Perini Corporation (NYSE: PCR), a leading building, civil
construction and construction management company, today reported
results for the year ended December 31, 2007. 2007 Results Net
income was a record $97.1 million for the year ended December 31,
2007, as compared to net income of $41.5 million in 2006. Diluted
earnings per common share were $3.54 for the year ended December
31, 2007, as compared to $1.54 for the year ended December 31,
2006. Revenues from construction operations were a record $4.6
billion for the year ended December 31, 2007, compared to revenues
of $3.0 billion for the year ended December 31, 2006. The increase
in revenues is due primarily to an increased volume of work in the
building segment�s hospitality and gaming market in California,
Connecticut, Maryland and Nevada. Robert Band, President and Chief
Operating Officer, stated that, �We are pleased to report the
highest annual revenues and net income in the Company�s 114-year
history. Our building and management services segments have
experienced outstanding operating performance from a solid backlog
of profitable business in our geographic regions and primary
markets in hospitality and gaming, healthcare, education and
industrial buildings and U.S. Government services. The prospects
for growth in each of these core markets remain very promising.�
Fourth Quarter Results Net income was $22.9 million for the fourth
quarter of 2007, as compared to fourth quarter net income of $19.3
million in 2006. Diluted earnings per common share were $0.83 for
the fourth quarter of 2007, as compared to diluted earnings per
common share of $0.72 for the fourth quarter of 2006. Revenues from
construction operations were $1.2 billion for the fourth quarter of
2007, compared to revenues of $944.3 million reported for the
fourth quarter of 2006. Backlog at $7.6 Billion The backlog of
uncompleted construction work at December 31, 2007 was $7.6
billion, as compared to $8.5 billion at December 31, 2006. The
December 31, 2007 backlog includes new contract awards added during
the fourth quarter of 2007 totaling $1.0 billion, which includes
approximately $281 million of additional work in the hospitality
and gaming market in Las Vegas, Nevada and Maryland and
approximately $497 million of various new awards at Rudolph and
Sletten, primarily in the office and industrial building and
healthcare markets. The Company�s civil segment added $230 million
to backlog during the fourth quarter of 2007 with the awarding of
contracts for a mass transit project in New York City and for a
roadway project in Maryland. In addition, Perini Management
Services was awarded a Sustainment/Restoration & Modernization
Acquisition Task Order Contract (�SATOC�) from the U.S. Air Force.
Perini is one of ten contractors named to participate in this 10
year, $4 billion program. Specific task orders will be added to
backlog as they are awarded on an individual project by project
basis. Financial Condition Remains Strong The Company�s financial
condition strengthened during the year ended December 31, 2007.
Working capital increased to $293.5 million at December 31, 2007
from $194.0 million at December 31, 2006. The Company improved its
solid base of shareholders� equity to $368.3 million at December
31, 2007. In addition, the Company has $113.5 million available to
borrow under its credit facility at December 31, 2007. The Company
believes its strong financial position and credit arrangements are
more than sufficient to support the Company�s substantial backlog.
Outlook Looking ahead to 2008, the Company believes that it is on
target to set another record for revenues and net income.
Accordingly, the Company affirms its initial estimates for 2008
revenues in the range of $5.0 to $5.4 billion, and diluted earnings
per share estimated to range from $3.50 to $3.75. 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,
corrections, 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 Twelve Months Ended
December 31, Ended December 31, � 2007 � � � 2006 � � 2007 � � �
2006 � Revenues: Building $ 1,164,138 $ 801,037 $ 4,248,814 $
2,515,051 Civil 51,522 74,790 234,778 281,137 Management services �
31,056 � � 68,505 � � 144,766 � � 246,651 � TOTAL REVENUES $
1,246,716 � $ 944,332 � $ 4,628,358 � $ 3,042,839 � � Gross profit
$ 62,200 $ 56,926 $ 248,894 $ 169,395 General and administrative
expenses � 28,179 � � 25,921 � � 107,913 � � 98,516 � Income from
construction operations 34,021 31,005 140,981 70,879 Other income,
net 5,780 1,270 15,361 2,581 Interest expense � (420 ) � (925 ) �
(1,947 ) � (3,771 ) Income before income taxes 39,381 31,350
154,395 69,689 Provision for income taxes � (16,509 ) � (12,048 ) �
(57,281 ) � (28,153 ) NET INCOME $ 22,872 $ 19,302 $ 97,114 $
41,536 � Less: Dividends accrued on Preferred Stock - - - (166 )
Excess of fair value over carrying value upon redemption of
Preferred Stock � - � � - � � - � � (253 ) Total available for
common stockholders $ 22,872 � $ 19,302 � $ 97,114 � $ 41,117 � �
BASIC EARNINGS PER COMMON SHARE $ 0.85 � $ 0.73 � $ 3.62 � $ 1.56 �
� DILUTED EARNINGS PER COMMON SHARE $ 0.83 � $ 0.72 � $ 3.54 � $
1.54 � � Weighted average common shares outstanding: Basic 26,983
26,508 26,819 26,308 Effect of dilutive stock options, warrants and
restricted stock units outstanding � 631 � � 416 � � 600 � � 450 �
Diluted � 27,614 � � 26,924 � � 27,419 � � 26,758 � Selected
Balance Sheet Data (Unaudited) (In Thousands of Dollars) � �
December 31, � December 31, 2007 2006 Total assets $ 1,654,115 $
1,195,992 Working capital $ 293,521 $ 193,952 Long-term debt, less
current maturities $ 13,358 $ 34,135 Stockholders' equity $ 368,334
$ 243,859
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