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Tetra Tech is a leading provider of consulting, engineering, program management, construction, and technical services addressing the resource management and infrastructure markets. The Company supports government and commercial clients by providing innovative solutions focused on water, the environment, and energy. With more than 12,000 employees worldwide, Tetra Tech's capabilities span the entire project life cycle.
Tetra Tech Reports Strong Third Quarter Results
Net Revenue exceeded guidance up 30% to $481 million
EBITDA up 29% to $53 million
Operating cash up 128% to $56 million
Diluted EPS of $0.38 exceeded guidance
Tetra Tech, Inc. (NASDAQ:TTEK) announced results for the third quarter ended July 3, 2011.
Revenue in the quarter was $673.8 million, up 19.8% compared to $562.4 million in the year-ago period. Revenue, net of subcontractor costs1, was $480.5 million, up 29.8% compared to $370.1 million in the year-ago period. Earnings before interest, taxes, depreciation, and amortization (EBITDA2) were $52.5 million, up 28.9% compared to $40.8 million in the year-ago period. Operating income was $39.4 million, up 20.5% compared to $32.7 million in the year-ago period. Net income was $23.8 million, up 15.5% compared to $20.6 million in the year-ago period. Diluted earnings per share (NYSEARCA:EPS) were $0.38, up 15.2% compared to $0.33 in the year-ago period. Backlog was $1.88 billion, up 11.8% compared to $1.68 billion at the end of the year-ago period. Cash generated from operations was $55.8 million, up 127.7% compared to $24.5 million in the year-ago period.
Tetra Tech's Chairman and CEO, Dan Batrack, said, Tetra Tech had another solid quarter driven by strength in the commercial and international markets. Demand for our water, mining, and energy services resulted in strong net revenue and earnings, which enabled us to exceed guidance. Our front-end segment margins improved notably due to seasonally higher workloads and staff productivity. Looking forward over the next several quarters, we foresee stability in our government markets and strong growth in our commercial and international markets, bolstered by contributions from recent acquisitions. International clients represent our fastest-growing sector. We expect international work to become the largest revenue contributor within the next several quarters and grow to represent more than 40% of our business.
More about TTEK at www.tetratech.com
Japan Equity Fund Inc. (NYSE:JEQ), a closed-end management investment company, announced its performance results for the three months ended April 30, 2011, the second quarter of its 2011 fiscal year. For the quarter ended April 30, 2011, the Fund earned net investment income of approximately U.S. $539,000 (equivalent to income of U.S. $0.04 per share) resulting in net investment income for the six-month period of approximately U.S. $307,000 (equivalent to income of U.S. $0.02 per share). In addition, net realized and unrealized losses from investment activities and foreign currency transactions during that same three-month period was approximately U.S. $5,428,000 (equivalent to a loss of U.S. $0.38 per share). As a result, the net realized and unrealized gain decreased to approximately U.S. $3,798,000 (equivalent to a gain of U.S. $0.26 per share) for the six months ended April 30, 2011.
National Health Partners, Inc. (OTC:NHPR)
National Health Partners, Inc. is a national healthcare savings organization that provides discount healthcare membership programs to uninsured and underinsured people through a national healthcare savings network called "CARExpress." CARExpress is one of the largest networks of hospitals, doctors, dentists, pharmacists and other healthcare providers in the country and is comprised of over 1,000,000 medical professionals that belong to such PPOs as CareMark and Aetna. National Health Partners, Inc primary target customer group is the 47 million Americans who have no health insurance of any kind. The company's secondary target customer group includes the millions of Americans who lack complete health insurance coverage.
There is a tremendous demand for efficient health care system. As more and more people are educated with ways of possibly increasing a person's life span, the growth of policies which will help secure the future treatments of ongoing illnesses and long term care for senior citizens in nursing homes increases. At present, the budget of the US Government rests primarily on national health expenditures.
National Health Partners, Inc. (OTC:NHPR), a leading provider of unique discount healthcare membership programs, announced that it has entered into agreement with a major Hispanic marketing group for the sale of its CARExpress programs. The company also sees growth in new sales of memberships of more than 300% thru the remainder of the year.
Under the new agreement, this national Hispanic marketing group will be promoting the company's CARExpress discount healthcare membership program to Hispanic communities located across the United States, with particular focus on cities and regions containing a large number of Hispanics. With the previously announced plans to increase monthly sales by 75% with its newest and most successful marketing partner, the company now expects sales of new members to grow more than 300% thru the remainder of the year.
For more information about National Health Partners, Inc. please visit their website: www.nationalhealthpartners.com.
Kellogg Company (NYSE:K) announced second quarter 2011 reported net sales growth of 11 percent to $3.4 billion. Internal net sales, which exclude the effects of foreign currency translation, rose 6 percent over the same period. Second quarter 2011 operating profit of $543 million increased 12 percent on a reported basis and 8 percent on an internal basis. While the Company was lapping soft comparisons in second quarter 2010, the performance reflected strong innovation and the benefit from pricing actions taken over the first half 2011 which helped offset higher input costs. Reported earnings for the second quarter 2011 were $343 million, or $0.94 per diluted share, an increase of 19 percent from second quarter 2010 reported earnings of $0.79 per diluted share. On a currency-neutral basis, second quarter 2011 earnings per share grew 13 percent.
Kellogg Company, together with its subsidiaries, engages in the manufacture and marketing of ready-to-eat cereal and convenience foods. Its principal products include cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles, and veggie foods.
Cleantech Transit Inc (OTCPK:CLNO)
Biomass is any plant or animal matter used to produce energy. Many plants and plant-derived materials can be used for energy production; the most common is wood. Other sources include food crops, grasses, agricultural residues, manure and methane from landfills. Biomass is a renewable, low carbon fuel; biomass is a sustainable fuel that can deliver a significant reduction in net carbon emissions when compared with fossil fuels.
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. Cleantech Transit Inc has expanded its focus to invest directly in specific green projects that could maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech Transit Inc. has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project could benefit the Company's manufacturing clients worldwide.
Cleantech Transit, Inc. (OTCPK:CLNO) is pleased to announce it has met its funding requirement to secure the Company's ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
For more information about CLNO, visit www.cleantechtransitinc.com
Noble Energy, Inc. (NYSE:NBL) reported second quarter 2011 net income of $294 million, or $1.61 per share diluted, on revenues of $954 million. The Company's second quarter 2010 net income was $204 million, or $1.10 per share diluted, on revenues of $751 million. Net income for the second quarter 2011 includes unrealized commodity derivative gains, a gain on asset divestiture, as well as certain asset impairments. Excluding these items, second quarter 2011 adjusted net income was $263 million, or $1.44 per share diluted. Adjusted net income for the second quarter of 2010 was $198 million, or $1.07 per share diluted.
Noble Energy, Inc., through its subsidiaries, engages in the acquisition, exploration, development, production, and marketing of crude oil, natural gas, and natural gas liquids in the United States, West Africa, Eastern Mediterranean, the North Sea, and internationally.
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