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THIRD-QUARTER FISCAL 2009
Lowell, MA, May 6, 2009 - TRC Companies, Inc. (NYSE: TRR), a recognized leader in engineering, consulting, and construction management services for the energy, environmental, and infrastructure markets, today announced financial results for the third fiscal quarter ended March 27, 2009.
Fiscal Third-Quarter Results
For TRCs third quarter of fiscal 2009, gross revenue was $97.9 million compared with $108.0 million for the third quarter of fiscal 2008. Net service revenue for the third quarter of fiscal 2009 was $63.7 million compared with $65.5 million for the same quarter in the prior year. The Company believes net service revenue, rather than gross revenue, is the most relevant indicator of TRCs revenue performance.
Net income for the third quarter of fiscal 2009 was approximately $0.5 million, or diluted earnings of $0.03 per common share, compared with a net loss of approximately $4.9 million, or $0.26 per share, for the comparable period of fiscal 2008.
Results for Nine Month Period Ended March 27, 2009
For the nine months ended March 27, 2009, gross revenue was $326.8 million compared with $342.6 million for the comparable period of the prior fiscal year. Net service revenue for the first nine months of fiscal 2009 was $191.2 million compared with $203.1 million for the comparable period in fiscal 2008.
The net loss for the nine month period ended March 27, 2009 was approximately $18.8 million, or $0.98 per common share, compared with a net loss of approximately $93.0 million, or $4.99 per common share, for the comparable period of last year. The net loss for the first nine months of fiscal 2009 includes a non-cash goodwill and intangible asset impairment charge of $21.4 million and the benefit of a $1.0 million federal income tax refund and related interest. Excluding the non-cash goodwill and intangible asset
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The following information was filed by Trc Companies Inc (TRR) on Wednesday, May 6, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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