[2] URS Corporation Reports Record Revenue, Net Income and Earnings Per Share.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA--(BUSINESS WIRE)--December 16, 1999-- Annual revenue rises 76% Net income increases 46% Earnings per share increase 38% URS URS Yours URS Ultimate Roulette System URS Uniform Reporting System URS User Requirement(s) Specification URS Undergraduate Research Symposium URS Unified Registration Statement URS Undergraduate Research Scholars Corporation (NYSE NYSE See: New York Stock Exchange : URS) today reported record revenue, net income and earnings per share for the fourth quarter and year ended October 31, 1999. Revenue for the fourth quarter of 1999 reached $568,764,000, up 162% from the $217,124,000 reported for the fourth quarter of fiscal 1998. Net income increased 61%, rising to $11,529,000 from $7,166,000 in the year-ago period. Earnings per share increased 51% to $0.68, compared to $0.45 for the fourth quarter ended October 31, 1998. For the year ended October 31, 1999, revenues increased 76% to $1,418,522,000 from $805,946,000 in 1998. Net income for the year was $33,248,000, or $1.98 per share, compared to $22,667,000, or $1.43 per share last year, representing a 38% increase in net income per share. At October 31, 1999, backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. totaled $1,260,000,000 compared with $675,000,000 at October 31, 1998. "In 1999, with the successful acquisition of Dames & Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. , we have established URS as one of the few engineering, design and program management firms with the size and scope to compete effectively for projects on a global basis," said Martin M. Koffel, Chairman and Chief Executive Officer. "As we look ahead, our principal focus will be to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the platform we have built and to deliver more value for our clients and shareholders." Added Koffel, "URS is well positioned to benefit from the significant infrastructure spending in the U.S. that has begun to flow from the Transportation Equity Act for the 21st Century
The Transportation Equity Act for the 21st Century (TEA-21) was enacted June 9, 1998, as Public Law 105-178. (TEA-21). We also stand to benefit significantly from additional funding anticipated under the pending Aviation Investment and Reform Act for the 21st Century (AIR-21). Indeed, we already are working on projects at eight of the nation's top 10 airports." Continued Koffel, "In addition to capturing numerous new business opportunities, a primary objective in the new year will be to optimize optimize - optimisation cash flow and reduce our debt." URS also reported the addition of several new projects during the quarter, including: - A $15 million contract for the first year of a five-year agreement to provide program management services for a $5.4 billion redevelopment program at Hartsfield Atlanta International Airport. - A $6.6 million contract to provide preliminary design services for improvements to nine miles Nine Miles is a reggae "band" started by Yoshiaki Manabe (真鍋吉明) of The Pillows. The name Nine Miles comes from the name of the town in which Bob Marley grew up in Jamaica.
the Tampa-Hillsborough County Expressway Authority. - A $25 million contract to provide technical assistance nationwide for the removal and/or disposal of debris debris /de·bris/ (de-bre´) fragments of devitalized tissue or foreign matter. In dentistry, soft foreign material loosely attached to a tooth surface. caused by natural catastrophes or disasters for the U.S. Army Corps of Engineers. - A $10 million contract to provide program management services for a $1 billion public school construction program in Orange County, Florida Orange County is a county located in the U.S. state of Florida and is part of the Orlando-Kissimmee Metropolitan Statistical Area (MSA). As of 2006 Census Bureau estimates, the population is 1,043,500. [1] The county seat is Orlando. . URS Corporation offers a broad range of planning, design, and program and construction management services for transportation, hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. , industrial processing and petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. , general building and water/wastewater projects. Headquartered in San Francisco, the Company operates in 38 countries with approximately 16,000 employees providing engineering services to federal, state and local governmental agencies as well as private clients in the chemical, manufacturing, pharmaceutical, forest products, mining, oil and gas, and utilities industries. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the securities laws, including statements about the continued strength of the Company's business. The Company believes that its expectations are reasonable and are based on reasonable assumptions. However, risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events that could cause actual results to differ materially from our expectations include the Company's dependency on government programs and contracts, competitive practices in the industry, the ability to attract and retain qualified professionals, our ability to service the debt incurred by the Company in connection with the Dames & Moore acquisition, exposure to potential liability for legal claims, and other factors discussed more fully in the Company's 1998 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on January 29, 1999, its Form 10-Q Form 10-Q See 10-Q. for the quarter ended July 31, 1999 filed with the Securities and Exchange Commission on September 14, 1999, its Form S-4 filed with the Securities and Exchange Commission on August 14, 1999, and other publicly available reports filed with the Securities and Exchange Commission from time to time. The Company does not intend, and assumes no obligation, to update any forward-looking statements.
URS CORPORATION
Financial Data
(audited)
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SUMMARY OF FINANCIAL RESULTS
Fourth Quarter Fiscal Year
Ended October 31, Ended October 31,
1999 1998 1999 1998
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Revenues $ 568,764,000 $ 217,124,000 $ 1,418,522,000 $ 805,946,000
Pre-tax income $ 25,029,000 $ 13,066,000 $ 66,281,000 $ 41,467,000
Net income $ 11,529,000 $ 7,166,000 $ 33,248,000 $ 22,667,000
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Earnings per share:
Basic $ .68 $ .47 $ 2.09 $ 1.51
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Diluted
$ .68 $ .45 $ 1.98 $ 1.43
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Shares
outstanding 21,513,000 15,961,000 18,484,000 15,808,000
SUMMARY OF FINANCIAL POSITION
October 31, October 31,
1999 1998
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Current assets $ 744,600,000 $ 286,200,000
Other assets 696,700,000 165,500,000
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Total assets $1,441,300,000 $ 451,700,000
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Total debt $ 683,000,000 $ 113,300,000
Total liabilities 1,132,500,000 285,400,000
Stockholders' equity 308,800,000 166,300,000
Total liabilities
and stockholders' equity $1,441,300,000 $ 451,700,000
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