Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the third quarter ended June 30, 2013.
Third Quarter Results
The results in the third quarter, on an aggregate basis, were in-line with the expected results that were announced in the Company’s June 18, 2013 press release.
Revenue in the quarter was $614.8 million compared to $684.7 million in the third quarter last year. Revenue, net of subcontractor costs 1, was $475.1 million compared to $516.9 million in the third quarter last year. Including a non-cash goodwill impairment charge, the loss from operations was $99.9 million compared to operating income of $46.3 million in the third quarter last year. The goodwill impairment charge was $56.6 million pre-tax ($48.1 million net of tax), or $0.74 per share. Diluted loss per share was $1.21, or $0.47 per share excluding the goodwill impairment charge, compared to diluted earnings per share (EPS) of $0.45 in the third quarter last year. Backlog was $1.90 billion compared to $2.06 billion at the end of the third quarter last year. Cash generated from operations was $53.3 million compared to $56.8 million in the third quarter last year.Tetra Tech took charges on four programs referenced in the June 18, 2013 press release that reduced revenue and revenue, net of subcontractor costs, by $29.6 million. On a pro-forma basis excluding these charges, revenue in the quarter was $644.5 million compared to $684.7 million in the third quarter last year. Revenue, net of subcontractor costs, was $504.8 million compared to $516.9 million in the third quarter last year. Tetra Tech’s Chairman and CEO, Dan Batrack commented, “This quarter, we continued to see strength in most of our international and U.S. commercial businesses driven by our customers’ demand for our water and environmental services. Outside of Eastern Canada and mining, our international and U.S. commercial businesses grew 16%, including over 25% organic growth for oil & gas customers. During the quarter, we restructured our Eastern Canada and mining activities with the goal to return these operations to their historical profitability. We also recorded charges, including pending claims and change orders, principally related to four programs. Collectively, these actions position us for a solid finish to fiscal 2013 and strong entry into next year.”
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