WNG Washington Grp Int#

Financial Highlights BOISE, Idaho, Oct. 29 /PRNewswire-FirstCall/ -- Washington Group International (NYSE:WNG) today reported financial results for its third quarter ended September 28, 2007. New work totaled $1.1 billion in the third quarter, including previously announced clean-air power projects, scope expansion at a uranium-enrichment facility, and the successful recompete of a U.S. Department of Energy (DOE) contract for environmental cleanup and waste management in New York. Backlog at the end of the third quarter totaled $6.2 billion, 84 percent of which is cost reimbursable. Work under contract for government customers beyond two years and for mining customers beyond five years, which is not in backlog, is $5.8 billion, resulting in work under contract yet to complete of $12.0 billion. Revenue was $1.1 billion in the third quarter, an increase of nearly 30 percent or $239.5 million over the $824.4 million in the 2006 third quarter primarily due to recent contract awards in the Power and Industrial/Process business units being converted into revenue. Revenue from work in the Middle East was $31.2 million in the third quarter, compared to $77.6 million in the 2006 third quarter. Work in Iraq will be substantially complete at the end of the calendar year. Subsequent to the October 15 news release providing estimates for the quarter based upon preliminary information, the company recorded a $2.5 million after-tax charge related to increased costs on a fixed-price highway- construction project in California. Including the effect of the charge as well as $1.6 million in merger-related expenses, net income in the 2007 third quarter was $36.4 million, or $1.17 per diluted share, up substantially from the $4.3 million, or $0.14 per diluted share, reported in the 2006 third quarter. Excluding merger-related expenses, net income was $38.0 million, or $1.22 per diluted share, for the 2007 third quarter. As previously announced, the 2007 quarter benefited from a $5.7 million after-tax gain from the sale of the company's interest in a coal mine in Montana and $5.4 million after tax related to work performed in prior periods on a DOE construction project in Washington. The 2006 third quarter was negatively impacted by charges totaling $14.9 million after tax and minority interest for increased estimated costs on two highway-construction projects and a $3.0 million after-tax non-cash charge related to restructuring the company's $350.0 million credit facility. Cash, including restricted cash, at the end of the third quarter was $296.8 million, compared to $200.3 million at the end of the 2007 second quarter. The increase in cash reflects cash generated by operations including benefits associated with favorable tax attributes, the sale/leaseback of mining equipment, and sale of the company's interest in a coal mine. Business Unit Performance * Energy & Environment: In the 2007 third quarter, Energy & Environment generated revenue of $198.8 million and operating income of $20.2 million. Revenue increased 6 percent or $11.6 million, and operating income increased 23 percent or $3.7 million over the 2006 third quarter. The improvements in both revenue and operating income are due primarily to additional fees recognized on a DOE nuclear waste processing facility construction project in Washington and a construction project at a DOE site in Idaho. The 2007 third quarter also reflects a $9.5 million increase in business development costs due to pursuit of new contract opportunities including U.K. nuclear waste cleanup and the DOE's Hanford Plateau Remediation and Tank Operations contracts as well as the company's recompete for the DOE's Savannah River Site contracts. New work totaled $325.0 million including the successful recompete of a DOE contract for management and operation of the West Valley Demonstration Project in New York. Backlog at the end of the quarter was $925.0 million, up $124.8 million from the end of the 2007 second quarter. * Defense: In the 2007 third quarter, Defense generated revenue of $160.6 million and operating income of $13.3 million. Revenue increased 10 percent or $14.8 million, and operating income increased 24 percent or $2.5 million. Operating income continues to reflect award and performance incentive fees for outstanding performance at U.S. chemical demilitarization projects. New work totaled $178.6 million, and the backlog at the end of the quarter was $976.4 million, up $11.7 million from the end of the 2007 second quarter. * Mining: In the 2007 third quarter, Mining generated revenue of $63.1 million and operating income of $26.3 million. Revenue increased 16 percent or $8.9 million, and operating income increased 168 percent or $16.5 million compared to the 2006 third quarter. Operating income in the 2007 third quarter includes $9.6 million related to the sale of the company's interest in a coal mine in Montana after the majority owner assumed responsibility for mining operations earlier this year. The company's only remaining equity interest in mining property is the MIBRAG coal-mining joint venture in Germany. Equity in earnings of MIBRAG increased $5.0 million over the quarter last year due to increased coal and electricity sales and the favorable euro/dollar exchange rate. Earnings were also higher due to improved performance on contract mining projects, including the impact of amending two contracts to cover cost escalation. New work totaled $105.3 million, and backlog at the end of the quarter was $935.5 million, up $28.0 million from the end of the 2007 second quarter. * Power: In the 2007 third quarter, Power generated revenue of $275.9 million and operating income of $16.0 million. Revenue was up 62 percent or $105.3 million from the 2006 third quarter, and operating income increased 38 percent or $4.4 million. The increases in revenue and operating income are primarily due to clean-air projects, new-power- generation projects in Puerto Rico and Wisconsin, and a uranium- enrichment facility in New Mexico. New work totaled $277.6 million, which included clean-air programs, new-generation business, and new nuclear programs. Backlog was $1.4 billion, up slightly from the end of the 2007 second quarter. * Infrastructure: In the 2007 third quarter, Infrastructure generated revenue of $165.6 million and operating income of $6.2 million. Revenue was up 16 percent or $23.0 million from the 2006 third quarter due to preliminary design work on a new light-rail project in Texas and increased activity on a fixed-price highway project in California and a dam-construction project in Illinois. Infrastructure generated operating income of $6.2 million in the 2007 third quarter, compared to an operating loss of $17.8 million in the 2006 third quarter. Infrastructure's operating results in the 2006 third quarter included a $30.3 million charge on two fixed-price highway projects in California, as compared to a charge of $4.2 million in the 2007 third quarter related to increased estimated costs to complete one of the fixed-price highway-construction projects in California. Excluding the impact of the charges, Infrastructure generated operating income of $10.4 million in the 2007 third quarter as compared to $12.5 million during the 2006 third quarter. Earnings in the 2006 third quarter included the close-out of a bridge project in Florida and higher earnings from work in the Middle East; the company's reconstruction work in Iraq has been winding down throughout 2007 and is expected to be substantially complete at the end of 2007. New work for the quarter totaled $79.5 million. Backlog at the end of the third quarter was $665.3 million, a decrease of $99.9 million from the end of the 2007 second quarter. * Industrial/Process: For the 2007 third quarter, Industrial/Process generated revenue of $200.0 million and operating income of $3.8 million. Revenue increased 65 percent or $78.8 million over the 2006 third quarter due primarily to work on a new cement plant in Missouri, a chemical plant in Louisiana, an oil and gas project in Colorado, and increases on continuing facility-management projects. In the 2006 third quarter, the business unit reported a $2.9 million operating loss due in part to investments to expand its oil and gas business; in the 2007 third quarter, increased costs on an oil and gas project in Qatar partially offset earnings associated with the projects described above. New work awarded in the quarter totaled $118.3 million. Backlog at the end of the third quarter was $1.25 billion, down $81.6 million from the end of the 2007 second quarter. Outlook The company's guidance for the full year 2007, excluding merger-related expenses, has not changed since the October 15 news release and is as follows: 2007 Guidance 2006 Actual New Work $4.8-$5.2 billion $4.2 billion Backlog $6.5-$6.9 billion $5.6 billion Revenue $3.9-$4.1 billion $3.4 billion Net Income $95-$105 million* $80.8 million Diluted Earnings Per Share $3.06-$3.39* $2.64 *Excluding merger-related costs The 2007 guidance assumes that the company continues to operate as a stand-alone operation through December 28, 2007, and excludes merger-related costs and future change orders and claim recoveries. Special Meeting of Stockholders Washington Group's Special Meeting of Stockholders is scheduled for 11 a.m. Mountain Time Tuesday, October 30, to consider the proposed merger transaction with URS Corporation (NYSE:URS). Washington Group's Board of Directors recommends that all Washington Group stockholders vote in favor of the proposed merger transaction. The Board continues to believe that a merger with URS would create a stronger and more competitive company that is capable of creating more stockholder value than Washington Group could on its own. If the transaction is completed, Washington Group stockholders would have an approximately 32 percent equity interest in the combined company and thus a significant share in the future growth of the combined company. Stockholders who have not already voted or wish to change their votes may do so by using the telephone or Internet voting procedures provided on their proxy cards to help ensure that votes are received in time to be counted. Stockholders who have questions about the merger or need assistance in submitting their proxies or voting their shares should contact Washington Group's proxy solicitor, MacKenzie Partners, Inc., by calling 800-322-2885 (toll-free) or 212-929-5500 (collect) or via e-mail to . Since approval of the merger requires the affirmative vote of the holders of at least a majority of the outstanding shares of Washington Group common stock, every vote is important. Not voting has the same effect as voting against the proposed merger. Additional information regarding the proposed merger transaction can be found in the joint proxy statement/prospectus dated September 28, 2007. About Washington Group International Washington Group International (NYSE:WNG) provides the talent, innovation, and proven performance to deliver integrated engineering, construction, and management solutions for businesses and governments worldwide. Headquartered in Boise, Idaho, with approximately $4 billion in annual revenue, the company has approximately 25,000 people at work around the world providing solutions in power, environmental management, defense, oil and gas processing, mining, industrial facilities, transportation, and water resources. For more information, visit http://www.wgint.com/. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof or other variations thereof. Each forward-looking statement, including, without limitation, any financial guidance, speaks only as of the date on which it is made, and Washington Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. The forward-looking statements are necessarily based on assumptions and estimates of management and are inherently subject to various risks and uncertainties. Actual results may vary materially as a result of changes or developments in social, economic, business, market, legal, and regulatory circumstances or conditions, both domestically and globally, as well as due to actions by customers, clients, suppliers, business partners, or government bodies. Performance is subject to numerous factors, including demand for new power generation and for modification of existing power facilities, public sector funding, demand for extractive resources, capital spending plans of customers, and spending levels and priorities of the U.S., state and other governments. Results may also vary as a result of difficulties or delays experienced in the execution of contracts or implementation of strategic initiatives, including the satisfaction of terms and conditions for the proposed merger transaction with URS Corporation and in the closing and success of such proposed merger transaction. For additional risks and uncertainties impacting the forward- looking statements contained in this news release, please see "Note Regarding Forward-Looking Information" and "Item 1A. Risk Factors" in Washington Group's annual report on Form 10-K for fiscal year 2006. Additional Information and Where to Find It In connection with the proposed transaction, URS and Washington Group International filed a definitive joint proxy statement/prospectus and other materials with the Securities and Exchange Commission (the "SEC"), and URS filed a registration statement on Form S-4. Investors and security holders are urged to read the definitive joint proxy statement/prospectus, the registration statement on Form S-4, documents incorporated by reference in the definitive joint proxy statement/prospectus, and the other materials filed with the SEC as they contain important information about the proposed transaction. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC's Web site at http://www.sec.gov/. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by URS by contacting URS Investor Relations at 877-877-8970. Investors and security holders may obtain free copies of the documents filed with the SEC by Washington Group by contacting Washington Group Investor Relations at 866-964-4636. In addition, you may also find information about the merger transaction at http://www.urs-wng.com/. URS, Washington Group and their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of URS and Washington Group in connection with the proposed transaction. Information regarding the special interests of these directors and executive officers in the proposed transaction is included in definitive joint proxy statement/prospectus described above. Additional information regarding the directors and executive officers of URS is also included in URS' proxy statement for its 2007 Annual Meeting of Stockholders, which was filed with the SEC on April 18, 2007. Additional information regarding the directors and executive officers of Washington Group is also included in Washington Group's proxy statement for its 2007 Annual Meeting of Stockholders, which was filed with the SEC on April 17, 2007, as amended. These documents are available free of charge at the SEC's Web site at http://www.sec.gov/ and from Investor Relations at URS and Washington Group as described above. CONTACTS: Media: Laurie Spiegelberg, Vice President of Corporate Communications, Washington Group International, 208-386-5255 Investors: George Juetten, Executive Vice President and Chief Financial Officer, Washington Group International, 208-386-5698 Or Dan Burch or Larry Dennedy, MacKenzie Partners, Inc., 212-929-5239 WASHINGTON GROUP INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, Three Months Ended Nine Months Ended except per September 28, September 29, September 28, September 29, share data) 2007 2006 2007 2006 Revenue $1,063,866 $824,354 $2,853,119 $2,542,753 Cost of revenue (1,003,467) (808,847) (2,714,686) (2,426,850) Gross profit 60,399 15,507 138,433 115,903 Equity in income of unconsolidated affiliates 25,070 12,321 38,004 29,137 General and administrative expenses (18,552) (20,619) (56,250) (55,626) Operating income 66,917 7,209 120,187 89,414 Interest income 2,178 2,968 6,945 8,106 Interest expense (1,427) (1,199) (4,408) (4,883) Write-off of deferred financing fees -- (5,063) -- (5,063) URS Corporation merger related costs (1,600) -- (8,250) -- Other income (expense), net 23 (171) (388) (68) Income before income taxes and minority interests 66,091 3,744 114,086 87,506 Income tax expense (26,804) (1,606) (48,266) (35,302) Minority interests in (income) loss of consolidated entities, net of tax (2,857) 2,175 (5,660) (231) Net income $36,430 $4,313 $60,160 $51,973 Net income per share: Basic $1.26 $0.15 $2.09 $1.81 Diluted 1.17 0.14 1.95 1.69 Shares used to compute net income per share: Basic 28,929 28,765 28,804 28,638 Diluted 31,152 30,706 30,877 30,680 WASHINGTON GROUP INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands) September 28, December 29, 2007 2006 ASSETS Current assets Cash and cash equivalents $211,517 $232,096 Restricted cash 85,278 65,475 Accounts receivable, including retentions of $15,457 and $16,443, respectively 300,552 358,957 Unbilled receivables 416,765 268,829 Investments in and advances to construction joint ventures 54,252 44,333 Deferred income taxes 89,848 106,681 Other 43,760 48,789 Total current assets 1,201,972 1,125,160 Investments and other assets Investments in unconsolidated affiliates 125,861 113,953 Goodwill 97,076 97,076 Deferred income taxes 217,443 227,901 Other assets 38,244 38,005 Total investments and other assets 478,624 476,935 Property and equipment Construction and mining equipment 201,948 162,776 Other equipment and fixtures 63,038 50,642 Buildings and improvements 10,988 12,781 Land and improvements 584 584 Total property and equipment 276,558 226,783 Less accumulated depreciation (106,634) (96,554) Property and equipment, net 169,924 130,229 Total assets $1,850,520 $1,732,324 WASHINGTON GROUP INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (UNAUDITED) September 28, December 29, (In thousands, except per share data) 2007 2006 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and subcontracts payable, including retentions of $34,399 and $26,423, respectively $381,776 $335,045 Billings in excess of cost and estimated earnings on uncompleted contracts 102,982 152,109 Accrued salaries, wages and benefits, including compensated absences of $61,011 and $53,695, respectively 196,214 192,307 Other accrued liabilities 37,587 38,563 Total current liabilities 718,559 718,024 Non-current liabilities Self-insurance reserves 73,417 68,392 Pension and post-retirement benefit obligations 84,653 87,449 Other non-current liabilities 63,784 50,263 Total non-current liabilities 221,854 206,104 Contingencies and commitments Minority interests 15,365 9,947 Stockholders' equity Preferred stock, par value $.01 per share, 10,000 shares authorized -- -- Common stock, par value $.01 per share, 100,000 shares authorized; 30,471 and 30,001 shares issued, respectively 305 300 Capital in excess of par value 693,489 661,278 Retained earnings 243,652 183,492 Treasury stock, 1,163 and 1,159 shares, respectively, at cost (67,489) (67,251) Accumulated other comprehensive income 24,785 20,430 Total stockholders' equity 894,742 798,249 Total liabilities and stockholders' equity $1,850,520 $1,732,324 WASHINGTON GROUP INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Nine Months Ended September 28, September 29, 2007 2006 Operating activities Net income $60,160 $51,973 Adjustments to reconcile net income to net cash provided by operating activities: Cash paid for reorganization items (1,418) (1,780) Depreciation of property and equipment 27,890 22,002 Amortization of intangible assets 3,278 11,346 Amortization and write off of deferred financing fees 685 6,394 Non-cash income tax expense 44,906 35,007 Minority interests in income of consolidated subsidiaries, net of tax 5,660 231 Equity in income of unconsolidated affiliates, less dividends received (8,454) (15,892) Gain on sale of interest in coal mine (9,575) -- Gain on sale of assets, net (5,962) (1,749) Stock-based compensation expense 11,876 8,201 Excess tax benefit from exercise of stock options (3,325) (4,715) Changes in operating assets, liabilities and other (88,224) (107,902) Net cash provided by operating activities 37,497 3,116 Investing activities Property and equipment additions (124,833) (44,120) Proceeds from sales of mining equipment leased back 45,239 -- Proceeds from sale of property and equipment 17,472 3,749 Proceeds from sale of interest in coal mine 13,500 -- Change in restricted cash (19,803) (226) Business acquisition, net of cash acquired of $563 -- (6,103) Contributions and advances to unconsolidated affiliates 32 (1,632) Net cash used by investing activities (68,393) (48,332) Financing activities Proceeds from exercise of stock options and warrants 10,858 84,297 Excess tax benefit from exercise of stock options 3,325 4,715 Purchase of warrants and treasury stock -- (79,650) Distributions to minority interests, net (3,866) (1,089) Payoff of loan assumed in business acquisition -- (1,668) Net cash provided by financing activities 10,317 6,605 Decrease in cash and cash equivalents (20,579) (38,611) Cash and cash equivalents at beginning of period 232,096 237,706 Cash and cash equivalents at end of period $211,517 $199,095 WASHINGTON GROUP INTERNATIONAL, INC. SEGMENT INFORMATION (UNAUDITED) Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, (In thousands) 2007 2006 2007 2006 Revenue Power $275,946 $170,686 $766,918 $580,604 Infrastructure 165,635 142,650 423,590 436,893 Mining 63,123 54,264 177,888 120,674 Industrial/Process 200,026 121,205 512,318 371,429 Defense 160,560 145,716 449,620 438,850 Energy & Environment 198,839 187,277 522,432 592,495 Intersegment, eliminations and other (263) 2,556 353 1,808 Total revenue $1,063,866 $824,354 $2,853,119 $2,542,753 Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, (In thousands) 2007 2006 2007 2006 Operating income (loss) Power $16,025 $11,636 $45,483 $33,949 Infrastructure 6,210 (17,761) (6,333) (18,094) Mining 26,281 9,792 42,081 15,205 Industrial/Process 3,766 (2,855) 10,434 3,777 Defense 13,281 10,744 39,253 35,292 Energy & Environment 20,172 16,449 45,458 77,828 Intersegment and other unallocated operating costs (265) (177) 61 (2,917) Corporate general and administrative expenses (18,553) (20,619) (56,250) (55,626) Total operating income $66,917 $7,209 $120,187 $89,414 NEW WORK Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, (In millions) 2007 2006 2007 2006 Power $277.6 $661.3 $911.5 $933.6 Infrastructure 79.5 189.5 356.4 351.0 Mining 105.3 38.6 525.4 301.9 Industrial/Process 118.3 74.8 531.7 487.9 Defense 178.6 112.1 481.8 340.1 Energy & Environment 325.0 157.3 824.2 452.8 Other (0.2) 2.5 0.3 1.7 Total new work $1,084.1 $1,236.1 $3,631.3 $2,869.0 BACKLOG September 28, June 29, December 29, (In millions) 2007 2007 2006 Power $1,406.6 $1,404.9 $1,262.0 Infrastructure 665.3 765.2 799.6 Mining 935.5 907.5 733.3 Industrial/Process 1,246.5 1,328.1 1,227.6 Defense 976.4 964.7 953.6 Energy & Environment 925.0 800.2 628.7 Total backlog $6,155.3 $6,170.6 $5,604.8 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") (UNAUDITED) We view EBITDA as a performance measure of operating liquidity, and as such we believe that the GAAP financial measure most directly comparable to it is net cash provided (used) by operating activities (see reconciliation of EBITDA to net cash provided (used) by operating activities below). EBITDA is not an alternative to and should not be considered instead of, or as a substitute for, earnings from operations, net income or loss, cash flows from operating activities or other statements of operations or cash flow data prepared in conformity with GAAP, or as a GAAP measure of profitability or liquidity. In addition, our calculation of EBITDA may or may not be comparable to similarly titled measures of other companies. EBITDA is used by our management as a supplemental financial measure to evaluate the performance of our business that, when viewed with our GAAP results and the accompanying reconciliations, we believe provides a more complete understanding of factors and trends affecting our business than the GAAP results alone. We also regularly communicate our EBITDA to the public through our earnings releases because it is a financial measure commonly used by analysts that cover our industry to evaluate our performance as compared to the performance of other companies that have different financing and capital structures or effective tax rates. In addition, EBITDA is a financial measure used in the financial covenants of our Credit Facility and therefore is a financial measure to evaluate our compliance with our financial covenants. Management compensates for the above-described limitations of using a non-GAAP financial measure by using this non-GAAP financial measure only to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Components of EBITDA are presented below: Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, (In millions) 2007 2006 2007 2006 Net income $36.4 $4.3 $60.2 $52.0 Interest expense (a) 1.4 6.3 4.4 9.9 Income tax expense 26.8 1.6 48.3 35.3 Depreciation and amortization 10.1 10.3 31.2 33.3 EBITDA $74.7 $22.5 $144.1 $130.5 (a) Includes write-off of deferred financing fees of $5.1 million for the three and nine months ended September 29, 2006. RECONCILIATION OF EBITDA TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES We believe that net cash provided (used) by operating activities is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to EBITDA. The following table reconciles EBITDA to net cash provided (used) by operating activities for each of the periods for which EBITDA is presented. Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, (In millions) 2007 2006 2007 2006 EBITDA $74.7 $22.5 $144.1 $130.5 Interest expense (1.4) (6.3) (4.4) (9.9) Income tax expense (26.8) (1.6) (48.3) (35.3) Cash paid for reorganization items (0.2) (0.8) (1.4) (1.8) Amortization of deferred financing fees 0.2 5.3 0.7 6.4 Non-cash income tax expense 25.7 4.9 44.9 35.0 Minority interests in income (loss) of consolidated subsidiaries, net of tax 2.9 (2.2) 5.6 0.2 Equity in income of unconsolidated affiliates, less dividends received (7.9) (7.2) (8.5) (15.9) Gain on sale of interest in coal mine (9.6) -- (9.6) -- Gain on sale of assets, net (0.6) (0.9) (6.0) (1.7) Stock-based compensation expense 3.7 2.2 11.9 8.2 Excess tax benefits from exercise of stock options (0.4) (0.6) (3.3) (4.7) Changes in operating assets, liabilities and other (3.5) (37.2) (88.2) (107.9) Net cash provided (used) by operating activities $56.8 $(21.9) $37.5 $3.1 Net cash provided by operating activities for the nine months ended September 28, 2007 $37.5 Less: Net cash used by operating activities for the six months ended June 29, 2007 (19.3) Net cash provided by operating activities for the three months ended September 28, 2007 $56.8 Net cash provided by operating activities for the nine months ended September 29, 2006 $3.1 Less: Net cash provided by operating activities for the six months ended June 30, 2006 25.0 Net cash used by operating activities for the three months ended September 29, 2006 $(21.9) DATASOURCE: Washington Group International CONTACT: Media, Laurie Spiegelberg, Vice President of Corporate Communications, +1-208-386-5255, or Investors, George Juetten, Executive Vice President and Chief Financial Officer, +1-208-386-5698, both of Washington Group International; or Dan Burch or Larry Dennedy, both of MacKenzie Partners, Inc., +1-212-929-5239, for Washington Group International Web site: http://www.wgint.com/

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