URS Corporation Reports Fiscal Year 2013 Results

  URS Corporation Reports Fiscal Year 2013 Results                        Company Raises Quarterly Dividend  Business Wire  SAN FRANCISCO -- March 3, 2014  URS Corporation (NYSE:URS) today reported its financial results for the fiscal year ended January 3, 2014.  Fiscal 2013 Highlights    *Revenues were $11.0 billion.   *Generally Accepted Accounting Principles (“GAAP”) Net Income was $247.2     million, or $3.31 per share on a diluted basis.   *Cash flow from Operations was $614.2 million.   *Cash earnings per share* (“EPS”) was $4.26.   *Earnings before interest, taxes, depreciation and amortization* (“EBITDA”)     was $765.2 million.   *Book of business at the end of the quarter was $22.8 billion, including     backlog of $11.3 billion.  A reconciliation of EBITDA and Cash EPS, to GAAP Net Income and GAAP EPS for fiscal year 2013 is attached to this release and available on the investor relations page of URS’ website at www.urs.com.  Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “The fiscal 2013 results reported today are in line with the preliminary figures we reported on February 12, 2014. Notwithstanding the operational issues that affected our fourth quarter performance, URS generated strong operating cash flow in 2013 and remains well positioned across our market sectors to continue to generate substantial free cash flow and to deliver value to our stockholders.”  As announced on February 12, 2014, the Company is accelerating its prior plan to return a total of at least $500 million to stockholders through stock repurchases and dividends by the end of 2015. URS expects to spend approximately $350 million for stock repurchases in 2014. As of February 28, 2014, URS has repurchased 2.8 million shares year-to-date amounting to $129.5 million.  Fiscal 2013 Results  Revenues for fiscal 2013 were $11.0 billion, essentially flat compared to fiscal 2012. Operating income for fiscal 2013 was $590.8 million, compared with $685.9 million reported in fiscal 2012. Net income for fiscal 2013 was $247.2 million, compared with $310.6 million reported in fiscal 2012. Diluted EPS for fiscal 2013 were $3.31, compared with the diluted EPS of $4.17 reported in fiscal 2012.  Cash EPS for fiscal 2013 were $4.26, compared with Cash EPS of $5.06 for fiscal 2012. EBITDA was $765.2 million for 2013, a 4.9% decrease from 2012.  The Company’s backlog as of January 3, 2014 was $11.3 billion, compared to $13.3 billion on December 28, 2012, the last day of the Company’s 2012 fiscal year. URS ended fiscal 2013 with a book of business of $22.8 billion, compared to $24.9 billion as of December 28, 2012.  Business Segment Results  In addition to providing consolidated financial results, URS reports separate financial information for its four segments: Infrastructure & Environment, Federal Services, Energy & Construction, and Oil & Gas. The Infrastructure & Environment segment includes program management, planning, design and engineering, construction management, and operations and maintenance services in the federal, infrastructure, and industrial and commercial markets. The Federal Services segment primarily includes program management, planning, systems engineering and technical assistance, construction and construction management, operations and maintenance, information technology services, and decommissioning and closure services to the U.S. Departments of Defense, State, Homeland Security and Treasury, NASA and other federal agencies. The Energy & Construction segment includes program management, planning, design, engineering, construction and construction management, operations and maintenance, and decommissioning and closure services to clients in the power, infrastructure, industrial and commercial, and federal markets. The Oil & Gas segment includes construction, maintenance and other services across the upstream, midstream and downstream oil and gas markets.  Infrastructure & Environment. For fiscal 2013, the Infrastructure & Environment segment reported revenues of $3.8 billion and operating income of $214.1 million, compared to revenues of $3.8 billion and operating income of $220.9 million for fiscal 2012.  Federal Services. For fiscal 2013, the Federal Services segment reported revenues of $2.3 billion and operating income of $268.5 million, compared to revenues of $2.7 billion and an operating income of $249.3 million for fiscal 2012.  Energy & Construction. For fiscal 2013, the Energy & Construction segment reported revenues of $2.9 billion and operating income of $175.8 million, compared to revenues of $3.1 billion and an operating income of $254.2 million for fiscal 2012.  Oil & Gas. For fiscal 2013, the Oil & Gas segment reported revenues of $2.2 billion and operating income of $9.9 million, compared to revenues of $1.5 billion and an operating income of $61.2 million for fiscal 2012. URS established the Oil & Gas segment with the acquisition of Flint on May 14, 2012.  Fourth Quarter 2013 Results  Revenues for the quarter were $2.7 billion, compared with $3.0 billion recorded during the fourth quarter of 2012. Operating income for the fourth quarter of 2013 was $113.5 million, compared with operating income of $171.4 million reported in the corresponding period of the prior year. Net income was $19.2 million, compared to net income of $70.6 million reported in the fourth quarter of 2012. Diluted EPS were $0.26, compared to diluted earnings per share of $0.95 reported in the fourth quarter of 2012.  Quarterly Dividend  On February 28, 2014, the Company declared a quarterly cash dividend of $0.22 per common share, an increase from $0.21 per common share. The dividend will be paid on April 11, 2014 to stockholders of record as of March 21, 2014. Future declarations of quarterly dividends are subject to the approval of URS’ Board of Directors.  Outlook for Fiscal 2014  URS continues to expect that fiscal 2014 consolidated revenues will be between $10.8 billion and $11.2 billion. The Company expects fiscal 2014 EPS will be between $3.20 and $3.50 and Cash EPS for fiscal 2014 will be between $4.13 and $4.43, on a fully diluted basis. The comparison of 2014 to 2013 includes the wind down of the Company's highly successful work on the DoD’s chemical weapons demilitarization (Chem Demil) program. In 2014, the Company expects revenues from this program to decrease by approximately $355 million and operating income to decrease by approximately $125 million. In addition, URS expects that 2014 operating cash flow will be between $725 million and $775 million. A reconciliation of Cash EPS to GAAP EPS for the fiscal year 2014 outlook is attached to this release and available on the investor relations page of URS’ website at www.urs.com.  Webcast Information  URS will host a dial-in conference call today, Monday, March 3, 2014 at 5:00 p.m. (ET) to discuss its fiscal 2013 results. A live webcast of this call will be available on the investor relations portion of URS’ website at http://investors.urs.com.  URS Corporation (NYSE:URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; information technology; and decommissioning and closure services. URS provides services for federal, oil and gas, infrastructure, power, and industrial projects and programs. Headquartered in San Francisco, URS Corporation has more than 50,000 employees in a network of offices in nearly 50 countries (www.urs.com).                                 TABLES TO FOLLOW  Statements contained in this earnings release that are not historical facts may constitute forward-looking statements, including statements relating to our future revenues, cash flow, net income and earnings per share, our future backlog and book of business, our future dividends and share repurchases, and other future business, economic and industry trends and conditions. We believe that our expectations are reasonable and are based on reasonable assumptions; however, we caution against relying on any of our forward-looking statements as such forward-looking statements by their nature involve risks and uncertainties. A variety of factors, including but not limited to the following, could cause our business and financial results, as well as the timing of events, to differ materially from those expressed or implied in our forward-looking statements: declines in the economy or client spending; changes to the federal budget; changes in our book of business; our compliance with government regulations; integration of acquisitions; employee, agent or partner misconduct; our ability to procure government contracts; liabilities for pending and future litigation; environmental liabilities; changes in oil, natural gas and other commodity prices; weather conditions; availability of bonding and insurance; our reliance on government appropriations; unilateral termination provisions in government contracts; impairment of our goodwill; our ability to make accurate estimates and assumptions; our accounting policies; workforce utilization; our and our partners’ ability to bid on, win, perform and renew contracts and projects; our dependence on partners, subcontractors and suppliers; customer payment defaults; our ability to recover on claims; impact of target and fixed-priced contracts on earnings; the inherent dangers at our project sites; the impact of changes in laws and regulations; nuclear indemnifications and insurance; misstatements in expert reports; a decline in defense spending; industry competition; our ability to attract and retain key individuals; retirement plan obligations; our leveraged position and the ability to service our debt; restrictive covenants in finance arrangements; risks associated with international operations; business activities in high security risk countries; information technology risks; natural and man-made disaster risks; our relationships with labor unions; our ability to protect our intellectual property rights; anti-takeover risks and other factors discussed more fully in our Form 10-K for the period ended January 3, 2014, as well as in other reports subsequently filed from time to time with the United States Securities and Exchange Commission. The forward-looking statements represent our current intentions as of the date on which they were made and we assume no obligation to revise or update any forward-looking statements.  * A non-GAAP measure.  URS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except per share data)                                            January 3, 2014  December 28, 2012 ASSETS Current assets: Cash and cash equivalents                  $   283.7         $   314.5 Accounts receivable, including retentions of $116.6 and $114.4,               1,392.6           1,554.8 respectively Costs and accrued earnings in excess of        1,521.5           1,384.3 billings on contracts Less receivable allowances                    (65.1    )       (69.7     ) Net accounts receivable                        2,849.0           2,869.4 Deferred tax assets                            35.6              67.6 Inventory                                      49.2              61.5 Other current assets                          173.2           204.2      Total current assets                           3,390.7           3,517.2 Investments in and advances to                 245.6             278.3 unconsolidated joint ventures Property and equipment, net                    608.1             687.5 Intangible assets, net                         569.7             692.2 Goodwill                                       3,695.6           3,721.6 Other long-term assets                        208.3           364.2      Total assets                               $   8,718.0      $   9,261.0    LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt          $   44.6          $   71.8 Accounts payable and subcontractors payable, including retentions of $29.2         688.3             803.5 and $32.3, respectively Accrued salaries and employee benefits         507.4             558.8 Billings in excess of costs and accrued        233.1             289.1 earnings on contracts Other current liabilities                     365.2           277.8      Total current liabilities                      1,838.6           2,001.0 Long-term debt                                 1,666.9           1,992.5 Deferred tax liabilities                       444.2             379.9 Self-insurance reserves                        127.2             129.8 Pension and post-retirement benefit            285.7             300.9 obligations Other long-term liabilities                   128.4           271.0      Total liabilities                             4,491.0         5,075.1    Commitments and contingencies URS stockholders’ equity: Preferred stock, authorized 3.0 shares;        —                 — no shares outstanding Common stock, par value $.01; authorized 200.0 shares; 89.1 and 88.9 shares             0.9               0.9 issued, respectively; and 75.0 and 76.8 shares outstanding, respectively Treasury stock, 14.1 and 12.1 shares at        (588.2   )        (494.9    ) cost, respectively Additional paid-in capital                     3,038.1           3,003.9 Accumulated other comprehensive loss           (200.3   )        (113.2    ) Retained earnings                             1,830.7         1,647.3    Total URS stockholders’ equity                 4,081.2           4,044.0 Noncontrolling interests                      145.8           141.9      Total stockholders’ equity                    4,227.0         4,185.9    Total liabilities and stockholders’        $   8,718.0      $   9,261.0    equity   URS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data)                       Three Months Ended           Year Ended                       January 3,    December 28,   January 3,     December 28,                       2014           2012           2014            2012                                                                      Revenues              $ 2,660.7      $ 2,972.7      $ 10,990.7      $ 10,972.5 Cost of revenues        (2,564.1 )     (2,810.5 )     (10,416.0 )     (10,294.5 ) General and administrative          (17.6    )     (21.6    )     (77.5     )     (83.6     ) expenses Acquisition-related     —              —              —               (16.1     ) expenses Equity in income of unconsolidated         34.5         30.8         93.6          107.6      joint ventures Operating income        113.5          171.4          590.8           685.9 Interest expense        (20.3    )     (19.7    )     (86.1     )     (70.7     ) Other income           (3.5     )    (3.6     )    (7.7      )    0.5        (expenses) Income before           89.7           148.1          497.0           615.7 income taxes Income tax expense     (44.3    )    (34.7    )    (167.7    )    (189.9    ) Net income including               45.4           113.4          329.3           425.8 noncontrolling interests Noncontrolling interests in income    (26.2    )    (42.8    )    (82.1     )    (115.2    ) of consolidated subsidiaries Net income            $ 19.2        $ 70.6        $ 247.2        $ 310.6      attributable to URS                                                                                                                                               Earnings per share: Basic                 $ 0.26        $ 0.95        $ 3.35         $ 4.18       Diluted               $ 0.26        $ 0.95        $ 3.31         $ 4.17       Weighted-average shares outstanding: Basic                  73.6         74.5         73.9          74.3       Diluted                74.2         74.6         74.7          74.5                                                                              Cash dividends        $ 0.21        $ 0.20        $ 0.84         $ 0.80       declared per share   URS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)                      Three Months Ended          Year Ended                      January 3,  December 28,     January 3,    December 28,                      2014         2012            2014           2012 Cash flows from operating activities: Net income including           $ 45.4      $  113.4     $ 329.3       $ 425.8      noncontrolling interests Adjustments to reconcile net income to net cash from operating activities: Depreciation and       41.1          40.7          156.8          132.4 amortization Amortization of        26.6          27.4          107.4          101.2 intangible assets Write-off of Canadian Notes         (23.2  )      —             (23.2   )      — premium Gain on disposal of property and        (3.2   )      (0.3   )      (25.4   )      (3.4      ) equipment Deferred income        37.0          (19.1  )      73.0           (16.6     ) taxes Stock-based            (3.9   )      11.1          31.8           43.6 compensation Equity in income of unconsolidated      (34.5  )      (30.8  )      (93.6   )      (107.6    ) joint ventures Dividends received from                   38.3          20.8          113.0          88.7 unconsolidated joint ventures Changes in operating assets, liabilities and other, net of effects of business acquisitions: Accounts receivable and costs and accrued      343.7         35.9          364.3          (92.2     ) earnings in excess of billings on contracts Inventory              4.4           6.2           12.2           7.0 Other current          23.6          (16.3  )      36.0           (27.0     ) assets Other long-term        (141.9 )      (5.4   )     (200.5  )      (62.2     ) assets Accounts payable, accrued salaries and employee           (99.8  )      (64.1  )      (219.5  )      (13.7     ) benefits, and other current liabilities Billings in excess of costs and           7.7           13.0          (54.5   )      (35.2     ) accrued earnings on contracts Other long-term       (5.4   )     (1.4   )    7.1          (10.6     ) liabilities Total adjustments     210.5       17.7       284.9        4.4        and changes Net cash from operating             255.9       131.1      614.2        430.2      activities Cash flows from investing activities: Payments for business               —             —             —              (1,345.7  ) acquisitions, net of cash acquired Proceeds from disposal of            31.1          8.1           63.7           25.3 property and equipment Payments in settlement of          —             —             —              (1,260.6  ) foreign currency forward contract Receipts in settlement of          —             —             —              1,260.3 foreign currency forward contract Investments in unconsolidated         (0.1   )      1.0           (0.2    )      (4.4      ) joint ventures Changes in             (0.3   )      0.1           4.3            3.9 restricted cash Capital expenditures, less equipment             (12.8  )     (23.6  )     (81.0   )     (125.4    ) purchased through capital leases and equipment notes Net cash from investing             17.9        (14.4  )    (13.2   )     (1,446.6  ) activities   URS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In millions)                        Three Months Ended         Year Ended                        January 3,  December 28,   January 3,    December 28,                        2014         2012           2014           2012 Cash flows from financing activities: Borrowings from          —             —             —               998.9 long-term debt Payments on              (216.9 )      (33.6   )     (220.5   )      (38.0   ) long-term debt Borrowings from revolving line of        98.8          101.6         1,028.2         661.6 credit Payments on revolving line of        (136.9 )      (150.0  )     (1,124.1 )      (583.6  ) credit Net payments under foreign lines of         (5.5   )      (7.8    )     (26.6    )      (20.5   ) credit and short-term notes Net change in            0.2           50.4          (54.9    )      54.5 overdrafts Payments on capital      (4.1   )      (4.5    )     (18.0    )      (14.6   ) lease obligations Payments of debt issuance costs and       (2.4   )      0.1           (0.8     )      (8.7    ) other financing activities Proceeds from employee stock purchases and            5.6           1.2           20.2            8.9 exercises of stock options Distributions to noncontrolling           (29.8  )      (31.9   )     (79.0    )      (83.8   ) interests Contributions and advances from            0.5           —             0.5             2.3 noncontrolling interests Dividends paid           (15.4  )      (14.9   )     (62.2    )      (44.7   ) Repurchases of         —           —          (93.3    )     (40.0   ) common stock Net cash from          (305.9 )     (89.4   )   (630.5   )     892.3    financing activities Net change in cash      (32.1  )     27.3        (29.5    )     (124.1  ) and cash equivalents Effect of foreign exchange rate            1.6           (2.0    )     (1.3     )      2.6 changes on cash and cash equivalents Cash and cash equivalents at         314.2       289.2      314.5         436.0    beginning of period Cash and cash equivalents at end    $ 283.7     $  314.5     $ 283.7       $  314.5    of period                                                                       Supplemental information: Interest paid         $ 37.2      $  37.7      $ 83.9        $  64.5     Taxes paid            $ 12.0      $  57.1      $ 101.3       $  150.6                                                                          Supplemental schedule of non-cash investing and financing activities: Equipment acquired with capital lease obligations and        $ 18.3      $  11.7       $ 54.3        $  27.9     equipment note obligations Cash dividends declared but not       $ 18.3      $  16.7       $ 18.3        $  16.7     paid                          URS CORPORATION AND SUBSIDIARIES             RECONCILIATION SCHEDULES OF GAAP TO NON-GAAP MEASURES  Cash EPS and EBITDA in the tables below are not computed in accordance with GAAP. These non-GAAP measures are useful to us, and may be useful to investors, because they permit a comparison of the actual or expected performance of our ongoing business. Cash EPS and EBITDA should not be used as substitutes for diluted EPS and net income prepared in conformity with GAAP, or as a GAAP measure of profitability or cash flows.  Below are the reconciliations of Cash EPS and EBITDA to GAAP diluted EPS and net income for year ended January 3, 2014 and December 28, 2012, and for the guidance range for fiscal year 2014.                                                   Year Ended                                                   January 3,  December 28,                                                   2014         2012 (In millions, except per share data) Cash EPS                                          $  4.26      $  5.06 Intangible amortization expense, net of tax^(1)     (0.95 )     (0.89  ) Diluted EPS                                       $  3.31     $  4.17     _____________ ^(1) Amounts are net of tax effects of $0.49 and $0.46 for the years ended January 3, 2014 and December 28, 2012, respectively.                                                    Fiscal Year Ending on                                                   January 2, 2015 (In millions, except per share data)              Lower Range  Upper Range Cash EPS                                          $  4.13       $  4.43 Intangible amortization expense, net of tax^(1)     (0.93  )     (0.93  ) Diluted EPS                                       $  3.20      $  3.50    _____________ ^(1) Amounts are net of tax effects of $0.46.                                      Year Ended                                     January 3,  December 28,                                     2014         2012 (In millions) EBITDA                              $ 765.2      $  804.8 Interest expense                      (86.1  )      (70.7   ) Income tax expense                    (167.7 )      (189.9  ) Depreciation and amortization         (156.8 )      (132.4  ) Amortization of intangible assets    (107.4 )     (101.2  ) Net income attributable to URS      $ 247.2     $  310.6      URS CORPORATION AND SUBSIDIARIES BOOK OF BUSINESS              Infrastructure  Federal    Energy &                              & (In          Environment      Services    Construction   Oil & Gas   Total millions) As of January 3, 2014 Backlog      $    2,890.0     $ 2,364.4   $   5,584.0    $ 464.3     $ 11,302.7 Option            146.2         2,103.6       1,706.5      —           3,956.3 years Indefinite delivery         3,182.8      3,150.2      131.0       1,085.5    7,549.5 contracts Total book of           $    6,219.0     $ 7,618.2   $   7,421.5    $ 1,549.8   $ 22,808.5 business                                                                         As of December 28, 2012 Backlog      $    3,028.4     $ 3,476.9   $   5,947.1    $ 823.8     $ 13,276.2 Option            197.3         2,728.1       2,056.8      —           4,982.2 years Indefinite delivery         2,572.4      3,238.7      236.0       611.7      6,658.8 contracts Total book of           $    5,798.1     $ 9,443.7   $   8,239.9    $ 1,435.5   $ 24,917.2 business                                 January 3,  December 28,       (In millions)               2014         2012       Backlog by market sector:       Federal                     $ 4,891.6    $  6,546.5       Infrastructure                2,683.2       2,957.6       Oil & Gas                     1,102.9       1,461.3       Power                         1,338.7       1,416.1       Industrial                   1,286.3      894.7       Total backlog               $ 11,302.7   $  13,276.2   URS CORPORATION AND SUBSIDIARIES REVENUES AND OPERATING INCOME (LOSS) BY DIVISION                       Three Months Ended          Year Ended (In millions)         January 3,   December 28,   January 3,    December 28,                       2014          2012           2014           2012 Revenues Infrastructure &      $ 924.7       $  941.0       $ 3,758.0      $ 3,792.1 Environment Federal Services        486.6          603.5         2,263.0        2,721.6 Energy &                742.3          853.0         2,911.0        3,138.1 Construction Oil & Gas ^ (1)         535.9          605.4         2,208.2        1,475.1 Inter-segment         (28.9   )     (30.2   )    (149.5   )    (154.4   ) eliminations Total revenues       $ 2,660.6    $  2,972.7    $ 10,990.7    $ 10,972.5  Operating income (loss) Infrastructure &      $ 52.2        $  45.3        $ 214.1        $ 220.9 Environment Federal Services        43.1           31.8          268.5          249.3 Energy &                54.7           86.5          175.8          254.2 Construction Oil & Gas ^ (1)         (18.9   )      29.4          9.9            61.2 Corporate             (17.6   )     (21.6   )    (77.5    )    (99.7    ) Total operating      $ 113.5      $  171.4      $ 590.8       $ 685.9     income  _____________ ^(1) The operating results of Flint have been included in our consolidated results since the acquisition on May 14, 2012.   URS CORPORATION AND SUBSIDIARIES REVENUE BREAKDOWN BY DIVISION AND MARKET SECTOR  Amounts shown in the table below are net of eliminations.  (In millions)   Federal    Infrastructure  Oil and    Power      Industrial  Total                                               Gas Three months ended January 3, 2014 Infrastructure   $ 98.1      $    429.0       $ 143.5     $ 66.4      $  172.6     $ 909.6 & Environment Federal            486.1          —             —           —            —           486.1 Services Energy &           192.8          94.2          150.4       183.1        112.2       732.7 Construction Oil & Gas         —             —            532.3      —           —          532.3 Total            $ 777.0     $    523.2       $ 826.2     $ 249.5     $  284.8     $ 2,660.7                                                                                       Year ended January 3, 2014 Infrastructure   $ 562.3     $    1,647.4     $ 559.4     $ 247.6     $  665.3     $ 3,682.0 & Environment Federal            2,261.1        —             —           —            —           2,261.1 Services Energy &           896.1          288.9         484.9       725.5        469.4       2,864.8 Construction Oil & Gas         —             —            2,182.8    —           —          2,182.8 Total            $ 3,719.5   $    1,936.3     $ 3,227.1   $ 973.1     $  1,134.7   $ 10,990.7                                                                                       Three months ended December  28, 2012 Infrastructure   $ 169.5     $    378.7       $ 153.5     $ 51.6      $  173.0     $ 926.3 & Environment Federal            603.3          —             —           —            —           603.3 Services Energy &           233.7          62.8          102.3       342.4        102.4       843.6 Construction Oil & Gas ^(1)    —             —            599.5      —           —          599.5 Total            $ 1,006.5   $    441.5       $ 855.3     $ 394.0     $  275.4     $ 2,972.7                                                                                       Year ended December 28, 2012 Infrastructure   $ 670.1     $    1,550.1     $ 552.5     $ 209.8     $  700.5     $ 3,683.0 & Environment Federal            2,720.8        —             —           —            —           2,720.8 Services Energy &           1,044.1        241.3         288.9       1,094.6      430.6       3,099.5 Construction Oil & Gas ^(1)    —             —            1,469.2    —           —          1,469.2 Total            $ 4,435.0   $    1,791.4     $ 2,310.6   $ 1,304.4   $  1,131.1   $ 10,972.5  _____________ ^(1) The operating results of Flint have been included in our consolidated results since the acquisition on May 14, 2012.  Contact:  URS Corporation Sam Ramraj, 415-774-2700 Vice President, Investor Relations or Sard Verbinnen & Co Jamie Tully/Delia Cannan, 212-687-8080  
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