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URS Corporation Reports Fiscal Year 2011 Results

Stocks in this article: URS

URS Corporation (NYSE: URS) today reported its financial results for the fiscal year ended December 30, 2011. Revenues were $9.55 billion, compared with $9.18 billion in fiscal 2010. URS reported a net loss for fiscal 2011 of $465.8 million and diluted earnings per share (“EPS”) of $(6.03). For fiscal 2010, URS reported net income of $287.9 million and diluted EPS of $3.54. For the purpose of calculating diluted EPS, weighted-average shares outstanding were 77.3 million and 81.3 million for fiscal years 2011 and 2010, respectively.

The Company’s results for fiscal 2011 include a non-cash, after-tax charge for the impairment of goodwill of $732.2 million, or $9.46 per share. The goodwill impairment charge was primarily driven by adverse stock market conditions that caused a decrease in the Company’s stock price leading up to September 30, 2011, the date on which URS conducted its interim test of the fair values of its net assets versus their book values as required by accounting standards. The charge had no effect on URS’ business operations, cash balances or operating cash flows.

URS’ fiscal 2011 results also include a non-cash, after-tax charge of $1.7 million, or $0.02 per share, related to the retirement of the Company’s prior credit facility; a $5.5 million, or $ 0.07 per share, after-tax charge related to the restructuring of URS’ international operations in Europe; and a $0.6 million, or $0.01 per share, after-tax charge related to acquisition expenses. Excluding these charges, URS’ fiscal 2011 net income would have been $274.2 million and diluted EPS would have been $3.53.

URS’ results for fiscal 2010 included a non-cash, after-tax charge of $11.9 million, or $0.15 per share, related to the acquisition of the Scott Wilson Group plc. (“Scott Wilson”) and a non-cash, after-tax charge of $9.3 million, or $ 0.11 per share, related to Scott Wilson’s integration with URS’ existing U.K. and European business. URS completed its acquisition of Scott Wilson in September 2010. Excluding these charges, URS’ diluted EPS for fiscal 2010 would have been $3.80.

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