UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 25, 2011
Jacobs Engineering Group Inc.
(Exact name of Registrant as specified in its charter)
Delaware | 1-7463 | 95-4081636 | ||
(State of incorporation) | (SEC File No.) | (IRS Employer identification number) |
1111 S. Arroyo Parkway, Pasadena, California | 91105 | |
(Address of principal executive offices) | (Zip code) |
Registrants telephone number (including area code): (626) 578-3500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On April 25, 2011, Jacobs Engineering Group Inc. (the Company) issued a press release announcing its financial results for the second quarter of fiscal 2011 and for the six months ended April 1, 2011, and certain other financial information. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits: |
The following exhibit is furnished as part of this Report pursuant to Item 2.02.
99.1 | Press Release dated April 25, 2011 announcing the Companys financial results for the second quarter of fiscal 2011 and for the six months ended April 1, 2011 and the Companys earnings guidance for the fiscal year ending September 30, 2011. |
The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, this Current Report on Form 8-K, including the exhibit, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JACOBS ENGINEERING GROUP INC. | ||
By: | /s/ John W. Prosser, Jr. | |
Name: | John W. Prosser, Jr. | |
Title: | Executive Vice President | |
Finance and Administration |
Date: April 26, 2011
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Exhibit Index
99.1 | Press Release dated April 25, 2011 |
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Exhibit 99.1
|
1111 South Arroyo Parkway 91105 PO Box 7084 Pasadena, California 91109-7084 1.626.578.3500 Fax 1.626.568.7144 |
Press Release
FOR IMMEDIATE RELEASE | April 25, 2011 |
For additional information contact:
John W. Prosser, Jr.
Executive Vice President, Finance and Administration
626.578.6803
Jacobs Engineering Group Inc. Reports Earnings
for the Second Quarter of Fiscal 2011
PASADENA, CALIF Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results for the second quarter of fiscal 2011 ended April 1, 2011.
Second Quarter Fiscal 2011 Highlights:
| Net earnings for the quarter of $80.3 million; |
| Diluted EPS for the quarter of $0.63; |
| Net earnings for the six months ended April 1, 2011 of $146.1 million; |
| Diluted EPS for the six months ended April 1, 2011 of $1.15; and, |
| Backlog of $14.0 billion. |
Jacobs reported net earnings of $80.3 million, or $0.63 per diluted share, on revenues of $2.6 billion for its second quarter of fiscal 2011 ended April 1, 2011. This compares to net earnings of $77.5 million, or $0.62 per diluted share, on revenues of $2.6 billion for the second quarter of fiscal 2010 ended April 2, 2010.
For the six months ended April 1, 2011, Jacobs reported net earnings of $146.1 million, or $1.15 per diluted share, on revenues of $4.9 billion. This compares to net earnings of $149.9 million, or $1.20 per diluted share, on revenues of $5.1 billion for the same period in fiscal 2010.
On February 1, 2011, the Company acquired certain operations within the process and construction business of Aker Solutions ASA. Accordingly, the Companys consolidated results of operations for the three months ended April 1, 2011 include those of the acquired businesses since the date of acquisition. Including the effects of acquisition related costs, the acquired operations contributed approximately $0.04 per diluted share to earnings for the second quarter of fiscal 2011.
Jacobs also announced backlog totaling $14.0 billion at April 1, 2011, including a component of technical professional services of $8.7 billion. This compares to total backlog and technical professional services backlog of $14.7 billion and $8.3 billion, respectively, at April 2, 2010.
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Commenting on the results for the second quarter, Jacobs President and CEO Craig L. Martin stated, Performance in the second quarter improved nicely. Our earnings and backlog are both up from the first quarter, and the outlook remains positive. Several of our markets continue to improve and our prospect list is growing.
Commenting on the Companys earnings outlook for the remainder of fiscal 2011, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, Our guidance for fiscal year 2011, which includes the net contribution of the acquired operations of Aker, is being narrowed from the previous range of $2.40 to $2.85 to a revised range of $2.40 to $2.80.
Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, April 26, 2011, which they are webcasting live on the Internet at www.jacobs.com.
Jacobs is one of the worlds largest and most diverse providers of technical, professional, and construction services.
Statements made in this press release that are not based on historical fact are forward-looking statements. Although such statements are based on managements current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements. We caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements, please refer to our 2010 Form 10-K, and in particular the discussions contained under Item 1 Business; Item 1A Risk Factors; Item 3 Legal Proceedings; and Item 7 Managements Discussion and Analysis of Financial Condition and Results of Operations. We also caution the readers of this release that we do not undertake to update any forward-looking statements made herein.
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Financial Highlights:
Results of Operations (in thousands, except per-share data):
Three Months Ended | Six Months Ended | |||||||||||||||
April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | |||||||||||||
Revenues |
$ | 2,558,016 | $ | 2,586,974 | $ | 4,914,191 | $ | 5,064,759 | ||||||||
Costs and Expenses: |
||||||||||||||||
Direct costs of contracts |
(2,168,835 | ) | (2,223,793 | ) | (4,193,972 | ) | (4,352,369 | ) | ||||||||
Selling, general, and administrative expenses |
(261,166 | ) | (241,177 | ) | (488,585 | ) | (476,905 | ) | ||||||||
Operating Profit |
128,015 | 122,004 | 231,634 | 235,485 | ||||||||||||
Other Income (Expense): |
||||||||||||||||
Interest income |
1,149 | 796 | 2,073 | 1,634 | ||||||||||||
Interest expense |
(2,720 | ) | (705 | ) | (3,547 | ) | (1,317 | ) | ||||||||
Miscellaneous income (expense), net |
37 | (935 | ) | 44 | (1,494 | ) | ||||||||||
Total other expense, net |
(1,534 | ) | (844 | ) | (1,430 | ) | (1,177 | ) | ||||||||
Earnings Before Taxes |
126,481 | 121,160 | 230,204 | 234,308 | ||||||||||||
Income Tax Expense |
(45,140 | ) | (43,593 | ) | (82,166 | ) | (84,340 | ) | ||||||||
Net Earnings of the Group |
81,341 | 77,567 | 148,038 | 149,968 | ||||||||||||
Net Income Attributable to |
(1,091 | ) | (67 | ) | (1,965 | ) | (31 | ) | ||||||||
Net Earnings Attributable to Jacobs |
$ | 80,250 | $ | 77,500 | $ | 146,073 | $ | 149,937 | ||||||||
Earnings Per Share (EPS): |
||||||||||||||||
Basic |
$ | 0.64 | $ | 0.63 | $ | 1.17 | $ | 1.21 | ||||||||
Diluted |
$ | 0.63 | $ | 0.62 | $ | 1.15 | $ | 1.20 | ||||||||
Weighted Average Shares Used to Calculate EPS: |
||||||||||||||||
Basic |
125,402 | 123,911 | 125,198 | 123,771 | ||||||||||||
Diluted |
127,363 | 125,565 | 127,044 | 125,441 | ||||||||||||
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Other Operational Information (in thousands):
Three Months Ended | Six Months Ended | |||||||||||||||
April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | |||||||||||||
Revenues by Major Component: |
||||||||||||||||
Technical professional services |
$ | 1,491,214 | $ | 1,344,559 | $ | 2,696,027 | $ | 2,564,783 | ||||||||
Field services |
1,066,802 | 1,242,415 | 2,218,164 | 2,499,976 | ||||||||||||
Total |
$ | 2,558,016 | $ | 2,586,974 | $ | 4,914,191 | $ | 5,064,759 | ||||||||
Depreciation (pre-tax) |
$ | 14,209 | $ | 15,953 | $ | 28,408 | $ | 33,265 | ||||||||
Amortization of Intangibles (pre-tax) |
$ | 9,525 | $ | 6,109 | $ | 15,559 | $ | 11,576 | ||||||||
Pass-Through Costs Included in Revenues |
$ | 540,960 | $ | 721,682 | $ | 1,075,848 | $ | 1,448,948 | ||||||||
Capital Expenditures |
$ | 10,714 | $ | 15,631 | $ | 17,378 | $ | 23,372 | ||||||||
Selected Balance Sheet and Backlog Information (in thousands):
April 1, 2011 | April 2, 2010 | |||||||
Balance Sheet Information: |
||||||||
Cash and cash equivalents |
$ | 747,911 | $ | 839,057 | ||||
Working capital |
1,447,190 | 1,357,624 | ||||||
Total debt |
434,234 | 96,141 | ||||||
Total Group stockholders equity |
3,049,454 | 2,812,287 | ||||||
Backlog Information: |
||||||||
Technical professional services |
$ | 8,669,400 | $ | 8,299,300 | ||||
Field services |
5,336,500 | 6,354,300 | ||||||
Total |
$ | 14,005,900 | $ | 14,653,600 | ||||
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