CORRECTION - TRC Announces Second-Quarter Fiscal 2016 Financial Results
Company Delivers Strong Performance on Top of Transformative Acquisition
(firmenpresse) - LOWELL, MA -- (Marketwired) -- 02/03/16 -- In the news release, "TRC Announces Second-Quarter Fiscal 2016 Financial Results" issued earlier today by TRC Companies, Inc. (NYSE: TRR), we are advised by the company that the fourth and fifth bullet sentences of the Second-Quarter FY 2016 Vs. Second-Quarter FY 2015 Highlights should read "Net income of $3.9 million; Adjusted net income(2) up 18% to 4.7 million" and "Diluted EPS of $0.13; Adjusted diluted EPS(2) up 15% to $0.15." Additionally, the second to last sentence of the second paragraph should read "NSR, adjusted EBITDA, and adjusted net income were up 12%, 13% and 18%, respectively, compared with the same period of fiscal 2015." Please also be advised that the figures to Adjusted net income(2) and Adjusted diluted earnings per common share(2) from the Non-GAAP Results table have been updated as well. Complete corrected text follows.
LOWELL, MA -- Feb 3, 2016 - TRC Companies, Inc. (NYSE: TRR)
NSR(1) up 12% to $111.4 million
Operating income of $6.7 million; Adjusted operating income(2) up 16% to $7.9 million
EBITDA of $9.5 million; Adjusted EBITDA(2) up 13% to $10.7 million
Net income of $3.9 million; Adjusted net income(2) up 18% to $4.7 million
Diluted EPS of $0.13; Adjusted diluted EPS(2) up 15% to $0.15
(NYSE: TRR), a recognized leader in engineering, environmental consulting and construction-management services to the energy, environmental, infrastructure and pipeline markets, today announced financial results for the fiscal second quarter ended December 25, 2015.
"During our second quarter, we delivered strong financial results on top of the transformative acquisition of Willbros Professional Services (WPS), which closed November 30," said Chris Vincze, Chairman and Chief Executive Officer. "NSR, adjusted EBITDA, and adjusted net income were up 12%, 13% and 18%, respectively, compared with the same period of fiscal 2015. Results for the second quarter of fiscal 2016 included one month of performance from the Willbros acquisition."
"Overall, our business performed well. In particular, demand for electrical transmission and distribution services resulted in an 11% increase in Energy segment NSR, with segment profit up 17% year over year. In addition, transportation-related spending by our municipal and state clients drove a 26% increase in Infrastructure segment NSR, while project execution and cost control drove a 96% increase in segment profit. In our Environmental segment, a slowdown from certain oil and gas clients and the completion of a large pipeline permitting project led to a 2% decline in NSR and a profit decline of 6%. Even so, other service areas within the Environmental segment remain solid," said Vincze.
"TRC is the national leader in the environmental permitting of pipeline projects. The acquisition of WPS represents the execution of our strategy to establish a premier pipeline and related facilities engineering, consulting and construction management capability. Now two months after closing, we have functionally integrated our two organizations, migrating the new business onto our payroll system, benefits, IT networks and ERP platform, while building the leading full-service pipeline consulting and engineering company in the nation," Vincze added.
"Our strategic growth initiatives are progressing through the first half of fiscal 2016, as demonstrated by our results. Demand for our Energy segment services from our utility clients remains robust. Our Infrastructure segment backlog continues to grow, and the new transportation bill improves the outlook for this segment. Although we expect to see a slowdown from our oil and gas clients, services related to environmental remediation, construction, transaction support, the retirement of coal plants and the need to transport natural gas should contribute to revenue in our Environmental segment going forward. These factors and the need to ensure the integrity of our national pipeline infrastructure also should support our new Pipeline Services segment. We believe the oil and gas market is a good long-term investment, and we have positioned TRC to be a leader in this industry."
TRC will webcast its financial results conference call on Thursday, February 4, 2016 at 9 a.m. ET. To listen to the live webcast and access the accompanying presentation slides, visit the "" section of TRC''s website at . The call also may be accessed by dialing (877) 407-5790 or (201) 689-8328. A webcast replay will be available on the Company''s website for approximately one year.
A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, environmental consulting and construction management firm that provides to the energy, environmental, infrastructure and pipeline services markets. TRC serves a broad range of commercial, industrial and government clients, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world. For more information and updates from the Company, visit TRC''s website at and follow TRC on and at (at)TRC_Companies and on .
Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC''s future expectations, contain projections of the Company''s future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the uncertainty of TRC''s operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC''s services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC''s Annual Report on Form 10-K for the fiscal year ended June 30, 2015, and other factors included from time to time in the Company''s other subsequent filings with the Securities and Exchange Commission.
Andrew Blazier
Senior Associate
Sharon Merrill
(617) 542-5300
Thomas W. Bennet, Jr.
CFO
(978) 970-5600
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Datum: 03.02.2016 - 20:37 Uhr
Sprache: Deutsch
News-ID 1413164
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