Quarterly Financial Information-Unaudited

12 Months Ended

Sep. 28, 2014

Quarterly Financial Information-Unaudited

Quarterly Financial Information-Unaudited

20.         Quarterly Financial Information – Unaudited

              In the opinion of management, the following unaudited quarterly data for fiscal years ended September 28, 2014 and September 29, 2013 reflect all adjustments necessary for a fair statement of the results of operations.

              In the fourth quarter of fiscal 2014, our RCM segment reported a loss of $35.1 million. These results included project charges of $25.6 million, primarily related to two lines of business with U.S. federal and state and local government clients that we have decided to exit or wind-down. These charges were substantially offset in our fourth quarter consolidated operating income by net gains from updated valuations of our contingent earn-out liabilities totaling $23.8 million.

              In the third quarter of fiscal 2013, we reported operating losses of $99.9 million, which included a non-cash goodwill impairment charge of $56.6 million. Additionally, we incurred project charges, including claims related to adverse developments on three programs in the RCM segment with U.S. federal and state and local government clients. We also recorded a project-related charge on a commercial development project in the TSS segment due to a change in client ownership and the related modification of plans for completion of the project. Collectively, project charges on these four programs reduced operating income by $35.5 million. Further, the weaker results in our Eastern Canada and mining operations, and the resulting charges to right-size these businesses, caused a reduction of $28.2 million in operating income.

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
	(in thousands, except per share data)
Fiscal Year 2014
Revenue	$	645,848	$	586,285	$	629,502		$	622,179
Operating income		43,718		46,186		39,167			24,763
Net income attributable to Tetra Tech		27,315		31,709		26,657			22,586
Earnings per share attributable to Tetra Tech (1):
Basic	$	0.43	$	0.49	$	0.41		$	0.36
Diluted	$	0.42	$	0.48	$	0.41		$	0.35
Weighted-average common shares outstanding:
Basic		64,227		64,835		64,566			63,602
Diluted		65,048		65,710		65,302			64,235
Fiscal Year 2013
Revenue	$	658,545	$	641,999	$	614,835		$	698,376
Operating income		41,809		37,667		(99,884	)		40,626
Net income attributable to Tetra Tech		26,224		24,820		(78,385	)		25,200
Net income (loss) attributable to Tetra Tech per share (1):
Basic	$	0.41	$	0.38	$	(1.21	)	$	0.39
Diluted	$	0.41	$	0.38	$	(1.21	)	$	0.39
Weighted-average common shares outstanding:
Basic		63,864		64,551		64,832			64,272
Diluted		64,608		65,472		64,832			64,853

(1) The sum of the quarterly EPS may not add up to the full-year EPS due to rounding.