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AECOM Reports Strong Net Income, Revenue, Backlog for Fourth Quarter, Full Year Fiscal 2007

AECOM reports fourth-quarter diluted EPS of 29 cents on revenue of $1.11 billion and full-year diluted EPS of $1.15 on revenue of $4.2 billion

-- Fourth-quarter diluted earnings per share of 29 cents.

-- Full-year diluted earnings per share of $1.15.

-- Net income for fourth quarter increased 89.2% year over year to $29.4 million.

-- Net income for year ended September 30 increased 86.8% year over year to $100.3 million.

-- Revenue for fourth quarter increased 23.2% year over year to $1.1 billion.

-- Revenue for year ended September 30 increased 23.8% year over year to $4.2 billion.

-- Cash flow from operations increased by 13% to $137 million for year ended September 30, 2007.

-- Backlog and Selected-Not-Booked at September 30 increased 25.6% year over year to $6.0 billion.

-- Diluted earnings-per-share range outlook of $1.19 to $1.26 provided for full fiscal year 2008.

LOS ANGELES--(BUSINESS WIRE)--Nov. 27, 2007--AECOM Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for government and commercial clients around the world, announced today its financial results for the fourth quarter and full fiscal year ended September 30, 2007.

AECOM reported net earnings of $29.4 million for the fourth quarter, or diluted earnings per share (EPS) of $0.29. This represents an increase of 89.2% over net earnings of $15.5 million for the same period last year.

Fourth-quarter revenue increased to $1.1 billion, 23.2% higher than the fourth quarter of fiscal year 2006.

For the full fiscal year 2007, AECOM reported net earnings of $100.3 million, or diluted EPS of $1.15. This represents an increase of 86.8% over net earnings of $53.7 million last year. Revenue for the year was $4.2 billion - 23.8% higher than fiscal year 2006.

AECOM's gross revenue includes a significant amount of pass-through costs and, therefore, the company believes that revenue, net of other direct costs, which is a non-GAAP measure, also provides a valuable perspective on its business results. AECOM's revenue, net of other direct costs for the three months ended Sept. 30, 2007, increased 32.2% to $669.0 million. For the full fiscal year 2007, the company's revenue, net of other direct costs increased 26.6% to $2,405.3 million.

"Our results were marked by solid, sustained growth across our practice areas and throughout our global operations," said John M. Dionisio, AECOM president and chief executive officer. "The growing global infrastructure market is fueling our strong end markets, particularly outside of the U.S. We continue to leverage AECOM's market and geographic diversification to drive organic growth as well as the acquisitive growth that is a hallmark of our business model."

Business Segments

In addition to providing consolidated financial results, AECOM reports separate financial information for its two segments: Professional Technical Services (PTS) and Management Support Services (MSS).

Professional Technical Services

The PTS segment delivers planning, consulting, architecture and engineering design, and program and construction management services to institutional, commercial and government clients worldwide.

For the fourth quarter of fiscal 2007, the PTS segment reported revenue of $917.2 million and operating income of $52.0 million, compared to revenue of $733.4 million and operating income of $37.9 million for the same period during fiscal year 2006. For the full year, the PTS segment reported revenue of $3.4 billion and operating income of $176.1 million, compared to revenue of $2.8 billion and operating income of $123.3 million during fiscal year 2006.

PTS revenue, net of other direct costs increased 32.6% for the three months ended Sept. 30, 2007, to $639.3 million. For the full fiscal year 2007, PTS revenue, net of other direct costs increased 27.3% to $2,295.7 million.

Management Support Services

The MSS segment provides facilities management and maintenance, training, logistics, consulting, technical assistance and systems integration services, primarily for agencies of the U.S. government.

For the fourth quarter of fiscal year 2007, the MSS segment reported revenue of $197.1 million and operating income of $6.5 million, compared to revenue of $170.8 million and operating income of $6.3 million for the same period during fiscal year 2006. For the full year, the MSS segment reported revenue of $818.6 million and operating income of $28.6 million, compared to revenue of $647.2 million and operating income of $22.9 million during fiscal year 2006.

MSS revenue, net of other direct costs increased 23.6% for the three months ended Sept. 30, 2007, to $29.7 million. For the full fiscal year 2007, MSS revenue, net of other direct costs increased 13.3% to $109.6 million.

Outlook

AECOM announced backlog and selected-not-booked results totaling $6.0 billion at September 30, 2007, a 25.6% increase year over year.

"Our robust market activity continues to grow globally, as we win projects at a strong pace," said Michael S. Burke, AECOM executive vice president, chief corporate officer and chief financial officer. "Our non-U.S. revenue growth rate continues to thrive at 38% - far outpacing our already-strong 19% growth rate within the U.S. Based on these results, we expect our fully diluted earnings per share results for fiscal year 2008 to be in the range of $1.19 to $1.26."

AECOM is hosting a conference call today at 11 a.m. EST, during which management will make a brief presentation focusing on the company's results, strategies and operating trends. Interested parties can listen to the conference call and view accompanying slides via webcast on the Internet at www.aecom.com. The webcast will be available for replay following the call.

About AECOM

AECOM (NYSE: ACM) is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental and energy. With more than 32,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation and technical excellence in delivering solutions that enhance and sustain the world's built, natural and social environments. AECOM serves clients in more than 60 countries and had revenue of $4.2 billion during fiscal year 2007. More information on AECOM and its services can be found at www.aecom.com.

Forward-Looking Statements: All statements in this press release other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings or other financial items; any statements of the plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in forward-looking statements include: uncertainties related to funding, audits, modifications and termination of long-term government contracts; losses under fixed-price contracts; limited control over operations run through our joint venture entities; misconduct by our employees or consultants or our failure to comply with laws or regulations; failure to successfully execute our merger and acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in our reports filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.

                     AECOM Technology Corporation
              Condensed Consolidated Statement of Income
                (in thousands, except per share data)

                            Three Months Ended    Twelve Months Ended
                           --------------------- ---------------------
                            September  September September  September
                            30, 2007   30, 2006   30, 2007   30, 2006
                           ----------- --------- ---------- ----------

Revenue                    $1,114,356   $904,279 $4,237,270 $3,421,492
  Other direct costs          445,394    398,305  1,832,001  1,521,775
                           ----------- --------- ---------- ----------
  Revenue, net of other
   direct costs               668,962    505,974  2,405,269  1,899,717
  Cost of revenue, net of
   other direct costs         352,165    262,133  1,244,091    993,909
                           ----------- --------- ---------- ----------
Gross profit                  316,797    243,841  1,161,178    905,808

Equity in earnings of
 joint ventures                 4,200      2,437     11,828      6,554
General and administrative
 expenses                     278,692    217,792  1,017,067    808,953
                           ----------- --------- ---------- ----------
    Income from operations     42,305     28,486    155,939    103,409

Minority interest in share
 of earnings                    7,346      5,421     16,404     13,924
Gain on sale of equity
 investment                         -          -     11,286          -
Interest expense - net         (6,294)       258      3,321     10,576
                           ----------- --------- ---------- ----------
    Income before income
     tax expense               41,253     22,807    147,500     78,909

Income tax expense             11,860      7,270     47,203     25,223
                           ----------- --------- ---------- ----------
Net income                 $   29,393   $ 15,537 $  100,297 $   53,686
                           =========== ========= ========== ==========

Net income allocation:
    Preferred stock
     dividend              $       65   $     80 $      249 $    2,205
    Net income available
     for common
     stockholders              29,328     15,457    100,048     51,481
                           ----------- --------- ---------- ----------
    Net income             $   29,393   $ 15,537 $  100,297 $   53,686
                           =========== ========= ========== ==========

Net income per share:
    Basic                  $     0.30   $   0.27 $     1.37 $     0.94
                           =========== ========= ========== ==========
    Diluted                $     0.29   $   0.20 $     1.15 $     0.74
                           =========== ========= ========== ==========

Weighted average shares
 outstanding:
    Basic                      98,362     56,700     73,091     54,856
    Diluted                   101,952     78,036     87,537     72,658
                     AECOM Technology Corporation
               Balance Sheet and Cash Flow Information
                            (in thousands)

                                September 30, 2007  September 30, 2006
                                ------------------  ------------------

Balance Sheet Information:
   Cash and cash equivalents    $          414,515  $         127,870
   Working capital                         597,655            201,323
   Working capital, net of cash
    and cash equivalents                   183,140             73,453
   Total debt                               47,950            137,455
   Total stockholders'
    (deficit) / equity                   1,278,485           (290,894)

Cash Flow Information:
   Net cash provided by
    operating activities        $          137,463  $         121,266
                     AECOM Technology Corporation
                         Reportable Segments
                (in thousands, except per share data)

                         Professional Management
                          Technical    Support
                           Services    Services  Corporate    Total
                         ------------ ---------- --------- -----------
Three Months Ended
 September 30, 2007
Revenue                   $  917,247   $197,109  $      -  $1,114,356
Other direct costs           277,987    167,407         -     445,394
Revenue, net of other
 direct costs                639,260     29,702         -     668,962
Gross Profit                 304,583     12,214         -     316,797
Gross profit as a % of
 revenue                        33.2%       6.2%        -        28.4%
Gross profit as a % of
 revenue, net of other
 direct costs                    47.6%      41.1%        -        47.4%
Equity in Earnings of
 joint ventures                1,750      2,450         -       4,200
General and
 administrative
 expenses                    254,380      8,202    16,110     278,692
Segment income from
 operations                   51,953      6,462   (16,110)     42,305

Three Months Ended
 September 30, 2006
Revenue                   $  733,433   $170,846  $      -  $  904,279
Other direct costs           251,497    146,808         -     398,305
Revenue, net of other
 direct costs                481,936     24,038         -     505,974
Gross profit                 232,652     11,189         -     243,841
Gross profit as a % of
 revenue                        31.7%       6.5%        -        27.0%
Gross profit as a % of
 revenue, net of other
 direct costs                   48.3%      46.5%        -        48.2%
Equity in Earnings of
 joint ventures                 (354)     2,791         -       2,437
General and
 administrative
 expenses                    194,441      7,711    15,640     217,792
Segment income from
 operations                   37,857      6,269   (15,640)     28,486

Twelve Months Ended
 September 30, 2007
Revenue                   $3,418,683   $818,587  $      -  $4,237,270
Other direct costs         1,122,967    709,034         -   1,832,001
Revenue, net of other
 direct costs              2,295,716    109,553         -   2,405,269
Gross profit               1,116,268     44,910         -   1,161,178
Gross profit as a % of
 revenue                        32.7%       5.5%        -        27.4%
Gross profit as a % of
 revenue, net of other
 direct costs                   48.6%      41.0%        -        48.3%
Equity in Earnings of
 joint ventures                2,710      9,118         -      11,828
General and
 administrative
 expenses                    942,921     25,402    48,744   1,017,067
Segment income from
 operations                  176,057     28,626   (48,744)    155,939

Twelve Months Ended
 September 30, 2006
Revenue                   $2,774,304   $647,188  $      -  $3,421,492
Other direct costs           971,299    550,476         -   1,521,775
Revenue, net of other
 direct costs              1,803,005     96,712         -   1,899,717
Gross profit                 866,935     38,873         -     905,808
Gross profit as a % of
 revenue                        31.2%       6.0%        -        26.5%
Gross profit as a % of
 revenue, net of other
 direct costs                   48.1%      40.2%        -        47.7%
Equity in Earnings of
 joint ventures                1,612      4,942         -       6,554
General and
 administrative
 expenses                    745,237     20,886    42,830     808,953
Segment income from
 operations                  123,310     22,929   (42,830)    103,409

NR 07-1105

CONTACT: AECOM Technology Corporation
SVP & Chief Communications Officer
Paul Gennaro, 212-973-3167
paul.gennaro@aecom.com

SOURCE: AECOM Technology Corporation