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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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TRC Announces First-Quarter Fiscal 2013 Financial Results

LOWELL, MA -- (Marketwire) -- 11/05/12 -- TRC Companies, Inc. (NYSE: TRR), a recognized leader in engineering, consulting and construction management services to the energy, environmental and infrastructure markets, today announced financial results for the fiscal three months ended September 28, 2012.

Financial Highlights

                                                    Three Months Ended
                                               ----------------------------
                                               September 28,  September 30,
(In millions, except per share data)                2012           2011
                                               -------------  -------------
Net service revenue(1)                         $        75.2  $        73.5
Arena Towers litigation reversal (2)           $           -  $       (11.2)
Operating income                               $         4.6  $        15.5
Federal and state income tax (provision)
 benefit (3)                                   $        (0.2) $         3.3
Net income applicable to TRC Companies, Inc.   $         4.3  $        18.7
Diluted earnings per common share              $        0.15  $        0.66
Diluted weighted-average common shares
 outstanding                                            29.4           28.4

(1) The Company believes net service revenue best reflects the value of
    services provided to its customers and is the most meaningful indicator
    of TRC's revenue performance.
(2) On October 5, 2011 a post-trial motion was granted to disregard a
    substantial portion of the verdict in this matter resulting in an $11.2
    million reduction of the litigation accrual in the first quarter of
    fiscal 2012. In the fourth quarter of fiscal 2011 the Company had
    recorded litigation expense of $17.3 million related to the verdict.
(3) The Company received approval of a federal tax settlement resulting in a
    one-time benefit in the first quarter of fiscal 2012.

Comments on the Results

"We reported incremental growth and steady profitability in the first quarter of fiscal 2013," said Chairman and Chief Executive Officer Chris Vincze. "Net Service Revenue (NSR) was up 2%, and we achieved operating income of $4.6 million, up 7% excluding last year's litigation reversal."

"Our Energy segment continues to be our top performer with NSR up 25% and profit up 42%. Demand remains strong for electric transmission and distribution engineering services as our utility customers increase investments to modernize or replace outdated infrastructure and enhance energy efficiency performance. Our Energy segment is also benefiting from greater geographic reach as recent office startups are now rapidly expanding our ability to service clients in those areas."

"Our Environmental and Infrastructure segments both experienced a sluggish quarter. NSR was down 6% for both segments, while profit decreased 22% and 20%, respectively. Importantly, however, each segment continued to be profitable at the operating level. Our results are consistent with the overall state of the economy as many clients have delayed or postponed capital programs until there is more clarity surrounding federal policy and the direction of the economy in the new year. The long-term prospects for the infrastructure market are supported by Congress' recent passing of the MAP-21 Federal Transportation Bill, which will provide states with a stable funding source through 2014."

Business Outlook

"TRC's long-term opportunities remain promising with favorable underlying industry trends. We are seeing material capital spending in the energy and power markets where TRC has become a leader in providing integrated professional services. Proposal activity in these areas is strong, although funding commitments for some of these projects continues to be affected by economic and policy factors. In the interim, TRC is focused on enhancing our integrated service offerings -- such as RE Power, Shale Gas and Ports and Pipelines -- where we expect the activity levels to strengthen first. In addition, we are continuing to identify potential acquisition targets to support our geographic and service expansion strategy."

Conference Call Information

The Company will broadcast its financial results conference call today, November 5, 2012 at 5 p.m. ET. Those who wish to listen to the conference call should visit the "Investor Center" section of TRC's website at www.TRCsolutions.com. The call may also be accessed by dialing (877) 709-8155 or (201) 689-8881. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company's website for one year.

About TRC

A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, consulting and construction management firm that provides integrated services to the energy, environmental and infrastructure markets. TRC serves a broad range of clients in government and industry, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world. For more information and updates from the Company, visit TRC's website at www.TRCsolutions.com and follow TRC on Twitter at @TRC_Companies and on LinkedIn.

Forward-Looking Statements

Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC's future expectations, contain projections of the Company's future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the uncertainty of TRC's operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC's services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC's Annual Report on Form 10-K for the fiscal year ended June 30, 2012, Quarterly Reports on Form 10-Q, and other factors detailed from time to time in the Company's other filings with the Securities and Exchange Commission.


                            TRC Companies, Inc.
              Condensed Consolidated Statements of Operations
                   (in thousands, except per share data)
                                (Unaudited)
                                                    Three Months Ended
                                               ----------------------------
                                               September 28,  September 30,
                                                    2012           2011
                                               -------------  -------------

Gross revenue                                  $     108,286  $     103,735
   Less subcontractor costs and other direct
    reimbursable charges                              33,070         30,280
                                               -------------  -------------
Net service revenue                                   75,216         73,455
                                               -------------  -------------

Interest income from contractual arrangements             45             78
Insurance recoverables and other income                1,744            220

Operating costs and expenses:
   Cost of services (exclusive of costs shown
    separately below)                                 63,686         60,162
   General and administrative expenses                 7,175          7,548
   Provision for doubtful accounts                         -            365
   Depreciation and amortization                       1,538          1,362
   Arena Towers litigation reversal                        -        (11,224)
                                               -------------  -------------
Total operating costs and expenses                    72,399         58,213
                                               -------------  -------------
Operating income                                       4,606         15,540
 Interest expense                                       (112)          (181)
                                               -------------  -------------
Income from operations before taxes                    4,494         15,359
 Federal and state income tax (provision)
 benefit                                                (234)         3,298
                                               -------------  -------------
Net income                                             4,260         18,657
 Net loss applicable to noncontrolling
 interest                                                 12             31
                                               -------------  -------------
Net income applicable to TRC Companies, Inc.           4,272         18,688
                                               =============  =============

Basic earnings per common share                $        0.15  $        0.68
                                               =============  =============
Diluted earnings per common share              $        0.15  $        0.66
                                               =============  =============

Weighted-average common shares outstanding:
   Basic                                              28,460         27,472
                                               =============  =============
   Diluted                                            29,439         28,392
                                               =============  =============



                            TRC Companies, Inc.
                   Condensed Consolidated Balance Sheets
                     (in thousands, except share data)
                                (Unaudited)
                                               September 28,     June 30,
                                                    2012           2012
                                               -------------  -------------
                    ASSETS
Current assets:
  Cash and cash equivalents                    $      14,852  $      16,561
  Accounts receivable, less allowance for
   doubtful accounts                                 103,667         95,215
  Insurance recoverable - environmental
   remediation                                        26,396         25,744
  Restricted investments                               5,591          4,413
  Prepaid expenses and other current assets           16,022         12,077
                                               -------------  -------------
    Total current assets                             166,528        154,010
                                               -------------  -------------

  Property and equipment                              53,879         53,352
  Less accumulated depreciation and
   amortization                                      (40,172)       (39,621)
                                               -------------  -------------
    Property and equipment, net                       13,707         13,731
                                               -------------  -------------
Goodwill                                              24,888         24,888
Investments in and advances to unconsolidated
 affiliates and construction joint ventures              118            109
Long-term restricted investments                      32,643         35,265
Long-term prepaid insurance                           33,568         34,272
Other assets                                          12,471         12,853
                                               -------------  -------------
    Total assets                               $     283,923  $     275,128
                                               =============  =============

            LIABILITIES AND EQUITY
Current liabilities:
  Current portion of long-term debt            $       4,404  $       1,315
  Current portion of capital lease obligations           326            267
  Accounts payable                                    28,532         30,712
  Accrued compensation and benefits                   42,542         36,292
  Deferred revenue                                    18,844         18,236
  Environmental remediation liabilities                  318            422
  Other accrued liabilities                           30,902         30,315
                                               -------------  -------------
    Total current liabilities                        125,868        117,559
                                               -------------  -------------
Non-current liabilities:
  Long-term debt, net of current portion               3,652          3,860
  Capital lease obligations, net of current
   portion                                               575            462
  Income taxes payable and deferred income tax
   liabilities                                           624            622
  Deferred revenue                                    75,941         79,104
  Environmental remediation liabilities                5,505          5,473
                                               -------------  -------------
    Total liabilities                                212,165        207,080
                                               -------------  -------------
Commitments and contingencies
Equity:
    Common stock, $.10 par value; 40,000,000
     shares authorized, 28,727,905 and
     28,724,423 shares issued and outstanding,
     respectively, at September 28, 2012, and
     28,130,702 and 28,127,220 shares issued
     and outstanding, respectively, at June
     30, 2012                                          2,873          2,813
  Additional paid-in capital                         178,687        179,402
  Accumulated deficit                               (109,408)      (113,680)
  Accumulated other comprehensive loss                   (79)          (184)
  Treasury stock, at cost                                (33)           (33)
                                               -------------  -------------
    Total shareholders' equity applicable to
     TRC Companies, Inc.                              72,040         68,318
  Noncontrolling interest                               (282)          (270)
                                               -------------  -------------
    Total equity                                      71,758         68,048
                                               -------------  -------------
    Total liabilities and equity               $     283,923  $     275,128
                                               =============  =============

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Investor Contact:
Dennis Walsh
Sharon Merrill
(617) 542-5300
trr@investorrelations.com

Company Contact:
Thomas W. Bennet, Jr.
CFO
(978) 970-5600
tbennet@trcsolutions.com

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