Jacobs Engineering Group Inc. (JEC, Financial) filed Quarterly Report for the period ended 2010-04-02.
Jacobs Engineering Group Inc. has a market cap of $6.03 billion; its shares were traded at around $48.38 with a P/E ratio of 16.7 and P/S ratio of 0.5. Jacobs Engineering Group Inc. had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 3.5-star.JEC is in the portfolios of Arnold Van Den Berg of Century Management, Steven Cohen of SAC Capital Advisors, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, PRIMECAP Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
last year. Direct costs of contracts for the six months ended April 2, 2010 decreased $1.0 billion, or 18.9%, to $4.4 billion as compared to $5.4 billion for the corresponding period last year. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors including the amount of pass-through costs we incur during a period. On those projects where we are responsible for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such items as pass-through costs). On other projects, where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not considered pass-through costs and are, therefore, not reflected in either revenues or costs. To the extent that we incur a significant amount of pass-through costs in a period, our direct cost of contracts are likely to increase as well.
Selling, general and administrative (SG&A) expenses for the three months ended April 2, 2010 increased $8.2 million, or 3.5%, to $241.2 million compared to $232.9 million for the three months ended April 3, 2009. For the six months ended April 2, 2010, SG&A expenses decreased by $12.4 million, or 2.5%, to $476.9 million compared to $489.3 million for the six months ended April 3, 2009.
During the first six months of fiscal 2010, our cash and cash equivalents decreased by $194.6 million to $839.1 million at April 2, 2010. This compares to a net increase in cash and cash equivalents of $168.2 million, to $772.7 million, during the corresponding period last year. During the six months ended April 2, 2010, we used $406.1 million of cash and cash equivalents for investing activities. This cash outflow was offset in part by net cash inflows of $117.2 million from operating activities, $92.8 million from financing activities, and $1.6 million from the effects of exchange rates.
Our financing activities resulted in net cash inflows of $92.8 million during the six months ended April 2, 2010. This compares to net cash outflows of $0.3 million during the corresponding period last year. The $93.1 million net increase in cash flows from financing activities during the six months ended April 2, 2010 as compared to the corresponding period last year was due primarily to a $79.0 million increase in short-term borrowings.
We believe we have adequate liquidity and capital resources to fund our operations, support our acquisition strategy, and service our debt for the next twelve months. We had $839.1 million in cash and cash equivalents at April 2, 2010, compared to $1.0 billion at October 2, 2009. Our consolidated working capital position at April 2, 2010 was $1.4 billion, a decrease of $164.9 million from October 2, 2009. We have a long-term, unsecured, revolving credit facility providing up to $290.0 million of debt capacity, under which approximately $33.5 million was utilized at April 2, 2010 in the form of direct borrowings and letters of credit. While our access to capital has not been severely affected by the credit crisis currently impacting global markets, we believe the full effect of the crisis may increase our borrowing costs in the future. We believe that the capacity, terms and conditions of our long-term revolving credit facility, combined with other committed and uncommitted facilities we have in place, are adequate for our working capital and general business requirements.
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Jacobs Engineering Group Inc. has a market cap of $6.03 billion; its shares were traded at around $48.38 with a P/E ratio of 16.7 and P/S ratio of 0.5. Jacobs Engineering Group Inc. had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 3.5-star.JEC is in the portfolios of Arnold Van Den Berg of Century Management, Steven Cohen of SAC Capital Advisors, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, PRIMECAP Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
Highlight of Business Operations:
Total revenues for the second quarter of fiscal 2010 decreased by $388.5 million, or 13.1%, to $2.6 billion compared to $3.0 billion for the second quarter of fiscal 2009. Total revenues for the six months ended April 2, 2010 decreased by $1.1 billion, or 18.4%, to $5.1 billion compared to $6.2 billion for the corresponding period last year.last year. Direct costs of contracts for the six months ended April 2, 2010 decreased $1.0 billion, or 18.9%, to $4.4 billion as compared to $5.4 billion for the corresponding period last year. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors including the amount of pass-through costs we incur during a period. On those projects where we are responsible for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such items as pass-through costs). On other projects, where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not considered pass-through costs and are, therefore, not reflected in either revenues or costs. To the extent that we incur a significant amount of pass-through costs in a period, our direct cost of contracts are likely to increase as well.
Selling, general and administrative (SG&A) expenses for the three months ended April 2, 2010 increased $8.2 million, or 3.5%, to $241.2 million compared to $232.9 million for the three months ended April 3, 2009. For the six months ended April 2, 2010, SG&A expenses decreased by $12.4 million, or 2.5%, to $476.9 million compared to $489.3 million for the six months ended April 3, 2009.
During the first six months of fiscal 2010, our cash and cash equivalents decreased by $194.6 million to $839.1 million at April 2, 2010. This compares to a net increase in cash and cash equivalents of $168.2 million, to $772.7 million, during the corresponding period last year. During the six months ended April 2, 2010, we used $406.1 million of cash and cash equivalents for investing activities. This cash outflow was offset in part by net cash inflows of $117.2 million from operating activities, $92.8 million from financing activities, and $1.6 million from the effects of exchange rates.
Our financing activities resulted in net cash inflows of $92.8 million during the six months ended April 2, 2010. This compares to net cash outflows of $0.3 million during the corresponding period last year. The $93.1 million net increase in cash flows from financing activities during the six months ended April 2, 2010 as compared to the corresponding period last year was due primarily to a $79.0 million increase in short-term borrowings.
We believe we have adequate liquidity and capital resources to fund our operations, support our acquisition strategy, and service our debt for the next twelve months. We had $839.1 million in cash and cash equivalents at April 2, 2010, compared to $1.0 billion at October 2, 2009. Our consolidated working capital position at April 2, 2010 was $1.4 billion, a decrease of $164.9 million from October 2, 2009. We have a long-term, unsecured, revolving credit facility providing up to $290.0 million of debt capacity, under which approximately $33.5 million was utilized at April 2, 2010 in the form of direct borrowings and letters of credit. While our access to capital has not been severely affected by the credit crisis currently impacting global markets, we believe the full effect of the crisis may increase our borrowing costs in the future. We believe that the capacity, terms and conditions of our long-term revolving credit facility, combined with other committed and uncommitted facilities we have in place, are adequate for our working capital and general business requirements.
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