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URS Corporation's CEO Discusses Q4 2011 Results - Earnings Call Transcript

A webcast of this call is available on the investor relations portion of our website and will be archived in audio form on the website for a limit period. And with that, I’ll turn the call over to Martin Koffel, our Chairman and Chief Executive Officer.

Martin M. Koffel

Good afternoon and thank you for joining us. In addition to Tom, I have with me here in San Francisco Gary Jandegian, president of infrastructure and environment; Randy Wotring, president of federal services; Bob Zaist, president of energy and construction; Martin Tanzer, executive vice president of marketing; Reed Brimhall, corporate controller and chief accounting officer, and Sam Ramraj, vice president of investor relations.

Just a week ago, we announced our proposed acquisition of Flint Energy Services, and this is a significant expansion of our business that should position us well in the attractive segments of the oil and gas industry, especially in North American oil, oil sands, and gas, and we expect the acquisition to be completed in the second quarter and to be accretive in 2012.

At the same time, we stated that we expect growth in both revenue and earnings per share in 2012 without the benefit of Flint, and at that time we provided you with revenue net income and EPS guidance. In our earnings release today, we announced 2011 results and we reaffirmed the 2012 guidance. We also announced that we have initiated a regular quarterly cash dividend program starting in April.

Accordingly, today’s call will focus on 2011 results and the outlook for the current year, and given that the Flint acquisition has not yet closed, our comments on the outlook will only relate to our current business.

Operationally, we performed well in North America in 2011. All of our businesses in the United States and Canada met or exceeded expectations, but were affected by challenging economic conditions in Europe and in the Middle East, and I’ll talk more about this. But first I’d like to summarize the results.

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