EXHIBIT 99.1
1111 South Arroyo Parkway 7084 P.O. Box 7084 Pasadena, California 91105-7084 U.S.A. 1.626.578.3500 Fax 1.626.578.6916 | | Press Release |
| FOR IMMEDIATE RELEASE | | October 29, 2003 |
For additional information contact:
John W. Prosser, Jr.
Senior Vice President, Finance and Administration
626.578.6803
Jacobs Engineering Group Inc. Reports Record Fiscal 2003 Earnings
PASADENA, CALIF.—Jacobs Engineering Group Inc. (NYSE: JEC) today announced audited net earnings of $128.0 million, or $2.27 per diluted share, on revenues of $4.6 billion for the fiscal year ended September 30, 2003. This compares to net earnings of $109.7 million, or $1.98 per diluted share, on revenues of $4.6 billion for fiscal 2002.
For the fourth quarter of fiscal 2003, Jacobs reported net earnings of $33.5 million, or $0.59 per diluted share, on revenues of $1.1 billion. This compares to net earnings of $29.0 million, or $0.52 per diluted share, on revenues of $1.2 billion for the fourth quarter of fiscal 2002.
Jacobs also announced backlog at September 30, 2003 totaling $7.0 billion, including a technical professional services component of $3.4 billion. This compares to total backlog and technical professional services backlog of $6.7 billion and $3.0 billion, respectively, at September 30, 2002.
Commenting on the results for the year, Jacobs CEO Noel G. Watson stated, “Fiscal 2003 was a very successful year for the Company. Our net earnings were up 16.7% and our earnings per share were up 14.6% from fiscal 2002. In addition, we had record sales in the quarter. I’m very pleased to report more than $7.0 billion in backlog. The fourth quarter of fiscal 2003 included particularly strong new awards from our Federal Programs and Oil & Gas customers.”
Jacobs taped webcast on the Internet atwww.jacobs.com is accessible from any touch-tone phone and will be available 24 hours a day through November 6, 2003. The dial-in number for the audio replay is 719.457.0820 (reference code 223521).
Jacobs, with over 35,000 employees and revenues approaching $5.0 billion, provides technical, professional, and construction services globally.
Jacobs Engineering Group Inc.
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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 judgment 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 Management’s Discussion and Analysis filed as part of Exhibit 13 to the Company’s 2002 Annual Report on Form 10-K.
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Financial Highlights:
Results of Operations (in thousands, except per-share data)
| | | Three Months Ended September 30
| | | Twelve Months Ended
September 30
| |
| | | 2003 | | | 2002 | | | 2003 | | | 2002 | |
|
Revenues | | $ | 1,063,210 | | | $ | 1,211,742 | | | $ | 4,615,601 | | | $ | 4,555,661 | |
Costs and Expenses: | | | | | | | | | | | | | | | | |
Direct costs of contracts | | | (905,344 | ) | | | (1,060,225 | ) | | | (3,989,714 | ) | | | (3,971,984 | ) |
Selling, general and administrative expenses | | | (106,658 | ) | | | (106,057 | ) | | | (428,772 | ) | | | (411,307 | ) |
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Operating Profit | | | 51,208 | | | | 45,460 | | | | 197,115 | | | | 172,370 | |
Other Income (Expense): | | | | | | | | | | | | | | | | |
Interest income | | | 573 | | | | 554 | | | | 1,356 | | | | 2,359 | |
Interest expense | | | (687 | ) | | | (1,694 | ) | | | (3,252 | ) | | | (7,496 | ) |
Miscellaneous income, net | | | 491 | | | | 325 | | | | 1,720 | | | | 1,521 | |
|
Total other income (expense) | | | 377 | | | | (815 | ) | | | (176 | ) | | | (3,616 | ) |
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Earnings Before Taxes | | | 51,585 | | | | 44,645 | | | | 196,939 | | | | 168,754 | |
Income Tax Expense | | | (18,055 | ) | | | (15,625 | ) | | | (68,929 | ) | | | (59,064 | ) |
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Net Earnings | | $ | 33,530 | | | $ | 29,020 | | | $ | 128,010 | | | $ | 109,690 | |
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Earnings Per Share: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.60 | | | $ | 0.53 | | | $ | 2.32 | | | $ | 2.03 | |
Diluted | | | 0.59 | | | | 0.52 | | | | 2.27 | | | | 1.98 | |
|
Weighted Average Shares Used to | | | | | | | | | | | | | | | | |
Calculate Earnings Per Share: | | | | | | | | | | | | | | | | |
Basic | | | 55,538 | | | | 54,491 | | | | 55,145 | | | | 54,136 | |
Diluted | | | 56,981 | | | | 55,560 | | | | 56,392 | | | | 55,396 | |
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Other Operational Information (in thousands)
| | | Three Months Ended September 30
| | Twelve Months Ended
September 30
|
| | | 2003
| | 2002
| | 2003
| | 2002
|
Revenues by Major Component: | | | | | | | | | | | | |
Technical professional services | | $ | 514,114 | | $ | 540,107 | | $ | 2,120,632 | | $ | 2,153,540 |
Field services | | | 549,096 | | | 671,635 | | | 2,494,969 | | | 2,402,121 |
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Total | | $ | 1,063,210 | | $ | 1,211,742 | | $ | 4,615,601 | | $ | 4,555,661 |
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Depreciation Before Taxes | | $ | 8,681 | | $ | 9,135 | | $ | 35,350 | | $ | 35,087 |
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Capital Expenditures | | $ | 5,012 | | $ | 11,200 | | $ | 25,804 | | $ | 37,182 |
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Selected Balance Sheet and Backlog Information (in thousands):
| | | At September 30,
|
| | | 2003 | | 2002 |
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Balance Sheet Information: | | | | | | |
Cash and cash equivalents | | $ | 126,155 | | $ | 48,469 |
Net working capital | | | 358,683 | | | 234,486 |
Total debt | | | 18,273 | | | 91,694 |
Stockholders’ equity | | | 842,083 | | | 689,613 |
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Backlog Information: | | | | | | |
Technical professional services | | $ | 3,383,200 | | $ | 3,045,600 |
Field services | | | 3,657,800 | | | 3,628,600 |
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Total | | $ | 7,041,000 | | $ | 6,674,200 |
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