Exhibit 99.1

Exhibit 99.1 exv99w1

EXHIBIT 99.1

Contacts:

URS Corporation	Citigate Sard Verbinnen
H. Thomas Hicks	Hugh Burns/Jamie Tully
Vice President	(212) 687-8080
& Chief Financial Officer
(415) 774-2700

URS CORPORATION REPORTS THIRD QUARTER

RESULTS FOR FISCAL 2006

Revenues Up 13%; EPS In Line With Guidance

SAN FRANCISCO, CA - November 8, 2006 - URS Corporation (NYSE: URS) today reported its financial results for the third quarter of fiscal 2006, which ended on September 29, 2006. Revenues for the quarter were $1,085.6 million, an increase of 13% compared with revenues of $962.9 million during the comparable period in 2005. Net income for the quarter was $29.9 million, a 4% increase from net income of $28.8 million in the third quarter of fiscal 2005.

Diluted earnings per share (“EPS”) for the third quarter of fiscal year 2006 were $0.58. This compares to diluted EPS of $0.58 per share for the same period in 2005. Weighted-average shares outstanding for the third quarter of 2006 for purposes of calculating diluted EPS were 51.8 million compared to 50.1 million weighted-average shares outstanding for the comparable period of 2005. The increase in weighted-average shares outstanding is the result of additional shares issued pursuant to the Company’s 1999 Equity Incentive Plan and Employee Stock Purchase Plan.

The Company’s net income and EPS for the third quarter of 2006 include an after tax impact of $2.6 million, or $0.05 per share, related to stock-based compensation expense under Statement of Financial Accounting Standards 123 (Revised) (“SFAS 123(R)”), which requires that the costs of stock-based compensation be recognized as an expense in the financial statements.

During the third quarter of fiscal 2006, the Company reduced debt by $56 million, lowering its debt to total capitalization ratio to 13%. As of September 29, 2006, the Company’s backlog was $4.4 billion, compared to $3.8 billion as of December 30, 2005.

EXV99W1

Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “Our results for the third quarter demonstrate the strength of our diverse portfolio of businesses and leading position in the markets we serve. During the quarter, revenue grew in each of our key market sectors. We had strong growth in our domestic private sector business, as we continued to benefit from our Master Service Agreements and increasing capital investment by our clients in the energy sector. We also saw strong growth in engineering, facilities and environmental work for the federal government.”

Mr. Koffel continued: “Our outlook for the business remains positive based on favorable long-term trends and our position as a partner of choice for government agencies and major multinational corporations.”

Results for Nine Months Ending September 29, 2006

For the nine months ended September 29, 2006, revenues increased by 11% to $3.2 billion, from $2.8 billion for the first nine months of 2005. Net income for the nine months ended September 29, 2006 was $86.7 million, or $1.68 per diluted share. Net income for the comparable period in 2005 was $56.5 million, or $1.20 per diluted share, including a pre-tax charge of $33.1 million, or $0.42 per share, net of tax, related to the Company’s $127.2 million note redemption, the retirement of $10.0 million of 12¼% notes and restructuring of its senior credit facility, and the retirement of $1.8 million of 6½% debentures, all of which took place during the second and third quarters of fiscal 2005.

Weighted-average shares outstanding for the nine months of 2006 for purposes of calculating diluted EPS were 51.5 million compared to 46.9 million weighted-average shares outstanding for the comparable period of 2005. The increase in weighted-average shares outstanding for the nine-month period in 2006 is the result of the Company’s common stock offering in the second quarter of fiscal 2005 and additional shares issued pursuant to the Company’s 1999 Equity Incentive Plan and Employee Stock Purchase Plan.

The Company’s net income and EPS for the first nine months of 2006 include an after tax impact of $7.2 million, or $0.14 per share, related to stock-based compensation expense under SFAS 123(R).

EXV99W1

Business Segments

In addition to providing consolidated financial results, URS reports separate financial information for its two segments: the URS Division and the EG&G Division. The URS Division’s revenues include the Company’s work in the state and local government market, the private sector and the international business. In addition, the URS Division provides engineering services to federal government agencies, primarily for facilities and environmental projects. The EG&G Division primarily serves the federal government market, providing a range of operations and maintenance and technical support services to the Departments of Defense, Homeland Security, Energy, Treasury and NASA, among others.

URS Division. For the third quarter of fiscal 2006, the URS Division reported revenues of $730.1 million and operating income of $50.1 million, compared to revenues of $625.0 million and operating income of $46.7 million for the corresponding period in 2005.

For the nine months ended September 29, 2006, the URS Division reported revenues of $2.1 billion and operating income of $142.9 million, compared to revenues of $1.9 billion and operating income of $137.6 million for the same period last year.

EG&G Division. For the third quarter of fiscal 2006, the EG&G Division reported revenues of $358.2 million and operating income of $19.3 million, compared to revenues of $339.8 million and operating income of $16.8 million for the corresponding period in 2005.

For the nine months ended September 29, 2006, the EG&G Division reported revenues of $1.1 billion and operating income of $57.4 million, compared to revenues of $996.2 million and operating income of $47.5 million for the same period last year.

Outlook for the Remainder of Fiscal 2006

The Company reaffirmed its expectation that fiscal 2006 revenues will be approximately $4.2 billion. Assuming this revenue expectation is met, the Company continues to expect that net income will be approximately $113 million. The Company now expects earnings per share for the year to be between $2.14 and $2.17 compared to its prior guidance of between $2.12 and $2.17. URS’ net income and EPS guidance for 2006 include an expected after tax impact of between $10 million and $12 million ($0.19 and $0.23, respectively, on a per share basis) related to stock-based compensation expense to be recognized under SFAS 123(R).

Based on the Company’s strong cash flow and debt repayment through the first nine months of 2006, and expected cash flows in the fourth quarter, URS now expects that the Company will repay approximately $120 to $130 million of debt during fiscal 2006, compared to its prior expectation of $100 million.

EXV99W1

URS Corporation offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, commercial/industrial, facilities, environmental, water/wastewater, homeland security, installations and logistics, and defense systems. Headquartered in San Francisco, the Company operates in more than 20 countries with approximately 28,900 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries (www.urscorp.com).

Web Cast Information

URS will host a dial-in conference call on Thursday, November 9 at 11:00 a.m. (ET) to discuss its results for the third quarter of fiscal year 2006. A live web cast of this call will be available on the investor relations portion of URS’ website at www.urscorp.com.

TABLES TO FOLLOW

# # #

Statements contained in this earnings release that are not historical facts may constitute forward-looking statements, including statements relating to future revenues, future earnings, future debt repayment, future tax rates, future stock-based compensation expenses and future economic and industry conditions. The Company believes that its expectations are reasonable and are based on reasonable assumptions. However, such forward-looking statements by their nature involve risks and uncertainties that could cause actual results to differ materially from the results predicted. The potential risks and uncertainties include, but are not limited to: an economic downturn; changes in the Company’s book of business; the Company’s compliance with government contract procurement regulations; the Company’s ability to procure government contracts; the Company’s reliance on government appropriations; the ability of the government to unilaterally terminate Company contracts; the Company’s ability to make accurate estimates and control costs; the Company’s and its partners’ ability to bid on, win, perform and renew contracts and projects; environmental issues and liabilities; liabilities for pending and future litigation; the impact of changes in laws and regulations; the Company’s ability to maintain adequate insurance coverage; a decline in defense spending; industry competition; the Company’s ability to attract and retain key individuals; employee, agent or partner misconduct; risks associated with changes in equity compensation requirements; the ability to service the Company’s debt; risks associated with international operations; business activities in high security risk countries; project management and accounting software risks; terrorist and natural disaster risks; the Company’s relationships with its labor unions; the Company’s ability to protect its intellectual property rights; anti-takeover risks and other factors discussed more fully in the Company's Form 10-Q for the third quarter of fiscal 2006, as well as in other reports subsequently filed from time to time with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements.

EXV99W1

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands, except per share data)

	September 29, 2006			December 30, 2005
ASSETS
Current assets:
Cash and cash equivalents, including $27,460 and $61,319 of short-term money market funds, respectively	$	112,547		$	101,545
Accounts receivable, including retainage of $34,421 and $37,280, respectively		624,983			630,340
Costs and accrued earnings in excess of billings on contracts in process		559,077			513,943
Less receivable allowances		(47,865	)		(44,293	)
Net accounts receivable		1,136,195			1,099,990
Deferred tax assets		23,564			18,676
Prepaid expenses and other assets		79,957			52,849
Total current assets		1,352,263			1,273,060
Property and equipment at cost, net		160,482			146,470
Goodwill		993,934			986,631
Purchased intangible assets, net		4,131			5,379
Other assets		48,638			57,908
	$	2,559,448		$	2,469,448
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Book overdrafts	$	17,137		$	1,547
Notes payable and current portion of long-term debt		20,122			20,647
Accounts payable and subcontractors payable, including retainage of $17,038 and $13,323, respectively		301,495			288,561
Accrued salaries and wages		184,765			196,825
Accrued expenses and other		80,666			82,404
Billings in excess of costs and accrued earnings on contracts in process		149,742			108,637
Total current liabilities		753,927			698,621
Long-term debt		189,604			297,913
Deferred tax liabilities		24,013			19,785
Other long-term liabilities		117,127			108,625
Total liabilities		1,084,671			1,124,944
Commitments and contingencies
Minority interest		2,077			—
Stockholders’ equity:
Preferred stock, authorized 3,000 shares; no shares outstanding		—			—
Common shares, par value $.01; authorized 100,000 shares; 51,937 and 50,432 shares issued, respectively; and 51,885 and 50,380 shares outstanding, respectively		519			504
Treasury stock, 52 shares at cost		(287	)		(287	)
Additional paid-in capital		965,300			925,087
Accumulated other comprehensive loss		(2,745	)		(3,985	)
Retained earnings		509,913			423,185
Total stockholders’ equity		1,472,700			1,344,504
	$	2,559,448		$	2,469,448

EXV99W1

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - UNAUDITED

(In thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 29, 2006			September 30, 2005			September 29, 2006			September 30, 2005

Revenues	$	1,085,604		$	962,940		$	3,153,744		$	2,846,556
Direct operating expenses		708,924			627,199			2,031,159			1,836,655
Gross profit		376,680			335,741			1,122,585			1,009,901
Indirect, general and administrative expenses		317,718			282,002			953,763			888,605
Operating income		58,962			53,739			168,822			121,296
Interest expense		4,761			5,282			15,746			26,115
Income before income taxes and minority interest		54,201			48,457			153,076			95,181
Income tax expense		24,318			19,620			65,910			38,640
Minority interest in income of consolidated subsidiaries, net of tax		(20	)		—			437			—
Net income		29,903			28,837			86,729			56,541
Other comprehensive income (loss):
Minimum pension liability adjustments, net of tax (benefit)		—			—			(2,366	)		(270	)
Foreign currency translation adjustments		1,024			(229	)		3,606			(4,010	)
Comprehensive income	$	30,927		$	28,608		$	87,969		$	52,261
Earnings per share:
Basic	$	.59		$	.59		$	1.71		$	1.23
Diluted	$	.58		$	.58		$	1.68		$	1.20
Weighted-average shares outstanding:
Basic		50,945			48,934			50,627			45,836
Diluted		51,773			50,116			51,538			46,946

EXV99W1

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(In thousands)

	Three Months Ended						Nine Months Ended
	September 29, 2006			September 30, 2005			September 29, 2006			September 30, 2005

Cash flows from operating activities:
Net income	$	29,903		$	28,837		$	86,729		$	56,541
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		8,929			9,356			28,208			29,225
Amortization of financing fees		453			442			1,382			3,315
Costs incurred for extinguishment of debt		162			18			162			33,125
Provision for doubtful accounts		2,786			2,808			5,734			7,865
Deferred income taxes		(2,086	)		4,080			(1,011	)		7,216
Stock-based compensation		4,802			1,016			12,711			4,508
Excess tax benefits from stock-based compensation		(533	)		—			(3,142	)		—
Tax benefit of stock compensation		298			4,667			5,051			9,269
Minority interest in net income of consolidated subsidiaries		(20	)		—			437			—
Changes in assets and liabilities:
Accounts receivable and costs and accrued earnings in excess of billings on contracts in process		(1,676	)		(31,713	)		(40,599	)		(85,829	)
Prepaid expenses and other assets		(1,884	)		(7,902	)		(26,929	)		(25,532	)
Accounts payable, accrued salaries and wages and accrued expenses		36,370			20,703			(2,140	)		70,779
Billings in excess of costs and accrued earnings on contracts in process		28,954			10,317			41,086			25,077
Distributions from unconsolidated affiliates, net		6,167			1,388			23,807			8,527
Other long-term liabilities		6,004			3,394			7,660			7,317
Other assets, net		(4,911	)		(1,462	)		(14,296	)		(17,449	)
Total adjustments and changes		83,815			17,112			38,121			77,413
Net cash from operating activities		113,718			45,949			124,850			133,954
Cash flows from investing activities:
Net payment for business acquisitions, net of cash acquired		(5,028	)		(1,353	)		(5,028	)		(1,353	)
Proceeds from disposal of property and equipment		—			282			—			2,182
Capital expenditures, less equipment purchased through capital leases		(11,039	)		(7,802	)		(20,833	)		(16,897	)
Net cash from investing activities		(16,067	)		(8,873	)		(25,861	)		(16,068	)
Cash flows from financing activities:
Long-term debt principal payments		(54,531	)		(32,393	)		(123,012	)		(535,919	)
Long-term debt borrowings		—			105			552			351,376
Net borrowings (payments) under the lines of credit and short-term notes		(1,946	)		(1,470	)		3,072			(16,646	)
Net change in book overdraft		(5,830	)		6,251			15,590			(63,591	)
Capital lease obligations payments		(801	)		(4,313	)		(9,635	)		(11,184	)
Excess tax benefits from stock-based compensation		533			—			3,142			—
Proceeds from common stock offering, net of related expenses		—			(3	)		—			130,257
Proceeds from sale of common stock from employee stock purchase plan and exercise of stock options		377			5,061			22,466			30,687
Tender and call premiums paid for debt extinguishment		(162	)		(2	)		(162	)		(19,421	)
Payments of financing fees		—			(213	)		—			(4,629	)
Net cash from financing activities		(62,360	)		(26,977	)		(87,987	)		(139,070	)
Net increase (decrease) in cash and cash equivalents		35,291			10,099			11,002			(21,184	)

EXV99W1

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (Continued)

(In thousands)

	Three Months Ended					Nine Months Ended
	September 29, 2006			September 30, 2005		September 29, 2006			September 30, 2005

Cash and cash equivalents at beginning of period		77,256			76,724		101,545			108,007
Cash and cash equivalents at end of period	$	112,547		$	86,823	$	112,547		$	86,823
Supplemental information:
Interest paid	$	4,318		$	4,732	$	13,726		$	25,611
Taxes paid	$	5,714		$	6,925	$	38,757		$	28,285
Equipment acquired through capital lease obligations	$	853		$	2,328	$	19,504		$	14,891

Supplemental schedule of noncash investing and financing activities:
Fair value of assets acquired	$	8,846		$	—	$	8,846		$	—
Cash paid for capital stock		(6,191	)		—		(6,191	)		—
Liabilities assumed	$	2,655		$	—	$	2,655		$	—