Please wait while we load the requested 10-K report or click the link below:
November 12, 2008
Tetra Tech Reports Record Fourth Quarter Results
Exceeding Revenue and Earnings Guidance
· Record net revenue of $348.8 million, up 26.6%
· Record diluted EPS of $0.30, up 25.0%
· Record backlog of $1.65 billion, up 30.8%
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today 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 Techs 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 Techs 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.
The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 13, 2008 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.
View differences made from one year to another to evaluate Tetra Tech Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Tetra Tech Inc.