LOWELL, MA — (Marketwired) — 09/12/13 — (NYSE: TRR), a recognized leader in engineering, consulting and construction management services to the , and markets, announced today financial results for the fiscal three months and year ended June 30, 2013.
“TRC–s strategy to drive profitable growth and performance excellence was demonstrated by our strong performance in fiscal 2013,” said Chairman and Chief Executive Officer. “We finished the year with 10% NSR growth for the fourth quarter and a 6% overall increase for the year. The growth in the fourth quarter was split nearly evenly between organic and acquisition related revenues. Net income for the quarter was positively affected by a federal and state income tax benefit of $18.7 million. This benefit was due to the release of the deferred tax asset valuation allowance that had been in place since 2008 and is the result of our consistent financial performance over the past three years.
“Our two largest segments, Energy and Environmental, continue to contribute much of the growth on our top line, while the continued profitability of our Infrastructure segment helped bolster the bottom line for the fourth quarter. Increased activity from our utility clients as they upgrade and replace electric distribution and transmission systems drove the 10% NSR increase in our Energy segment. In our Environmental segment, NSR grew by 8%, primarily as a result of new work on several remediation projects. Our Infrastructure segment also saw an NSR increase of 8%, due to modestly improved general market conditions. Efficient management of projects and revenue growth drove a 40% increase in our Infrastructure segment profit. Higher levels of project activity in our Energy and Environmental segments resulted in 5% and 10% profit growth, respectively.”
“The outlook for each of TRC–s three market segments continues to be positive. While the general economic picture is varying and lacking consistent positive trends, we are seeing some capital spending materialize with respect to the utility and power distribution markets as well as bridge and road construction and upgrades. Our $247 million NSR backlog is correspondingly up 5% in the fourth quarter compared with the same quarter of the prior year driven by the 23% NSR backlog increase in our Infrastructure segment. We believe our continued ability to expand TRC–s geographic presence and successfully expand key client relationships for electric distribution engineering and energy efficiency services will drive growth in our Energy segment. Air and water regulation, development of natural gas pipelines and environmental management and sustainability investments are expected to create new opportunities for project work within our Environmental segment. Proposal activity for state transportation projects has been increasing in our Infrastructure segment, and we are involved with several projects to repair and upgrade bridges and roads across the country.
“TRC will continue to invest in growth opportunities including acquisitions, key account expansion, and enhanced initiatives focused on the power and oil and gas markets. We have a strong cash position, healthy balance sheet and an enhanced credit facility that provides us with flexibility to invest in our growth. Given this foundation, in the coming year we expect to further our mission to become a top tier financial performer in the engineering, consulting and construction management space,” concluded Vincze.
TRC will broadcast its financial results conference call today, September 12, 2013 at 9 a.m. ET. To listen to the live webcast and access the accompanying presentation slides, visit the “” section of TRC–s website at . The call also may be accessed by dialing (877) 709-8155 or (201) 689-8881. A webcast replay will be available on the Company–s website for approximately one year.
A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, consulting and construction management firm that provides integrated services to the , and markets. TRC serves a broad range of clients in and industry, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world. For more information and updates from the Company, visit TRC–s website at and follow TRC on Twitter at and on .
Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as “may,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC–s future expectations, contain projections of the Company–s future results of operations or of its financial condition, or state other “forward-looking” information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the uncertainty of TRC–s operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC–s services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC–s Annual Report on Form 10-K for the fiscal year ended June 30, 2013, Quarterly Reports on Form 10-Q, and other factors detailed from time to time in the Company–s other filings with the Securities and Exchange Commission.
Investor Contact:
Dennis Walsh
Sharon Merrill
(617) 542-5300
Company Contact:
Thomas W. Bennet, Jr.
CFO
(978) 970-5600