Exhibit 99.1

 

November 13, 2013

 

Tetra Tech Reports Fourth Quarter and Fiscal 2013 Results

 

·                 Q4 Net Revenue and EPS in-line with guidance

 

·                 Q4 Net Revenue $532 million / Q4 EPS $0.39

 

·                 FY14 EPS Guidance: $1.60 – $1.80

 

 

Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 29, 2013.

 

Fourth Quarter Results

 

Revenue in the fourth quarter was $698.4 million compared to $719.4 million in the same period last year.  Revenue, net of subcontractor costs1, in the fourth quarter was $531.5 million compared to $536.3 million in the fourth quarter last year.  Operating income was $40.6 million compared to $48.5 million in the fourth quarter last year.  Diluted earnings per share (EPS) were $0.39 compared to $0.47 in the fourth quarter last year.  Backlog was $1.91 billion compared to $2.14 billion at the end of the fourth quarter last year.  Cash generated from operations was $22.5 million compared to $29.8 million in the fourth quarter last year.

 

Fiscal Year Results

 

Revenue for fiscal 2013 was $2.61 billion compared to $2.71 billion in fiscal 2012.  Revenue, net of subcontractor costs, was $2.02 billion compared to $2.02 billion in fiscal 2012.  Excluding the fiscal 2013 third quarter non-cash goodwill impairment charge, operating income was $76.8 million compared to $166.4 million in fiscal 2012.  Diluted loss per share was $0.03 for fiscal 2013.  Excluding the goodwill impairment charge, EPS were $0.70 per share compared to EPS of $1.63 in fiscal 2012.  Cash generated from operations was $137.8 million compared to $158.0 million in fiscal 2012.

 

On June 17, 2013, Tetra Tech’s Board of Directors (the “Board”) authorized the repurchase of up to $100 million of its common stock (the “Stock Repurchase Program”).  The Stock Repurchase Program was amended by the Board, effective on November 18, 2013, extending the program through fiscal 2014 and revising the pricing parameters to enable repurchases at a higher stock price.  There is no guarantee as to the exact number of shares that will be repurchased under the program.

 

Tetra Tech’s Chairman and CEO, Dan Batrack commented, “Tetra Tech finished the year with solid performance in the fourth quarter, in-line with the Company’s guidance.  Over the last quarter, we have seen Eastern Canada and mining stabilize on a sequential basis, as we anticipated.  In fiscal 2014, without additional acquisitions, we expect to grow net revenue approximately 10%, led by our U.S. commercial programs that are expected to increase approximately 10-15%.  Overall, our expansion of international and U.S. commercial work is anticipated to result in EBITDA margin of 11-12% in fiscal 2014.  The investments we made in key growth markets have provided us with a strong foundation for the coming year.”

 


The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 14, 2013 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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