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| URS Corporation reports third quarter results for fiscal 2006 URS Corporation reported its financial results for the third quarter of fiscal 2006, which ended on September 29, 2006. Revenues for the quarter were $1,085.6 million, an increase of 13% compared with revenues of $962.9 million during the comparable period in 2005. Net income for the quarter was $29.9 million, a 4% increase from net income of $28.8 million in the third quarter of fiscal 2005. The Company's net income and EPS for the third quarter of 2006 include an after tax impact of $2.6 million, or $0.05 per share, related to stock-based compensation expense under Statement of Financial Accounting Standards 123 (Revised) ("SFAS 123"), which requires that the costs of stock-based compensation be recognized as an expense in the financial statements. During the third quarter of fiscal 2006, the Company reduced debt by $56 million, lowering its debt to total capitalization ratio to 13%. As of September 29, 2006, the Company's backlog was $4.4 billion, compared to $3.8 billion as of December 30, 2005. For the nine months ended September 29, 2006, revenues increased by 11% to $3.2 billion, from $2.8 billion for the first nine months of 2005. Net income for the nine months ended September 29, 2006 was $86.7 million, or $1.68 per diluted share. Net income for the comparable period in 2005 was $56.5 million, or $1.20 per diluted share, including a pre-tax charge of $33.1 million, or $0.42 per share, net of tax, related to the Company's $127.2 million note redemption, the retirement of $10.0 million of 12 1/4% notes and restructuring of its senior credit facility, and the retirement of $1.8 million of 6 1/2% debentures, all of which took place during the second and third quarters of fiscal 2005. write your comments about the article :: © 2006 Construction News :: home page |