Press Release
| Jacobs Engineering Group Inc. Reports Earnings for the First Quarter of Fiscal 2005 |
PASADENA, Calif.--(BUSINESS WIRE)--Jan. 24, 2005--Jacobs Engineering Group Inc. (NYSE:JEC) today announced net earnings of $32.5 million, or $0.56 per diluted share, on revenues of $1.3 billion for the first quarter of fiscal 2005 ended December 31, 2004. This compares to net earnings of $33.8 million, or $0.59 per diluted share, on revenues of $1.1 billion for the first quarter of fiscal 2004. Jacobs also announced backlog at December 31, 2004, totaling $8.0 billion, including a technical professional services component of $4.5 billion. This compares to total backlog and technical professional services backlog of $7.1 billion and $3.5 billion, respectively, at December 31, 2003. Commenting on the results for the first quarter of fiscal 2005, Jacobs Chairman and CEO Noel G. Watson stated, "Our results for the first quarter of fiscal 2005 improved from the fourth quarter of fiscal 2004 and were in line with management's expectations. We are particularly pleased with the growth in our backlog during the quarter. Our backlog at December 31, 2004, includes important wins from clients in the oil and gas, refining, and federal programs markets." Commenting on the results for the first quarter of fiscal 2005 and on the Company's earnings outlook for the remainder of the fiscal year, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Our effective tax rate was 36 percent for the first quarter of fiscal 2005, up from 35 percent in fiscal 2004. We expect our tax rate to average near 36 percent over fiscal 2005, with slight fluctuations from quarter to quarter. We are maintaining our earnings guidance in the range of $2.40 to $2.70 per share for fiscal 2005, and in the range of $0.58 to $0.63 per share for the second quarter ending March 31, 2005." Jacobs will host a conference call at 11:00 a.m. Eastern time on Tuesday, January 25, 2005, which will be webcast live on the Internet on www.jacobs.com. The taped teleconference is accessible from any touch-tone phone and will be available 24 hours a day through February 1, 2005. The dial-in number for the audio replay is 719-457-0820 (reference code 218684). 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.
Financial Highlights:
Results of Operations (in thousands, except per-share data)
Three Months Ended
December 31
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2004 2003
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Revenues $1,283,300 $1,135,129
Costs and Expenses:
Direct costs of contracts (1,094,562) (972,867)
Selling, general and administrative
expenses (136,019) (109,844)
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Operating Profit 52,719 52,418
Other (Expense) Income:
Interest income 810 960
Interest expense (1,895) (816)
Miscellaneous expense, net (805) (562)
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Total other expense, net (1,890) (418)
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Earnings Before Taxes 50,829 52,000
Income Tax Expense (18,299) (18,200)
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Net Earnings $32,530 $33,800
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Earnings Per Share:
Basic $0.57 $0.61
Diluted $0.56 $0.59
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Weighted Average Shares Used to
Calculate Earnings Per Share:
Basic 56,718 55,854
Diluted 57,950 57,336
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Other Operational Information (in thousands)
Three Months Ended
December 31
2004 2003
Revenues by Major Component:
Technical professional services $640,841 $565,962
Field services 642,459 569,167
Total $1,283,300 $1,135,129
Depreciation Before Taxes $9,463 $8,620
Capital Expenditures $7,477 $7,605
Selected Balance Sheet and Backlog Information (in thousands):
At December 31,
2004 2003
Balance Sheet Information:
Cash and cash equivalents $168,731 $160,592
Working capital 457,609 407,311
Total debt 113,673 17,825
Stockholders' equity 1,039,374 881,696
Backlog Information:
Technical professional services $4,509,500 $3,509,200
Field services 3,481,900 3,635,700
Total $7,991,400 $7,144,900
CONTACT: Jacobs Engineering Group Inc. |