PCR Perini Cp

Perini Corporation (NYSE:PCR), a leading building, civil construction and construction management company, today announced that it has a signed letter of intent to acquire Rudolph and Sletten, Inc., a privately held construction and construction management company. Based in Redwood City, Calif., and covering the major construction markets of Los Angeles, Silicon Valley, San Francisco and Sacramento, Rudolph and Sletten, Inc. has grown since its founding over 46 years ago to become the 32nd largest domestic general building contractor with revenues and backlog of approximately $700 million and $1.5 billion respectively for the fiscal year ended September 30, 2004. Licensed to provide construction services in California, Arizona, Nevada, Washington, Colorado, Idaho, Oklahoma and Texas, Rudolph and Sletten, Inc. has a history of successfully completed corporate campuses, biotech and pharmaceutical, healthcare, institutional and high-tech projects. Under the terms of the proposed transaction, subject to due diligence, Perini plans to acquire 100% of the company's stock for $50 million in cash plus an amount to be determined based on actual fiscal year 2005 operating results through the anticipated September 2005 closing date. The transaction is subject to execution and delivery of a definitive acquisition agreement and other customary conditions, including approval of Perini's lenders. Following completion of the transaction, Rudolph and Sletten, Inc. is expected to operate as a wholly owned subsidiary of Perini Corporation and would be managed by its current senior management team. "We are very pleased to announce this proposed transaction, which will expand our building construction market presence in California and the entire Pacific and Southwest regions. We expect to realize significant synergy from the proposed acquisition by deploying Rudolph and Sletten's resources in the regional gaming and hospitality markets in California and other locations," said Ronald N. Tutor, Perini's Chairman and CEO. "Rudolph and Sletten, Inc. brings with it a strong corporate culture which values personal relationships with an excellent reputation for delivering the highest quality work on schedule and within budget. Rudolph and Sletten, Inc.'s reputation for honest estimates, innovative methods and its ethical way of doing business mirror many of the same values that are cornerstones at Perini." Rudolph and Sletten, Inc. employs over 1,000 people in California. Perini Corporation expects that the transaction will be financed through the use of cash on hand and expanded borrowing capacity. About Perini Corporation Perini Corporation is a leading construction services company offering diversified general contracting, construction management and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures. We offer general contracting, preconstruction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including sitework, concrete forming and placement and steel erection. We are known for our hospitality and gaming industry projects, sports and entertainment, educational and healthcare facilities as well as large and complex civil construction projects and construction management services to U.S. military and government agencies. The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the successful completion of the acquisition of Rudolph and Sletten, Inc.; the potential delay, suspension, termination or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings, including the possible settlement of the litigation with holders of the Company's $21.25 Preferred Stock; the availability of borrowed funds on terms acceptable to the Company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or not taken by third parties, including the Company's customers, suppliers, business partners and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.