Exhibit 99.1

 

November 11, 2009

 

Tetra Tech Reports Record Fourth Quarter and Fiscal 2009 Results

 

·                  Record annual and Q4 net revenue: $1.4 billion and $367 million

·                  Record annual and Q4 diluted EPS: $1.43 and $0.33

·                  Record annual and Q4 operating cash flow: $198 million and $91 million

 

Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 27, 2009.

 

Fiscal Year Results

 

Revenue for fiscal 2009 was $2,287.5 million, up 6.6% from $2,145.3 million, and revenue, net of subcontractor costs, was $1,386.1 million, an increase of 11.3% from $1,245.5 million for the same period last year.  Income from operations was $121.9 million, up 14.6% from $106.4 million for the same period last year.  Net income was $87.0 million, up 42.9% from $60.9 million for the same period last year.  Diluted earnings per share (EPS) were $1.43, up 40.2% from $1.02 for the same period last year.  Diluted EPS included approximately $0.21 from a tax benefit related to prior years’ research and experimentation tax credits.  Cash generated from operations improved to $198.2 million, up 189.9% compared to $68.4 million for the same period last year.

 

Fourth Quarter Results

 

Revenue in the quarter was $575.1 million, down 11.4% from $649.2 million, and revenue, net of subcontractor costs, was $367.0 million, up 5.2% from $348.8 million for the same quarter last year. Income from operations was $32.7 million, up 6.1% from $30.8 million for the same quarter last year.  Net income was $20.5 million, up 12.6% from $18.2 million for the same quarter last year.  Diluted EPS was $0.33, up 10.0% from $0.30 for the same quarter last year.  Backlog was $1.58 billion, down 4.0% from $1.65 billion at the end of the same quarter last year.  Cash generated from operations improved to $90.8 million, up 259.2% from $25.3 million for the same quarter last year.

 

Tetra Tech’s Chairman and CEO Dan Batrack commented, “Tetra Tech concluded the fiscal year with strong fourth quarter performance highlighted by growth in our federal and international business.  While fiscal 2009 presented a challenging economic environment, we were successful in growing our business, improving our operating margin, winning key new orders, and expanding internationally during the year.  Our strong cash generation provides us with a record cash position and a solid foundation for future growth.  Tetra Tech’s core markets – water, environment, and energy – remain a priority to our customers and the public.  Our fiscal 2010 forecast reflects solid growth for the year, with modest growth in the first half and additional strength in the back half.”

 


The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 12, 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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