(RTTNews) - Monday, TRC Companies Inc. (TRR: News ), a consulting, engineering and construction management firm, reported narrower loss for the fourth quarter ended June 30, 2009, despite a decline in revenue.

The Lowell, Massachusetts-based company posted narrower quarterly loss attributable to the common shareholders of $5.29 million or $0.27 per share compared with net loss of $16.14 million or $0.86 per share a year earlier.

In view of uncertainty in Federal and state taxes, the company recorded $4.5 million income tax provision, while in the prior year reported an income tax benefit of $143 thousand. In addition, the company incurred two other non-cash charges totaling $0.7 million related to preferred stock accretion and an asset impairment charge related to an unconsolidated affiliate.

TRC's quarterly net service revenue declined to $63.6 million from $65.2 million for the comparable period in 2008.

Operating costs and expenses declined to $68.916 million from $84.807 million in the prior year.

In the recent fourth-quarter, Interest income from contractual arrangements plunged to $216 thousand from $904 thousand a year ago. The group's operating income was $404 thousand, compared with an operating loss of $14.81 million last year.
Chairman and Chief Executive Officer Chris Vincze said, "TRC's efforts on the turnaround plan have already created a leaner organization with a strong balance sheet. We are now positioned to focus on client-facing activity, generating profitable growth, and gaining market share."

On a year-to-date basis, net loss applicable to common shareholders narrowed to $24.1 million or $1.25 per share from $109.149 million or $5.84 per share a year ago.

Net service revenue for the period was $254.8 million, down from $268.2 million in fiscal 2008.

TRR is currently trading at $3.80, on the NYSE.

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by RTT Staff Writer

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