Company Background and Basis of Presentation

9 Months Ended

Mar. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Background and Basis of Presentation

Company Background and Basis of Presentation

TRC Companies, Inc., through its subsidiaries (collectively, the “Company”), provides integrated engineering, consulting, and construction management services. Its project teams help its commercial and governmental clients implement environmental, energy and infrastructure projects from initial concept to delivery and operation. The Company provides its services almost entirely in the United States of America.

The Company reported net income applicable to its common shareholders of $3,881 and $27,780 for the three and nine months ended March 30, 2012, respectively. The net income applicable to the Company's common shareholders reported for the nine months endedMarch 30, 2012 was impacted favorably by a $11,061 net reversal of the previously recorded Arena Towers litigation expense, as well as a $4,075 tax benefit primarily related to the remeasurement of uncertain tax positions as a result of a settlement with the IRS for fiscal years 2003 through 2008. 

The condensed consolidated balance sheet as of March 30, 2012, the condensed consolidated statements of operations for the three and nine months ended March 30, 2012 and March 25, 2011, and the condensed consolidated statements of cash flows for the nine months ended March 30, 2012 and March 25, 2011 have been prepared pursuant to the interim period reporting requirements of Form 10-Q and in accordance with accounting principles generally accepted in the United States (“GAAP”). Consequently, the financial statements are unaudited but, in the opinion of the Company's management, include all adjustments, consisting only of normal recurring items, necessary for a fair presentation of the results for the interim periods. Also, certain information and footnote disclosures usually included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. The condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained, as well as variable interest entities in which the Company is considered the primary beneficiary. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K as of and for the fiscal year ended June 30, 2011.