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

Stocks in this article: URS

Total revenues for 2011 were $9.55 billion, a 4% increase over 2010, and this includes growth in three of our four market sectors. Revenues from our industrial and commercial sector businesses rebounded very strongly in 2011, growing 17% from 2010.

The recovery in the power sector intensified in 2011, enabling us to deliver annual revenue growth for the first time since 2008. And while past sector revenues grew by 2% for the year, fourth quarter power sector revenues grew by 11%. And as you’ll hear later in the call, we expect high levels of growth in the power sector this year.

We delivered another year of the record revenues in our federal sector business. Infrastructure sector revenues declined slightly compared with 2010, but the pace of new sales has accelerated and resulted in a substantial increase in our backlog of infrastructure work. The company had a solid year overall in 2011, but our results were affected by several special charges.

Firstly, as you know, in the third quarter we took an estimated noncash goodwill impairment charge. The estimated impairment was due to the volatile stock market conditions and declines in our stock price during the third quarter. And this resulted in a reduction in our market capitalization.

In the fourth quarter, as required, we finalized our goodwill impairment analysis and recorded an additional after tax goodwill impairment charge of $32.9 million, or $0.43 per share after tax. This charge has no effect on our cash position and no bearing on our operational performance or on our outlook.

Secondly, in October, we took advantage of favorable market conditions as well as our recent upgrade to investment grade status to enter into a new credit facility with improved terms and greater capacity. Accordingly, the prior credit facility was extinguished and we recorded a noncash after-tax charge of $1.7 million, or $0.02 per share, related to the debt extinguishment. You’ll recall us mentioning this to you during our earnings call last November.

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