1-7567
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94-1381538
|
|
(Commission File No.)
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(IRS Employer Identification No.)
|
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)
|
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
|
|
99.1
|
URS CORPORATION
|
|||
Dated: February 25, 2013
|
By:
|
/s/ Reed N. Brimhall | |
Reed N. Brimhall
|
|||
Vice President and Chief Accounting Officer
|
|||
Contacts:
|
||
URS Corporation
Sam Ramraj
Vice President,
Investor Relations
(415) 774-2700
|
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Delia Cannan
(212) 687-8080
|
·
|
Fiscal 2012 revenues were $10.97 billion, a 15.0% increase from fiscal 2011, including $1.5 billion from the former Flint Energy Services Ltd. (“Flint”), which URS acquired in May 2012.
|
·
|
Fiscal 2012 oil & gas market sector revenues were $2.3 billion, or 21% of consolidated revenues, reflecting the acquisition of Flint, favorable market conditions and strong organic growth.
|
·
|
Net income was $310.6 million, or $4.17 per share on a diluted basis, for fiscal 2012 compared with a net loss of $465.8 million, or $(6.03) per share, for fiscal 2011.
|
·
|
Fiscal 2011 results included a non-cash, after-tax goodwill impairment charge of $732.2 million (or $9.46 per share), a non-cash, after-tax charge of $1.7 million (or $0.02 per share) related to the retirement of the Company’s prior credit facility, and a $5.5 million (or $0.07 per share) after-tax charge related to the restructuring of URS’ international operations in Europe.
|
·
|
Excluding these charges, 2011 net income was $273.6 million and earnings per share (“EPS”) were $3.52.
|
·
|
Compared to the above, URS’ 2012 generally accepted accounting principles (“GAAP”) net income of $310.6 million is an increase of 13.5% over adjusted 2011 net income, and 2012 GAAP EPS of $4.17, is an increase of 18.5% over adjusted 2011 EPS.
|
·
|
Tables reconciling net income and EPS for the Company, and operating income for each of the Company’s operating segments, for the fourth quarter and full fiscal year of 2011, excluding the various charges and adjustments noted above and below, to GAAP results are included in the Reconciliation Schedule of GAAP to Non-GAAP Measures attached to this release and available at the investor relations section of the Company’s website at www.urs.com.
|
December 28, 2012
|
December 30, 2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 314.5 | $ | 436.0 | ||||
Accounts receivable, including retentions of $114.4 and $67.5, respectively
|
1,554.8 | 1,114.7 | ||||||
Costs and accrued earnings in excess of billings on contracts
|
1,384.3 | 1,132.0 | ||||||
Less receivable allowances
|
(69.7 | ) | (43.1 | ) | ||||
Net accounts receivable
|
2,869.4 | 2,203.6 | ||||||
Deferred tax assets
|
67.6 | 63.0 | ||||||
Inventory
|
61.5 | 19.5 | ||||||
Other current assets
|
204.2 | 181.8 | ||||||
Total current assets
|
3,517.2 | 2,903.9 | ||||||
Investments in and advances to unconsolidated joint ventures
|
278.3 | 107.7 | ||||||
Property and equipment at cost, net
|
687.5 | 269.4 | ||||||
Intangible assets, net
|
692.2 | 522.0 | ||||||
Goodwill
|
3,247.1 | 2,773.0 | ||||||
Other long-term assets
|
364.2 | 286.6 | ||||||
Total assets
|
$ | 8,786.5 | $ | 6,862.6 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$ | 71.8 | $ | 61.5 | ||||
Accounts payable and subcontractors payable, including retentions of $32.3 and $39.6, respectively
|
803.5 | 659.1 | ||||||
Accrued salaries and employee benefits
|
558.8 | 527.0 | ||||||
Billings in excess of costs and accrued earnings on contracts
|
289.1 | 310.8 | ||||||
Other current liabilities
|
277.8 | 176.5 | ||||||
Total current liabilities
|
2,001.0 | 1,734.9 | ||||||
Long-term debt
|
1,992.5 | 737.0 | ||||||
Deferred tax liabilities
|
328.3 | 276.5 | ||||||
Self-insurance reserves
|
129.8 | 132.7 | ||||||
Pension and post-retirement benefit obligations
|
300.9 | 276.0 | ||||||
Other long-term liabilities
|
271.0 | 221.1 | ||||||
Total liabilities
|
5,023.5 | 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
|
3,003.9 | 2,966.8 | ||||||
Accumulated other comprehensive loss
|
(113.2 | ) | (110.8 | ) | ||||
Retained earnings
|
1,224.4 | 975.2 | ||||||
Total URS stockholders’ equity
|
3,621.1 | 3,377.2 | ||||||
Noncontrolling interests
|
141.9 | 107.2 | ||||||
Total stockholders’ equity
|
3,763.0 | 3,484.4 | ||||||
Total liabilities and stockholders’ equity
|
$ | 8,786.5 | $ | 6,862.6 |
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 28,
|
December 30,
|
December 28,
|
December 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 2,972.7 | $ | 2,393.2 | $ | 10,972.5 | $ | 9,545.0 | ||||||||
Cost of revenues
|
(2,810.5 | ) | (2,257.7 | ) | (10,294.5 | ) | (8,988.8 | ) | ||||||||
General and administrative expenses
|
(21.6 | ) | (19.6 | ) | (83.6 | ) | (79.5 | ) | ||||||||
Acquisition-related expenses
|
— | — | (16.1 | ) | (1.0 | ) | ||||||||||
Restructuring costs
|
— | (5.5 | ) | — | (5.5 | ) | ||||||||||
Goodwill impairment
|
— | (27.7 | ) | — | (825.8 | ) | ||||||||||
Equity in income of unconsolidated joint ventures
|
30.8 | 31.4 | 107.6 | 132.2 | ||||||||||||
Operating income (loss)
|
171.4 | 114.1 | 685.9 | (223.4 | ) | |||||||||||
Interest expense
|
(19.7 | ) | (6.7 | ) | (70.7 | ) | (22.1 | ) | ||||||||
Other income (expenses) (1)
|
(3.6 | ) | — | 0.5 | — | |||||||||||
Income (loss) before income taxes
|
148.1 | 107.4 | 615.7 | (245.5 | ) | |||||||||||
Income tax expense
|
(34.7 | ) | (46.8 | ) | (189.9 | ) | (91.8 | ) | ||||||||
Net income (loss) including noncontrolling interests
|
113.4 | 60.6 | 425.8 | (337.3 | ) | |||||||||||
Noncontrolling interests in income of consolidated subsidiaries
|
(42.8 | ) | (32.2 | ) | (115.2 | ) | (128.5 | ) | ||||||||
Net income (loss) attributable to URS
|
$ | 70.6 | $ | 28.4 | $ | 310.6 | $ | (465.8 | ) | |||||||
Earnings (loss) per share:
|
||||||||||||||||
Basic
|
$ | 0.95 | $ | 0.37 | $ | 4.18 | $ | (6.03 | ) | |||||||
Diluted
|
$ | 0.95 | $ | 0.37 | $ | 4.17 | $ | (6.03 | ) | |||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
74.5 | 76.3 | 74.3 | 77.3 | ||||||||||||
Diluted
|
74.6 | 76.4 | 74.5 | 77.3 | ||||||||||||
Cash dividends declared per share
|
$ | 0.20 | $ | — | $ | 0.80 | $ | — |
(1)
|
Other income (expenses) consist of foreign currency gains (losses) related to intercompany loans and foreign currency derivatives.
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 28,
|
December 30,
|
December 28,
|
December 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income (loss) including noncontrolling interests
|
$ | 113.4 | $ | 60.6 | $ | 425.8 | $ | (337.3 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash from operating activities:
|
||||||||||||||||
Depreciation and amortization
|
40.7 | 20.8 | 132.4 | 82.1 | ||||||||||||
Amortization of intangible assets
|
27.4 | 16.2 | 101.2 | 60.6 | ||||||||||||
Amortization of debt issuance costs
|
0.3 | 1.1 | 2.6 | 5.8 | ||||||||||||
Foreign currency (gains) losses related to foreign currency derivatives and intercompany loans
|
3.6 | — | (0.5 | ) | — | |||||||||||
Restructuring costs
|
— | 3.3 | — | 3.3 | ||||||||||||
Normal profit
|
(1.1 | ) | (0.8 | ) | (5.7 | ) | (2.7 | ) | ||||||||
Goodwill impairment
|
— | 27.7 | — | 825.8 | ||||||||||||
Loss on extinguishment of debt
|
— | 2.9 | — | 2.9 | ||||||||||||
Provision for doubtful accounts
|
5.7 | (3.9 | ) | 6.6 | 2.8 | |||||||||||
Gain on disposal of property and equipment
|
(3.4 | ) | (8.9 | ) | (3.4 | ) | (8.9 | ) | ||||||||
Deferred income taxes
|
(19.1 | ) | 41.2 | (16.6 | ) | (23.3 | ) | |||||||||
Stock-based compensation
|
11.1 | 11.3 | 43.6 | 45.3 | ||||||||||||
Excess tax benefits from stock-based compensation
|
(0.1 | ) | — | (0.1 | ) | (0.8 | ) | |||||||||
Equity in income of unconsolidated joint ventures
|
(30.8 | ) | (31.4 | ) | (107.6 | ) | (132.2 | ) | ||||||||
Dividends received from unconsolidated joint ventures
|
20.8 | 18.9 | 88.7 | 107.3 | ||||||||||||
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
|
69.2 | 134.7 | (98.8 | ) | 7.8 | |||||||||||
Inventory
|
6.2 | (1.1 | ) | 7.0 | (11.9 | ) | ||||||||||
Other current assets
|
(20.4 | ) | (1.6 | ) | (30.4 | ) | (7.1 | ) | ||||||||
Collections from (advances to) unconsolidated joint ventures
|
4.1 | 5.0 | 3.4 | (0.2 | ) | |||||||||||
Accounts payable, accrued salaries and employee benefits, and other current liabilities
|
(64.0 | ) | (92.1 | ) | (13.6 | ) | (43.0 | ) | ||||||||
Billings in excess of costs and accrued earnings on contracts
|
15.4 | (24.0 | ) | (23.2 | ) | 19.2 | ||||||||||
Other long-term liabilities
|
(1.4 | ) | 5.5 | (10.6 | ) | 13.0 | ||||||||||
Other long-term assets
|
(46.5 | ) | (44.2 | ) | (70.6 | ) | (102.6 | ) | ||||||||
Total adjustments and changes
|
17.7 | 80.6 | 4.4 | 843.2 | ||||||||||||
Net cash from operating activities
|
131.1 | 141.2 | 430.2 | 505.9 |
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 28,
|
December 30,
|
December 28,
|
December 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Payments for business acqusitions, net of cash | — | (3.3 | ) | (1,345.7 | ) | (282.1 | ) | |||||||||
Proceeds from disposal of property and equipment | 8.1 | 7.6 | 25.3 | 14.1 | ||||||||||||
Payments in settlement of foreign currnecy forward contract | — | — | (1,260.6 | ) | — | |||||||||||
Receipts in settlement of foreign currency forward contract | — | — | 1,260.3 | — | ||||||||||||
Investments in unconsolidated joint ventures | 1.0 | (7.0 | ) | (4.4 | ) | (19.6 | ) | |||||||||
Changes in restricted cash | 0.1 | 0.3 | 3.9 | 7.0 | ||||||||||||
Capital expenditures, less equipment purchased through capital leases and equipment notes | (23.6 | ) | (5.8 | ) | (125.4 | ) | (67.5 | ) | ||||||||
Net cash from investing activities | (14.4 | ) | (8.2 | ) | (1,446.6 | ) | (348.1 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||||||
Borrowings from long-term debt
|
— | 700.0 | 998.9 | 700.0 | ||||||||||||
Payments on long-term debt
|
(33.6 | ) | (626.5 | ) | (38.0 | ) | (632.6 | ) | ||||||||
Borrowings from revolving line of credit
|
101.6 | 38.6 | 661.6 | 138.6 | ||||||||||||
Payments on revolving line of credit
|
(150.0 | ) | (65.7 | ) | (583.6 | ) | (115.7 | ) | ||||||||
Net payments under foreign lines of credit and short-term notes
|
(7.8 | ) | (27.7 | ) | (20.5 | ) | (16.4 | ) | ||||||||
Net change in overdrafts
|
50.4 | 0.2 | 54.5 | (18.0 | ) | |||||||||||
Payments on capital lease obligations
|
(4.5 | ) | (5.1 | ) | (14.6 | ) | (10.9 | ) | ||||||||
Payments of debt issuance costs
|
— | (3.9 | ) | (8.8 | ) | (3.9 | ) | |||||||||
Excess tax benefits from stock-based compensation
|
0.1 | — | 0.1 | 0.8 | ||||||||||||
Proceeds from employee stock purchases and exercises of stock options
|
1.2 | 5.1 | 8.9 | 11.7 | ||||||||||||
Distributions to noncontrolling interests
|
(31.9 | ) | (34.2 | ) | (83.8 | ) | (111.7 | ) | ||||||||
Contributions and advances from noncontrolling interests
|
— | 0.3 | 2.3 | 6.6 | ||||||||||||
Dividends paid
|
(14.9 | ) | — | (44.7 | ) | — | ||||||||||
Repurchases of common stock
|
— | (106.1 | ) | (40.0 | ) | (242.8 | ) | |||||||||
Net cash from financing activities
|
(89.4 | ) | (125.0 | ) | 892.3 | (294.3 | ) | |||||||||
Net change in cash and cash equivalents
|
27.3 | 8.0 | (124.1 | ) | (136.5 | ) | ||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
(2.0 | ) | 0.9 | 2.6 | (1.3 | ) | ||||||||||
Cash and cash equivalents at beginning of period
|
289.2 | 427.1 | 436.0 | 573.8 | ||||||||||||
Cash and cash equivalents at end of period
|
$ | 314.5 | $ | 436.0 | $ | 314.5 | $ | 436.0 | ||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 28,
|
December 30,
|
December 28,
|
December 30,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Supplemental information:
|
||||||||||||||||
Interest paid
|
$ | 37.7 | $ | 4.8 | $ | 64.5 | $ | 15.2 | ||||||||
Taxes paid
|
$ | 57.1 | $ | 40.3 | $ | 150.6 | $ | 177.3 | ||||||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||||||||||
Equipment acquired with capital lease obligations and equipment note obligations
|
$ | 11.7 | $ | 6.1 | $ | 27.9 | $ | 14.2 | ||||||||
Cash dividends declared but not paid
|
$ | 16.7 | $ | — | $ | 16.7 | $ | — | ||||||||
Purchase price adjustment and contingent consideration payable under acquisitions
|
$ | — | $ | 7.9 | $ | — | $ | 7.9 |
Three Months Ended
|
||||||||
December 30, 2011
|
||||||||
(In millions, except per share data)
|
Amount
|
Diluted EPS
|
||||||
Net income and diluted EPS
|
||||||||
Net income and diluted EPS before the impact of the following items:
|
$ | 68.5 | $ | 0.89 | ||||
Goodwill impairment charge, net of tax
|
(32.9 | ) | (0.43 | ) | ||||
Restructuring charges, net of tax
|
(5.5 | ) | (0.07 | ) | ||||
Loss on extinguishment of debt, net of tax
|
(1.7 | ) | (0.02 | ) | ||||
GAAP Net income and diluted EPS
|
$ | 28.4 | $ | 0.37 | ||||
Year Ended
|
||||||||
December 30, 2011
|
||||||||
(In millions, except per share data)
|
Amount
|
Diluted EPS
|
||||||
Net income (loss) and diluted EPS
|
||||||||
Net income and diluted EPS before the impact of the following items:
|
$ | 273.6 | $ | 3.52 | ||||
Goodwill impairment charge, net of tax
|
(732.2 | ) | (9.46 | ) | ||||
Restructuring charges, net of tax
|
(5.5 | ) | (0.07 | ) | ||||
Loss on extinguishment of debt, net of tax
|
(1.7 | ) | (0.02 | ) | ||||
GAAP Net income (loss) and diluted EPS
|
$ | (465.8 | ) | $ | (6.03 | ) |
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:
|
$ | 227.5 | $ | 196.8 | $ | 263.1 | $ | (79.5 | ) | $ | 607.9 | |||||||||
Goodwill impairment adjustment
|
— | (348.3 | ) | (477.5 | ) | — | (825.8 | ) | ||||||||||||
Restructuring charges
|
(5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||
GAAP Operating income (loss)
|
$ | 222.0 | $ | (151.5 | ) | $ | (214.4 | ) | $ | (79.5 | ) | $ | (223.4 | ) |
(In millions)
|
Infrastructure &
Environment
|
Federal
Services
|
Energy &
Construction
|
Oil & Gas (1)
|
Total
|
|||||||||||||||
As of December 28, 2012
|
||||||||||||||||||||
Backlog
|
$ | 3,028.4 | $ | 3,476.9 | $ | 5,947.1 | $ | 823.8 | $ | 13,276.2 | ||||||||||
Option years
|
197.3 | 2,728.1 | 2,056.8 | — | 4,982.2 | |||||||||||||||
Indefinite delivery contracts
|
2,572.4 | 3,238.7 | 236.0 | 611.7 | 6,658.8 | |||||||||||||||
Total book of business
|
$ | 5,798.1 | $ | 9,443.7 | $ | 8,239.9 | $ | 1,435.5 | $ | 24,917.2 | ||||||||||
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 |
December 28,
|
December 30,
|
|||||||
(In millions)
|
2012
|
2011
|
||||||
Backlog by market sector:
|
||||||||
Federal
|
$ | 6,546.5 | $ | 8,542.4 | ||||
Infrastructure
|
2,957.6 | 3,011.0 | ||||||
Oil & Gas (1,2)
|
1,461.3 | 383.4 | ||||||
Power
|
1,416.1 | 1,623.8 | ||||||
Industrial (2)
|
894.7 | 699.0 | ||||||
Total backlog
|
$ | 13,276.2 | $ | 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
|
Year Ended
|
|||||||||||||||
(In millions)
|
December 28,
|
December 30,
|
December 28,
|
December 30,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
||||||||||||||||
Infrastructure & Environment
|
$ | 941.0 | $ | 970.8 | $ | 3,792.1 | $ | 3,760.9 | ||||||||
Federal Services (1)
|
603.5 | 726.8 | 2,721.6 | 2,695.4 | ||||||||||||
Energy & Construction
|
853.0 | 729.7 | 3,138.1 | 3,251.1 | ||||||||||||
Oil & Gas (2)
|
605.4 | — | 1,475.1 | — | ||||||||||||
Inter-segment eliminations
|
(30.2 | ) | (34.1 | ) | (154.4 | ) | (162.4 | ) | ||||||||
Total revenues
|
$ | 2,972.7 | $ | 2,393.2 | $ | 10,972.5 | $ | 9,545.0 | ||||||||
Operating income (loss)
|
||||||||||||||||
Infrastructure & Environment
|
$ | 45.3 | $ | 51.4 | $ | 220.9 | $ | 222.0 | ||||||||
Federal Services (1)
|
31.8 | 73.9 | 249.3 | (151.5 | ) | |||||||||||
Energy & Construction
|
86.5 | 8.4 | 254.2 | (214.4 | ) | |||||||||||
Oil & Gas (2)
|
29.4 | — | 61.2 | — | ||||||||||||
Corporate
|
(21.6 | ) | (19.6 | ) | (99.7 | ) | (79.5 | ) | ||||||||
Total operating income (loss)
|
$ | 171.4 | $ | 114.1 | $ | 685.9 | $ | (223.4 | ) |
(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 December 28, 2012
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 169.5 | $ | 378.7 | $ | 153.5 | $ | 51.6 | $ | 173.0 | $ | 926.3 | ||||||||||||
Federal Services (2)
|
603.3 | — | — | — | — | 603.3 | ||||||||||||||||||
Energy & Construction
|
233.7 | 62.8 | 102.3 | 342.4 | 102.4 | 843.6 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | 599.5 | — | — | 599.5 | ||||||||||||||||||
Total
|
$ | 1,006.5 | $ | 441.5 | $ | 855.3 | $ | 394.0 | $ | 275.4 | $ | 2,972.7 | ||||||||||||
Year ended December 28, 2012
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 670.1 | $ | 1,550.1 | $ | 552.5 | $ | 209.8 | $ | 700.5 | $ | 3,683.0 | ||||||||||||
Federal Services (2)
|
2,720.8 | — | — | — | — | 2,720.8 | ||||||||||||||||||
Energy & Construction
|
1,044.1 | 241.3 | 288.9 | 1,094.6 | 430.6 | 3,099.5 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | 1,469.2 | — | — | 1,469.2 | ||||||||||||||||||
Total
|
$ | 4,435.0 | $ | 1,791.4 | $ | 2,310.6 | $ | 1,304.4 | $ | 1,131.1 | $ | 10,972.5 | ||||||||||||
Three months ended December 30, 2011
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 161.4 | $ | 377.7 | $ | 166.7 | $ | 59.8 | $ | 178.2 | $ | 943.8 | ||||||||||||
Federal Services (2)
|
726.5 | — | — | — | — | 726.5 | ||||||||||||||||||
Energy & Construction
|
265.7 | 61.8 | 32.8 | 235.3 | 127.3 | 722.9 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
$ | 1,153.6 | $ | 439.5 | $ | 199.5 | $ | 295.1 | $ | 305.5 | $ | 2,393.2 | ||||||||||||
Year ended December 30, 2011
|
||||||||||||||||||||||||
Infrastructure & Environment
|
$ | 636.5 | $ | 1,544.0 | $ | 529.7 | $ | 201.1 | $ | 763.8 | $ | 3,675.1 | ||||||||||||
Federal Services (2)
|
2,694.3 | — | — | — | — | 2,694.3 | ||||||||||||||||||
Energy & Construction
|
1,308.9 | 317.3 | 162.4 | 925.5 | 461.5 | 3,175.6 | ||||||||||||||||||
Oil & Gas (3)
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
$ | 4,639.7 | $ | 1,861.3 | $ | 692.1 | $ | 1,126.6 | $ | 1,225.3 | $ | 9,545.0 |
(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.
|