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|Citigate Sard Verbinnen|
Kent P. Ainsworth
Executive Vice President
& Chief Financial Officer
David C. Nelson
Vice President, Investor Relations
|Hugh Burns/Jamie Tully
URS CORPORATION REPORTS FOURTH QUARTER
AND YEAR-END RESULTS FOR FISCAL 2004
Repaid $271 Million in Debt during the Fiscal Year, Reducing
Debt to Total Capital Ratio From 52% to 34%
Provides Earnings Guidance For Fiscal 2005
SAN FRANCISCO, CA January 13, 2005 URS Corporation (NYSE: URS) today reported revenues of $907.4 million for the fiscal 2004 fourth quarter ended October 31, 2004, an increase of 8% from the $838.1 million in revenues reported for the fourth quarter of fiscal 2003. Net income was $26.1million, compared to $19.5 million for the corresponding fourth quarter of fiscal 2003. Earnings per share (EPS) of $0.59, fully diluted, was in line with the Companys guidance and compares with EPS of $0.57 per share, fully diluted, for the fiscal 2003 fourth quarter.
For the fiscal year ended October 31, 2004, revenues increased 6% to $3.382 billion from $3.187 billion for the fiscal year ended October 31, 2003. Net income was $61.7 million, or $1.53 per share, fully diluted, compared to $58.1 million or $1.76 per share, fully diluted, in fiscal 2003. Net income for fiscal 2004 included a previously announced pre-tax charge of $28.2 million, or $0.36 per diluted share, which was taken in the third and fourth quarters of fiscal 2004. The charge related to the Companys note redemptions of $260.0 million.
Weighted-average shares outstanding for fiscal 2004 for the purposes of calculating diluted EPS were 40.4 million compared to 32.5 million weighted-average shares outstanding for fiscal 2003. The increase was primarily due to the Companys April 2004 public stock offering and to additional shares issued pursuant to the Companys stock option and purchase plans.
The following information was filed by Urs Corp (URS) on Thursday, January 13, 2005 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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