LOWELL, MA — (Marketwired) — 11/06/13 — (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 ended September 27, 2013.
(1) The Company believes net service revenue (NSR) best reflects the value of services provided and is the most meaningful indicator of revenue performance.
“TRC began fiscal 2014 with a strong first quarter highlighted by NSR growth in all segments,” said , Chairman and Chief Executive Officer. “For the first quarter of fiscal 2014, NSR grew by 8%, primarily driven by strength in our Energy and Infrastructure segments.
“NSR growth of 3% in our Environmental segment was affected by an Exit Strategy project cost estimate adjustment, which reduced the segment–s NSR growth in the first quarter of fiscal 2014. The adjustment did not impact sector profit, which was up 35%. NSR grew 12% in our Energy segment reflecting increased transmission and distribution activities from our utility clients, however profit decreased 32%, primarily due to acquisition integration related expenses, as well as an estimated cost overrun on a new project. In our Infrastructure segment, increased work on several large transportation design projects and strong project execution drove 12% NSR and 36% profit growth.”
“TRC is well-positioned to capitalize on the long-term growth opportunities across each of our markets. Demand for our services is stable, driven by increased capital spending for electric transmission and distribution activities, energy efficiency initiatives, decommissioning and infrastructure repairs and upgrades. Our strategic relationships with key clients remain strong. New project momentum continues to contribute to our healthy backlog which we expect will grow over the next several quarters. Supported by our strong balance sheet and cash position, we will continue to drive profitable growth both organically and through acquisitions,” concluded Vincze.
TRC will broadcast its financial results conference call today, November 6, 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) 407-5790 or (201) 689-8328. 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 and StockTwits 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.
Dennis Walsh
Vice President
Sharon Merrill
(617) 542-5300
Thomas W. Bennet, Jr.
CFO
(978) 970-5600