Tetra Tech, Inc. (NASDAQ: TTEK) today announced results for the fourth quarter and fiscal year ended September 29, 2013.
Fourth Quarter Results
Revenue in the fourth quarter was $698.4 million compared to $719.4 million in the same period last year. Revenue, net of subcontractor costs 1, in the fourth quarter was $531.5 million compared to $536.3 million in the fourth quarter last year. Operating income was $40.6 million compared to $48.5 million in the fourth quarter last year. Diluted earnings per share (EPS) were $0.39 compared to $0.47 in the fourth quarter last year. Backlog was $1.91 billion compared to $2.14 billion at the end of the fourth quarter last year. Cash generated from operations was $22.5 million compared to $29.8 million in the fourth quarter last year.
Fiscal Year ResultsRevenue for fiscal 2013 was $2.61 billion compared to $2.71 billion in fiscal 2012. Revenue, net of subcontractor costs, was $2.02 billion compared to $2.02 billion in fiscal 2012. Excluding the fiscal 2013 third quarter non-cash goodwill impairment charge, operating income was $76.8 million compared to $166.4 million in fiscal 2012. Diluted loss per share was $0.03 for fiscal 2013. Excluding the goodwill impairment charge, EPS were $0.70 per share compared to EPS of $1.63 in fiscal 2012. Cash generated from operations was $137.8 million compared to $158.0 million in fiscal 2012. On June 17, 2013, Tetra Tech’s Board of Directors (the “Board”) authorized the repurchase of up to $100 million of its common stock (the “Stock Repurchase Program”). The Stock Repurchase Program was amended by the Board, effective on November 18, 2013, extending the program through fiscal 2014 and revising the pricing parameters to enable repurchases at a higher stock price. There is no guarantee as to the exact number of shares that will be repurchased under the program.