PCR Perini Cp

Perini Corporation (NYSE:PCR), a leading building, civil construction and construction management company, today reported results for the second quarter ended June 30, 2007. Second Quarter Results Revenues from construction operations were $1.15 billion for the second quarter of 2007, as compared to revenues of $712 million reported for the second quarter of 2006. The increase in revenues is due primarily to an increased volume of work in the hospitality and gaming market as a result of the significant new contract awards received in the latter half of 2005 which are now well into the construction phase. Net income was $27.6 million for the second quarter of 2007, as compared to second quarter net income of $4.6 million in 2006. Diluted earnings per common share were $1.01 for the second quarter of 2007, as compared to $0.16 for the second quarter of 2006. Robert Band, President and Chief Operating Officer, stated that, �We are pleased to report the largest quarter for revenues and net income in the 113-year history of the Company, led again by our building and management services segments. The increase in our revenues and profit continues to primarily reflect the conversion of our substantial building segment backlog into revenues and profit as anticipated. In addition, our backlog of $8.7 billion remains near its all-time record level. Given the visibility provided from this backlog, we continue to look forward to what we anticipate will be a record year in 2007 for revenues and earnings per share.� Six Month Results Revenues from construction operations were $2.14 billion for the first six months of 2007, as compared to revenues of $1.33 billion for the first six months of 2006. The increase in revenues is due primarily to an increased volume of work in the hospitality and gaming market as a result of the significant new contract awards received in the latter half of 2005. For the first six months of 2007, net income was $50.2 million, as compared to $12.7 million for the first six months of 2006. Diluted earnings per common share were $1.84 for the first six months of 2007, as compared to $0.46 for the first six months of 2006. Backlog at $8.7 Billion The backlog of uncompleted construction work at June 30, 2007 was $8.7 billion, a 2.6% increase from the backlog of $8.5 billion reported at December 31, 2006. The June 30, 2007 backlog includes new contract awards and adjustments to contracts in process added during the second quarter of 2007 totaling $1.3 billion, which includes approximately $960 million of additional work in the hospitality and gaming market in Las Vegas and California, as well as approximately $300 million in various new awards at Rudolph & Sletten including the healthcare and office building markets. Financial Condition Remains Strong in 2007 The Company�s financial condition remained strong at June 30, 2007. Working capital increased to $235.8 million at June 30, 2007, from $194.0 million at December 31, 2006. The Company improved its solid base of shareholders� equity to $306.3 million at June 30, 2007. In addition, the Company has $113.5 million available to borrow under its credit facility at June 30, 2007. The Company believes its strong financial position and credit arrangements are adequate to support its substantial backlog. Outlook As a result of the strong performance in the first six months by the building and management services segments, the Company is increasing its guidance for 2007 revenues from a range of $4.0 to $4.2 billion to a range of $4.1 to $4.3 billion, and diluted earnings per share from a range of $2.40 to $2.60 to a range of $2.80 to $3.00. 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, pre-construction 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, transportation, healthcare, biotech, pharmaceutical and high-tech 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 Company's ability to successfully and timely complete construction projects; the Company�s ability to convert backlog into revenue; 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; 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. Perini Corporation (NYSE) Summary of Consolidated Earnings (Unaudited) (In Thousands of Dollars) � For the Three Months For the Six Months Ended June 30, Ended June 30, � 2007 � � 2006 � � 2007 � � 2006 � Revenues: Building $ 1,052,729 $ 586,650 $ 1,939,584 $ 1,070,372 Civil 63,128 71,601 120,231 142,335 Management services � 35,763 � � 54,211 � � 79,161 � � 112,518 � TOTAL REVENUES $ 1,151,620 � $ 712,462 � $ 2,138,976 � $ 1,325,225 � � Gross profit $ 64,902 $ 37,016 $ 122,799 $ 69,338 General and administrative expenses � 24,181 � � 28,543 � � 49,338 � � 46,414 � Income from construction operations 40,721 8,473 73,461 22,924 Other income, net 2,800 250 5,156 673 Interest expense � (431 ) � (920 ) � (1,121 ) � (1,867 ) Income before income taxes 43,090 7,803 77,496 21,730 Provision for income taxes � (15,512 ) � (3,242 ) � (27,265 ) � (9,079 ) NET INCOME $ 27,578 $ 4,561 $ 50,231 $ 12,651 � Less: Dividends accrued on Preferred Stock -- (68 ) -- (166 ) � Excess of fair value over carrying value upon redemption of Preferred Stock � -- � � (253 ) � -- � � (253 ) Total available for common stockholders $ 27,578 � $ 4,240 � $ 50,231 � $ 12,232 � � BASIC EARNINGS PER COMMON SHARE $ 1.03 � $ 0.16 � $ 1.88 � $ 0.47 � � DILUTED EARNINGS PER COMMON SHARE $ 1.01 � $ 0.16 � $ 1.84 � $ 0.46 � � Weighted average common shares outstanding: Basic 26,713 26,182 26,676 26,137 � Effect of dilutive stock options, warrants and restricted stock units outstanding � 668 � � 503 � � 575 � � 523 � Diluted � 27,381 � � 26,685 � � 27,251 � � 26,660 � Selected Balance Sheet Data (Unaudited) (In Thousands of Dollars) June 30, December 31, � 2007 � 2006 Total assets $ 1,402,788 $ 1,195,992 Working capital $ 235,843 $ 193,952 Long-term debt, less current maturities $ 16,116 $ 34,135 Stockholders' equity $ 306,260 $ 243,859