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Jacobs Reports Record Net Earnings For Fiscal 2013

Adding to the discussion on the Company's earnings outlook for fiscal 2014, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “While we expect some weakness in our first quarter, our initial guidance for fiscal 2014 earnings per share is a range of $3.35 to $3.90. The guidance includes the anticipated contribution from the SKM transaction which is projected to close in December 2013.”

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, November 19, 2013, which they are webcasting live on the Internet at www.jacobs.com.

Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.

Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain and you should not place undue reliance on them. There are a variety of factors that could cause business conditions and actual results to differ materially from these forward-looking statements. For a description of some of the factors that may occur that could cause actual conditions and results to differ from these forward-looking statements please refer to our 2012 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The statements regarding the transaction with Sinclair Knight Merz are also forward-looking statements and there is no certainty that the transaction will close or that the expected results will occur. We do not undertake to update any forward-looking statements made herein.

               

Financial Highlights:

Results of Operations (in thousands, except per-share data):

 
Three Months Ended Year Ended
        September 27,2013       September 28,2012           September 27,2013       September 28,2012
Revenues $ 3,142,656       $ 2,786,285 $ 11,818,376       $ 10,893,778
Costs and Expenses:
Direct costs of contracts (2,667,965 ) (2,339,623 ) (9,976,057 ) (9,166,789 )
Selling, general, and administrative expenses       (299,543 )       (279,045 )           (1,173,340 )       (1,130,916 )
Operating Profit 175,148 167,617 668,979 596,073
Other Income (Expense):
Interest income 1,874 766 5,395 6,049
Interest expense (3,391 ) (2,538 ) (12,906 ) (11,686 )
Gain on sale of intellectual property, net 6,292 6,292
Miscellaneous income (expense), net       1,275         (2,041 )           80         (3,392 )
Total other income (expense), net       (242 )       2,479             (7,431 )       (2,737 )
Earnings Before Taxes 174,906 170,096 661,548 593,336
Income Tax Expense       (58,425 )       (59,014 )           (221,366 )       (202,382 )
Net Earnings of the Group       116,481         111,082             440,182         390,954  

Net Earnings Attributable to Noncontrolling Interests

      (5,670 )       (3,671 )           (17,089 )       (12,000 )
Net Earnings Attributable to Jacobs       $ 110,811         $ 107,411             $ 423,093         $ 378,954  
Earnings Per Share (“EPS”):
Basic $ 0.85 $ 0.84 $ 3.27 $ 2.97
Diluted       $ 0.84         $ 0.83             $ 3.23         $ 2.94  
 
Weighted Average Shares Used to Calculate EPS:
Basic 129,896 128,338 129,288 127,644
Diluted       132,013         129,252             130,945         128,692  
 
 
               

Other Operational Information (in thousands):

 
Three Months Ended   Year Ended
        September 27,2013       September 28,2012           September 27,2013       September 28,2012
Revenues by Major Component:            
Technical professional services $ 1,657,577 $ 1,632,514 $ 6,683,611 $ 6,465,450
Field services       1,485,079         1,153,771             5,134,765         4,428,328
Total       $ 3,142,656         $ 2,786,285             $ 11,818,376         $ 10,893,778
 
Depreciation (pre-tax)       $ 20,061         $ 15,867             $ 69,889         $ 58,890
Amortization of Intangibles (pre-tax)       $ 6,658         $ 9,776             $ 28,985         $ 41,934
Pass-Through Costs Included in Revenues       $ 830,090         $ 629,213             $ 2,624,838         $ 2,328,401
 
Capital Expenditures       $ 35,750         $ 32,269             $ 127,270         $ 102,574
 
 
                               

Selected Balance Sheet and Backlog Information (in thousands):

 
        September 27,2013                 September 28,2012
Balance Sheet Information:
Cash and cash equivalents $ 1,256,405 $ 1,032,457
Working capital 2,151,939 1,865,025
Total debt 437,868 528,260
Total Jacobs stockholders' equity       4,213,097                   3,722,473
 
Backlog Information:
Technical professional services $ 11,118,400 $ 10,266,500
Field services       6,099,500                   5,643,200
Total       $ 17,217,900                   $ 15,909,700
 




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