Perini Corporation Announces Over $248 Million in New Contract Awards
October 07 2008 - 8:45AM
Business Wire
Perini Corporation (NYSE: PCR), a leading building and civil
construction company, today announced that it has been awarded new
contracts worth more than $248 million. The new contracts include:
James A. Cummings, Inc., a wholly-owned subsidiary of the Perini
Corporation and a leader in educational construction, was recently
selected by the School Board of Broward County, FL to be the
construction manager for the $61 million Northeast High School
Phase Replacement Project. The contract is divided into two phases.
Phase One, which is scheduled to start in the third quarter of
2009, is $44 million and includes a new two-story classroom
building, two-story administration, classroom and laboratory
building and a new auditorium. Phase Two has a budget of $17
million and includes a new gymnasium, physical education area, new
practice fields and an upgrade to the chiller plant. Phase Two is
scheduled to begin upon completion of Phase One. Also in Florida,
preconstruction services have begun at the Osceola County, St.
Cloud High School, with construction scheduled to begin in the
first quarter of 2009. Osceola County Public Schools has budgeted
this project at $52 million, which includes a three-phased
replacement high school for 2,000 students. In Miami, James A.
Cummings has begun preconstruction services at the Calder Race
Course Casino project, which is set to break ground early 2009. The
$37 million development at the existing racetrack includes a casino
with 1,500 slot machines. Preconstruction services are also being
performed for Florida Atlantic University�s new $55 million FAU
Stadium in Boca Raton. The stadium will include 30,000 seats and
will be ready for the 2010 football season. Construction will
commence in February 2009. This project will be performed through a
joint venture arrangement under which James A. Cummings will have a
45% interest in the contract. Cherry Hill Construction, Inc.,
another wholly-owned subsidiary of Perini, was recently awarded a
$73 million contract from the Federal Highway Administration for
the construction of the final segment of the Fairfax County
Parkway, which is located south of Springfield, VA. Cherry Hill
will construct major highway-grade bridges over Accotink Creek and
Boudinot Drive, interchange and ramp improvements at Interstate 95
and adjacent intersections and the excavation and grading of more
than one million cubic yards of soil and rock. In addition, Cherry
Hill will build noise and retaining walls, numerous sediment
erosion controls, stormwater management structures, more than two
miles of roadway construction and asphalt paving, and environmental
protection initiatives. Design is ongoing and construction is
expected to commence in the spring of 2009 and be completed in the
fall of 2011. 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.
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