PCR Perini Cp

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.