EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

 

1111 South Arroyo Parkway 7084  

 

                                    Press Release

P.O. Box 7084  
Pasadena, California 91105-7084 U.S.A.  
1.626.578.3500 Fax 1.626.578.6916  

 

FOR IMMEDIATE RELEASE                           April 25, 2005

 

For additional information contact:

 

John W. Prosser, Jr.

Executive Vice President, Finance and Administration

626.578.6803

 

Jacobs Engineering Group Inc. Financial Results

for the Second Quarter of Fiscal 2005

 

PASADENA, CALIF. — Jacobs Engineering Group Inc. (NYSE: JEC) —

 

Second Quarter Highlights:

 

    Backlog increases 13.9% from March 31, 2004 to $8.2 billion

 

    Revenues increase 23.1% from the second quarter of fiscal 2004 to $1.4 billion

 

    $0.61 EPS – On target

 

    Fiscal 2005 EPS guidance is $2.44 to $2.62

 

Jacobs announced today net earnings of $35.7 million, or $0.61 per diluted share, on revenues of $1.4 billion for the second quarter of fiscal 2005 ended March 31, 2005. This compares to net earnings of $34.8 million, or $0.61 per diluted share, on revenues of $1.1 billion for the second quarter of fiscal 2004.

 

Commenting on the results for the second quarter, Jacobs Chairman and CEO Noel G. Watson stated, “We had a very good second quarter of fiscal 2005. Our results continued to be in-line with management’s expectations, and we continue to book new work at a solid pace. Our backlog at March 31, 2005 includes significant wins from clients in the oil and gas, U.S. federal programs, and infrastructure markets.”

 

For the six months ended March 31, 2005, Jacobs reported net earnings of $68.2 million, or $1.17 per diluted share, on revenues of $2.7 billion. This compares to net earnings of $68.6 million, or $1.20 per diluted share, on revenues of $2.3 billion for the same period in fiscal 2004.

 

Jacobs also announced backlog at March 31, 2005 totaling $8.2 billion, including a technical professional services component of $4.5 billion. This compares to total backlog and technical professional services backlog of $7.2 billion and $3.6 billion, respectively, at March 31, 2004.

 

Jacobs Engineering Group Inc.


Commenting on the Company’s earnings outlook for the remainder of the fiscal year, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “We are narrowing our earnings per share guidance to a range of $2.44 to $2.62 for fiscal 2005.”

 

Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, April 26, 2005, which they are webcasting live at www.jacobs.com. The taped teleconference is accessible from any touch-tone phone and will be available 24 hours a day through May 3, 2005. The dial-in number for the audio replay is 706.645.9291 (reference code 5460044).

 

Jacobs, with over 35,000 employees and revenues approaching $5.0 billion, provides technical, professional, and construction services globally.

 

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgement as to what may occur in the future. However, Jacobs’ actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions (“Future Factors”), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section “Forward-Looking Statements” included in Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Company’s 2004 Annual Report on Form 10-K.

 

[ MORE ]

 

Jacobs Engineering Group Inc.


Financial Highlights:

 

Results of Operations (in thousands, except per-share data)

 

    

Three Months Ended

March 31


   

Six Months Ended

March 31


 
     2005

    2004

    2005

    2004

 

Revenues

   $ 1,383,195     $ 1,123,884     $ 2,666,495     $ 2,259,013  

Costs and Expenses:

                                

Direct costs of contracts

     (1,181,719 )     (955,972 )     (2,276,281 )     (1,928,839 )

Selling, general and administrative expenses

     (143,837 )     (115,127 )     (279,856 )     (224,971 )
    


 


 


 


Operating Profit

     57,639       52,785       110,358       105,203  

Other Income (Expense):

                                

Interest income

     977       584       1,787       1,544  

Interest expense

     (1,647 )     (756 )     (3,542 )     (1,572 )

Miscellaneous income (expense), net

     (1,248 )     887       (2,053 )     325  
    


 


 


 


Total other income (expense)

     (1,918 )     715       (3,808 )     297  
    


 


 


 


Earnings Before Taxes

     55,721       53,500       106,550       105,500  

Income Tax Expense

     (20,061 )     (18,725 )     (38,360 )     (36,925 )
    


 


 


 


Net Earnings

   $ 35,660     $ 34,775     $ 68,190     $ 68,575  
    


 


 


 


Earnings Per Share:

                                

Basic

   $ 0.63     $ 0.62     $ 1.20     $ 1.23  

Diluted

     0.61       0.61       1.17       1.20  
    


 


 


 


Weighted Average Shares Used to Calculate Earnings Per Share:

                                

Basic

     56,953       55,995       56,848       55,932  

Diluted

     58,444       57,343       58,204       57,349  
    


 


 


 


 

Jacobs Engineering Group Inc.


Other Operational Information (in thousands)

 

    

Three Months Ended

March 31


  

Six Months Ended

March 31


     2005

   2004

   2005

   2004

Revenues by Major Component:

                           

Technical professional services

   $ 732,167    $ 522,478    $ 1,373,008    $ 1,017,528

Field services

     651,028      601,406      1,293,487      1,241,485
    

  

  

  

Total

   $ 1,383,195    $ 1,123,884    $ 2,666,495    $ 2,259,013
    

  

  

  

Depreciation Before Taxes

   $ 9,602    $ 8,606    $ 19,065    $ 17,226
    

  

  

  

Capital Expenditures

   $ 15,406    $ 8,016    $ 22,883    $ 15,621
    

  

  

  

 

Selected Balance Sheet and Backlog Information (in thousands):

 

     At March 31,

     2005

   2004

Balance Sheet Information:

             

Cash and cash equivalents

   $ 155,143    $ 171,992

Working capital

     497,792      450,945

Total debt

     121,294      19,912

Stockholders’ equity

     1,090,528      925,616

Backlog Information:

             

Technical professional services

   $ 4,537,600    $ 3,614,000

Field services

     3,690,300      3,609,700
    

  

Total

   $ 8,227,900    $ 7,223,700
    

  

 

Jacobs Engineering Group Inc.