Subject: [NEXTEL-1] Tetra Tech of Pasadena cuts outlook after redoing Nextel pact

From: [email-masked]
Date: Thu, 08 Apr 2004 22:45:52 -0400

Tetra Tech of Pasadena cuts outlook after redoing Nextel pact

Published April 08. 2004 7:58PM
The Associated Press

Engineering and construction company Tetra Tech Inc. on Thursday lowered
its earnings estimate for its latest quarter after renegotiating a
contract with Nextel Communications Inc.

Tetra Tech said it now expects earnings of 23 cents a share for the
second quarter ended March 28, instead of the 25 cents a share it
forecast in January.

Wall Street had been expecting the company to report quarterly earnings
of 25 cents a share, according to Thomson First Call.
A year ago, Tetra Tech posted second-quarter earnings of 21 cents a
share, before items.

In the revised Nextel contract, Tetra Tech agreed to accept another 700
sites to support a nationwide expansion of the Reston, Va.-based
provider of digital-wireless services.

The expansion will result in about $70 million of new work through March
2005. The pact could be extended beyond that date, the company said.

Tetra Tech shaved 2 cents a share off of its earlier second-quarter
earnings estimate because contract negotiations didn't favorably resolve
terms and conditions on work already completed. The contract revision
was necessary because the mix of high-cost sites increased above levels
planned in the original fixed-price contract.

Tetra Tech had forecast second-quarter revenue of $240 million to $250
million in January.
The company is expected to announce quarterly results April 21.

Tetra Tech's shares closed Thursday at $21.15 on the Nasdaq Stock
Market, down 65 cents, or 3 percent.

http://www.starbanner.com/apps/pbcs.dll/article?AID=/20040408/APF/404081183

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