LOWELL, MA--(Marketwire - February 28, 2011) - TRC Companies, Inc. (
"The AUE acquisition expands our power engineering presence in Texas, which is an important market for TRC's Energy segment," said Chris Vincze, Chairman and Chief Executive Officer. "This in combination with our Environmental, Infrastructure and existing Power businesses advances our growth strategy in this region. AUE is a well-established, regional engineering firm with strong customer relationships. AUE has access to a number of attractive vertical markets and we expect there will be cross-selling opportunities resulting from this transaction. With approximately 40 employees, the firm has a talented group of professionals led by owner Rick Alexander. We welcome the entire team to the TRC family and look forward to their contributions to our success."
"We are excited about joining TRC, which has a distinguished reputation in our industry," said Rick Alexander, AUE's President and CEO. "This represents an exceptional opportunity to align with a dynamic, national organization. Through this transaction, we now have the ability to broaden our power engineering services in Texas and leverage TRC's footprint to expand our communication engineering services on a national scale. This merger also provides AUE's loyal employees with exciting career opportunities."
Vincze concluded, "Acquisitions are a fundamental component of our overall strategy for profitable growth and AUE is our first step toward achieving this goal. With our strengthened financial capacity, we are continuing to evaluate additional acquisition targets."
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, visit TRC's website at www.TRCsolutions.com.
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 availability and adequacy of insurance; the uncertainty of our operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments, including potential payments related to TRC's ongoing IRS audit, if not resolved successfully; 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; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See additional discussion in TRC's Annual Report on Form 10-K for the fiscal year ended June 30, 2010, 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.
Contact Information:
Investor Contact:
Sharon Merrill Associates
(617) 542-5300
trr@investorrelations.com
Company Contact:
Thomas W. Bennet, Jr.
CFO
(978) 970-5600
tbennet@trcsolutions.com