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Trc Companies Inc. has a market cap of $63.2 million; its shares were traded at around $3.23 with and P/S ratio of 0.3. TRR is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: Infrastructure: Demand for state, municipal and private services is expected to continue to be flat for the balance of fiscal 2010 due to general economic conditions and the lack of a new federal transportation bill and revenue shortfalls at the state and municipal levels. Recent estimates indicate that in excess of $1.5 trillion needs to be invested over the next five years in national infrastructure alone to restore the system to a state of good repair. In January 2010, the current administration committed $8 billion in federal stimulus to high speed rail. The Senate version of the Jobs Bill passed in mid March 2010 included $15 billion for infrastructure funding (plus a $20 billion Highway Trust Fund Transfer to maintain Federal Obligations through 2010), and the Transportation Reauthorization Act has included several short extensions and $500 billion in long term commitments. The long-term outlook for the infrastructure segment also remains strong due to alternative funding mechanisms (e.g., a proposed National Infrastructure Bank); the continued attractiveness of Public Private Partnerships (aka “3P”); potential additional economic stimulus initiatives; and the continued need to upgrade, replace or repair aging transportation infrastructure.
We reported a net (loss) income applicable to our common shareholders of ($2.0) million and $0.3 million for the three and nine months ended March 26, 2010, respectively. The net income applicable to our common shareholders for the nine months ended March 26, 2010 is primarily related to a tax benefit of $4.8 million (see Note 13) and a $1.7 million gain on extinguishment of debt (see Note 12) which were partially offset by accretion charges on preferred stock of $3.8 million. The preferred stock accretion charges will continue until the preferred stock converts to common stock in December 2010. We incurred significant net losses applicable to our common shareholders for the fiscal years ended June 30, 2009, 2008 and 2007. During the remainder of fiscal 2010 and continuing into fiscal 2011, we will continue to focus on improving operating profitability and cash flows from operations, including continuing to enhance controls over cost estimating and project performance to improve overall project execution and reduce contract losses.
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