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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