1-7567
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94-1381538
|
|
(Commission File No.)
|
(IRS Employer Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
Press Release, dated February 27, 2012, entitled “URS Corporation Reports Fiscal Year 2011 Results.”
|
URS CORPORATION
|
|||
Dated: February 27, 2012
|
By:
|
/s/ Reed N. Brimhall | |
Reed N. Brimhall
|
|||
Vice President and Chief Accounting Officer
|
|||
Exhibit No.
|
Description
|
|
99.1
|
Press Release, dated February 27, 2012, entitled “URS Corporation Reports Fiscal Year 2011 Results.”
|
Contacts:
|
||
URS Corporation
Sam Ramraj
Vice President,
Investor Relations
(415) 774-2700
|
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Briana Kelly
(212) 687-8080
|
December 30, 2011
|
December 31, 2010
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 436.0 | $ | 573.8 | ||||
Accounts receivable, including retentions of $67.5 and $69.1, respectively
|
1,114.7 | 1,102.8 | ||||||
Costs and accrued earnings in excess of billings on contracts
|
1,317.1 | 1,157.1 | ||||||
Less receivable allowances
|
(43.1 | ) | (42.8 | ) | ||||
Net accounts receivable
|
2,388.7 | 2,217.1 | ||||||
Deferred tax assets
|
63.0 | 83.3 | ||||||
Other current assets
|
201.2 | 134.8 | ||||||
Total current assets
|
3,088.9 | 3,009.0 | ||||||
Investments in and advances to unconsolidated joint ventures
|
107.7 | 65.5 | ||||||
Property and equipment at cost, net
|
269.4 | 266.1 | ||||||
Intangible assets, net
|
522.0 | 514.1 | ||||||
Goodwill
|
2,773.0 | 3,393.2 | ||||||
Other assets
|
101.6 | 103.5 | ||||||
Total assets
|
$ | 6,862.6 | $ | 7,351.4 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$ | 61.5 | $ | 60.5 | ||||
Accounts payable and subcontractors payable, including retentions of $39.6 and $46.5, respectively
|
659.1 | 673.9 | ||||||
Accrued salaries and employee benefits
|
527.0 | 441.6 | ||||||
Billings in excess of costs and accrued earnings on contracts
|
310.8 | 275.8 | ||||||
Other current liabilities
|
176.5 | 191.4 | ||||||
Total current liabilities
|
1,734.9 | 1,643.2 | ||||||
Long-term debt
|
737.0 | 641.3 | ||||||
Deferred tax liabilities
|
276.5 | 326.9 | ||||||
Self-insurance reserves
|
132.7 | 127.9 | ||||||
Pension and post-retirement benefit obligations
|
276.0 | 230.8 | ||||||
Other long-term liabilities
|
221.1 | 180.3 | ||||||
Total liabilities
|
3,378.2 | 3,150.4 | ||||||
Commitments and contingencies
|
||||||||
URS stockholders’ equity:
|
||||||||
Preferred stock, authorized 3.0 shares; no shares outstanding
|
— | — | ||||||
Common stock, par value $.01; authorized 200.0 shares; 87.8 and 86.9 shares issued, respectively; and 76.7 and 81.9 shares outstanding, respectively
|
0.9 | 0.9 | ||||||
Treasury stock, 11.1 and 5.0 shares at cost, respectively
|
(454.9 | ) | (212.1 | ) | ||||
Additional paid-in capital
|
2,966.8 | 2,924.3 | ||||||
Accumulated other comprehensive loss
|
(110.8 | ) | (36.9 | ) | ||||
Retained earnings
|
975.2 | 1,441.0 | ||||||
Total URS stockholders’ equity
|
3,377.2 | 4,117.2 | ||||||
Noncontrolling interests
|
107.2 | 83.8 | ||||||
Total stockholders’ equity
|
3,484.4 | 4,201.0 | ||||||
Total liabilities and stockholders’ equity
|
$ | 6,862.6 | $ | 7,351.4 |
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 30,
|
December 31,
|
December 30,
|
December 31,
|
||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
|
||||||||||||||||
Revenues
|
$ | 2,393.2 | $ | 2,380.1 | $ | 9,545.0 | $ | 9,177.1 | ||||||||
Cost of revenues
|
(2,257.7 | ) | (2,264.6 | ) | (8,988.8 | ) | (8,609.5 | ) | ||||||||
General and administrative expenses
|
(19.6 | ) | (15.9 | ) | (79.5 | ) | (71.0 | ) | ||||||||
Acquisition-related expenses
|
— | (0.3 | ) | (1.0 | ) | (11.9 | ) | |||||||||
Restructuring costs
|
(5.5 | ) | (10.6 | ) | (5.5 | ) | (10.6 | ) | ||||||||
Goodwill impairment
|
(27.7 | ) | — | (825.8 | ) | — | ||||||||||
Equity in income of unconsolidated joint ventures
|
31.4 | 33.7 | 132.2 | 70.3 | ||||||||||||
Operating income (loss)
|
114.1 | 122.4 | (223.4 | ) | 544.4 | |||||||||||
Interest expense
|
(6.7 | ) | (6.7 | ) | (22.1 | ) | (30.6 | ) | ||||||||
Income (loss) before income taxes
|
107.4 | 115.7 | (245.5 | ) | 513.8 | |||||||||||
Income tax expense (as revised) (1)
|
(46.8 | ) | (33.6 | ) | (91.8 | ) | (127.6 | ) | ||||||||
Net income (loss) including noncontrolling interests (as revised) (1)
|
60.6 | 82.1 | (337.3 | ) | 386.2 | |||||||||||
Noncontrolling interests in income of consolidated subsidiaries (as revised) (1)
|
(32.2 | ) | (22.1 | ) | (128.5 | ) | (98.3 | ) | ||||||||
Net income (loss) attributable to URS
|
$ | 28.4 | $ | 60.0 | $ | (465.8 | ) | $ | 287.9 | |||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings (loss) per share:
|
||||||||||||||||
Basic
|
$ | 0.37 | $ | 0.75 | $ | (6.03 | ) | $ | 3.56 | |||||||
Diluted
|
$ | 0.37 | $ | 0.75 | $ | (6.03 | ) | $ | 3.54 | |||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
76.3 | 80.2 | 77.3 | 81.0 | ||||||||||||
Diluted
|
76.4 | 80.4 | 77.3 | 81.3 |
(1)
|
We have corrected the calculation and previously reported presentation of income tax expense, net income include noncontrolling interests and noncontrolling interests in income of consolidated subsidiaries by revising prior year amounts, as discussed on page EX-13 of this press release.
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 30,
|
December 31,
|
December 30,
|
December 31,
|
||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income (loss) including noncontrolling interests (as revised) (1)
|
$ | 60.6 | $ | 82.1 | $ | (337.3 | ) | $ | 386.2 | |||||||
Adjustments to reconcile net income (loss) to net cash from operating activities:
|
||||||||||||||||
Depreciation and amortization
|
20.8 | 25.2 | 82.1 | 84.3 | ||||||||||||
Amortization of intangible assets
|
16.2 | 15.2 | 60.6 | 49.2 | ||||||||||||
Amortization of debt issuance costs
|
1.1 | 2.2 | 5.8 | 9.2 | ||||||||||||
Restructuring costs
|
3.3 | 10.6 | 3.3 | 10.6 | ||||||||||||
Normal profit
|
(0.8 | ) | 1.4 | (2.7 | ) | 1.2 | ||||||||||
Goodwill impairment
|
27.7 | — | 825.8 | — | ||||||||||||
Loss on extinguishment of debt
|
2.9 | — | 2.9 | — | ||||||||||||
Provision for doubtful accounts
|
(3.9 | ) | 4.8 | 2.8 | 6.7 | |||||||||||
Gain on disposal of property and equipment
|
(8.5 | ) | — | (8.9 | ) | — | ||||||||||
Deferred income taxes
|
41.2 | (15.1 | ) | (23.3 | ) | 10.9 | ||||||||||
Stock-based compensation
|
11.3 | 11.7 | 45.3 | 44.0 | ||||||||||||
Excess tax benefits from stock-based compensation
|
— | 2.1 | (0.8 | ) | (1.2 | ) | ||||||||||
Equity in income of unconsolidated joint ventures
|
(31.4 | ) | (33.7 | ) | (132.2 | ) | (70.3 | ) | ||||||||
Dividends received from unconsolidated joint ventures
|
18.9 | 22.0 | 107.3 | 92.5 | ||||||||||||
Changes in operating assets, liabilities and other, net of effects of consolidation and/or deconsolidation of joint ventures and business acquisitions:
|
||||||||||||||||
Accounts receivable and costs and accrued earnings in excess of billings on contracts
|
80.5 | 45.4 | (106.8 | ) | (46.4 | ) | ||||||||||
Other current assets
|
(2.7 | ) | 24.8 | (19.0 | ) | 29.8 | ||||||||||
Advances to unconsolidated joint ventures
|
5.0 | 0.1 | (0.2 | ) | (1.7 | ) | ||||||||||
Accounts payable, accrued salaries and employee benefits, and other current liabilities (as revised) (1)
|
(92.1 | ) | (48.6 | ) | (43.0 | ) | (67.6 | ) | ||||||||
Billings in excess of costs and accrued earnings on contracts
|
(24.0 | ) | 12.0 | 19.2 | (30.2 | ) | ||||||||||
Other long-term liabilities
|
5.5 | 8.3 | 13.0 | 22.5 | ||||||||||||
Other assets
|
10.5 | 3.5 | 10.7 | (2.1 | ) | |||||||||||
Total adjustments and changes
|
81.5 | 91.9 | 841.9 | 141.4 | ||||||||||||
Net cash from operating activities
|
142.1 | 174.0 | 504.6 | 527.6 |
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 30,
|
December 31,
|
December 30,
|
December 31,
|
||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Payments for business acquisitions, net of cash acquired, and for exercised shares in connection with a business acquisition
|
(3.3 | ) | (3.7 | ) | (282.1 | ) | (291.7 | ) | ||||||||
Changes in cash related to consolidation and/or deconsolidation of joint ventures
|
— | — | — | 20.7 | ||||||||||||
Proceeds from disposal of property and equipment
|
7.6 | 4.1 | 14.1 | 8.3 | ||||||||||||
Investments in unconsolidated joint ventures
|
(7.0 | ) | — | (19.6 | ) | (6.0 | ) | |||||||||
Changes in restricted cash
|
0.3 | 0.4 | 7.0 | (16.1 | ) | |||||||||||
Capital expenditures, less equipment purchased through capital leases and equipment notes
|
(5.8 | ) | (11.1 | ) | (67.5 | ) | (45.2 | ) | ||||||||
Maturity of short-term investment
|
— | — | — | 30.2 | ||||||||||||
Net cash from investing activities
|
(8.2 | ) | (10.3 | ) | (348.1 | ) | (299.8 | ) |
Cash flows from financing activities:
|
||||||||||||||||
Borrowing from long-term debt and revolving line of credit
|
738.6 | — | 838.6 | — | ||||||||||||
Payments on long-term debt and revolving line of credit
|
(692.2 | ) | (77.2 | ) | (748.3 | ) | (159.6 | ) | ||||||||
Net payments under lines of credit and short-term notes
|
(27.7 | ) | (11.6 | ) | (16.4 | ) | (7.6 | ) | ||||||||
Net change in overdrafts
|
0.2 | 18.9 | (18.0 | ) | 14.4 | |||||||||||
Payments on capital lease obligations
|
(5.1 | ) | (2.4 | ) | (10.9 | ) | (7.5 | ) | ||||||||
Payments of debt issuance costs
|
(3.9 | ) | — | (3.9 | ) | — | ||||||||||
Excess tax benefits from stock-based compensation
|
— | (2.1 | ) | 0.8 | 1.2 | |||||||||||
Proceeds from employee stock purchases and exercises of stock options
|
5.1 | 4.8 | 11.7 | 11.3 | ||||||||||||
Distributions to noncontrolling interests
|
(34.2 | ) | (35.5 | ) | (111.7 | ) | (107.2 | ) | ||||||||
Contributions and advances from noncontrolling interests
|
0.3 | 1.0 | 6.6 | 8.2 | ||||||||||||
Repurchases of common stock
|
(106.1 | ) | (42.8 | ) | (242.8 | ) | (128.3 | ) | ||||||||
Net cash from financing activities
|
(125.0 | ) | (146.9 | ) | (294.3 | ) | (375.1 | ) | ||||||||
Net change in cash and cash equivalents
|
8.9 | 16.8 | (137.8 | ) | (147.3 | ) | ||||||||||
Cash and cash equivalents at beginning of period
|
427.1 | 557.0 | 573.8 | 721.1 | ||||||||||||
Cash and cash equivalents at end of period
|
$ | 436.0 | $ | 573.8 | $ | 436.0 | $ | 573.8 | ||||||||
Supplemental information:
|
||||||||||||||||
Interest paid
|
$ | 4.8 | $ | 5.8 | $ | 15.2 | $ | 24.0 | ||||||||
Taxes paid
|
$ | 40.3 | $ | 53.9 | $ | 177.3 | $ | 79.3 |
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 30,
|
December 31,
|
December 30,
|
December 31,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||||||||||
Loan Notes issued and estimated consideration for vested shares exercisable in connection with an acquisition
|
$ | — | $ | — | $ | — | $ | 30.9 | ||||||||
Equipment acquired with capital lease obligations and equipment note obligations
|
$ | 6.1 | $ | 2.9 | $ | 14.2 | $ | 12.9 | ||||||||
Purchase price adjustment and contingent consideration payable under acquisitions
|
$ | 7.9 | $ | — | $ | 7.9 | $ | — |
(1)
|
We have corrected the previously reported presentation of net income including noncontrolling interests, and accounts payable, accrued salaries and employee benefits, and other current liabilities discussed on page EX-13 of this press release.
|
Three Months Ended
|
||||||||||||||||
December 30, 2011
|
December 31, 2010
|
|||||||||||||||
(In millions, except per share data)
|
Amount
|
Diluted EPS
|
Amount
|
Diluted EPS
|
||||||||||||
Net income and diluted EPS
|
||||||||||||||||
Net income and diluted EPS before the impact of the following items:
|
$ | 68.5 | $ | 0.89 | $ | 69.3 | $ | 0.87 | ||||||||
Goodwill impairment charge, net of tax
|
(32.9 | ) | (0.43 | ) | — | — | ||||||||||
Restructuring charges, net of tax
|
(5.5 | ) | (0.07 | ) | (9.3 | ) | (0.12 | ) | ||||||||
Loss on extinguishment of debt, net of tax
|
(1.7 | ) | (0.02 | ) | — | — | ||||||||||
GAAP Net income and diluted EPS
|
$ | 28.4 | $ | 0.37 | $ | 60.0 | $ | 0.75 | ||||||||
Year Ended
|
||||||||||||||||
December 30, 2011
|
December 31, 2010
|
|||||||||||||||
(In millions, except per share data)
|
Amount
|
Diluted EPS
|
Amount
|
Diluted EPS
|
||||||||||||
Net income (loss) and diluted EPS
|
||||||||||||||||
Net income and diluted EPS before the impact of the following item:
|
$ | 274.2 | $ | 3.53 | $ | 267.0 | $ | 3.28 | ||||||||
Reduction in income tax expense
|
— | — | 42.1 | 0.52 | ||||||||||||
Net income and diluted EPS before the impact of the following items:
|
274.2 | 3.53 | 309.1 | 3.80 | ||||||||||||
Goodwill impairment charge, net of tax
|
(732.2 | ) | (9.46 | ) | — | — | ||||||||||
Restructuring charges, net of tax
|
(5.5 | ) | (0.07 | ) | (9.3 | ) | (0.11 | ) | ||||||||
Loss on extinguishment of debt, net of tax
|
(1.7 | ) | (0.02 | ) | — | — | ||||||||||
Acquisition-related expenses, net of tax
|
(0.6 | ) | (0.01 | ) | (11.9 | ) | (0.15 | ) | ||||||||
GAAP Net income (loss) and diluted EPS
|
$ | (465.8 | ) | $ | (6.03 | ) | $ | 287.9 | $ | 3.54 |
Three Months Ended December 30, 2011
|
||||||||||||||||||||
(In millions)
|
Infrastructure & Environment
|
Federal Services
|
Energy & Construction
|
Corporate
|
Consolidated
|
|||||||||||||||
Operating income (loss) before the impact of the following items:
|
$ | 56.9 | $ | 54.8 | $ | 55.2 | $ | (19.6 | ) | $ | 147.3 | |||||||||
Goodwill impairment adjustment
|
— | 19.1 | (46.8 | ) | — | (27.7 | ) | |||||||||||||
Restructuring charges
|
(5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||
GAAP Operating income (loss)
|
$ | 51.4 | $ | 73.9 | $ | 8.4 | $ | (19.6 | ) | $ | 114.1 | |||||||||
Year Ended December 30, 2011
|
||||||||||||||||||||
(In millions)
|
Infrastructure & Environment
|
Federal Services
|
Energy & Construction
|
Corporate
|
Consolidated
|
|||||||||||||||
Operating income (loss) before the impact of the following items:
|
$ | 227.6 | $ | 197.7 | $ | 263.1 | $ | (79.5 | ) | $ | 608.9 | |||||||||
Goodwill impairment adjustment
|
— | (348.3 | ) | (477.5 | ) | — | (825.8 | ) | ||||||||||||
Restructuring charges
|
(5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||
Acquisition-related expenses
|
(0.1 | ) | (0.9 | ) | — | — | (1.0 | ) | ||||||||||||
GAAP Operating income (loss)
|
$ | 222.0 | $ | (151.5 | ) | $ | (214.4 | ) | $ | (79.5 | ) | $ | (223.4 | ) | ||||||
Three Months Ended December 31, 2010
|
||||||||||||||||||||
(In millions)
|
Infrastructure & Environment
|
Federal Services
|
Energy & Construction
|
Corporate
|
Consolidated
|
|||||||||||||||
Operating income (loss) before the impact of the following items:
|
$ | 61.4 | $ | 41.7 | $ | 46.3 | $ | (16.1 | ) | $ | 133.3 | |||||||||
Restructuring charges
|
(10.6 | ) | — | — | — | (10.6 | ) | |||||||||||||
Acquisition-related expenses
|
(0.3 | ) | — | — | — | (0.3 | ) | |||||||||||||
GAAP Operating income (loss)
|
$ | 50.5 | $ | 41.7 | $ | 46.3 | $ | (16.1 | ) | $ | 122.4 | |||||||||
Year Ended December 31, 2010
|
||||||||||||||||||||
(In millions)
|
Infrastructure & Environment
|
Federal Services
|
Energy & Construction
|
Corporate
|
Consolidated
|
|||||||||||||||
Operating income (loss) before the impact of the following items:
|
$ | 245.4 | $ | 165.6 | $ | 226.9 | $ | (71.0 | ) | $ | 566.9 | |||||||||
Restructuring charges
|
(10.6 | ) | — | — | — | (10.6 | ) | |||||||||||||
Acquisition-related expenses
|
(11.9 | ) | — | — | — | (11.9 | ) | |||||||||||||
GAAP Operating income (loss)
|
$ | 222.9 | $ | 165.6 | $ | 226.9 | $ | (71.0 | ) | $ | 544.4 |
Three Months Ended
|
Year Ended
|
|||||||||||||||||||||||
December 31, 2010
|
December 31, 2010
|
|||||||||||||||||||||||
As Reported
|
Adjustment
|
As Revised
|
As Reported
|
Adjustment
|
As Revised
|
|||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||
Consolidated Statements of Operations Data:
|
||||||||||||||||||||||||
Income before income taxes
|
$ | 115.7 | $ | — | $ | 115.7 | $ | 513.8 | $ | — | $ | 513.8 | ||||||||||||
Income tax expense
|
(37.5 | ) | 3.9 | (33.6 | ) | (154.9 | ) | 27.3 | (127.6 | ) | ||||||||||||||
Net income including noncontrolling interests
|
78.2 | 3.9 | 82.1 | 358.9 | 27.3 | 386.2 | ||||||||||||||||||
Noncontrolling interests in income of consolidated subsidiaries
|
(18.2 | ) | (3.9 | ) | (22.1 | ) | (71.0 | ) | (27.3 | ) | (98.3 | ) | ||||||||||||
Net income attributable to URS
|
$ | 60.0 | $ | — | $ | 60.0 | $ | 287.9 | $ | — | $ | 287.9 |
Three Months Ended
|
Year Ended
|
|||||||||||||||||||||||
December 31, 2010
|
December 31, 2010
|
|||||||||||||||||||||||
As Reported
|
Adjustment
|
As Revised
|
As Reported
|
Adjustment
|
As Revised
|
|||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||
Consolidated Statements of Cash Flows Data:
|
||||||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||||||
Net income including noncontrolling interests
|
$ | 78.2 | $ | 3.9 | $ | 82.1 | $ | 358.9 | $ | 27.3 | $ | 386.2 | ||||||||||||
Accounts payable, accrued salaries and employee benefits, and other current liabilities
|
$ | (44.7 | ) | $ | (3.9 | ) | $ | (48.6 | ) | $ | (40.3 | ) | $ | (27.3 | ) | $ | (67.6 | ) |
Infrastructure
|
Energy
|
|||||||||||||||
&
|
Federal
|
&
|
||||||||||||||
(In millions)
|
Environment
|
Services
|
Construction
|
Total
|
||||||||||||
As of December 30, 2011
|
||||||||||||||||
Backlog
|
$ | 2,993.1 | $ | 4,141.8 | $ | 7,124.7 | $ | 14,259.6 | ||||||||
Option years
|
316.6 | 2,370.1 | 2,026.2 | 4,712.9 | ||||||||||||
Indefinite delivery contracts
|
2,806.5 | 3,304.0 | 1,948.0 | 8,058.5 | ||||||||||||
Total book of business
|
$ | 6,116.2 | $ | 9,815.9 | $ | 11,098.9 | $ | 27,031.0 | ||||||||
As of December 31, 2010
|
||||||||||||||||
Backlog
|
$ | 3,259.1 | $ | 6,002.2 | $ | 7,346.4 | $ | 16,607.7 | ||||||||
Option years
|
342.6 | 2,288.1 | 2,117.7 | 4,748.4 | ||||||||||||
Indefinite delivery contracts
|
3,436.3 | 3,208.9 | 1,071.2 | 7,716.4 | ||||||||||||
Total book of business
|
$ | 7,038.0 | $ | 11,499.2 | $ | 10,535.3 | $ | 29,072.5 |
December 30,
|
December 31,
|
|||||||
(In millions)
|
2011
|
2010
|
||||||
Backlog by market sector:
|
||||||||
Power
|
$ | 1,623.8 | $ | 1,407.7 | ||||
Infrastructure
|
3,011.0 | 2,564.5 | ||||||
Industrial and commercial
|
1,082.4 | 1,347.3 | ||||||
Federal
|
8,542.4 | 11,288.2 | ||||||
Total backlog
|
$ | 14,259.6 | $ | 16,607.7 |
|
Three Months Ended
|
Year Ended
|
||||||||||||||
(In millions)
|
December 30,
|
December 31,
|
December 30,
|
December 31,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
||||||||||||||||
Infrastructure & Environment (1)
|
$ | 970.8 | $ | 904.1 | $ | 3,760.9 | $ | 3,248.5 | ||||||||
Federal Services (2)
|
726.8 | 648.0 | 2,695.4 | 2,582.8 | ||||||||||||
Energy & Construction
|
729.7 | 854.4 | 3,251.1 | 3,420.6 | ||||||||||||
Inter-segment, eliminations and other
|
(34.1 | ) | (26.4 | ) | (162.4 | ) | (74.8 | ) | ||||||||
Total revenues
|
$ | 2,393.2 | $ | 2,380.1 | $ | 9,545.0 | $ | 9,177.1 | ||||||||
Operating income (loss)
|
||||||||||||||||
Infrastructure & Environment (1)
|
$ | 51.4 | $ | 50.5 | $ | 222.0 | $ | 222.9 | ||||||||
Federal Services (2)
|
73.9 | 41.7 | (151.5 | ) | 165.6 | |||||||||||
Energy & Construction (3)
|
8.4 | 46.3 | (214.4 | ) | 226.9 | |||||||||||
General and administrative expenses
|
(19.6 | ) | (16.1 | ) | (79.5 | ) | (71.0 | ) | ||||||||
Total operating income (loss)
|
$ | 114.1 | $ | 122.4 | $ | (223.4 | ) | $ | 544.4 |
(1)
|
The operating results of Scott Wilson were included in the three months and year ended December 30, 2011, and in the three months ended December 31, 2010, but only partially included in the year ended December 31, 2010, as we completed the acquisition in September 2010.
|
(2)
|
The operating results of Apptis were included in the three months and partially included in the year ended December 30, 2011, but not in the corresponding periods ended December 31, 2010, as we completed the acquisition in June 2011. For the three months and year ended December 30, 2011, the Federal Services Division recorded a goodwill impairment adjustment of $(19.1) million and a goodwill impairment charge of $348.3 million, respectively.
|
(3)
|
For the three months and year ended December 30, 2011, the Energy & Construction business recorded a goodwill impairment charge of $46.8 million and $477.5 million, respectively.
|
Three months ended December 30, 2011
(In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 59.8 | $ | 377.7 | $ | 161.4 | $ | 344.9 | $ | 943.8 | ||||||||||
Federal Services (2)
|
— | — | 726.5 | — | 726.5 | |||||||||||||||
Energy & Construction
|
235.3 | 61.8 | 265.7 | 160.1 | 722.9 | |||||||||||||||
Total
|
$ | 295.1 | $ | 439.5 | $ | 1,153.6 | $ | 505.0 | $ | 2,393.2 | ||||||||||
|
||||||||||||||||||||
Year ended December 30, 2011
(In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 201.1 | $ | 1,544.0 | $ | 636.5 | $ | 1,293.5 | $ | 3,675.1 | ||||||||||
Federal Services (2)
|
— | — | 2,694.3 | — | 2,694.3 | |||||||||||||||
Energy & Construction
|
925.5 | 317.3 | 1,308.9 | 623.9 | 3,175.6 | |||||||||||||||
Total
|
$ | 1,126.6 | $ | 1,861.3 | $ | 4,639.7 | $ | 1,917.4 | $ | 9,545.0 | ||||||||||
|
||||||||||||||||||||
Three months ended December 31, 2010
(In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 48.2 | $ | 368.9 | $ | 170.4 | $ | 307.6 | $ | 895.1 | ||||||||||
Federal Services (2)
|
— | — | 647.8 | — | 647.8 | |||||||||||||||
Energy & Construction
|
217.7 | 105.0 | 346.0 | 168.5 | 837.2 | |||||||||||||||
Total
|
$ | 265.9 | $ | 473.9 | $ | 1,164.2 | $ | 476.1 | $ | 2,380.1 | ||||||||||
|
||||||||||||||||||||
Year ended December 31, 2010
(In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 156.5 | $ | 1,402.8 | $ | 682.7 | $ | 972.2 | $ | 3,214.2 | ||||||||||
Federal Services (2)
|
— | — | 2,581.2 | — | 2,581.2 | |||||||||||||||
Energy & Construction
|
952.7 | 499.6 | 1,259.5 | 669.9 | 3,381.7 | |||||||||||||||
Total
|
$ | 1,109.2 | $ | 1,902.4 | $ | 4,523.4 | $ | 1,642.1 | $ | 9,177.1 |
(1)
|
The operating results of Scott Wilson were included in the three months and year ended December 30, 2011, and in the three months ended December 31, 2010, but only partially included in the year ended December 31, 2010 as we completed the acquisition in September 2010.
|
(2)
|
The operating results of Apptis were included in the three months and partially included in the year ended December 30, 2011, but not in the corresponding periods ended December 31, 2010 as we completed the acquisition in June 2011.
|