Perini Corporation (NYSE: PCR), a leading building, civil
construction and construction management company, today reported
results for the first quarter ended March 31, 2009.
First Quarter Results
Net income was $39.0 million for the first quarter of 2009, as
compared to net income of $25.2 million for the first quarter of
2008. Diluted earnings per common share were $0.80 for the first
quarter of 2009, as compared to $0.91 for the first quarter of
2008. On a pro forma basis, including Tutor-Saliba which merged
with the Company in September 2008, net income and diluted earnings
per common share would have been $38.5 million and $0.76,
respectively, for the first quarter of 2008.
Revenues from construction operations were $1.52 billion for the
first quarter of 2009, compared to revenues of $1.26 billion for
the first quarter of 2008. The increase in revenues is primarily
due to the addition of Tutor-Saliba. The first quarter of 2009
operating results also include the addition of Keating Building
Corporation, which was acquired on January 15, 2009.
Backlog at $5.8 billion
The backlog of uncompleted construction work at March 31, 2009
was $5.8 billion, a decrease of $851 million from the $6.7 billion
backlog reported at December 31, 2008. The March 31, 2009 backlog
includes approximately $475 million of backlog due to the
acquisition of Keating. The decrease in backlog reflects the normal
completion of work under contract for the period and reduced level
of new work acquired as a result of the challenging economic
environment, which has caused some customers to delay the start of
new construction projects. The Company is targeting a number of
attractive civil infrastructure projects to bid which could be
awarded in the balance of this year.
Financial Condition Remains Strong in 2009
At March 31, 2009, working capital was $355.2 million, an
increase of $130.2 million from $225.0 million at December 31,
2008. The increase was primarily due to borrowings made by the
Company under its revolving credit facility in 2009. The Company
has $121.3 million available to borrow under its credit facilities.
The Company believes its financial position and credit arrangements
are sufficient to support the Company�s substantial backlog.
Outlook
The Company is re-affirming its existing guidance for 2009
revenues in the estimated range of $5.5 to $6 billion and diluted
earnings per common share in the estimated range of $2.60 to $2.80
per share.
Ronald Tutor, Chairman and CEO, stated, �The Company is very
well positioned to capture civil infrastructure projects in our
core geographic markets. We expect to begin adding to our backlog
in the second half of this year with a greater mix of higher margin
civil projects. Our building business continues to perform at a
high level and is poised to acquire new work when the market opens
up. And finally, Management Services continues to deliver
outstanding results with our work in Iraq and Guam.�
1st Quarter Conference Call
The Company will host a conference call at 4:30 PM Eastern Time
on Thursday, May 7, 2009, to discuss the Company�s first quarter
2009 results. To participate in the conference call, please dial
the following number five to ten minutes prior to the scheduled
conference call time: (866) 788-0547 and enter the pass code
32044941. International callers should dial (857) 350-1685 and
enter the pass code 32044941.
If you are unable to participate in the call at this time, a
replay will be available on Thursday, May 7, 2009 at 7:30 PM
Eastern Time, through Thursday, May 14, 2009 at midnight Eastern
Time. To access the replay dial (888) 286-8010 and enter the
conference ID number 49780017. International callers should dial
(617) 801-6888 and enter the same conference ID number
49780017.
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, steel erection, and electrical and mechanical, plumbing
and HVAC. We are known for our hospitality and gaming industry
projects, municipal offices, 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, strategies regarding the future and statements
regarding future guidance and non-historical performance. These
forward-looking statements are based on the Company�s current
expectations and beliefs concerning future developments and their
potential effects on the Company. The Company�s expectations,
beliefs and projections are expressed in good faith and the Company
believes there is a reasonable basis for them. 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
current global financial crisis and significant deterioration in
global economic conditions, which may cause or accelerate a number
of other factors listed below; 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 ability to realize the expected synergies resulting
from the merger with Tutor-Saliba in the amounts and in the
timeframe anticipated; and the ability to integrate Tutor-Saliba�s
businesses into those of Perini in a timely and cost-efficient
manner. 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
Operations
(Unaudited)
(In thousands, except per share
data)
�
For the Three Months Ended March 31, 2009 �
2008 Revenues: Building $ 1,342,937 $ 1,163,020 Civil 89,345
60,156 Management Services � 86,000 � 33,160
TOTAL REVENUES
$ 1,518,282 $ 1,256,336 � Gross profit
$ 106,910 $ 66,562 General and administrative expenses � 44,276 �
27,599 Income from construction operations 62,634 38,963 Other
income, net 1,266 1,505 Interest expense � (1,230) � (355) Income
before income taxes 62,670 40,113 Provision for income taxes �
(23,689) � (14,960)
NET INCOME $ 38,981
$ 25,153 � �
BASIC EARNINGS PER COMMON SHARE
$ 0.80 $ 0.93 �
DILUTED EARNINGS PER
COMMON SHARE $ 0.80 $ 0.91 �
Weighted average common shares outstanding: Basic 48,514 27,145
Effect of dilutive stock options and restricted stock units
outstanding � 505 � 508 Diluted � 49,019 � 27,653 � �
Selected Balance Sheet
Data
(Unaudited)
(In Thousands of
Dollars)
�
March 31, December 31, 2009 2008
Total assets $ 3,271,868 $ 3,073,078 Working capital $ 355,226 $
225,049 Long-term debt, less current maturities $ 190,641 $ 61,580
Stockholders' equity $ 1,178,817 $ 1,138,226 �
Perini
Corporation (NYSE) Table 1 Comparison of Reported
Revenues, Net Income and Earnings per Share to Pro Forma
Revenues, Net Income and Earnings per Share (a)
(Unaudited) (In thousands of dollars, except per share
data) � � �
For the Three Months EndedMarch 31,
2008 Actual, as reported Pro forma (a) �
Revenues $ 1,256,336 $ 1,640,186 � Net income $ 25,153 $ 38,526 �
Basic earnings per common share $ 0.93 $ 0.77 � Diluted earnings
per common share $ 0.91 $ 0.76 � Weighted average common shares
outstanding: Basic 27,145 50,132 � Diluted 27,653 50,640 �
(a) The unaudited pro forma summary financial information is
based on our historical financial statements for the three months
ended March 31, 2008, giving effect to the merger with Tutor-Saliba
as if it had been completed on January 1, 2007. The pro forma
operating results reflect the updated estimated allocation of the
purchase price that was used to prepare our financial statements as
of and for the year ended December 31, 2008, and that will be
reflected in the financial statements included with our Form 10-Q
for the three months ended March 31, 2009 that we intend to file
later this week. This unaudited pro forma summary financial
information is presented for informational purposes only and is
based on certain assumptions that we believe are reasonable, and
does not purport to represent our results of operations had the
merger been completed on January 1, 2007, nor is it necessarily
indicative of future results of operations.
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