EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO   

1111 South Arroya Parkway 91105

P.O. Box 7084

Pasadena, California 91109-7084

1.626.578.3500  Fax  1.626.568.7144

Press Release

 

 

FOR IMMEDIATE RELEASE    April 27, 2009

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 2009

PASADENA, CALIF — Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results for the second quarter of fiscal 2009 ended March 31, 2009.

Second Quarter Fiscal 2009 Highlights:

 

   

Net earnings rose to $109.3 million — a $10.0 million, or 10.0%, increase over the corresponding period last year;

 

   

Diluted EPS grew to $0.88 — a 10.0% increase over the corresponding period last year;

 

   

Net earnings for the six months ended March 31, 2009 rose to $225.6 million — a $28.0 million, or 14.1%, increase over the corresponding period last year;

 

   

Diluted EPS for the six months ended March 31, 2009 grew to $1.82, a 14.5% increase over the corresponding period last year, and

 

   

Backlog increased $401.4 million, or 2.5%, from March 31, 2008 to $16.6 billion

Jacobs reported today net earnings of $109.3 million, or $0.88 per diluted share, on revenues of $3.0 billion for its second quarter of fiscal 2009 ended March 31, 2009. This compares to net earnings of $99.3 million, or $0.80 per diluted share, on revenues of $2.7 billion for the corresponding period last year.

For the six months ended March 31, 2009, Jacobs reported net earnings of $225.6 million, or $1.82 per diluted share, on revenues of $6.2 billion. This compares to net earnings of $197.7 million, or $1.59 per diluted share, on revenues of $5.1 billion for the same period in fiscal 2008.

Included in the Company’s results of operations for the six months ended March 31, 2008 is an after-tax gain of $5.4 million, or $0.04 per diluted share, from the sale, in the first quarter of fiscal 2008, of its interest in a company that provides specialized operations and maintenance services.


Jacobs also announced backlog totaling $16.6 billion at March 31, 2009, including a technical professional services component of $8.1 billion. This compares to total backlog and technical professional services backlog of $16.2 billion and $7.6 billion, respectively, at March 31, 2008.

Commenting on the results for the second quarter, Jacobs President and CEO Craig L. Martin stated, “We have produced positive earnings growth on a quarter-over-quarter basis for the last 15 straight quarters, so we are disappointed to report earnings below that of last quarter. That being said, the second quarter was a good one in many ways. Our earnings remain good and exceed year-ago earnings by 10%. Our backlog grew quarter-over-quarter and year-over-year in a very complex market. Going forward, we expect the markets to remain complex. Our public sector business remains strong, while the heavy process business is highly uncertain.”

Commenting on the Company’s earnings outlook for the remainder of fiscal 2009, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “Because of the near-term complexities and uncertainties in our markets we are reducing our earnings per share guidance for fiscal 2009 to a range of $3.10 to $3.50, down from the previously issued guidance of $3.55 to $3.90.”

Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, April 28, 2009, which they are webcasting live on the Internet at www.jacobs.com. The taped teleconference is accessible from any touch-tone phone and will be available 24 hours a day through May 5, 2009. The dial-in number for the audio replay is 706.645.9291 (ID 95530624).

Jacobs, with annual revenues exceeding $12 billion, is one of the world’s 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 management’s 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 2008 Form 10-K, and in particular the discussions contained under Item 1 –Business; Item 1A – Risk Factors; Item 3 – Legal Proceedings; and Item 7 – Management’s 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.

[ MORE ]


Financial Highlights:

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

 

     Three Months Ended
March 31
    Six Months Ended
March 31
 
     2009     2008     2009     2008  

Revenues

   $ 2,975,452     $ 2,664,794     $ 6,208,105     $ 5,136,611  

Costs and Expenses:

        

Direct costs of contracts

     (2,571,828 )     (2,230,200 )     (5,367,062 )     (4,314,047 )

Selling, general, and administrative expenses

     (232,936 )     (280,442 )     (489,287 )     (527,156 )
                                

Operating Profit

     170,688       154,152       351,756       295,408  

Other (Expense) Income:

        

Interest income

     2,589       3,298       7,191       7,878  

Interest expense

     (797 )     (569 )     (2,026 )     (1,870 )

Miscellaneous (expense) income, net

     (1,736 )     (1,707 )     (4,362 )     7,463  
                                

Total other income, net

     56       1,022       803       13,471  
                                

Earnings Before Taxes

     170,744       155,174       352,559       308,879  

Income Tax Expense

     (61,457 )     (55,862 )     (126,922 )     (111,197 )
                                

Net Earnings

   $ 109,287     $ 99,312     $ 225,637     $ 197,682  
                                

Earnings Per Share (“EPS”):

        

Basic

   $ 0.89     $ 0.82     $ 1.84     $ 1.64  

Diluted

   $ 0.88     $ 0.80     $ 1.82     $ 1.59  
                                

Weighted Average Shares Used to Calculate EPS:

        

Basic

     122,605       120,955       122,414       120,520  

Diluted

     124,358       124,280       124,171       124,149  
                                

[ MORE ]


Other Operational Information (in thousands):

 

     Three Months Ended
March 31
   Six Months Ended
March 31
     2009    2008    2009    2008

Revenues by Major Component:

           

Technical professional services

   $ 1,392,095    $ 1,478,325    $ 2,920,337    $ 2,804,354

Field services

     1,583,357      1,186,469      3,287,768      2,332,257
                           

Total

   $ 2,975,452    $ 2,664,794    $ 6,208,105    $ 5,136,611
                           

Depreciation (pre-tax)

   $ 16,608    $ 14,987    $ 33,170    $ 29,337
                           

Capital Expenditures

   $ 16,310    $ 25,516    $ 36,309    $ 43,863
                           

Selected Balance Sheet and Backlog Information (in thousands):

 

     At March 31
     2009    2008

Balance Sheet Information:

     

Cash and cash equivalents

   $ 772,652    $ 392,512

Working capital

     1,357,012      995,496

Total debt

     26,642      33,057

Stockholders’ equity

     2,477,197      2,109,047
             

Backlog Information:

     

Technical professional services

   $ 8,116,800    $ 7,562,000

Field services

     8,515,100      8,668,500
             

Total

   $ 16,631,900    $ 16,230,500
             

[ END ]