Perini 2007_Annual_Report

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Perini 2007_Annual_Report

  1. 1. 2007 Annual Report
  2. 2. Vdara Condo Hotel ARIA Resort-Casino Mandarin Oriental, Veer Towers Las Vegas The Harmon Hotel, Spa & Residences The Crystals MGM MIRAGE CityCenter The 76-acre, 18-million-square-foot CityCenter is the largest privately financed project in the United States. ARIA Resort-Casino 61-story, 4,000-room hotel tower designed by Pelli Clarke Pelli Architects (New Haven, CT) with approximately 300,000 square feet of meeting and convention space Vdara Condo Hotel 57-story tower with approximately 1,543 residential units designed by RV Architects, LLC (New York) led by Rafael Viñoly Veer Towers Two 37-story glass towers, each with approximately 337 condominium residences designed by Helmut Jahn (Chicago) The Harmon Hotel, Spa & Residences 400-room hotel with approximately 200 condominium residences designed by Foster and Partners (London) Mandarin Oriental, Las Vegas Approximately 227 luxury condominium units (The Residences at Mandarin Oriental) atop a hotel tower designed by Kohn Pedersen Fox Architects (New York) The Crystals A neighborhood of unique retail shops, dining and entertainment venues will feature international luxury brands and high-end couture under a crystalline canopy. David Rockwell and Rockwell Group (New York) is designing the interiors. Exteriors designed by Studio Daniel Libeskind (New York)
  3. 3. Financial Highlights 2007 2006 2005 (In thousands, except per share data) Total Revenues $4,628,358 $3,042,839 $1,733,477 Pretax Income $ 154,395 $ 69,689 $ 6,921 Net Income $ 97,114 $ 41,536 $ 4,049 Basic Earnings per Common Share $ 3.62 $ 1.56 $ 0.21 Diluted Earnings per Common Share $ 3.54 $ 1.54 $ 0.20 New Contracts Awarded $3,744,642 $3,596,436 $8,479,786 Backlog at Year-End $7,567,665 $8,451,381 $7,897,784 Book Value per Common Share $ 13.65 $ 9.18 $ 6.86 Weighted Average Number of Common Shares Outstanding 26,819 26,308 25,518 Revenues by Segment Backlog by Segment (dollars in millions) (dollars in millions) Building......................... $4,248.8 Building......................... $6,981.7 Civil ...................................... 234.8 Civil ...................................... 457.8 Management Services ...... 144.8 Management Services ...... 128.1 $4,628.4 $7,567.6 Income Before Taxes Working Capital Net Worth Book Value per Share (dollars in millions) (dollars in millions) (dollars in millions) (dollars) 154.4 293.5 368.3 13.65 9.18 194.0 243.9 178.0 153.3 6.86 183.2 174.0 6.34 69.7 4.65 120.6 47.3* 44.9 30.9 125.4 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 * Adjusted to exclude the $40.4 million charge resulting from the WMATA judgment 1
  4. 4. To Our Shareholders 2007 was a landmark year for Perini in which we benefitted from our strategy to pursue higher-margin, com- plex projects, a capability we will enhance through a combination with Tutor-Saliba Corporation announced in April 2008. For 2007, we reported $4.6 billion in revenues and $97.1 million in net income, the highest ever recorded in our 114-year history. Our success this year was primarily the result of outstanding perform- ances by our building and management services segments. Our building segment continued to execute each of our large-scale hospitality and gaming projects effectively; Rudolph and Sletten reinforced its position as a leader in the construction of healthcare, industrial and Native American gaming projects in California; and James A. Cummings had a record year in terms of revenue and profit. Our management services segment made a substantial contribution to profitability due to its task order work at U.S. govern- ment facilities in Iraq and England, and surety completion projects in the U.S. We closed the year with Ronald N. Tutor a backlog of $7.6 billion. Chairman & Chief Executive Officer Perini: A Recognized Leader in Building Construction Perini is proud to be known as the builder of choice for large-scale, complex projects due to our proven ability to deliver projects on time and within budget. This expertise was evident in our work on the Trump International Hotel & Towers in Las Vegas. We reached a major construction milestone when we topped off the 645-foot, signature 24-carat gold tinted glass tower in May. A team of over 800 craftspeople worked around the clock, constructing approximately one floor every six days. Now completed in early 2008, the tower features a world-class spa and salon, a business center with meeting facilities, and a heated outdoor pool with a spacious sundeck and bar. We also made good progress on each of our other major gaming and hospitality contracts, including the $5.5 billion MGM MIRAGE CityCenter and the $1.8 billion Cosmopolitan Resort and Casino in Las Vegas. In addition, we are nearing completion on our two major projects in the Northeast—the $510 million Robert Band MGM Grand at Foxwoods in Connecticut and the $795 million joint venture for the Gaylord National Resort President & and Convention Center in Prince Georges County, Maryland. Chief Operating Officer Perini was recognized for our expertise and leadership in building construction in 2007. Perini Building Company received the top three construction awards from the American Gaming Association for our work on the Red Rock Casino Resort Spa in Las Vegas and Phase II of the Pechanga Resort & Casino in California. Rudolph and Sletten was ranked the top builder of healthcare facilities in California by California Construction magazine. James A. Cummings, Inc. received two construction safety awards from the Central Florida Chapter of the Associated Builders and Contractors. Demand in Key Markets Remains Strong Demand continued in each of our key markets and geographic areas in 2007, adding a total of $3.7 billion of new contract awards and additions to existing contracts to backlog. The building segment accounted for $3.4 billion of new work awards in 2007. Approximately $1.5 billion of this was for additional work on our large-scale projects in Las Vegas as these projects grew in both size and scope. The building segment also 2
  5. 5. benefitted from strong demand outside of Las Vegas, particularly in California and Florida. Rudolph and Sletten added $1.6 billion in new work awards in California, including contracts for an office complex, expansion of a medical center and construction of the Foothill Oaks Casino near Sacramento. James A. Cummings added $146 million in new work awards, including contracts to build a high school in Orlando and a parking structure at a shopping mall in Southern Florida. The civil segment added $263 million in new work, including projects in New York City and Maryland. Management services added $84 million in new awards to backlog, including $68 million in new task orders for work in Iraq. In January 2008, Perini Management Services was one of ten contractors awarded a Sustainment/Restoration & Modernization Acquisition Task Order Contract (SATOC) from the U.S. Air Force under a $4.0 billion program. The projects added to our backlog clearly demonstrate the diversity of our work and the robust pipeline of opportunities available to Perini. At year end our backlog stood at $7.6 billion, including 92% cost plus fee and guaranteed maximum price contracts. Although backlog declined 10% from $8.5 billion at the New Work Acquisition by Segment end of 2006, this modest burn-off is a normal part of our business as we complete major building projects (dollars in millions) and replace them with new large-scale projects. Sustaining Momentum in 2008 The real story is the approximately $20 billion of targeted building project opportunities where Perini has been in active discussions with repeat clients and new potential owners as well as the $3–4 billion targeted civil projects on which we expect to make bids and proposals. We are keenly focused on sustaining the posi- Building......................... $3,398.0 tive momentum of our business. We have identified this healthy pipeline of new projects in the hospitality Civil ...................................... 263.0 and gaming, healthcare and education markets in the Northeast, California, Florida and Las Vegas. We also Management Services ........ 84.0 $3,745.0 see numerous opportunities for new work awards for our civil and management services segments. Our significant backlog provides us with excellent revenue and earnings visibility into 2008. We anticipate another record year of revenues and profit led by our building segment. We expect management services will again make a strong contribution to our bottom line, and anticipate improvement in our civil segment as work begins on several new projects. Building for the Future The year 2008 marks a historical juncture for Perini. We look forward to greatly enhancing our Company through the recently-announced combination with Tutor-Saliba Corporation, a privately held company substantially owned by our Chairman and CEO Ronald N. Tutor. The union of these two companies, with total pro forma backlog at the end of 2007 surpassing $9 billion, will create the premier publicly-traded general contractor in the United States, with operations spanning the continental U.S. and several over- seas locations. The combined company will be a leading building contractor, particularly in the hospitality and gaming market, as well as command a strong civil infrastructure market presence in California, 3
  6. 6. To Our Shareholders Nevada and the Northeast and Mid-Atlantic states. Perini will have an established position in the high- growth construction market in Guam through Tutor-Saliba’s ownership of a local contractor which will complement our management services’ traditional market of U.S. government work overseas. We are planning for the enhanced revenues, profits and business opportunities that will be products of this union. Perini and Tutor-Saliba have successfully performed in excess of $3.0 billion of joint venture projects together since the mid-1970’s. We expect that this transaction, for which we are requesting approval from our shareholders, will be accretive to earnings per share in its first full fiscal year. A Special Committee made up of independent members of our Board, led by Michael R. Klein, lead independent director, determined the transaction to be in the best interest of our shareholders, and recommended it to the full Board, where it has unanimous support. As a condition of the agreements, Ronald N. Tutor has committed to remain with the Company and retain a significant portion of the shares he receives for at least five years following the closing. Tutor-Saliba Corporation reported 2007 revenues and operating income of $1.2 billion and $52 million, Year End Stock Price (in dollars) respectively. Tutor-Saliba is a leading civil infrastructure and commercial building construction company 41.42 that focuses on large, complex projects. The Company has a strong pipeline of targeted building projects and civil works programs and has significant capacity to self-perform critical construction specialties such 30.78 as concrete placement, site excavation and mechanical/electrical services. In a new market for us, they own the largest contractor in Guam. Tutor-Saliba’s talented, hands-on management team will complement 24.15 our own, particularly in the Civil segment. We look forward to joining together these fine organizations and reporting our progress to you over the coming year. 16.69 9.15 We would like to take this opportunity to welcome Kenneth R. Burk, who joined Perini in September 2007 as Senior Vice President and Chief Financial Officer. Mr. Burk has over 24 years of experience in the engineer- ing and construction industry. We look forward to the contributions he will make to Perini in the years ahead. 03 04 05 06 07 In closing, we would like to thank all of our partners, clients and employees who have contributed to our success. We would also like to thank our shareholders for your continued support and confidence in us. We remain committed to maximizing the value of Perini. Robert Band Ronald N. Tutor President & Chief Operating Officer Chairman & Chief Executive Officer 4
  7. 7. Introduction to Operating Segments 2007: Management Approach Affirmed by Record Results The success of a construction company is measured by its ability to convert backlog into profitable year-end results. Perini’s record earnings for 2007—net income of $97.1 million—affirms the Company’s approach to project selection and execution. More importantly, 2007 was the tenth consecutive year of positive net income and profit for the Company. The benefits of consistent performance are far-reaching, and serve to strengthen our relationships with clients, financial partners and shareholders. Our 2007 performance further solidifies Perini’s long-standing position as one of the leading construction services organizations in the United States. Through three distinct operating segments—building, management services and civil—we offer diversified general contracting, construction management and design-build services to private clients and public agencies throughout the world. During 2007, we performed work on approximately 185 construction projects, with a workforce ranging from 3,800 to 4,450 employees. Building Operations Management Services Civil Construction Our building segment, comprised of Perini Our management services segment provides Our civil segment, comprised of Perini Civil and Building Company, James A. Cummings, Inc., diversified construction, design-build and Cherry Hill Construction, focuses on competi- and Rudolph and Sletten, focuses on large, maintenance services to the U.S. military and tively bid public works projects primarily in met- complex projects in specialized construction government agencies as well as surety compa- ropolitan New York and northern New Jersey, the markets including hospitality and gaming, nies and multi-national corporations in the mid-Atlantic States, and Florida. Year-to-year, our health care, education, commercial office, United States and overseas. Our core manage- backlog includes the repair, replacement and biotech/pharmaceutical, high-tech and sports ment team and record of successful fast-track reconstruction of the public infrastructure such and entertainment. We value collaboration with performance makes us well suited to execute as highways, bridges, mass transit systems and our clients, architects and subcontractors and rapid response assignments requiring sophisti- wastewater treatment facilities. place a strong emphasis on preconstruction cated planning and global logistics. We are planning to establish reliable budgets and team-centered and deliver the full-breadth of schedules. Perini’s experience and resources to projects throughout the world. 5
  8. 8. Building Operations Our building companies—Perini Building Company, James A. Cummings, Building Operations Profile Inc. and Rudolph and Sletten—enjoy strong reputations in their respective (dollars in millions) geographic markets. They consistently generate repeat and referral business from discerning owners such as MGM Mirage, Gaylord Hotels,Trump Organi- End Markets 2007 Revenues 2008 Backlog* zation and Kaiser Permanente. In 2007, building operations accounted for Hospitality & Gaming $ 2,830.5 $5,388.7 92% of corporate revenues. Healthcare $ 574.2 $ 872.3 Education $ 291.5 $ 186.3 We believe that relationships, including those with owners and architects, Commercial Office $ 250.9 $ 325.0 Industrial $ 138.7 $ 115.1 are built on trust and that teamwork is essential to success. The discipline Residential Condominiums $ 57.7 $ 2.7 of preconstruction planning is fundamental to our process, bringing up-to- Sports & Entertainment $ 5.7 $ 72.8 the-minute market expertise to bear on key processes such as design, Other $ 99.6 $ 18.8 procurement and construction sequencing in order to establish reliable budgets and realistic schedules. *(12/31/07) Project Locations Our success also results from our proven ability to manage and construct Arizona large, complex projects with aggressive fast-track schedules and elaborate California architectural, mechanical and electrical designs. Our track record for Connecticut completing projects on time — sometimes early — is a distinct competitive Maryland Nevada advantage in the markets on which we are focused, enabling clients to New Jersey realize a sooner-than-expected return on investment. Florida Perini Building Company is widely recognized as the nation’s #1 builder Office Locations in the hospitality and gaming market by Engineering News-Record and other industry publications. In the highly competitive hospitality and gaming Perini Building Company, Inc. industry, owners are frequently replacing outdated facilities with new high- Craig W. Shaw, Chairman and Chief Executive Officer end destination resorts, or renovating and repositioning existing properties. Phoenix, Arizona* In 2007, Perini Building Company was awarded over $1 billion in additional Las Vegas, Nevada Framingham, Massachusetts work on hospitality and gaming projects already under construction. James A. Cummings, Inc. In Florida, James A. Cummings, Inc. is a leader in the construction of William R. Derrer, President schools, municipal buildings and commercial developments. Experiencing Ft. Lauderdale, Florida* growth in its markets, Cummings’ 2007 revenues more than doubled those Celebration, Florida of the previous year. W. Palm Beach, Florida Rudolph and Sletten, Inc. In California, Rudolph and Sletten was named the State’s top general Martin Sisemore, Chief Executive Officer contractor by California Construction, a McGraw-Hill publication. Rudolph Redwood City, California* and Sletten specializes in the construction of health care, Native American Irvine, California hospitality and gaming, biotech, pharmaceutical and high-tech projects Roseville, California and is ranked among the nation’s top green building contractors. San Diego, California *Headquarters 6
  9. 9. (from top to bottom) Gaylord National Resort and Convention Center, MD The Harlyne J. Norris Research Tower, USC, CA MGM Grand at Foxwoods, CT Fort Pierce Central High School, FL 7
  10. 10. Management Services Perini Corporation has been supporting the Department of Defense with Management Services Profile construction of facilities and infrastructure since the 1940s, and has been (dollars in millions) leading design-build teams for the U.S. government since the early 1980s. In 2007, Perini Management Services, Inc. proved once again to be a End Markets 2007 Revenues 2008 Backlog* valuable partner in support of U.S. military and government operations U.S. Government Services $131.4 $119.2 throughout the world, especially in the Central Command (CENTCOM) Surety and Other $ 13.4 $ 8.9 Area of Operations (including Iraq and Afghanistan), providing diversified construction, design-build and maintenance services. *(12/31/07) Our competitive position is enhanced by our long-standing relationship with Project Locations CENTCOM Area of Operations (Iraq et al) the U.S. Army Corps of Engineers, our ability to effectively lead specialized United Kingdom engineering and construction teams, and our planning and execution of rapid United States response assignments and multi-year contracts. In addition, we have demon- strated consistently superior performance on competitively bid or negotiated Office Locations multi-year, multi-trade, task order and Indefinite Delivery/Indefinite Quantity (ID/IQ) construction programs. Perini Management Services, Inc. Robert Band, President By virtue of our experience, team leadership and technical capabilities, we Framingham, Massachusetts* Kuwait City, Kuwait are the “go to” contractor for overhead coverage protection projects through- Baghdad, Iraq out Iraq. These structures, built over high-density gathering facilities such LSA Anaconda, Iraq as dining halls and PXs, protect U.S. and Coalition Forces from attack. Dubai, United Arab Emirates General David H. Petraeus, Commander of the Multi-National Force – Iraq, Harrogate, England San Antonio, Texas and Brigadier General Michael J. Walsh, Commander of the U.S. Army Corps of Engineers Gulf Region Division, recognized us for our quality and timely *Headquarters construction services under this program. Our new client, Air Force Center for Engineering and the Environment (AFCEE), is extremely pleased with Perini’s performance at the Royal Air Force Menwith Hill Station in the United Kingdom under our 10-year, Heavy Engineering, Repair and Construction (HERC) contract with AFCEE. We expect this task order to lead to additional work at the facility. In January 2008, Perini was awarded a Sustainment/Restoration & Modern- ization Acquisition Task Order Contract (SATOC) from the U.S. Air Force (USAF) for maintenance, repair and replacement of buildings, pavements; POL — petroleum, oils, and lubricants — fuel systems and utilities at installa- tions around the world. The SATOC program is currently funded at $4 billion to support USAF base infrastructure and contingency operations over the next 10 years. Contractors were selected “based on overall best value to the government including past experience and willingness to perform work in remote, austere and hostile environments.” We also provide diversified management services on a rapid response basis to surety companies and multi-national corporations. Upon notification from a surety of a contractor bond default, we provide management or general con- tracting services to fulfill the contractual and financial obligations of the surety. 8
  11. 11. (from top to bottom) Overhead Coverage Protection, Iraq Entry Control Point, Iraq Aircraft Acoustical Enclosure, U.S. Vanderbilt Infrastructure, U.S. 9
  12. 12. Civil Operations Perini Civil and Cherry Hill Construction are stewards of our Company’s Civil Operations Profile 114-year-old reputation as one of the nation’s most highly regarded civil con- (dollars in millions) tractors. We specialize in competitively bid, public works construction, and the repair, replacement and reconstruction of infrastructure, primarily in the End Markets 2007 Revenues 2008 Backlog* northeastern and mid-Atlantic United States. Highways $116.1 $158.8 Bridges $ 67.7 $115.0 In 2007, the construction and rehabilitation of highways and bridges was the Mass Transit $ 6.2 $141.6 mainstay of our operations. Revenues from highway and bridge construction Site Development $ 14.8 $ 0.6 Wastewater and Other $ 30.0 $ 41.8 were more than double those from markets in which we have traditionally been successful in the past, mass transit and wastewater treatment. In 2008 *(12/31/07) however, we will begin the multi-year construction of the $139 million Harold Structures mass transit project—the reconfiguration of an Amtrak/LIRR Project Locations Rail Yard located in Queens, New York. This project is necessary as part Florida of Long Island Railroad’s East Side Access project that will bring commuter Maryland rail service from Long Island into Grand Central Terminal in Manhattan. New York New Jersey Our technical capabilities, financial strength and outstanding performance Office Locations on challenging civil works projects such as the JFK AirTrain and the AirTrain Terminal at Jamaica Station, Boston’s Central Artery/Tunnel project, and Perini Civil Construction the rehabilitation of the Triborough, Whitestone and Williamsburg bridges John A. Loftus, President in New York City preeminently qualify us for projects in situations where Peekskill, New York* smaller, less diversified contractors are unable to meet minimum require- Framingham, Massachusetts ments. We are an attractive partner on the largest infrastructure projects and prestigious design-build-operate-maintain (DBOM) contracts, which combine Cherry Hill Construction, Inc. John A. Loftus, President and Chief Executive Officer the nation’s top contractors with engineering firms, equipment manufactur- Jessup, Maryland* ers and project development consultants in a competitive bid selection Bartow, Florida process to execute highly sophisticated public works projects. *Headquarters In addition to the Harold Structures mass transit contract, other civil opera- tions in 2008 will include progressing the deck replacement on the Tappan Zee Bridge in New York, completing the Passaic River Bridge in New Jersey, as well as the construction of express toll lanes along I-95 in Maryland by Cherry Hill Construction. 10
  13. 13. (from top to bottom) Brooklyn Queens Expressway Reconstruction, NY Taylor Street Bridge, MD Tappan Zee Bridge Deck Replacement, NY 11
  14. 14. Company Milestones 2007 First Quarter Rudolph and Sletten Inc. project, Moffett Park Towers, ranked #3 “Top Project” by California Construction and named “Top Office Project” overall. Rudolph and Sletten, Inc. completes Museum of Contemporary Art Projects under construction by Rudolph and Sletten, Inc.— 500 Capitol San Diego (CA). Mall, Kaiser Permanente Roseville Medical Office Building II, Hitachi Perini Management Services, Inc. (PMSI) receives Letter of Appreciation Global Storage Technologies, Sycuan Band of the Kumeyaay Nation from New York Air National Guard re: New Munitions Storage Complex, Parking Structure and Site Improvements, and Bakersfield Memorial Hancock Field, Syracuse, NY. Hospital — ranked among year’s top projects by California Construction. James A. Cummings, Inc. awarded first LEED Project, $30 million Florida PMSI awarded U.S. Army Corps of Engineers “Project Delivery Team Atlantic University College of Engineering & Computer Science Building. Merit Award,” Overhead Coverage System Program. John A. Loftus, P.E. appointed President, Perini Civil. Third Quarter PMSI awarded 2007 Platinum Award for Engineering Excellence, Over- head Coverage System Program, Iraq, American Council of Engineering Kenneth R. Burk named Senior Vice President & Chief Financial Officer. Companies (ACEC) of Massachusetts. James A. Cummings, Inc. awarded $40 million contract for Total Program PMSI-led team receives National Engineering Excellence Award by ACEC. Management by Broward County Schools (FL). Perini Building Company, Inc. receives Preservation Achievement Award Rudolph and Sletten, Inc. named general contractor for $200 million from Boston Preservation Alliance for 128 Beacon Street project. Foothill Oaks Casino, Placerville, CA. Rudolph and Sletten, Inc. completes Harlyne J. Norris Research Tower Second Quarter at University of Southern California. Perini Building Company, Inc. named “Top General Building Contractor” for Arizona, Nevada and New Mexico (ranked No. 1 in Nevada) by Fourth Quarter Southwest Contractor, a McGraw-Hill Publication. James A. Cummings, Inc. completes $33 million Pines Middle School, Perini Building Company, Inc. named “Construction Company of the Year Phase 1. for a Casino/Resort” by American Gaming Association. Red Rock Casino- Resort-Spa wins “Best Casino/Resort Construction Project over $100 mil- Perini announces new work in Iraq worth $68.5 million. lion.” Pechanga Resort & Casino, Phase II wins “Best Tribal Casino/Resort Construction Project.” James A. Cummings, Inc. awarded Eagle Award—“Most Outstanding Project, Education”—for Wolf Lake Middle/Elementary School by Modern Healthcare ranks Rudolph and Sletten, Inc. No. 5 among Associated Builders and Contractors, Central Florida Chapter. U.S. general contractors in Healthcare. Cherry Hill Construction, Inc. “Project of the Year Safety Award” California Construction, a McGraw-Hill Publication, ranks Rudolph and presented to I-895 NB GP Bridges. Sletten, Inc. Top Contractor for Healthcare in California (based on revenues). Perini Corporation announces retirement of Director James A. Cummings. James A. Cummings, Inc. awarded $74 million New Timber Creek High School for Orange County Public Schools (FL). Perini Civil awarded $139 million contract to construct Harold Structures for New York MTA, AMTRAK, and Long Island Rail Road. Perini Building Company, Inc. names Craig W. Shaw Chairman and Chief Executive Officer, Perini Building Company, Inc., Richard J. Rizzo Vice Cherry Hill Construction awarded $87 contract on the I-95 Express Chairman, and Mark A. Caspers President, Chief Operating Officer. Toll Lanes Project. Perini Building Company named “Construction Company of the Year” Rudolph and Sletten, Inc. awarded Construction Employers’ Association for Red Rock Casino-Resort-Spa at Global Gaming Institute. Excellence in Safety Award. Perini Corporation ranked No. 1 in the Boston Globe’s Annual Globe 100 Rudolph and Sletten, Inc. awarded contract to build Moffett Towers Parcel List of Best Performing Companies. 3 located in northern California, valued at approximately $230 million. Perini Building Company tops off Tower I of Trump International Hotel James A. Cummings, Inc. completes $62.5 million Palm Beach Interna- & Towers, Las Vegas. tional Airport Parking Garage. Rudolph and Sletten, Inc. Corporate Headquarters awarded Gold LEED James A. Cummings, Inc. completes $39.5 million Coconut Grove CI certification by the U.S. Green Building Council. Condominium, Ft. Lauderdale, FL. The Lawrence Berkeley (CA) National Laboratory Molecular Foundry, Rudolph and Sletten, Inc. ranked by Sustainable Industries Magazine built by Rudolph and Sletten, Inc. awarded the Gold LEED certification No. 7 for the 2008 LEED Commercial Interiors (CI) Certification on the by the U.S. Green Building Council. West Coast, and No. 5 for number of LEED Accredited Professionals on the West Coast. James A. Cummings, Inc. receives STEP Platinum Safety Award from Associated Builders and Contractors, Central Florida Chapter. 12
  15. 15. Officers and Directors Stockholder Information Corporate Executive Officers Construction Operations Board of Directors Stockholder Mailings Stockholders who are registered Ronald N. Tutor Perini Building Company, Inc. Ronald N. Tutor under brokers’ names and who wish Chairman & Chairman & to receive direct mailings of the Chief Executive Officer Craig W. Shaw Chief Executive Officer Company’s stockholder communications Chairman & President, may do so by writing to the Investor Robert Band Chief Executive Officer Tutor-Saliba Corporation Relations Department of the Company President & Age: 67 Elected Director: 1997 at Framingham, MA 01701. Chief Operating Officer Richard J. Rizzo Vice Chairman Michael R. Klein (1,2,3*) Stock Listing Kenneth R. Burk Vice Chairman The Company’s Common Stock Senior Vice President & Mark A. Caspers Chairman, CoStar Group (trading symbol: PCR) is listed on Chief Financial Officer President & Age: 66 Elected Director: 1997 the New York Stock Exchange. Chief Operating Officer John A. Loftus Peter Arkley (3) Transfer Agent & Registrar President President, Computershare Investor Services Perini Civil Rudolph and Sletten, Inc. AON Construction Services Group 250 Royall Street Cherry Hill Construction, Inc. Age: 53 Elected Director: 2000 Canton, MA 02021 Martin B. Sisemore Craig W. Shaw President and CEO Robert Band Investor Relations Chairman & President & Telephone (508) 628-2295 or submit Chief Executive Officer Chief Operating Officer inquiries via the internet at perini.com. Perini Building Company, Inc. James A. Cummings, Inc. Age: 60 Elected Director: 1999 Availability of Form 10-K Richard J. Rizzo William R. Derrer Willard W. Brittain, Jr. (1*) Stockholders who wish an additional Vice Chairman President & Chairman & copy of the Company’s Form 10-K, Perini Building Company, Inc. Chief Executive Officer Chief Executive Officer, filed annually with the Securities and Professional Resources Exchange Commission in Washington, Susan C. Mellace on Demand DC, may obtain one without charge Vice President & Perini Civil Age: 60 Elected Director: 2004 via the internet at perini.com or Treasurer by writing to the Investor Relations John A. Loftus Robert A. Kennedy (1) Department of the Company at Peter J. Martinkus President Retired Executive Framingham, MA 01701. Vice President & Age: 72 Elected Director: 2000 Controller EEO Policy Cherry Hill Construction, Inc. Robert L. Miller (2) Perini Corporation is committed to Anthony J. Buccitelli Private Investor the principles of Equal Employment Vice President Kevin J. Woods Age: 67 Elected Director: 2004 Opportunity and Affirmative Action. Legal Executive Vice President/General This commitment requires that the Manager Raymond R. Oneglia (1,2*,3) Corporation comply with all applicable Douglas V. Mure Vice Chairman, statutes, regulations, and government Vice President O&G Industries, Inc. orders pertaining to non-discriminating Human Resources & Perini Management Services, Inc. Age: 60 Elected Director: 2000 employment practices and also that Risk Management we provide an atmosphere within Robert Band the Corporation that will assure all (1) Audit Committee President persons the opportunity to succeed (2) Compensation Committee on their own merit, without regard (3) Corporate Governance & Claude K. Olsen to race, color, religion, national origin, Nominating Committee Senior Vice President sex, age, disability or their status * Chairman Operations as a special disabled veteran or Vietnam-era veteran. Compliance with NYSE Corporate Governance Listing Standards Annually, our Chief Executive Officer is required to certify to the New York Stock Exchange that he is not aware of any violation by the company of NYSE corporate governance listing standards as of the date of that certifica- Annual Report tion, qualifying that certification to the extent necessary. Project Management: Field Communications Creative: Beagan Design On June 6, 2007, our Chief Executive Officer submitted such Photography: Charles Field / various certification, which contained no qualification. Cover photo: Aerotech Specialists, Inc. Photo of Harlyne J. Norris Research Tower (page 7): Benny Chan of Fotoworks
  16. 16. 73 Mt. Wayte Avenue Box 9160 Framingham, MA 01701-9160 (508) 628-2000 www.perini.com

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