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URS Corporation Reports Fiscal Year 2012 Results

Stocks in this article: URS

URS Corporation (NYSE: URS) today reported its financial results for the fiscal year ended December 28, 2012.

Fiscal 2012 Highlights

  • Fiscal 2012 revenues were $10.97 billion, a 15.0% increase from fiscal 2011, including $1.5 billion from the former Flint Energy Services Ltd. (“Flint”), which URS acquired in May 2012.
  • Fiscal 2012 oil & gas market sector revenues were $2.3 billion, or 21% of consolidated revenues, reflecting the acquisition of Flint, favorable market conditions and strong organic growth.
  • Net income was $310.6 million, or $4.17 per share on a diluted basis, for fiscal 2012 compared with a net loss of $465.8 million, or $(6.03) per share, for fiscal 2011.
  • Fiscal 2011 results included a non-cash, after-tax goodwill impairment charge of $732.2 million (or $9.46 per share), 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, and a $5.5 million (or $0.07 per share) after-tax charge related to the restructuring of URS’ international operations in Europe.
  • Excluding these charges, 2011 net income was $273.6 million and earnings per share (“EPS”) were $3.52.
  • Compared to the above, URS’ 2012 generally accepted accounting principles (“GAAP”) net income of $310.6 million is an increase of 13.5% over adjusted 2011 net income, and 2012 GAAP EPS of $4.17, is an increase of 18.5% over adjusted 2011 EPS.
  • Tables reconciling net income and EPS for the Company, and operating income for each of the Company’s operating segments, for the fourth quarter and full fiscal year of 2011, excluding the various charges and adjustments noted above and below, to GAAP results are included in the Reconciliation Schedule of GAAP to Non-GAAP Measures attached to this release and available at the investor relations section of the Company’s website at www.urs.com.

Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS performed well in 2012, delivering strong growth in revenues, net income and EPS. Our results demonstrate our success in building a world-class, highly competitive engineering, construction and technical services company with a diversified mix of businesses. The acquisition of Flint Energy Services last year significantly increased our position in the rapidly expanding North American oil & gas market. In the fourth quarter, 29% of our revenues came from the oil & gas market, providing URS with the strategic balance for continued growth. Revenue growth in the power sector also was strong, reflecting increased activity by utility clients on emissions control, nuclear facilities modification, and transmission and distribution projects. Combined, our energy-related revenues from the oil & gas and power markets account for more than 40% of URS’ revenues.

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