1-7567
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94-1381538
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(Commission File No.)
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(IRS Employer Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(c)
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Exhibits
|
|
URS CORPORATION
|
|||
Dated: November 6, 2012
|
By:
|
/s/ Reed N. Brimhall | |
Reed N. Brimhall
|
|||
Vice President and Chief Accounting Officer
|
|||
Exhibit No.
|
Description
|
|
Contacts:
|
||
URS Corporation
Sam Ramraj
Vice President,
Investor Relations
(415) 774-2700
|
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Delia Cannan
(212) 687-8080
|
·
|
Third quarter revenues were $2.95 billion, a 19% increase from the third quarter of 2011, including $ 592.2 million from the former Flint Energy Services Ltd. (“Flint”), which URS acquired in May 2012.
|
·
|
Third quarter 2012 GAAP net income was $106.7 million, or $1.43 per share on a diluted basis, compared with a net loss of $623.1 million, or $(8.05) per share, in the third quarter of 2011.
|
·
|
Third quarter 2012 results include a pre-tax gain of $10.8 million (or $0.14 per share after tax) for foreign currency gains related to intercompany loans and an adjustment to pre-tax acquisition-related expense of $0.8 million (or $0.01 per share after tax). Third quarter 2011 results included a non-cash, after-tax goodwill impairment charge of $699.3 million (or $9.03 per share after tax).
|
·
|
Excluding these items from both periods, URS’ non-GAAP net income for the third quarter would have increased 26% from the prior year and non-GAAP diluted earnings per share (“EPS”) would have increased 31%.
|
·
|
Net income, EPS and business segment operating income are reported on a GAAP and a non-GAAP basis. The non- GAAP measures are reconciled to their corresponding GAAP equivalent at the end of this release as well as at the investor relations section of the Company’s website: www.urs.com.
|
·
|
Third quarter 2012 oil & gas sector revenues were $827.9 million, a 361.7% increase from revenues of $179.3 million in the year ago period, reflecting the acquisition of Flint, robust market conditions and strong organic growth.
|
September 28, 2012
|
December 30, 2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 289.2 | $ | 436.0 | ||||
Accounts receivable, including retentions of $98.9 and $67.5, respectively
|
1,451.8 | 1,114.7 | ||||||
Costs and accrued earnings in excess of billings on contracts
|
1,540.8 | 1,132.0 | ||||||
Less receivable allowances
|
(48.0 | ) | (43.1 | ) | ||||
Net accounts receivable
|
2,944.6 | 2,203.6 | ||||||
Deferred tax assets
|
68.5 | 63.0 | ||||||
Inventory
|
79.5 | 19.5 | ||||||
Other current assets
|
151.0 | 181.8 | ||||||
Total current assets
|
3,532.8 | 2,903.9 | ||||||
Investments in and advances to unconsolidated joint ventures
|
274.7 | 107.7 | ||||||
Property and equipment at cost, net
|
694.8 | 269.4 | ||||||
Intangible assets, net
|
725.9 | 522.0 | ||||||
Goodwill
|
3,262.1 | 2,773.0 | ||||||
Other long-term assets
|
330.9 | 286.6 | ||||||
Total assets
|
$ | 8,821.2 | $ | 6,862.6 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$ | 93.7 | $ | 61.5 | ||||
Accounts payable and subcontractors payable, including retentions of $42.2 and $39.6, respectively
|
811.5 | 659.1 | ||||||
Accrued salaries and employee benefits
|
620.8 | 527.0 | ||||||
Billings in excess of costs and accrued earnings on contracts
|
276.0 | 310.8 | ||||||
Other current liabilities
|
206.1 | 176.5 | ||||||
Total current liabilities
|
2,008.1 | 1,734.9 | ||||||
Long-term debt
|
2,059.5 | 737.0 | ||||||
Deferred tax liabilities
|
360.5 | 276.5 | ||||||
Self-insurance reserves
|
141.2 | 132.7 | ||||||
Pension and post-retirement benefit obligations
|
267.8 | 276.0 | ||||||
Other long-term liabilities
|
246.0 | 221.1 | ||||||
Total liabilities
|
5,083.1 | 3,378.2 | ||||||
Commitments and contingencies
|
||||||||
URS stockholders’ equity:
|
||||||||
Preferred stock, authorized 3.0 shares; no shares outstanding
|
— | — | ||||||
Common stock, par value $.01; authorized 200.0 shares; 88.9 and 87.8 shares issued, respectively; and 76.8 and 76.7 shares outstanding, respectively
|
0.9 | 0.9 | ||||||
Treasury stock, 12.1 and 11.1 shares at cost, respectively
|
(494.9 | ) | (454.9 | ) | ||||
Additional paid-in capital
|
2,991.6 | 2,966.8 | ||||||
Accumulated other comprehensive loss
|
(61.7 | ) | (110.8 | ) | ||||
Retained earnings
|
1,169.2 | 975.2 | ||||||
Total URS stockholders’ equity
|
3,605.1 | 3,377.2 | ||||||
Noncontrolling interests
|
133.0 | 107.2 | ||||||
Total stockholders’ equity
|
3,738.1 | 3,484.4 | ||||||
Total liabilities and stockholders’ equity
|
$ | 8,821.2 | $ | 6,862.6 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 28,
|
September 30,
|
September 28,
|
September 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 2,947.6 | $ | 2,471.7 | $ | 7,999.8 | $ | 7,151.8 | ||||||||
Cost of revenues
|
(2,753.3 | ) | (2,300.1 | ) | (7,484.0 | ) | (6,731.2 | ) | ||||||||
General and administrative expense
|
(22.6 | ) | (18.5 | ) | (62.0 | ) | (59.9 | ) | ||||||||
Acquisition-related expense
|
0.8 | — | (16.1 | ) | (1.0 | ) | ||||||||||
Goodwill impairment
|
— | (798.1 | ) | — | (798.1 | ) | ||||||||||
Equity in income of unconsolidated joint ventures
|
31.1 | 24.8 | 76.8 | 100.8 | ||||||||||||
Operating income (loss)
|
203.6 | (620.2 | ) | 514.5 | (337.6 | ) | ||||||||||
Interest expense
|
(20.5 | ) | (5.1 | ) | (51.0 | ) | (15.3 | ) | ||||||||
Other income (expense) (1)
|
10.8 | — | 4.1 | — | ||||||||||||
Income (loss) before income taxes
|
193.9 | (625.3 | ) | 467.6 | (352.9 | ) | ||||||||||
Income tax benefit (expense)
|
(66.1 | ) | 39.5 | (155.2 | ) | (45.1 | ) | |||||||||
Net income (loss) including noncontrolling interests
|
127.8 | (585.8 | ) | 312.4 | (398.0 | ) | ||||||||||
Noncontrolling interests in income of consolidated subsidiaries
|
(21.1 | ) | (37.3 | ) | (72.4 | ) | (96.1 | ) | ||||||||
Net income (loss) attributable to URS
|
$ | 106.7 | $ | (623.1 | ) | $ | 240.0 | $ | (494.1 | ) | ||||||
Earnings (loss) per share:
|
||||||||||||||||
Basic
|
$ | 1.43 | $ | (8.05 | ) | $ | 3.23 | $ | (6.36 | ) | ||||||
Diluted
|
$ | 1.43 | $ | (8.05 | ) | $ | 3.22 | $ | (6.36 | ) | ||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
74.5 | 77.4 | 74.2 | 77.7 | ||||||||||||
Diluted
|
74.6 | 77.4 | 74.5 | 77.7 | ||||||||||||
Cash dividends declared per share
|
$ | 0.20 | $ | — | $ | 0.60 | $ | — |
(1)
|
Other income (expense) consists of foreign currency gains (losses) related to intercompany loans and foreign currency derivatives.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 28,
|
September 30,
|
September 28,
|
September 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income (loss) including noncontrolling interests
|
$ | 127.8 | $ | (585.8 | ) | $ | 312.4 | $ | (398.0 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash from operating activities:
|
||||||||||||||||
Depreciation and amortization
|
41.3 | 20.5 | 91.7 | 61.3 | ||||||||||||
Amortization of intangible assets
|
31.2 | 16.3 | 73.8 | 44.4 | ||||||||||||
Amortization of debt issuance costs and discount/premium
|
(0.2 | ) | 1.5 | 2.3 | 4.7 | |||||||||||
Foreign currency gains related to foreign currency derivatives and intercompany loans
|
(10.8 | ) | — | (4.1 | ) | — | ||||||||||
Normal profit
|
(2.2 | ) | (5.4 | ) | (4.6 | ) | (1.9 | ) | ||||||||
Goodwill impairment
|
— | 798.1 | — | 798.1 | ||||||||||||
Provision for doubtful accounts
|
0.9 | 0.1 | 0.9 | 6.7 | ||||||||||||
Deferred income taxes
|
(16.4 | ) | (89.3 | ) | 2.5 | (64.5 | ) | |||||||||
Stock-based compensation
|
11.2 | 11.6 | 32.5 | 34.0 | ||||||||||||
Excess tax benefits from stock-based compensation
|
— | — | — | (0.8 | ) | |||||||||||
Equity in income of unconsolidated joint ventures
|
(31.1 | ) | (24.8 | ) | (76.8 | ) | (100.8 | ) | ||||||||
Dividends received from unconsolidated joint ventures
|
21.4 | 47.0 | 67.9 | 88.4 | ||||||||||||
Changes in operating assets, liabilities and other, net of effects of business acquisitions:
|
||||||||||||||||
Accounts receivable and costs and accrued earnings in excess of billings on contracts
|
(70.3 | ) | (155.2 | ) | (168.0 | ) | (126.9 | ) | ||||||||
Inventory
|
— | (4.3 | ) | 0.8 | (10.8 | ) | ||||||||||
Other current assets
|
3.0 | 1.2 | (10.0 | ) | (5.5 | ) | ||||||||||
Advances to unconsolidated joint ventures
|
0.4 | (1.4 | ) | (0.7 | ) | (5.2 | ) | |||||||||
Accounts payable, accrued salaries and employee benefits, and other current liabilities
|
220.7 | 91.9 | 50.4 | 49.1 | ||||||||||||
Billings in excess of costs and accrued earnings on contracts
|
(4.3 | ) | 24.0 | (38.6 | ) | 43.2 | ||||||||||
Other long-term liabilities
|
(6.5 | ) | 11.2 | (9.2 | ) | 7.5 | ||||||||||
Other long-term assets
|
(37.3 | ) | (49.9 | ) | (24.1 | ) | (58.3 | ) | ||||||||
Total adjustments and changes
|
151.0 | 693.1 | (13.3 | ) | 762.7 | |||||||||||
Net cash from operating activities
|
278.8 | 107.3 | 299.1 | 364.7 | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Payments for business acquisitions, net of cash acquired
|
— | — | (1,345.7 | ) | (278.8 | ) | ||||||||||
Proceeds from disposal of property and equipment
|
4.2 | 4.3 | 17.2 | 6.5 | ||||||||||||
Payments in settlement of foreign currency forward contract
|
— | — | (1,260.6 | ) | — | |||||||||||
Receipts in settlement of foreign currency forward contract
|
— | — | 1,260.3 | — | ||||||||||||
Investments in unconsolidated joint ventures
|
(3.4 | ) | (0.6 | ) | (5.4 | ) | (12.6 | ) | ||||||||
Changes in restricted cash
|
3.8 | 7.0 | 3.8 | 6.7 | ||||||||||||
Capital expenditures, less equipment purchased through capital leases and equipment notes
|
(52.8 | ) | (30.4 | ) | (101.8 | ) | (61.7 | ) | ||||||||
Net cash from investing activities
|
(48.2 | ) | (19.7 | ) | (1,432.2 | ) | (339.9 | ) |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 28,
|
September 30,
|
September 28,
|
September 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Borrowings from long-term debt
|
— | — | 998.9 | — | ||||||||||||
Payments on long-term debt
|
(1.3 | ) | (1.7 | ) | (4.4 | ) | (6.1 | ) | ||||||||
Borrowings from revolving line of credit
|
— | — | 560.0 | 100.0 | ||||||||||||
Payments on revolving line of credit
|
(170.0 | ) | — | (433.6 | ) | (50.0 | ) | |||||||||
Net payments under foreign lines of credit and short-term notes
|
(6.1 | ) | 5.5 | (12.7 | ) | 11.3 | ||||||||||
Net change in overdrafts
|
(26.7 | ) | (50.5 | ) | 4.1 | (18.2 | ) | |||||||||
Payments on capital lease obligations
|
(5.1 | ) | (1.7 | ) | (10.1 | ) | (5.8 | ) | ||||||||
Payments of debt issuance costs
|
— | — | (8.8 | ) | — | |||||||||||
Excess tax benefits from stock-based compensation
|
— | — | — | 0.8 | ||||||||||||
Proceeds from employee stock purchases and exercises of stock options
|
1.5 | 0.5 | 7.7 | 6.6 | ||||||||||||
Distributions to noncontrolling interests
|
(16.7 | ) | (38.9 | ) | (51.9 | ) | (77.5 | ) | ||||||||
Contributions and advances from noncontrolling interests
|
0.1 | 0.2 | 2.3 | 6.3 | ||||||||||||
Dividends paid
|
(14.9 | ) | — | (29.8 | ) | — | ||||||||||
Repurchases of common stock
|
— | — | (40.0 | ) | (136.7 | ) | ||||||||||
Net cash from financing activities
|
(239.2 | ) | (86.6 | ) | 981.7 | (169.3 | ) | |||||||||
Net change in cash and cash equivalents
|
(8.6 | ) | 1.0 | (151.4 | ) | (144.5 | ) | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
10.0 | (7.7 | ) | 4.6 | (2.2 | ) | ||||||||||
Cash and cash equivalents at beginning of period
|
287.8 | 433.8 | 436.0 | 573.8 | ||||||||||||
Cash and cash equivalents at end of period
|
$ | 289.2 | $ | 427.1 | $ | 289.2 | $ | 427.1 | ||||||||
Supplemental information:
|
||||||||||||||||
Interest paid
|
$ | 8.5 | $ | 2.6 | $ | 26.8 | $ | 10.4 | ||||||||
Taxes paid
|
$ | 10.8 | $ | 44.4 | $ | 93.5 | $ | 137.0 | ||||||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||||||||||
Equipment acquired with capital lease obligations and equipment note obligations
|
$ | 5.7 | $ | 3.0 | $ | 16.2 | $ | 8.1 | ||||||||
Cash dividends declared but not paid
|
$ | 16.2 | $ | — | $ | 16.2 | $ | — |
Three Months Ended
|
||||||||||||||||
September 28, 2012
|
September 30, 2011
|
|||||||||||||||
(In millions, except per share data)
|
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
||||||||||||
Before the impact of acquisition-related expense and other income (expense)
|
$ | 95.8 | $ | 1.28 | $ | 76.2 | $ | .98 | ||||||||
Adjustment to acquisition-related expense, net of tax
|
0.6 | .01 | — | — | ||||||||||||
Goodwill impairment charge, net of tax
|
— | — | (699.3 | ) | (9.03 | ) | ||||||||||
Other income (expense), net of tax (1)
|
10.3 | .14 | — | — | ||||||||||||
Net income (loss) and diluted EPS
|
$ | 106.7 | $ | 1.43 | $ | (623.1 | ) | $ | (8.05 | ) | ||||||
Nine Months Ended
|
||||||||||||||||
September 28, 2012
|
September 30, 2011
|
|||||||||||||||
(In millions, except per share data)
|
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
||||||||||||
Before the impact of acquisition-related expense and other income (expense)
|
$ | 251.0 | $ | 3.37 | $ | 206.1 | $ | 2.64 | ||||||||
Acquisition-related expense, net of tax
|
(14.6 | ) | (0.20 | ) | (0.9 | ) | (0.01 | ) | ||||||||
Goodwill impairment charge, net of tax
|
— | — | (699.3 | ) | (8.99 | ) | ||||||||||
Other income (expense), net of tax (1)
|
3.6 | 0.05 | — | — | ||||||||||||
Net income (loss) and diluted EPS
|
$ | 240.0 | $ | 3.22 | $ | (494.1 | ) | $ | (6.36 | ) |
(1)
|
Other income (expense) consists of foreign currency gains (losses) related to intercompany loans and foreign currency derivatives.
|
Three Months Ended September 30, 2011
|
||||||||||||
(In millions)
|
Infrastructure & Environment
|
Federal Services
|
Energy & Construction
|
|||||||||
Operating income before the impact of the goodwill impairment charge
|
$ | 60.7 | $ | 60.3 | $ | 75.4 | ||||||
Goodwill impairment charge
|
— | (367.4 | ) | (430.7 | ) | |||||||
Operating income (loss)
|
$ | 60.7 | $ | (307.1 | ) | $ | (355.3 | ) |
(In millions)
|
Infrastructure &
Environment
|
Federal
Services
|
Energy &
Construction
|
Oil & Gas (1)
|
Total
|
|||||||||||||||
As of September 28, 2012
|
||||||||||||||||||||
Backlog
|
$ | 3,224.9 | $ | 3,724.7 | $ | 6,023.2 | $ | 813.0 | $ | 13,785.8 | ||||||||||
Option years
|
227.2 | 2,739.8 | 2,083.8 | — | 5,050.8 | |||||||||||||||
Indefinite delivery contracts
|
2,705.6 | 3,235.7 | 444.0 | 767.5 | 7,152.8 | |||||||||||||||
Total book of business
|
$ | 6,157.7 | $ | 9,700.2 | $ | 8,551.0 | $ | 1,580.5 | $ | 25,989.4 | ||||||||||
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 |
September 28,
|
December 30,
|
|||||||
(In millions)
|
2012
|
2011
|
||||||
Backlog by market sector:
|
||||||||
Federal
|
$ | 7,027.1 | $ | 8,542.4 | ||||
Infrastructure
|
3,070.9 | 3,011.0 | ||||||
Oil & Gas (1,2)
|
1,337.6 | 383.4 | ||||||
Power
|
1,462.1 | 1,623.8 | ||||||
Industrial (2)
|
888.1 | 699.0 | ||||||
Total backlog
|
$ | 13,785.8 | $ | 14,259.6 |
(1)
|
We completed the acquisition of Flint in May 2012. The operations of Flint have become the Oil & Gas Division of URS Corporation.
|
(2)
|
Effective at the beginning of our 2012 fiscal year, we revised our presentation to show our revenues from the oil & gas market sector separately. In addition, we have changed the name of our “industrial and commercial” market sector to “industrial” market sector. For comparative purposes, we reclassified the prior period’s data to conform them to the current period’s presentation.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(In millions)
|
September 28,
|
September 30,
|
September 28,
|
September 30,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
||||||||||||||||
Infrastructure & Environment
|
$ | 920.7 | $ | 950.8 | $ | 2,851.1 | $ | 2,790.2 | ||||||||
Federal Services (1)
|
682.8 | 718.7 | 2,118.1 | 1,968.5 | ||||||||||||
Energy & Construction
|
781.5 | 844.6 | 2,285.1 | 2,521.4 | ||||||||||||
Oil & Gas (2)
|
592.2 | — | 869.7 | — | ||||||||||||
Inter-segment eliminations
|
(29.6 | ) | (42.4 | ) | (124.2 | ) | (128.3 | ) | ||||||||
Total revenues
|
$ | 2,947.6 | $ | 2,471.7 | $ | 7,999.8 | $ | 7,151.8 | ||||||||
Operating income (loss)
|
||||||||||||||||
Infrastructure & Environment
|
$ | 67.1 | $ | 60.7 | $ | 175.7 | $ | 170.6 | ||||||||
Federal Services (1)
|
64.8 | (307.1 | ) | 217.5 | (225.5 | ) | ||||||||||
Energy & Construction
|
64.6 | (355.3 | ) | 167.5 | (222.8 | ) | ||||||||||
Oil & Gas (2)
|
28.9 | — | 31.9 | — | ||||||||||||
Corporate
|
(21.8 | ) | (18.5 | ) | (78.1 | ) | (59.9 | ) | ||||||||
Total operating income (loss)
|
$ | 203.6 | $ | (620.2 | ) | $ | 514.5 | $ | (337.6 | ) |
(1)
|
The operating results of Apptis Holdings, Inc. (“Apptis”) have been included in our consolidated results since the acquisition on June 1, 2011.
|
(2)
|
The operating results of Flint have been included in our consolidated results since the acquisition on May 14, 2012.
|
(In millions)
|
Federal
|
Infrastructure
|
Oil and Gas (1)
|
Power
|
Industrial (1)
|
Total
|
||||||||||||||||||
Three months ended September 28, 2012
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 145.4 | $ | 395.8 | $ | 138.7 | $ | 50.3 | $ | 170.5 | $ | 900.7 | ||||||||||||
Federal Services (2)
|
682.6 | — | — | — | — | 682.6 | ||||||||||||||||||
Energy & Construction
|
273.2 | 68.1 | 97.0 | 240.4 | 93.4 | 772.1 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | 592.2 | — | — | 592.2 | ||||||||||||||||||
Total
|
$ | 1,101.2 | $ | 463.9 | $ | 827.9 | $ | 290.7 | $ | 263.9 | $ | 2,947.6 | ||||||||||||
Nine months ended September 28, 2012
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 500.6 | $ | 1,171.4 | $ | 399.0 | $ | 158.2 | $ | 527.5 | $ | 2,756.7 | ||||||||||||
Federal Services (2)
|
2,117.5 | — | — | — | — | 2,117.5 | ||||||||||||||||||
Energy & Construction
|
810.4 | 178.5 | 186.6 | 752.2 | 328.2 | 2,255.9 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | 869.7 | — | — | 869.7 | ||||||||||||||||||
Total
|
$ | 3,428.5 | $ | 1,349.9 | $ | 1,455.3 | $ | 910.4 | $ | 855.7 | $ | 7,999.8 | ||||||||||||
Three months ended September 30, 2011
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 164.8 | $ | 376.1 | $ | 147.1 | $ | 40.1 | $ | 194.0 | $ | 922.1 | ||||||||||||
Federal Services (2)
|
718.5 | — | — | — | — | 718.5 | ||||||||||||||||||
Energy & Construction
|
378.4 | 67.0 | 32.2 | 234.8 | 118.7 | 831.1 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
$ | 1,261.7 | $ | 443.1 | $ | 179.3 | $ | 274.9 | $ | 312.7 | $ | 2,471.7 | ||||||||||||
Nine months ended September 30, 2011
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 475.1 | $ | 1,166.3 | $ | 363.0 | $ | 141.3 | $ | 585.6 | $ | 2,731.3 | ||||||||||||
Federal Services (2)
|
1,967.8 | — | — | — | — | 1,967.8 | ||||||||||||||||||
Energy & Construction
|
1,043.2 | 255.5 | 129.6 | 690.2 | 334.2 | 2,452.7 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
$ | 3,486.1 | $ | 1,421.8 | $ | 492.6 | $ | 831.5 | $ | 919.8 | $ | 7,151.8 |
(1)
|
Historically, we have included revenues from the oil & gas market sector as part of our presentation of revenues from the industrial & commercial market sector. Effective at the beginning of our 2012 fiscal year, we revised our presentation to show our revenues from the oil & gas market sector separately. In addition, we have changed the name of our “industrial and commercial” market sector to “industrial” market sector. For comparative purposes, we reclassified the prior period’s data to conform them to the current period’s presentation.
|
(2)
|
The operating results of Apptis have been included in our consolidated results since the acquisition on June 1, 2011.
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(3)
|
The operating results of Flint have been included in our consolidated results since the acquisition on May 14, 2012.
|