PASADENA, Calif., Nov. 14, 2011 /PRNewswire/ -- Jacobs Engineering
Group Inc. (NYSE: JEC) announced today its financial results for
the fiscal year and fourth quarter ended September 30, 2011.
Fiscal 2011 and Fourth Quarter Fiscal 2011 Highlights:
- Net earnings for fiscal 2011 of $331.0 million;
- Diluted EPS for fiscal 2011 of $2.60;
- Net earnings for the fourth quarter of fiscal 2011 of
$94.3 million;
- Diluted EPS for the fourth quarter of fiscal 2011 of
$0.74; and,
- Backlog of $14.3 billion.
Jacobs reported today net earnings of $331.0 million, or $2.60 per diluted share, on revenues of
$10.4 billion for its fiscal
year ended September 30, 2011.
These results compare to net earnings of $246.0 million, or $1.96 per diluted share, on revenues of
$9.9 billion for fiscal 2010.
Excluding the effects of the SIVOM litigation discussed
below, net earnings and earnings per diluted share for fiscal 2010
were $306.3 million and
$2.44, respectively.
For the fourth quarter of fiscal 2011, Jacobs reported net
earnings of $94.3 million, or
$0.74 per diluted share, on revenues
of $2.7 billion. This
compares to net earnings of $77.0 million, or $0.61 per diluted share, on revenues of
$2.3 billion for the fourth
quarter of fiscal 2010.
During the third quarter of fiscal 2010, the Company recorded a
$93.3 million pre-tax charge to
earnings relating to an unfavorable court judgment it received
pertaining to a waste incineration project in France for the SIVOM de Mulhousienne
("SIVOM"). Net of the effects on the Company's incentive
bonus plan and income taxes, the judgment resulted in a net,
after-tax charge to earnings in fiscal 2010 of $60.3 million, or $0.48 per diluted share.
Jacobs also announced backlog totaling $14.3 billion at September 30, 2011, including a technical
professional services component of $9.1 billion. This compares to total
backlog and technical professional services backlog of $13.2 billion and $7.6 billion, respectively, at October 1, 2010.
Commenting on the results for the year, Jacobs President and CEO
Craig L. Martin stated, "Fiscal 2011
was a nice improvement over fiscal 2010. Excluding the
effects of the SIVOM matter, earnings grew 8% and EPS grew 7%.
More importantly, our prospects for Fiscal 2012 are
continuing to improve. While much depends on economic
conditions and our sales success, we have a great opportunity to
return to our traditional strong double digit growth."
Commenting on the Company's earnings outlook for fiscal 2012,
Jacobs Chief Financial Officer John W.
Prosser, Jr. stated, "With a solid backlog and improving
prospects as we finish 2011, we are initiating guidance for fiscal
2012 earnings per share within a range of $2.80 to $3.20."
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, November 15, 2011, 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 press release that are not based on
historical fact are forward-looking statements. Although such
statements are based on management's current estimates and
expectations, and currently available competitive, financial, and
economic data, forward-looking statements are inherently uncertain,
and you should not place undue reliance on such statements.
We caution the reader that there are a variety of factors
that could cause business conditions and results to differ
materially from what is contained in our forward-looking
statements. For a description of some of the factors which
may occur that could cause actual results to differ from our
forward-looking statements please refer to our 2010 Form 10-K, and
in particular the discussions contained under
Item 1 – Business; Item 1A – Risk
Factors; Item 3 – Legal Proceedings; and Item
7 – Management's Discussion and Analysis of Financial
Condition and Results of Operations. We also caution the
readers of this release that 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
30,
2011
|
October
1,
2010
|
September
30,
2011
|
October
1,
2010
|
|
Revenues
|
$ 2,723,295
|
$ 2,343,033
|
$ 10,381,664
|
$ 9,915,517
|
|
Costs and
Expenses:
|
|
|
|
|
|
Direct costs
of contracts
|
(2,296,733)
|
(1,995,006)
|
(8,822,171)
|
(8,582,912)
|
|
Selling, general, and
administrative expenses
|
(278,658)
|
(228,512)
|
(1,040,575)
|
(932,522)
|
|
|
|
|
|
|
|
Operating
Profit
|
147,904
|
119,515
|
518,918
|
400,083
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
Interest
income
|
1,527
|
1,183
|
4,917
|
4,791
|
|
Interest
expense
|
(2,684)
|
(383)
|
(8,799)
|
(9,874)
|
|
Miscellaneous,
net
|
(1,591)
|
72
|
1,625
|
(3,066)
|
|
Total other
income (expense), net
|
(2,748)
|
872
|
(2,257)
|
(8,149)
|
|
|
|
|
|
|
|
Earnings Before
Taxes
|
145,156
|
120,387
|
516,661
|
391,934
|
|
|
|
|
|
|
|
Income Tax
Expense
|
(49,909)
|
(43,308)
|
(181,440)
|
(145,647)
|
|
|
|
|
|
|
|
Net Earnings of the
Group
|
95,247
|
77,079
|
335,221
|
246,287
|
|
Net Income Attributable to
Noncontrolling Interests
|
(967)
|
(85)
|
(4,192)
|
(313)
|
|
Net Earnings Attributable to
Jacobs
|
$
94,280
|
$
76,994
|
$
331,029
|
$
245,974
|
|
|
|
|
|
|
|
Earnings Per Share
("EPS"):
|
|
|
|
|
|
Basic
|
$
0.75
|
$
0.62
|
$
2.63
|
$
1.98
|
|
Diluted
|
$
0.74
|
$
0.61
|
$
2.60
|
$
1.96
|
|
|
|
|
|
|
|
Weighted Average Shares
Used to Calculate EPS:
|
|
|
|
|
|
Basic
|
126,463
|
124,669
|
125,686
|
124,134
|
|
Diluted
|
127,537
|
126,067
|
127,235
|
125,790
|
|
|
|
|
|
|
|
|
Other Operational Information
(in thousands):
|
|
|
Three Months
Ended
|
Year
Ended
|
|
|
September
30, 2011
|
October 1,
2010
|
September
30, 2011
|
October 1,
2010
|
|
Revenues by Major
Component:
|
|
|
|
|
|
Technical
professional services
|
$
1,596,593
|
$
1,268,403
|
$
5,886,136
|
$
5,113,303
|
|
Field
services
|
1,126,702
|
1,074,630
|
4,495,528
|
4,802,214
|
|
Total
|
$
2,723,295
|
$
2,343,033
|
$
10,381,664
|
$
9,915,517
|
|
|
|
|
|
|
|
Depreciation
(pre-tax)
|
$
14,970
|
$
16,245
|
$
57,620
|
$
64,447
|
|
Amortization of
Intangibles (pre-tax)
|
11,257
|
6,536
|
37,750
|
24,048
|
|
Pass-through Costs
included in Revenues
|
556,672
|
568,748
|
2,118,530
|
2,723,295
|
|
|
|
|
|
|
|
Capital Expenditures
(1)
|
$
15,178
|
$
7,846
|
$
98,749
|
$
49,075
|
|
(1) Capital expenditures
for the year ended September 30, 2011 include $49.1 million related
to the purchase of a certain office building located in Houston,
Texas and the associated equipment and furniture.
|
|
|
|
|
|
|
Selected Balance Sheet and
Backlog Information (in thousands):
|
|
|
September
30,
2011
|
October
1,
2010
|
|
Balance Sheet
Information:
|
|
|
|
Cash and
cash equivalents
|
$
905,633
|
$
938,842
|
|
Working
capital (2)
|
1,099,308
|
1,527,589
|
|
Total
debt
|
568,073
|
79,908
|
|
Stockholders' equity
|
3,323,385
|
2,864,928
|
|
|
|
|
|
Backlog
Information:
|
|
|
|
Technical
professional services
|
$
9,100,100
|
$
7,588,900
|
|
Field
services
|
5,189,700
|
5,613,100
|
|
Total
|
$ 14,289,800
|
$ 13,202,000
|
|
(2) Working capital in fiscal
2011 was affected by borrowings under our $290.0 million,
unsecured, revolving credit facility classified previously as
long-term debt becoming current during the fiscal year (the
facility expires in the third quarter of fiscal 2012).
|
|
|
|
|
The following table reconciles the Company's fiscal 2010
consolidated results of operations presented in accordance with
U.S. GAAP to its fiscal 2010 consolidated results of operations
excluding the effects of the SIVOM Judgment (in thousands, except
earns per share). Although any fiscal 2010 information that
excludes the effects of the SIVOM Judgment is non-U.S. GAAP, it is
presented because Management believes such information provides a
better point of reference for assessing the Company's current
financial performance and operating trends:
|
|
|
|
|
|
|
Financial Statement
Element:
|
Results
as Presented
(U.S. GAAP)
|
Effects of
the SIVOM
Judgment
|
Results
Before the
Effects of
the SIVOM
Judgment
(non- U.S.
GAAP)
|
|
Revenues
|
$
9,915,517
|
$
(25,894)
|
$
9,941,411
|
|
Direct costs of
contracts
|
$
(8,582,912)
|
$
(58,641)
|
$
(8,524,271)
|
|
Selling, general, and
administrative expenses
|
$
(932,522)
|
$
6,363
|
(938,885)
|
|
Net interest income
(expense)
|
$
(5,083)
|
$
(8,725)
|
$
3,642
|
|
Earnings (loss) before income
taxes
|
$
391,934
|
$
(86,897)
|
$
478,831
|
|
Income tax (expense)
benefit
|
$
(145,647)
|
$
26,620
|
$
(172,267)
|
|
Net earnings (loss) attributable
to Jacobs
|
$
245,974
|
$
(60,277)
|
$
306,251
|
|
Diluted earnings (loss) per
share
|
$
1.96
|
$
(0.48)
|
$
2.44
|
|
|
|
|
|
|
|
For additional information
contact:
|
|
|
John W. Prosser, Jr.
|
|
|
Executive Vice President,
Finance and Administration
|
|
|
626.578.6803
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20110628/LA26838LOGO)
SOURCE Jacobs Engineering Group Inc.