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November 10, 2010
Tetra Tech Reports Fourth Quarter and Fiscal 2010 Results
· Q4 Net Revenue up 15% to $421 million Exceeded Guidance
· Q4 Diluted EPS up 13% to $0.37 Exceeded Guidance
· Q4 Backlog up 17% to $1.85 billion
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended October 3, 2010.
Fourth Quarter Results
Revenue in the quarter was $627.4 million, up 9.1% compared to $575.1 million in the fourth quarter last year. Revenue, net of subcontractor costs(1), was $420.7 million, up 14.6% compared to $367.0 million in the fourth quarter last year. Operating income was $37.1 million, up 13.6% compared to $32.7 million in the fourth quarter last year. Net income was $23.1 million, up 12.9% compared to $20.5 million in the fourth quarter last year. Diluted EPS were $0.37, up 12.7% compared to $0.33 in the fourth quarter last year. Backlog was $1.85 billion, up 17.1% compared to $1.58 billion at the end of fiscal 2009, and up 10.4% compared to $1.68 billion at the end of the third quarter of 2010. Cash from operations was $42.3 million, compared to $90.8 million in the fourth quarter last year. Last years $90.8 million of cash from operations included a tax refund of $39.8 million.
Fiscal Year Results
Revenue for fiscal 2010 was $2,201.2 million, compared to $2,287.5 million in fiscal 2009. Revenue, net of subcontractor costs, was $1,460.2 million, compared to $1,386.1 million in fiscal 2009. Operating income was $124.5 million, compared to $121.9 million in fiscal 2009. Net income was $76.8 million, compared to $87.0 million in fiscal 2009. Last years $87.0 million of net income was positively impacted by $13.0 million of income tax benefits. Diluted EPS in fiscal 2010 were $1.24, compared to $1.43 in fiscal 2009. Last years $1.43 of diluted EPS included approximately $0.21 of income tax benefits. Cash from operations was $106.8 million, compared to $198.2 million in fiscal 2009. Last years $198.2 million of cash from operations included a tax refund of $39.8 million.
Tetra Techs Chairman and CEO, Dan Batrack said, Tetra Tech finished the year with strong fourth quarter performance that resulted in 9% organic net revenue growth, 17% backlog growth, and net revenue and EPS that exceeded our guidance. Our fourth quarter performance was driven by growth in our front-end consulting and engineering services across a broad range of customers. Our backlog, the recent acquisition of BPR, and continuing demand for our front-end services are more than offsetting weak demand for back-end services that we anticipate will continue into fiscal 2011.
The following information was filed by Tetra Tech Inc (TTEK) on Friday, November 12, 2010 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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