Please wait while we load the requested 10-K report or click the link below:
November 11, 2015
Tetra Tech Reports Fourth Quarter and Fiscal 2015 Results
· Q4-15 EPS from ongoing operations of $0.50, up 39%
· Q4-15 EBITDA margin from ongoing operations 13%
· Strong FY15 cash flow from operations, up 28%
· Backlog up year-over-year
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 27, 2015.
Fourth Quarter Results
Revenue in the quarter was $578.4 million, and revenue, net of subcontractor costs(1) (net revenue), was $427.0 million. Revenue and net revenue decreased 3% in the fourth quarter of fiscal 2015 compared to the same period in fiscal 2014, excluding the impact from foreign currency translation. The year-over-year decrease was due in large part to the wind-down of the Remediation and Construction Management (RCM) business. Diluted earnings (loss) per share (EPS) on a GAAP basis were ($0.53) in the fourth quarter of fiscal 2015, which included a non-cash goodwill impairment charge of $0.96 associated with our mining business. Operating income from ongoing operations(2) was $45.7 million and diluted EPS(2) on the same basis were $0.50, up on a constant currency basis 29% and 44%, respectively, compared to the fourth quarter of fiscal 2014. Cash generated from operations was $28.7 million.
Quarterly Dividend and Share Repurchase Program
On November 9, 2015, Tetra Techs Board of Directors declared a quarterly dividend of $0.08 per share (1.2% yield) payable on December 11, 2015 to stockholders of record as of November 30, 2015. In fiscal 2015, Tetra Tech returned approximately $118 million to its shareholders comprised of $100 million in share repurchases and $18 million in dividends. The Company has $100 million remaining under the previously approved $200 million share repurchase program.
Acquisition of Coffey International Limited
On October 14, 2015, Tetra Tech announced the execution of a Bid Implementation Agreement to acquire 100% of the outstanding shares of Coffey International Limited (Coffey) for A$0.425 cash per share. The closing is conditional on the satisfactory completion of customary conditions, including that Tetra Tech acquires at least 90% of Coffeys shares. Tetra Techs off-market tender offer for Coffey shares opened on November 10, 2015. The acquisition is expected to close in the second quarter fiscal 2016.
The following information was filed by Tetra Tech Inc (TTEK) on Thursday, November 12, 2015 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.