Exhibit 99.1

Investor Contact:
 
Andrew Blazier, Senior Associate
 
Sharon Merrill
 
(617) 542-5300
 
trr@investorrelations.com
 
trclogoa07.jpg
 
Company Contact:
 
Thomas W. Bennet, Jr., CFO
 
(978) 970-5600
 
tbennet@trcsolutions.com
 
 

TRC Announces Third-Quarter Fiscal 2017 Financial Results
NSR Up 6% from Q3 Fiscal 2016; Net Income of $4.5 Million
Lowell, MA, May 4, 2017 -
TRC Companies, Inc. (NYSE: TRR), a recognized leader in engineering, environmental consulting and construction-management services to the power, environmental, infrastructure and oil and gas markets, today announced financial results for the fiscal third quarter ended March 31, 2017.

 
Three Months Ended
 
 
 
 
Nine Months Ended
 
 
 
 
March 31,
 
March 25,
 
$
%
 
March 31,
 
March 25,
 
$
%
(In millions, except per share data)
2017
 
2016
 
Change
Change
 
2017
 
2016
 
Change
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Results
 
 
 
 
 
 
 
 
 
 
 
 
 
Net service revenue (1)
$
128.7

 
$
121.3

 
$
7.5

6
 %
 
$
380.4

 
$
332.8

 
$
47.6

14
 %
Acquisition and integration expense
$

 
$
1.6

 
$
(1.6
)
-100
 %
 
$

 
$
3.7

 
$
(3.7
)
-100
 %
Goodwill impairment
$

 
$
24.5

 
$
(24.5
)
-100
 %
 
$

 
$
24.5

 
$
(24.5
)
-100
 %
Depreciation
$
1.7

 
$
1.9

 
$
(0.2
)
-12
 %
 
$
5.2

 
$
5.1

 
$
0.2

3
 %
Amortization
$
2.8

 
$
3.2

 
$
(0.3
)
-11
 %
 
$
8.1

 
$
5.1

 
$
3.1

60
 %
Operating income
$
7.0

 
$
(23.3
)
 
$
30.4

N/A

 
$
20.0

 
$
(8.9
)
 
$
28.9

N/A

Net income applicable to TRC Companies, Inc.
$
4.5

 
$
(14.3
)
 
$
18.8

N/A

 
$
12.1

 
$
(5.9
)
 
$
18.0

N/A

Diluted earnings per common share
$
0.14

 
$
(0.46
)
 
$
0.60

N/A

 
$
0.38

 
$
(0.19
)
 
$
0.57

N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Results
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA (2)
$
11.5

 
$
(18.2
)
 
$
29.7

N/A

 
$
33.4

 
$
1.2

 
$
32.2

2,644
 %
Adjusted EBITDA (3)
$
11.5

 
$
7.9

 
$
3.6

46
 %
 
$
33.4

 
$
29.4

 
$
4.0

14
 %
(1)
The Company believes net service revenue (NSR) best reflects the value of services provided and is the most meaningful indicator of revenue performance.
(2)
TRC presents EBITDA because it believes that it is a useful tool for the Company, its lenders and its investors to measure the Company’s ability to meet debt service, capital expenditure and working capital requirements. As used in the presentation, EBITDA is operating income plus depreciation and amortization.
(3)
Excludes acquisition and integration expenses of $1.6 million and $3.7 million for the three and nine months ended March 25, 2016, respectively, and a goodwill impairment charge of $24.5 million for the three months and nine months ended March 25, 2016. For a complete reconciliation of the Company’s non-GAAP results, please see the associated reconciliation tables, which are posted on the Company’s website.

“Our third quarter results were driven by robust demand in the majority of our markets. NSR was $128.7 million, up 6% from $121.3 million in the same quarter of fiscal 2016. The increase was driven primarily by large capital projects in our Power segment, including a significant program management project in California,” said Chris Vincze, Chairman and Chief Executive Officer. “Our Infrastructure segment also contributed to NSR growth, driven by transportation-related spending associated with several large public-private partnership projects. Our strong topline performance drove operating income of $7.0 million, net income of $4.5 million and EBITDA of $11.5 million.”


TRC
650 Suffolk Street • Lowell, Massachusetts 01854
Telephone 978-970-5600 • Fax 978-453-1995


The following information was filed by Trc Companies Inc (TRR) on Thursday, May 4, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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