. The EG&G Division primarily serves the federal market, providing program management, systems engineering and technical assistance and operations and maintenance services to the U.S. Departments of Defense, State, Homeland Security and Treasury, NASA and other agencies. The Washington Division provides program management, planning, design and engineering, construction, operations and maintenance, and decommissioning and closure services to customers in the power, infrastructure, industrial and commercial and federal markets.
URS Division. For the first quarter of 2009, the URS Division reported revenues of $831.6 million and operating income of $63.5 million, compared to revenues of $819.2 million and operating income of $57.3 million for the corresponding period in 2008.
EG&G Division. For the first quarter of 2009, the EG&G Division reported revenues of $634.4 million and operating income of $35.9 million, compared to revenues of $549.2 million and operating income of $26.5 million for the corresponding period in 2008.
Washington Division. For the first quarter of 2009, the Washington Division reported revenues of $1.07 billion and operating income of $81.8 million, compared to revenues of $901.6 million and operating income of $48.2 million for the corresponding period in 2008.
Outlook for the Remainder of Fiscal 2009
URS reaffirmed its expectation that fiscal 2009 revenues will be between $9.5 and $10.0 billion, and that GAAP EPS will be between $2.80 to $2.95. This EPS range takes into consideration a number of variables, including the sale of our equity interest in MIBRAG, our unconsolidated German mining and power joint venture, which we expect to be completed in the second quarter of 2009.
The Company also reaffirmed its expectation that fully diluted weighted-average shares outstanding for 2009 will be approximately 81.8 million.
Commenting on the Company’s guidance for 2009, Mr. Koffel said: "Our strong first quarter results confirm our confidence in our guidance for the year. We note, however, that during the quarter we benefited from accelerated activity on certain large projects and from the timing of certain project-related fees and overhead cost reductions, many of which will not be repeated in subsequent quarters. We continue to focus on annual results as the appropriate way to evaluate our performance, due to the variability in our results from quarter to quarter.”
Webcast Information
URS will host a dial-in conference call on Thursday, May 14, 2009 at 11:00 a.m. (EDT) to discuss its first quarter fiscal 2009 results. A live webcast of this call will be available on the investor relations portion of URS’ website at http://investors.urscorp.com.
URS Corporation (NYSE: URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; and decommissioning and closure services. URS provides services for power, infrastructure, industrial and commercial, and federal projects and programs. Headquartered in San Francisco, the Company operates through three divisions: the URS Division, the EG&G Division and the Washington Division. URS Corporation has more than 50,000 employees in a network of offices in more than 30 countries (www.urscorp.com).
Statements contained in this earnings release that are not historical facts may constitute forward-looking statements, including statements relating to future revenues, future net income and earnings per share, future book of business, future sale of our MIBRAG joint venture; future outstanding shares and other future business, economic and industry conditions. We believe that our expectations are reasonable and are based on reasonable assumptions. However, such forward-looking statements by their nature involve risks and uncertainties. We caution that a variety of factors could cause our business and financial results to differ materially from those expressed or implied in our forward-looking statements. These factors include, but are not limited to: economic weakness and declines in client spending; changes in our book of business; our compliance with government contract procurement regulations; impairment of our goodwill; impact of recent liquidity constraints upon us or upon our clients; our leveraged position and the ability to service our debt; restrictive covenants in our 2007 Credit Facility; our ability to procure government contracts; our reliance on government appropriations; unilateral termination provisions in government contracts; our ability to make accurate estimates and assumptions; our accounting policies; workforce utilization; our and our partners’ ability to bid on, win, perform and renew contracts and projects; our dependence on partners, subcontractors and suppliers; customer payment defaults; our ability to recover on claims; availability of bonding and insurance; integration of acquisitions; environmental liabilities; liabilities for pending and future litigation; the impact of changes in laws and regulations; nuclear energy indemnification; a decline in defense spending; industry competition; our ability to attract and retain key individuals; employee, agent or partner misconduct; retirement plan obligations; risks associated with international operations; business activities in high security risk countries; third party software risks; terrorist and natural disaster risks; our relationships with our labor unions; our ability to protect our intellectual property rights; anti-takeover risks and other factors discussed more fully in the our Form 10-Q for the period ended April 3, 2009, as well as in other reports filed from time to time with the Securities and Exchange Commission. These forward-looking statements represent only our current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. We assume no obligation to revise or update any forward-looking statements.
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URS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (In thousands, except per share data) |
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April 3, 2009 |
January 2, 2009 |
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| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 387,424 | $ | 223,998 | ||||
| Accounts receivable, including retentions of $50,832 and $51,141, respectively | 1,071,417 | 1,062,177 | ||||||
| Costs and accrued earnings in excess of billings on contracts | 1,020,940 | 1,079,047 | ||||||
| Less receivable allowances | (39,480 | ) | (39,429 | ) | ||||
| Net accounts receivable | 2,052,877 | 2,101,795 | ||||||
| Deferred tax assets | 147,614 | 161,061 | ||||||
| Prepaid expenses and other assets | 186,842 | 153,627 | ||||||
| Total current assets | 2,774,757 | 2,640,481 | ||||||
| Investments in and advances to unconsolidated joint ventures | 273,938 | 269,616 | ||||||
| Property and equipment at cost, net | 333,817 | 347,076 | ||||||
| Intangible assets, net | 498,301 | 511,508 | ||||||
| Goodwill | 3,158,205 | 3,158,205 | ||||||
| Other assets | 82,226 | 74,266 | ||||||
| Total assets | $ | 7,121,244 | $ | 7,001,152 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Book overdrafts | $ | 3,611 | $ | 438 | ||||
| Current portion of long-term debt | 17,140 | 16,506 | ||||||
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Accounts payable and subcontractors payable, including retentions of $83,632 and $85,097, respectively |
669,443 | 712,552 | ||||||
| Accrued salaries and wages | 458,120 | 430,938 | ||||||
| Billings in excess of costs and accrued earnings on contracts | 242,893 | 254,186 | ||||||
| Accrued expenses and other | 255,969 | 172,735 | ||||||
| Total current liabilities | 1,647,176 | 1,587,355 | ||||||
| Long-term debt | 1,089,641 | 1,091,528 | ||||||
| Deferred tax liabilities | 291,855 | 270,165 | ||||||
| Self-insurance reserves | 106,226 | 101,930 | ||||||
| Pension, post-retirement, and other benefit obligations | 198,081 | 202,520 | ||||||
| Other long-term liabilities | 92,416 | 91,898 | ||||||
| Total liabilities | 3,425,395 | 3,345,396 | ||||||
| Commitments and contingencies | ||||||||
| URS Stockholders’ equity: | ||||||||
| Preferred stock, authorized 3,000 shares; no shares outstanding | — | — | ||||||
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Common stock, par value $.01; authorized 200,000 shares; 84,888
and 85,004 shares issued, respectively; and 83,198 and 83,952 |
848 | 850 | ||||||
| Treasury stock, 1,690 and 1,052 shares at cost, respectively | (66,557 | ) | (42,585 | ) | ||||
| Additional paid-in capital | 2,844,093 | 2,838,290 | ||||||
| Accumulated other comprehensive loss | (66,890 | ) | (55,866 | ) | ||||
| Retained earnings | 959,414 | 883,942 | ||||||
| Total URS stockholders’ equity | 3,670,908 | 3,624,631 | ||||||
| Noncontrolling interests | 24,941 | 31,125 | ||||||
| Total stockholders’ equity | 3,695,849 | 3,655,756 | ||||||
| Total liabilities and stockholders’ equity | $ | 7,121,244 | $ | 7,001,152 | ||||
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URS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - UNAUDITED (In thousands, except per share data) |
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| Three Months Ended | ||||||||
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April 3, 2009 |
March 28, 2008 |
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| Revenues | $ | 2,520,638 | $ | 2,259,027 | ||||
| Cost of revenues | (2,379,423 | ) | (2,156,745 | ) | ||||
| General and administrative expenses | (18,085 | ) | (16,178 | ) | ||||
| Equity in income of unconsolidated joint ventures | 40,013 | 29,746 | ||||||
| Operating income | 163,143 | 115,850 | ||||||
| Interest expense | (14,723 | ) | (25,618 | ) | ||||
| Other expenses | (7,584 | ) | — | |||||
| Income before income taxes | 140,836 | 90,232 | ||||||
| Income tax expense | (57,635 | ) | (37,451 | ) | ||||
| Net income | 83,201 | 52,781 | ||||||
| Noncontrolling interests in income of consolidated subsidiaries, net of tax | (7,729 | ) | (3,411 | ) | ||||
| Net income attributable to URS | $ | 75,472 | $ | 49,370 | ||||
| Comprehensive income (loss): | ||||||||
| Net income | $ | 83,201 | $ | 52,781 | ||||
| Pension and post-retirement related adjustments, net of tax | 43 | — | ||||||
| Foreign currency translation adjustments, net of tax | (4,677 | ) | 5,413 | |||||
| Unrealized loss on foreign currency contract, net of tax | (7,617 | ) | — | |||||
| Unrealized gain (loss) on interest rate swaps, net of tax | 1,227 | (10,512 | ) | |||||
| Comprehensive income | 72,177 | 47,682 | ||||||
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Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax |
(7,729 | ) | (3,411 | ) | ||||
| Comprehensive income attributable to URS | $ | 64,448 | $ | 44,271 | ||||
| Earnings per share: | ||||||||
| Basic | $ | .93 | $ | .59 | ||||
| Diluted | $ | .92 | $ | .59 | ||||
| Weighted-average shares outstanding: | ||||||||
| Basic | 81,492 | 81,806 | ||||||
| Diluted | 82,018 | 82,448 | ||||||
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URS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (In thousands) |
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| Three Months Ended | ||||||||
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April 3, 2009 |
March 28, 2008 |
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| Cash flows from operating activities: | ||||||||
| Net income | $ | 83,201 | $ | 52,781 | ||||
| Adjustments to reconcile net income to net cash from operating activities: | ||||||||
| Depreciation | 22,670 | 20,087 | ||||||
| Amortization of intangible assets | 13,206 | 13,424 | ||||||
| Amortization of debt issuance costs | 1,963 | 2,052 | ||||||
| Unrealized loss on foreign currency contract | 6,225 | — | ||||||
| Normal profit | (1,466 | ) | (5,346 | ) | ||||
| Provision for doubtful accounts | 1,550 | 481 | ||||||
| Deferred income taxes | 31,700 | 20,799 | ||||||
| Stock-based compensation | 8,583 | 6,629 | ||||||
| Excess tax benefits from stock-based compensation | (511 | ) | — | |||||
| Equity in income of unconsolidated joint ventures, less dividends received | (17,116 | ) | (1,142 | ) | ||||
| Changes in operating assets, liabilities and other, net of effects of acquisition: | ||||||||
| Accounts receivable and costs and accrued earnings in excess of billings on contracts | 46,824 | (47,626 | ) | |||||
| Prepaid expenses and other assets | 32,888 | 4,259 | ||||||
| Investments in and advances to unconsolidated joint ventures | 13,863 | (1,724 | ) | |||||
| Accounts payable, accrued salaries and wages and accrued expenses | (12,921 | ) | (110,348 | ) | ||||
| Billings in excess of costs and accrued earnings on contracts | (10,045 | ) | 17,155 | |||||
| Other long-term liabilities | 1,333 | 4,925 | ||||||
| Other assets, net | (629 | ) | 6,701 | |||||
| Total adjustments and changes | 138,117 | (69,674 | ) | |||||
| Net cash from operating activities | 221,318 | (16,893 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Payments for business acquisition | — | (1,686 | ) | |||||
| Proceeds from disposal of property and equipment, and sale-leaseback transactions | 1,438 | 4,422 | ||||||
| Investments in and advances to unconsolidated joint ventures | (6,544 | ) | (13,643 | ) | ||||
| Changes in restricted cash | (512 | ) | 2,511 | |||||
| Capital expenditures, less equipment purchased through capital leases and equipment notes | (9,252 | ) | (21,191 | ) | ||||
| Net cash from investing activities | (14,870 | ) | (29,587 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Long-term debt principal payments | (2,743 | ) | (2,175 | ) | ||||
| Net borrowings (payments) under lines of credit and short-term notes | (69 | ) | (34 | ) | ||||
| Net change in book overdrafts | 3,173 | (14,910 | ) | |||||
| Capital lease obligation payments | (1,635 | ) | (2,023 | ) | ||||
| Excess tax benefits from stock-based compensation | 511 | — | ||||||
| Proceeds from employee stock purchases and exercises of stock options | 822 | 5,272 | ||||||
| Distributions to noncontrolling interests | (19,109 | ) | (3,495 | ) | ||||
| Purchase of treasury stock | (23,972 | ) | — | |||||
| Net cash from financing activities | (43,022 | ) | (17,365 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 163,426 | (63,845 | ) | |||||
| Cash and cash equivalents at beginning of period | 223,998 | 256,502 | ||||||
| Cash and cash equivalents at end of period | $ | 387,424 | $ | 192,657 | ||||
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URS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED (continued) (In thousands) |
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| Three Months Ended | ||||||
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April 3, 2009 |
March 28, 2008 |
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| Supplemental information: | ||||||
| Interest paid | $ | 13,247 | $ | 25,584 | ||
| Taxes paid | $ | 9,892 | $ | 1,550 | ||
| Taxes refunded | $ | 30,000 | $ | — | ||
| Supplemental schedule of noncash investing and financing activities: | ||||||
| Equipment acquired with capital lease obligations and equipment note obligations | $ | 1,941 | $ | 2,519 | ||
| URS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
| BOOK OF BUSINESS | |||||||||||||||||||
| As of | |||||||||||||||||||
| (In billions) | April 3, | January 2, | |||||||||||||||||
| 2009 | 2009 | ||||||||||||||||||
| Backlog: | |||||||||||||||||||
| Power | $ |
1.8 |
$ |
1.8 |
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| Infrastructure | 2.4 | 2.3 | |||||||||||||||||
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Industrial and |
2.5 | 2.9 | |||||||||||||||||
| Federal | 12.9 | 10.2 | |||||||||||||||||
| Total backlog | $ |
19.6 |
$ |
17.2 |
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URS | EG&G |
Washington |
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(In billions) |
Division | Division |
Division |
Total |
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As of April 3, 2009 |
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| Backlog | $ |
2.9 |
$ |
7.7 |
$ |
9.0 |
$ |
19.6 |
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| Option years | 0.4 | 2.2 | 2.3 | 4.9 | |||||||||||||||
| Indefinite delivery contracts |
4.0 |
2.0 |
1.2 | 7.2 | |||||||||||||||
| Total book of business | $ |
7.3 |
$ |
11.9 |
$ |
12.5 |
$ |
31.7 |
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As of January 2, 2009 |
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| Backlog | $ |
2.8 |
$ |
7.7 |
$ |
6.7 |
$ |
17.2 |
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| Option years | 0.5 | 2.2 | 1.6 | 4.3 | |||||||||||||||
| Indefinite delivery contracts |
4.0 |
2.1 | 1.5 | 7.6 | |||||||||||||||
| Total book of business(1) | $ |
7.3 |
$ |
12.0 |
$ |
9.8 |
$ |
29.1 |
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| (1) | We adjusted our book of business as of January 2, 2009 to exclude designations as we no longer report designations within our book of business starting in the first quarter of 2009. | |
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URS CORPORATION AND SUBSIDIARIES REVENUES AND OPERATING INCOME BY SEGMENT |
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| Three Months Ended | ||||||||||||||||
| (In millions) |
April 3, 2009 |
March 28, 2008 |
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| Revenues | ||||||||||||||||
| URS Division | $ | 831.6 | $ | 819.2 | ||||||||||||
| EG&G Division | 634.4 | 549.2 | ||||||||||||||
| Washington Division | 1,073.3 | 901.6 | ||||||||||||||
| Inter-segment, eliminations and other | (18.7 | ) | (11.0 | ) | ||||||||||||
| Total revenues | $ | 2,520.6 | $ | 2,259.0 | ||||||||||||
| Operating income | ||||||||||||||||
| URS Division | $ | 63.5 | $ | 57.3 | ||||||||||||
| EG&G Division | 35.9 | 26.5 | ||||||||||||||
| Washington Division | 81.8 | 48.2 | ||||||||||||||
| General and administrative expenses | (18.1 | ) | (16.2 | ) | ||||||||||||
| Total operating income | $ | 163.1 | $ | 115.8 | ||||||||||||
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URS CORPORATION AND SUBSIDIARIES REVENUE BREAKDOWN BY DIVISION |
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Three months ended April 3, 2009 (In millions) |
Power | Infrastructure | Federal |
Industrial and Commercial |
Total | ||||||||||
| URS Division | $ | 47.7 | $ | 370.0 | $ | 164.0 | $ | 234.2 | $ | 815.9 | |||||
| EG&G Division | — | — | 633.6 | — | 633.6 | ||||||||||
| Washington Division | 381.0 | 77.6 | 153.6 | 458.9 | 1,071.1 | ||||||||||
| Total | $ | 428.7 | $ | 447.6 | $ | 951.2 | $ | 693.1 | $ | 2,520.6 | |||||
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