- 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.
URS Corporation Reports Fiscal Year 2012 Results
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