The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
This document is Charter Communications' 2002 Annual Report. It provides financial and operating summaries for the year. Key points include:
- Revenues grew 15% to $4.56 billion while adjusted EBITDA rose 16.4% to $1.796 billion.
- Customer relationships declined to 6.634 million from 6.953 million in 2001. However, revenue generating units rose to 10.422 million.
- High-speed data customers increased significantly to 1.138 million while digital and analog video customers declined slightly.
- The report addresses challenges faced in 2001-2002 including customer losses, financial restatements, and regulatory investigations. However, it emphasizes progress in growing revenues from broadband services
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
United Health Group [PDF Document] Results of Operationsfinance3
Record revenues and earnings for UnitedHealth Group in 1999. Revenues increased 13% to $19.6 billion due to growth across all business segments. Earnings from operations were $943 million, up 10% from 1998. The Health Care Services segment saw a 13% revenue increase to $17.6 billion and a 15% earnings increase to $578 million, driven by premium yield increases and acquisitions. Uniprise revenues grew 15% to $1.9 billion with a 38% earnings increase to $222 million due to business growth. Overall, strong financial performance resulted from continued business growth and productivity improvements.
allstate Highlights & Chairman's Letter 2002finance7
The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
The document summarizes BankAmerica Corporation's annual report for 1998. Some key points:
- Operating earnings were $6.49 billion in 1998, down from $6.81 billion in 1997, due to higher provision expenses and weaker trading revenues from market turbulence.
- The provision for credit losses was $2.92 billion in 1998, up from $1.90 billion in 1997, largely due to losses associated with the company's lending relationship with D.E. Shaw.
- Nonperforming assets were $2.76 billion, or 0.77% of net loans and leases at the end of 1998, up from $2.42 billion, or 0.71% a year earlier.
Xcel Energy had a difficult 2002 due to challenges faced by the entire energy industry and issues specific to NRG Energy, its subsidiary. Core utility operations performed well but earnings were reduced by market conditions and an $3.5 billion loss from NRG. Looking forward, Xcel Energy will focus on its strong core utility businesses and improving its financial position by resolving the NRG restructuring and pursuing top performance.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
This document is Charter Communications' 2002 Annual Report. It provides financial and operating summaries for the year. Key points include:
- Revenues grew 15% to $4.56 billion while adjusted EBITDA rose 16.4% to $1.796 billion.
- Customer relationships declined to 6.634 million from 6.953 million in 2001. However, revenue generating units rose to 10.422 million.
- High-speed data customers increased significantly to 1.138 million while digital and analog video customers declined slightly.
- The report addresses challenges faced in 2001-2002 including customer losses, financial restatements, and regulatory investigations. However, it emphasizes progress in growing revenues from broadband services
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
United Health Group [PDF Document] Results of Operationsfinance3
Record revenues and earnings for UnitedHealth Group in 1999. Revenues increased 13% to $19.6 billion due to growth across all business segments. Earnings from operations were $943 million, up 10% from 1998. The Health Care Services segment saw a 13% revenue increase to $17.6 billion and a 15% earnings increase to $578 million, driven by premium yield increases and acquisitions. Uniprise revenues grew 15% to $1.9 billion with a 38% earnings increase to $222 million due to business growth. Overall, strong financial performance resulted from continued business growth and productivity improvements.
allstate Highlights & Chairman's Letter 2002finance7
The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
The document summarizes BankAmerica Corporation's annual report for 1998. Some key points:
- Operating earnings were $6.49 billion in 1998, down from $6.81 billion in 1997, due to higher provision expenses and weaker trading revenues from market turbulence.
- The provision for credit losses was $2.92 billion in 1998, up from $1.90 billion in 1997, largely due to losses associated with the company's lending relationship with D.E. Shaw.
- Nonperforming assets were $2.76 billion, or 0.77% of net loans and leases at the end of 1998, up from $2.42 billion, or 0.71% a year earlier.
Xcel Energy had a difficult 2002 due to challenges faced by the entire energy industry and issues specific to NRG Energy, its subsidiary. Core utility operations performed well but earnings were reduced by market conditions and an $3.5 billion loss from NRG. Looking forward, Xcel Energy will focus on its strong core utility businesses and improving its financial position by resolving the NRG restructuring and pursuing top performance.
The document summarizes plans for a new Dole Wellness Center, Spa and Hotel complex to be built in Westlake Village, California. The complex will include a 267-room luxury hotel, full-service spa and fitness facility, comprehensive medical clinic and diagnostic center, wellness center, and television production studio focused on health and wellness programming. The goal is to provide visitors tools and treatments to improve their health and quality of life through nutrition, fitness, and preventative healthcare. The $150 million complex is expected to open in March 2006.
FedEx Corporation's 2001 Annual Report summarizes the company's performance for fiscal year 2001. Key points:
- Revenue increased 8% to a record $19.6 billion, though net income decreased 15% due to softer demand and one-time charges in the second half.
- The company responded to economic challenges by improving pricing and cost controls, as well as right-sizing transportation networks.
- FedEx has expanded its portfolio beyond express delivery to include ground, freight, and logistics services, allowing it to better withstand downturns.
- Major agreements with the U.S. Postal Service and leadership in e-commerce and wireless technologies position FedEx for continued growth.
The document is Allstate Corporation's 2002 Annual Report. It discusses Allstate's financial results for 2002 which were positive, with operating income increasing 39.1% and total return for shareholders increasing 12.3%. It also outlines Allstate's strategy of focusing on meeting customer needs through a variety of insurance and financial services products, deepening customer relationships, and improving business efficiency. Allstate's execution of this strategy positions it well for future growth and profitability.
Toll Brothers had a very successful first quarter of 2002, with record earnings, revenues, and contracts. Net income increased 11% to $44.5 million, revenues grew 4% to $492.2 million, and signed contracts rose 8% to $485.2 million. The large backlog of $1.41 billion positions Toll Brothers for strong deliveries and growth. Demand remains healthy across their luxury home markets. Toll Brothers expects full year 2003 to be a record year with over $2.5 billion in revenues and $6 per share or more in earnings, driven by their expanding community count and favorable demographics of their customer base.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million, and contracts rose 2% to a record $542.8 million, marking the company's 42nd consecutive quarter of year-over-year growth in signed contracts. Backlog increased 8% to $1.58 billion. The company expects to continue its strong growth, opening more new communities and benefitting from demand among affluent buyers. Despite short-term delays in opening some new communities, Toll Brothers is well positioned for further growth with over 38,000 lots in its pipeline.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
PACCAR is a multinational company that manufactures heavy-duty trucks under the Kenworth, Peterbilt, DAF, and Foden brands. It competes in the North American medium-duty market and the European medium and heavy-duty markets. PACCAR also produces industrial winches and competes in the aftermarket parts business. In 2002, PACCAR saw record revenues and more than double the net income of 2001 due to strong product quality, diversification, and technology investments. PACCAR increased its market share in North America and Europe for both medium and heavy-duty trucks.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
First Financial Bankshares reported higher first quarter earnings compared to the same period last year. Net interest income increased 7% and the net interest margin rose to 4.76% from 4.58% a year ago. Noninterest income declined due to lower trust and service charge fees, partly offset by higher gains on the sale of student loans. Nonperforming assets increased to 95 basis points of loans and foreclosed assets but remain below peer banks.
This annual report provides an overview of Erie Indemnity Company's financial performance and operations in 2006. Some key points:
- Net income decreased 11.7% to $204.0 million while net income per share fell 6.3% to $3.13. Management fee revenue increased slightly to $942.8 million.
- The company focused on balancing competitiveness with expense control, holding down non-commission expenses which rose 9.2% for the year.
- The Property and Casualty Group earned an adjusted statutory combined ratio of 89.4% and reported statutory combined ratio of 93.5%, generating underwriting gains of $13.4 million.
This annual report summarizes Caterpillar's performance in 2002, a challenging year with declining markets and a stalled global economy. Despite weak industry conditions, Caterpillar achieved strong profits through cost cutting measures. The report highlights how Caterpillar has diversified its business beyond construction machinery through expanded offerings in engine, financing, and logistics services to make the company less vulnerable to economic cycles. It expresses confidence that Caterpillar is well-positioned for future growth when economies rebound given its focus on technology, quality products, and global dealer network.
The document provides supplementary investor information for The Chubb Corporation as of December 31, 2005. It includes a consolidated balance sheet, details on share repurchase activity, summaries of invested assets and investment income for both corporate and property & casualty segments. It also provides property & casualty underwriting results for 2005 and 2004, including net premiums written and earned, losses incurred and expenses by line of business.
The annual report summarizes Perini Corporation's financial results for 2005. It highlights that revenues decreased 6% to $1.73 billion due to timing shifts on some projects, but pre-tax income was impacted by a $24.9 million legal charge. Two acquisitions expanded Perini's presence and its backlog reached a record $7.9 billion due to major new project wins in gaming and hospitality. Looking ahead, the company expects continued growth from its building segment and improved margins and earnings from its civil and management service segments.
Toll Brothers had a record first quarter in fiscal year 2000, with earnings of $22.4 million, up 28% from the previous year. Revenues were $344.6 million, a 26% increase, driven by delivering 799 homes generating $334.2 million in revenues. New contracts signed were $391.6 million, up 27% from the previous year, and backlog reached a record high of $1.122 billion, up 31% from the previous year. Toll Brothers attributes the strong results to favorable demographics of move-up buyers and empty nesters, price increases implemented in 1999, and strategic expansion into new markets and product lines such as active adult communities.
This document summarizes a visit by the author and several friends to Swansea Central Library, located on Oystermouth Road. The library opened in 2008 and offers various activities for different ages, including story time, a teen film club, and technology camps, as well as an Easter treasure hunt and 63 computers available to use with a library card login. While the staff were helpful, the author and one friend were unable to find a non-ICT source for a school project, though the author enjoyed reading a graphic novel during the visit and felt the library had many books, making it a good place to return to in spare time.
The document summarizes travel and accommodation arrangements for a two-day conference at the ExCeL Centre in London. It details costs for transportation by bus, train, and car, as well as for three nearby hotels. Based on the research, the cheapest option is to take the bus (£44) and stay at the Travelodge hotel (£136). With underground travel (£17.80) and a £200 food allowance, the total estimated cost is £397.80. Taking the bus is deemed most cost efficient compared to driving, which does not include parking or congestion charges.
This document consists of the word "Salvador" repeated ten times. It does not provide much context or information beyond listing the word "Salvador" on ten separate lines without any other details. The document simply lists the word "Salvador" ten consecutive times without additional context.
This document lists over 150 organizations in Hawaii that had their tax-exempt status revoked by the IRS on May 15, 2010. It provides the Employer Identification Number (EIN), organization name, address, city, state, zip code, section code, date of revocation, and date the information was posted for each revoked organization.
In 2005, Perini Corporation significantly increased its construction backlog to a record $7.9 billion, nearly half of which was attributable to the MGM MIRAGE's CityCenter project in Las Vegas. This increase was also due in part to acquisitions of Rudolph and Sletten and Cherry Hill Construction. Perini's diversified portfolio demonstrated the experience and versatility of its employees and project management teams.
- Perini Corporation acquired Rudolph and Sletten, a California-based building company, in October 2005 which added $650 million in annual revenues.
- In 2005, Perini reported record revenues of $1.73 billion and a record backlog of $7.9 billion at the end of the year, though net income was impacted by a $24.9 million legal charge.
- Key projects awarded in 2005 included MGM's $3.4 billion CityCenter project in Las Vegas and over $1.28 billion in work on The Cosmopolitan resort and casino.
The document summarizes plans for a new Dole Wellness Center, Spa and Hotel complex to be built in Westlake Village, California. The complex will include a 267-room luxury hotel, full-service spa and fitness facility, comprehensive medical clinic and diagnostic center, wellness center, and television production studio focused on health and wellness programming. The goal is to provide visitors tools and treatments to improve their health and quality of life through nutrition, fitness, and preventative healthcare. The $150 million complex is expected to open in March 2006.
FedEx Corporation's 2001 Annual Report summarizes the company's performance for fiscal year 2001. Key points:
- Revenue increased 8% to a record $19.6 billion, though net income decreased 15% due to softer demand and one-time charges in the second half.
- The company responded to economic challenges by improving pricing and cost controls, as well as right-sizing transportation networks.
- FedEx has expanded its portfolio beyond express delivery to include ground, freight, and logistics services, allowing it to better withstand downturns.
- Major agreements with the U.S. Postal Service and leadership in e-commerce and wireless technologies position FedEx for continued growth.
The document is Allstate Corporation's 2002 Annual Report. It discusses Allstate's financial results for 2002 which were positive, with operating income increasing 39.1% and total return for shareholders increasing 12.3%. It also outlines Allstate's strategy of focusing on meeting customer needs through a variety of insurance and financial services products, deepening customer relationships, and improving business efficiency. Allstate's execution of this strategy positions it well for future growth and profitability.
Toll Brothers had a very successful first quarter of 2002, with record earnings, revenues, and contracts. Net income increased 11% to $44.5 million, revenues grew 4% to $492.2 million, and signed contracts rose 8% to $485.2 million. The large backlog of $1.41 billion positions Toll Brothers for strong deliveries and growth. Demand remains healthy across their luxury home markets. Toll Brothers expects full year 2003 to be a record year with over $2.5 billion in revenues and $6 per share or more in earnings, driven by their expanding community count and favorable demographics of their customer base.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million, and contracts rose 2% to a record $542.8 million, marking the company's 42nd consecutive quarter of year-over-year growth in signed contracts. Backlog increased 8% to $1.58 billion. The company expects to continue its strong growth, opening more new communities and benefitting from demand among affluent buyers. Despite short-term delays in opening some new communities, Toll Brothers is well positioned for further growth with over 38,000 lots in its pipeline.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
PACCAR is a multinational company that manufactures heavy-duty trucks under the Kenworth, Peterbilt, DAF, and Foden brands. It competes in the North American medium-duty market and the European medium and heavy-duty markets. PACCAR also produces industrial winches and competes in the aftermarket parts business. In 2002, PACCAR saw record revenues and more than double the net income of 2001 due to strong product quality, diversification, and technology investments. PACCAR increased its market share in North America and Europe for both medium and heavy-duty trucks.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
First Financial Bankshares reported higher first quarter earnings compared to the same period last year. Net interest income increased 7% and the net interest margin rose to 4.76% from 4.58% a year ago. Noninterest income declined due to lower trust and service charge fees, partly offset by higher gains on the sale of student loans. Nonperforming assets increased to 95 basis points of loans and foreclosed assets but remain below peer banks.
This annual report provides an overview of Erie Indemnity Company's financial performance and operations in 2006. Some key points:
- Net income decreased 11.7% to $204.0 million while net income per share fell 6.3% to $3.13. Management fee revenue increased slightly to $942.8 million.
- The company focused on balancing competitiveness with expense control, holding down non-commission expenses which rose 9.2% for the year.
- The Property and Casualty Group earned an adjusted statutory combined ratio of 89.4% and reported statutory combined ratio of 93.5%, generating underwriting gains of $13.4 million.
This annual report summarizes Caterpillar's performance in 2002, a challenging year with declining markets and a stalled global economy. Despite weak industry conditions, Caterpillar achieved strong profits through cost cutting measures. The report highlights how Caterpillar has diversified its business beyond construction machinery through expanded offerings in engine, financing, and logistics services to make the company less vulnerable to economic cycles. It expresses confidence that Caterpillar is well-positioned for future growth when economies rebound given its focus on technology, quality products, and global dealer network.
The document provides supplementary investor information for The Chubb Corporation as of December 31, 2005. It includes a consolidated balance sheet, details on share repurchase activity, summaries of invested assets and investment income for both corporate and property & casualty segments. It also provides property & casualty underwriting results for 2005 and 2004, including net premiums written and earned, losses incurred and expenses by line of business.
The annual report summarizes Perini Corporation's financial results for 2005. It highlights that revenues decreased 6% to $1.73 billion due to timing shifts on some projects, but pre-tax income was impacted by a $24.9 million legal charge. Two acquisitions expanded Perini's presence and its backlog reached a record $7.9 billion due to major new project wins in gaming and hospitality. Looking ahead, the company expects continued growth from its building segment and improved margins and earnings from its civil and management service segments.
Toll Brothers had a record first quarter in fiscal year 2000, with earnings of $22.4 million, up 28% from the previous year. Revenues were $344.6 million, a 26% increase, driven by delivering 799 homes generating $334.2 million in revenues. New contracts signed were $391.6 million, up 27% from the previous year, and backlog reached a record high of $1.122 billion, up 31% from the previous year. Toll Brothers attributes the strong results to favorable demographics of move-up buyers and empty nesters, price increases implemented in 1999, and strategic expansion into new markets and product lines such as active adult communities.
This document summarizes a visit by the author and several friends to Swansea Central Library, located on Oystermouth Road. The library opened in 2008 and offers various activities for different ages, including story time, a teen film club, and technology camps, as well as an Easter treasure hunt and 63 computers available to use with a library card login. While the staff were helpful, the author and one friend were unable to find a non-ICT source for a school project, though the author enjoyed reading a graphic novel during the visit and felt the library had many books, making it a good place to return to in spare time.
The document summarizes travel and accommodation arrangements for a two-day conference at the ExCeL Centre in London. It details costs for transportation by bus, train, and car, as well as for three nearby hotels. Based on the research, the cheapest option is to take the bus (£44) and stay at the Travelodge hotel (£136). With underground travel (£17.80) and a £200 food allowance, the total estimated cost is £397.80. Taking the bus is deemed most cost efficient compared to driving, which does not include parking or congestion charges.
This document consists of the word "Salvador" repeated ten times. It does not provide much context or information beyond listing the word "Salvador" on ten separate lines without any other details. The document simply lists the word "Salvador" ten consecutive times without additional context.
This document lists over 150 organizations in Hawaii that had their tax-exempt status revoked by the IRS on May 15, 2010. It provides the Employer Identification Number (EIN), organization name, address, city, state, zip code, section code, date of revocation, and date the information was posted for each revoked organization.
In 2005, Perini Corporation significantly increased its construction backlog to a record $7.9 billion, nearly half of which was attributable to the MGM MIRAGE's CityCenter project in Las Vegas. This increase was also due in part to acquisitions of Rudolph and Sletten and Cherry Hill Construction. Perini's diversified portfolio demonstrated the experience and versatility of its employees and project management teams.
- Perini Corporation acquired Rudolph and Sletten, a California-based building company, in October 2005 which added $650 million in annual revenues.
- In 2005, Perini reported record revenues of $1.73 billion and a record backlog of $7.9 billion at the end of the year, though net income was impacted by a $24.9 million legal charge.
- Key projects awarded in 2005 included MGM's $3.4 billion CityCenter project in Las Vegas and over $1.28 billion in work on The Cosmopolitan resort and casino.
This annual report summarizes the financial performance of W.R. Berkley Corporation in 2002. Key points include:
- Net income, total revenues, premiums written, and underwriting profit all reached record highs in 2002.
- All four domestic operating segments (specialty, alternative markets, reinsurance, and regional) contributed significantly to growth through higher premium volumes and earnings.
- The company benefited from industry trends of higher insurance prices, improved terms and conditions, and a contraction of overall industry capacity amidst widespread balance sheet problems facing competitors.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
Symantec's 2003 annual report summarizes the company's strong financial performance in fiscal year 2003. Revenues grew 31% to $1.4 billion, operating income grew to $342 million, and net income grew to $248 million. The company saw growth across all regions and segments, with the consumer segment growing 52% and accounting for 41% of revenues. Symantec continued investing in its business through acquisitions and investments in sales, marketing, and product development to maintain its leadership position in the internet security market.
United Health Group [PDF Document] UnitedHealth Group Financial Reviewfinance3
This document provides an overview of UnitedHealth Group's financial performance in 2004. Key points include:
- Revenues increased 29% to $37.2 billion, driven by acquisitions as well as 8% organic revenue growth.
- Net earnings increased 42% to $2.6 billion and operating cash flows grew 38% to $4.1 billion.
- The medical care ratio improved slightly to 80.6% due to premium rate increases slightly outpacing medical cost growth.
- Earnings from operations grew 40% to over $4.1 billion, with all business segments showing growth.
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
The document summarizes CenterPoint Energy's annual report for shareholders. It discusses the company's solid financial performance in 2007, with operating income growing 13.5% and dividends increasing 13%. It highlights achievements and growth across the company's various energy delivery businesses, including natural gas distribution, interstate pipelines, and field services. It also covers the company's focus on meeting future energy needs through investments in infrastructure, energy efficiency, and renewable energy while creating long-term shareholder value.
MeadWestvaco Corporation provides concise summaries of its annual report in 3 sentences or less:
MeadWestvaco is focused on improving productivity, innovation, and customer focus to drive profitable growth. The company achieved over $400 million in annual cost savings through consolidation and efficiency gains. MeadWestvaco remains committed to safety, environmental stewardship, and good governance as it transforms its business and sets the goal of a minimum 10% annual return on capital.
This annual report summarizes MeadWestvaco Corporation's financial performance and operations in 2003. The report discusses the company's vision, values, and business segments. It highlights that 2003 was challenging due to market weakness and high costs, but that the company responded with discipline and positioned itself for future profitability. The letter to shareholders indicates a focus on rewarding investors with profitable growth and a minimum annual return of 10% on capital.
Caterpillar's 2003 annual report outlines steps to building a great company. It discusses (1) inventing revolutionary products like tracked machines that became Caterpillar tractors; (2) choosing distribution partners wisely, like the network of over 200 independent and family-owned dealers worldwide; and (3) continually innovating and anticipating customer needs through new technologies like ACERT engines and e-business solutions for dealers.
FMC Technologies is a global leader that has provided customer solutions for over 100 years. It operates manufacturing facilities in 16 countries and designs systems for the energy, food processing, and air transportation industries. In 2001, the company saw strong demand and order backlog growth in its energy business, particularly for subsea oil and gas equipment. However, its food processing and airport systems segments struggled due to economic weakness affecting their customers. The company expects continued growth in energy but uncertainties in its other businesses depending on the speed of economic recovery.
- Amerada Hess Corporation reported record net income of $1.2 billion in 2005, up from $970 million in 2004.
- Exploration and Production had significant progress in major field developments and grew proved reserves to 1.1 billion barrels of oil equivalent.
- Marketing and Refining benefited from strong refining margins and retail marketing experienced solid growth, with average gasoline volumes per station increasing 7% and convenience store revenue rising 4%.
The Progressive Corporation reported its November 2004 results:
- Net premiums written increased 7% to $937 million compared to November 2003.
- Net income decreased 6% to $93.8 million compared to November 2003.
- The combined ratio was 89.6%, 2.9 percentage points higher than November 2003.
- For the year-to-date period, net income increased 29% to $1.469 billion compared to the same period in 2003, driven by an 11% increase in direct premiums written and higher investment income.
The Progressive Corporation reported its November 2004 results, including a 7% increase in net premiums written and an 8% increase in net premiums earned compared to November 2003. Net income decreased 6% to $93.8 million while the combined ratio increased 2.9 percentage points to 89.6%. Personal lines policies in force grew 11% year-over-year while commercial auto policies increased 15%. Growth is slowing across most markets and businesses. Investment income was impacted by $3.8 million in special stock dividends while realized losses included $6 million in common stock impairments.
The document provides financial information on special items that impacted earnings per share (EPS) for Duke Energy in the second quarter of 2004 and 2003, as well as the first quarter of 2004 and 2003. Some of the notable special items include an $130 million pre-tax Enron settlement that increased EPS by $0.09 in Q2 2004, and $229 million pre-tax gains on asset sales that increased EPS by $0.16 in Q2 2003. For the first half of 2004, special items have resulted in a $0.04 increase in EPS compared to a $0.01 decrease for the first half of 2003.
After a difficult 2002, Xcel Energy is focusing on its core regulated utility businesses to drive future performance. The company reported a net loss of $2.2 billion for 2002 due to issues with its investment in NRG Energy. Excluding NRG, Xcel Energy's pro forma earnings from its utility operations were $522 million. Looking ahead, Xcel Energy will concentrate on operating its utility assets efficiently and meeting customer and environmental commitments, as these businesses form the foundation for future value creation.
The Timken Company maintained profitability in 1999 despite weaknesses in many markets. The company achieved its third highest sales ever and reduced inventory days for the third consecutive year. Looking ahead, Timken is transforming its organization into a more global business with new leadership and a broader product portfolio to fuel growth and take advantage of improving business conditions in 2000.
Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
Schering-Plough is a global pharmaceutical company focused on research and developing new therapies. In 2000, the company achieved 8% sales growth to $9.8 billion, led by its pharmaceutical business. Key therapeutic areas include allergy/respiratory, where sales grew 9% to $4.2 billion, driven by the antihistamine Claritin. The company is working to expand its allergy franchise with new products like Clarinex and strengthen its position in other areas like cancer and inflammation. Research and marketing efforts aim to continue delivering new treatments and driving international expansion.
Commercial Metals Company (CMC) is a global steel and metal producer founded in 1915. It operates recycling facilities, steel mills, and fabrication plants across the Americas and internationally. CMC has five business segments that provide vertical integration: Americas Recycling, Americas Mills, Americas Fabrication & Distribution, International Mills, and International Fabrication & Distribution. CMC focuses on consistent growth, a strong balance sheet, and vertical integration across its global network of metal manufacturing and fabrication facilities.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
- Scania's operating margin and net margin increased in the first nine months of 2008 compared to the same period in 2007. Net sales rose 11% while order bookings declined 29% due to lower demand in Europe.
- Earnings per share increased and the forecast for higher full-year 2008 earnings remains unchanged. However, due to lower order bookings and higher inventories, Scania will adjust production rates.
- Service revenue continued to show strong growth of 8%, while trucks deliveries increased 4% and various restructuring efforts are expected to generate annual cost savings of SEK 300 million from 2009.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
This document is Scania's annual report for 2008. It discusses Scania's vision to be a leading company in its industry by creating value for customers, employees, shareholders, and society. The report outlines Scania's mission to supply high-quality vehicles and services for transporting goods and passengers in a sustainable way. It provides an overview of Scania's operations in trucks, buses, coaches, engines, and financial services. The financial reports indicate that Scania delivered 66,516 trucks, 7,277 buses and coaches, and 6,671 engines in 2008.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards or note any violations. On June 6, 2007, our Chief Executive Officer submitted this unqualified certification, indicating the company was in full compliance with NYSE standards as of that date.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The document outlines the Corporate Governance and Nominating Committee Charter for Perini Corporation. The purpose of the committee is to identify and evaluate potential board candidates and lead corporate governance efforts. The committee must consist of at least two independent directors appointed by the board. It has authority to retain outside advisors and meet at least twice per year. Regarding nominations, the committee evaluates candidates, recommends nominees, and assesses board independence. For corporate governance, the committee develops guidelines, reviews committee performance, and recommends criteria for director tenure.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
2. Financial Highlights
Best in Construction Industry 2004 2003 2002
(In thousands, except per share data)
Perini was named one of the Best Managed Companies in America by Forbes magazine. Choosing Total Revenues $1,842,315 $1,374,103 $ 1,085,041
from publicly traded companies with at least $1 billion in revenue, the publication recognized the Pretax Income $ 44,926 $ 30,922 $ 23,875
best-managed firm in each of 26 industries. Perini ranked No. 1 in the construction sector. Net Income $ 36,007 $ 44,018 $ 23,074
Basic Earnings per Common Share $ 1.47 $ 2.18 $ 0.92
Diluted Earnings per Common Share $ 1.39 $ 2.10 $ 0.91
Perini Moves to NYSE
Since April 1, 2004, common shares of Perini Corporation (PCR) have been listed on the
New Contracts Awarded $1,327,326 $2,050,392 $ 861,681
New York Stock Exchange. “We are pleased that our strong financial position qualifies us for
Backlog at Year-End $1,151,475 $1,666,464 $ 990,175
listing on the New York Stock Exchange,” said Robert Band, President and Chief Operating
Officer. “We feel this milestone move for the Company greatly enhances our visibility to the
Book Value per Common Share $ 6.34 $ 4.65 $ 2.72
investment community.”
Weighted Average Number of Common
Shares Outstanding 23,724 22,763 22,664
Perini Acquires Cherry Hill Construction, Inc.
Based in Jessup, Maryland, Cherry Hill is an established civil contractor operating in the Mid-
Atlantic and Southeast regions with approximately $150 million in 2004 revenues. The Company
specializes in excavation, foundations, paving and construction of civil infrastructure. Cherry Hill
has regional operations in Maryland, Virginia, Delaware, District of Columbia and Florida. Revenue Income from
Construction Operations
(dollars in millions)
(dollars in millions)
Building $1,299 Building $25.2
Civil 138 Civil 5.5
Management Services 405 Management Services 29.9
$1,842 60.6
Corporate (10.3)
$50.3
Income Before Taxes Total Debt Net Worth Backlog
(dollars in millions) (dollars in millions) (dollars in millions) (dollars in billions)
44.9 27.6 174.0 1.79
1.67
120.6
30.9 1.21
17.8 1.15
27.3
.99
24.3 23.9
86.6
79.4
12.5
60.6
9.4
9.0
On the Cover
When completed in 2005, the new Augustus Tower at Caesars Palace will join a portfolio of
00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04
landmarks built by Perini Building Company, Inc., a wholly owned subsidiary of Perini Corporation.
1
3. To Our Shareholders
2004 was one of the most successful years in Perini’s history — and our best ever performance in both revenues and income Major achievements were attained in our Management Services business where we extended our record of timely delivery of critical
from construction operations. We ended the year once again as one of the largest builders of hotels and casinos in the U.S. We had projects in such hostile environments as Afghanistan and Iraq. We completed a 40MW power plant in Buzurgan, Iraq where, ten
another successful year providing construction and management services to the U.S. government overseas. And despite a tough months before, only a high voltage transmission tower stood. This was the first new power plant to be opened in that country since
market for funding infrastructure projects, we made progress in positioning Perini Civil for restored growth as one of the premier 1976. This project, together with others we constructed in 2004, will provide enough electricity to service approximately 600,000 homes.
providers of public works construction in the Eastern United States. Today we are focused on building value for our shareholders,
we are dominant in our key businesses, and we are financially strong. In January, 2005 we acquired Cherry Hill Construction, Inc. of Jessup, Maryland. This business will extend our civil construction expert-
ise and geographic reach into the Mid-Atlantic and Southeast regions. Cherry Hill’s client base and strengths are complementary to
Record Financial Performance ours and it will make an excellent strategic fit as we take advantage of the opportunities in that marketplace.
Revenues for 2004 were $1.84 billion, up 34% compared to 2003. Leading contributors were our building business with revenues
of $1.3 billion, up 45% from $898 million last year and Management Services, whose revenues were up 36% to $405 million from Commitment to Our Shareholders
$299 million last year. These revenue increases were slightly offset by a $39 million decline in revenues from our civil segment, from Our shareholder structure was greatly enhanced during the year. First, we were successful in listing Perini common stock on the
$177 million to $138 million in 2004. New York Stock Exchange. Second, we strengthened our shareholder base considerably with two successful secondary offerings
by certain selling shareholders that added 6.8 million shares to our float.
Gross profit rose 33% to $93.4 million from $70.3 million last year. With G & A expenses under control, we gained operating leverage
from higher volumes. As a result, income from construction operations rose to $50.3 million — an increase of 65% compared to We also continued to strengthen Perini’s Board and governance practices. In that regard, we are delighted that Willard “Woody” Brittain,
$30.5 million in 2003. Our operating margins also improved to 2.7% compared to 2.2% last year. Jr. has joined our Board and Audit Committee this year. Woody is the retired Chief Operating Officer of PriceWaterhouseCoopers LLP,
and is already adding valued input and operational knowledge. Likewise, Robert L. Miller is another strong addition to our Board.
Net income was $36 million or $1.39 per diluted share compared to $44 million or $2.10 per diluted share last year. If we pro forma Bob has had a successful career with various construction businesses. The talent and experience of our new members complements
both years for a full tax provision, net income this year would have been $27.9 million compared to $19.2 million a year ago, and and enhances the knowledge of our current Board.
diluted EPS would have been $1.06 per share versus $0.76 in 2003, reflecting improvement of 39%.
Solid Prospects for the Future
We are very pleased to say that our balance sheet is the strongest it has been in many years. Perini ended the year with $136 million Perini has a strong and resilient business model, based on solid positions we hold in our three key markets. In the first part of 2005,
of cash, only $9 million of debt and shareholders’ equity of $174 million. we have seen some uncertainties due to changing contracting practices by the US government in Iraq, and timing issues related
to the startup of several large-scale hospitality and gaming projects. However, our preconstruction staff is busy planning, with our
We also received outside recognition for our financial performance this year. We were ranked number two in the Boston Globe’s clients, significant new work which we hope to begin booking in the coming quarters. Given the large size of many of our projects,
“Globe 100” ranking of Massachusetts companies. We also had the honor of being one of Forbes’ “Best Managed Companies our business can be “lumpy” from quarter to quarter, and even from year to year. We are confident, that the underlying dynamics of
in America”, ranking #1 in the construction sector. our markets are positive — and that we have placed the business on a path of sustained growth and profitability.
Operational Excellence We are expecting a successful 2005 evidenced by strong activity we are seeing in the hospitality and gaming sectors, the continued
Good and sustainable financial results come only from excellent execution and customer satisfaction. Perini has the enviable demand for our management services work created by the U.S. government’s engagement in far-flung corners of the globe, and
reputation of being the contractor of choice for large scale, complex, fast track projects that very few organizations can deliver. improvement in the demand for our civil infrastructure services.
We have developed this reputation over many years — one successful project at a time.
In closing, we want to thank those who make the achievements and prospects of Perini what they are today. We would like to recog-
Again we delivered some outstanding projects in 2004, including the Morongo Casino Resort and Spa. This 415,000 square foot nize our employees for their efforts in 2004 and for their continued loyalty and dedication which will enable us to make the most of
project with its 27-story tower and many unique features including a slanted elliptical glass curtain wall topping off the tower, was opportunities in 2005. We are also grateful to our partners, our clients, and we are grateful to you, our shareholders, for continuing
delivered in just seventeen months, on time and on budget. to support us and believe in us.
In the field of casino building and design, few can match our depth of experience. We can work closely with the client, providing
detailed input from the initial design phase through all phases of construction. Meeting schedule is vital in the casino business;
our experience gives us a significant competitive advantage when competing for these time sensitive and complex projects.
Robert Band Ronald N. Tutor
President and Chief Operating Officer Chairman and Chief Executive Officer
2 3
4. Building Operations Versatility: Expertise on Projects Large and Small
Far Left:
Alnylam Pharmaceuticals
Lab Conversion
Cambridge, MA
Matt Collins
Perini Building Company, Inc.
Project Manager Left:
Perini Building Company, a wholly owned subsidiary headquar- AstraZeneca
Manufacturing Expansion
tered in Phoenix, AZ, is best known for aggressive, fast-track
Westborough, MA
execution of hospitality and gaming projects for high-profile
Below:
Early on in his 20-year career, Matt worked under many of the
hotel and gaming companies and Native American Tribes Navigant Consulting
Company’s master builders. Today, Matt manages “Precision Office Renovation
throughout the United States. In these specialized high-growth
Projects,” contracts that may not fall under the large project
markets, comprehensive preconstruction services, collaborative
definition that is synonymous with Perini, but nevertheless, yield
relationships with project owners and design teams and effec-
attractive profit margins.
tive field operations are essential to Perini’s success.
On Versatility:
Improvements in existing casino properties and continued “Precision Projects are smaller, more intimate projects. Each requires
development in Las Vegas and on Native American lands a hands-on, close relationship with the owner. Each assignment
tests our versatility and attention to detail. After all, the size of the
provide opportunities to the Company. Perini’s leading position
contract does not make the work any less important to the owner.”
in this market is built on a significant level of repeat and referral
business, reflecting client satisfaction. On Learning the Ropes:
“The great project managers and superintendents who took me under
In addition to hotels and casinos, Perini is highly regarded for their wing taught me how to manage people, allocate resources and
its performance on sports and entertainment venues, health solve problems. Now it’s my responsibility to return the favor by
care facilities, college and university campus structures, and passing along their knowledge to others who work with me.”
commercial residential developments. More recently, the
Company has established a strong reputation in property
“re-use” conversions including renovation of office space to Caesars Palace
Las Vegas, NV
biotechnology labs, racetracks to video gaming facilities, Major Projects Underway
and retail shopping malls. or Completed (2000–Present)
Mike Nunn
Project Executive/PM 1. Augustus Tower
Perini Building Company maintains full-service offices in (under construction)
2. Caesars Plaza and
Framingham, Massachusetts; Phoenix, Arizona and Las Vegas,
Valet Parking
7
Nevada, with support offices in major markets including Atlantic 3. New Registration & Spa
In 2000, Mike was selected to manage several projects at Caesars (under construction)
City, New Jersey; Carlsbad, California; Detroit, Michigan and
Palace including the 4,148-seat Colosseum and today, the 27-story 4. The Forum Shops at Caesars
9
Orlando, Florida.
5. Caesars Palace Showroom
Augustus Tower.
Colosseum
5
6. North Casino
8
James A. Cummings, Inc. On Contractor-Client Relationships: 4
6 7. Palace Tower
1
James A. Cummings, Inc., a wholly owned subsidiary located “My tenure here has led to a mutually respectful relationship with the
8. Centurion Tower Penthouse
people at Caesars Entertainment. Our contract structure is cost plus
in South Florida, focuses primarily on public buildings, including Renovations
3 9. Exterior Refacing:
a fee, so there are very few secrets. It’s also important to under-
schools and airport facilities, as well as college and university
Centurion, Roman,
stand the complexities of managing a 24/7 property like Caesars.
buildings. Cummings’ dedication to building quality facilities Forum Towers
We do what we can to minimize noise and congestion. Since Las
on time and within budget has made it one of the top-ranked 2
Vegas never closes, we can run three shifts to meet schedule.” Not Shown: Pool Villas
commercial construction companies in Florida.
On the Value of a Good Reputation:
“Our reputation makes it easier for us to attract high performing
subcontractors. Our contract administration picks only the best, so
when subcontractors work for Perini, they know they have a high
standard to live up to.”
4 5
5. Perini Management Services, Inc. Logistics: Reconstructing Iraq and Afghanistan
Left:
Afghan National Army Base
Darualaman, Afghanistan
Richard Donica
Below:
Perini Management Services, Inc. (PMSI) plans and executes
Sr. Project Manager 40 MW Power Plant
rapid response assignments and multi-year contracts through Buzurgan, Iraq
diversified construction and design/build services. PMSI has Below Left:
Concrete QA/QC
proven expertise in managing the logistics of construction
Frame 6 Generator
Rick has participated in every form of management service offered
throughout the world, especially in challenging and hostile Nasiriyah, Iraq
by the company: nuclear maintenance, contract completion, and
environments.
Below Right:
overseas operations. His most satisfying role was in building the first
Labor Crew on Break
power plant to be commissioned in Iraq since 1976. Electrical Infrastructure, Iraq
Perini’s customers include the U.S. military and government
agencies, power suppliers, surety companies and multinational On Commissioning the Buzurgan, Iraq Power Plant:
organizations in the U.S. and overseas. The Company has “The power plant at Buzurgan carries the greatest sense of personal
demonstrated consistently superior performance on multi-year, and professional satisfaction. What started as a field of mud — the
multi-discipline, task order and ID/IQ (Indefinite Delivery / rainy season wreaked havoc on our plans — became a milestone
for the coalition effort. Our team proved it could be done. It was
Indefinite Quantity) construction programs.
a total team effort.”
The U.S.-sponsored post-war reconstruction of Afghanistan and On the People of Iraq:
Iraq has provided Perini with several opportunities to advance “At first, the locals didn’t trust us. They thought that once power
its reputation for comprehensive planning, rapid deployment, was available, it would be diverted to Baghdad, the way it was
and effective design/build team leadership. under the former regime. Once they understood that our work was
to supply power to the local area and improve the quality of life for
In Afghanistan, the Company designed and constructed facili- their children, they got on board very quickly.”
ties and infrastructure for four Afghan National Army bases.
On Afghanistan:
The scope of work includes the development of a master plan
“Unlike Iraq where there was modern infrastructure, there was little
to guide future expansion at each base. to build upon in Afghanistan. We were essentially starting from
scratch, building the training facility for the First Brigade of the
Perini was selected in March 2004 by the Department of Defense Afghan National Army in Pol-E-Charkhi.”
for an ID/IQ design-build task order contract to provide electrical
On Teamwork:
transmission, distribution, communications and controls in
“The camaraderie within PMSI is extraordinary and makes all the
Southern Iraq. The Company made history in August when a
difference in the world, especially when you are out in the field,
new 40MW power plant in Buzurgan, Iraq was connected to the
isolated from home. It was often difficult to get materials because of
Iraqi electrical grid, becoming the first new power plant to be
insurgent activity, but we knew we’d find a way. It’s that resourceful-
constructed and commissioned in Iraq since 1976. ness and commitment that makes me proud to be part of it all.”
PMSI also provides rapid response contract completion services
to major North American surety companies. In addition, Perini
provides planning, management, maintenance and modification
services at 10 nuclear power generating stations in Illinois,
Pennsylvania, and New Jersey.
6 7
6. Civil Construction Operations Program Management Milestones and Contracts, 2004
Henry Cheung
Perini Civil Construction January April
Project Executive
Perini Civil Construction is focused on transportation and
I I
U.S. Army Corps of Engineers awards indefinite delivery / indefi- PCR common stock moves to New York Stock Exchange.
infrastructure repair and replacement projects in Metropolitan nite quantity (IDIQ) contract to Perini Management Services,
I PCR completes Secondary Offering of 5.9 million shares of
New York and Northern New Jersey. In addition to mass transit Inc. (PMSI) for design and construction work throughout the
common stock, offered by selling stockholders.
U.S. Central Command Area of Responsibility — including Iraq
Henry Cheung’s management philosophy is well suited to the
systems, highways and bridges, the Company is well suited
and Afghanistan — worth up to $1.5 billion over 5 years.
assertive diplomacy required when dealing with multiple agen-
to construct mainline sewers, water distribution networks and I Pechanga Development Corporation awards PBC contract to
cies, utilities, and organizations on a single project as complex
waste water treatment facilities. expand Pechanga Resort & Casino, originally built by Perini
I Saratoga Gaming and Raceway becomes first of eight race-
as Jamaica Station (below). in 2002.
tracks in New York State to open gaming facilities, completed
by Perini Building Company (PBC) in just 5 months.
Throughout 2004, Perini continued construction of Jamaica On Meeting Client Expectations:
Station, an intermodal transportation center that is the terminus “You have to be attentive to what the client is telling you. Their I Caesars Palace Colosseum Showroom, built by PBC, named May
of the JFK AirTrain, an 8.4-mile elevated transit system. “Building of the Year” by Nevada Contractors Association.
acceptance is entirely up to how well you plan and execute
I Boston Globe ranks PCR as Massachusetts’ second-best
New York Construction News, a McGraw-Hill publication, the work. At Jamaica Station, we present many schedules —
I PBC awarded a $54 million construction contract to build the managed company.
one-year look-ahead, 6-month look-ahead, 8-week look-ahead,
awarded Jamaica Station its “2004 Airport Project of the Year.” Las Vegas Renaissance Hotel, an upscale property adjacent
2-week look-ahead and 1-week look-ahead — to earn their trust to the Las Vegas Convention Center. I Seminole Hard Rock Hotel & Casino Hollywood, built by PBC,
as partners in the process.”
Three recently awarded projects will enhance 2005 revenues opens in Florida.
and backlog: the deck replacement at Bronx-Whitestone On Resolving Conflicts: I PBC awarded contract to build new casino for San Manuel
February
Bridge, the reconstruction of four commuter rail stations along “The bottom line on constructing around a railroad? It’s their Band of Mission Indians in California.
the Metro North, Hudson Rail Line and improvements to the house, their rules. For them it’s all about on-time performance I PBC signs contract to expand Green Valley Ranch Resort,
Brooklyn Queens Expressway. Casino and Spa in Henderson, NV. Perini built the original
to schedule and the convenience of their passengers. We’re
four-diamond resort in 2002. June
secondary. That’s why planning is so very important to our
operations, right down to the minute.”
Cherry Hill Construction, Inc. I PBC pours foundation mat for new 27-story, 949-room luxury I PCR President Robert Band featured at Credit Suisse First
The acquisition of Cherry Hill Construction shortly after year-end Augustus Tower project at Caesars Palace in Las Vegas. Boston’s Engineering & Environmental Services Conference.
(see inside front cover), will contribute to civil construction oper-
I Perini Corporation (NYSE:PCR) reports record 2003 Earnings. I PBC’s Ken Schacherbauer named “Project Manager of the Year
ations beginning in the first quarter. Based in Jessup, Maryland,
2004” by Southwest Contractor, a McGraw-Hill publication.
Cherry Hill is an established civil contractor operating in the
I New contract awards and adjustments to contracts in process
Mid-Atlantic and Southeast regions specializing in excavation, March
added to the backlog during the second quarter of 2004
foundations, paving and civil infrastructure.
amounted to $333 million and included approximately $193 mil-
I Seminole Hard Rock Hotel & Casino Tampa, one of two hospi-
lion of hotel and casino work in Las Vegas, Atlantic City and
tality/gaming projects for the Seminole Tribe of Florida, opens.
The Company has successfully completed all types of civil California, as well as approximately $84 million of additional
I PMSI receives design/build IDIQ contract for electrical infra- work for the rebuilding of Iraq.
construction jobs for public owners and private industry,
structure work in Iraq from U.S. Department of Defense with an
under competitive bid, negotiated and design-build contract
estimated contract value of up to $500 million.
arrangements. Cherry Hill self-performs many of the projects
July
I
it undertakes, affording greater control of project schedules, James A. Cummings, Inc. presented the 2004 “Diversity
Works! Award” for Best Company Diversity Initiative by the
more competitive pricing, better customer response and I PMSI receives two design/build task order contracts for Afghan
South Florida Business Journal as a leader in the growth and National Army Brigade Facilities.
a highly motivated work force. The Company has regional
development of MBE and WBE firms.
operations in Maryland, Virginia, Delaware and the District
I New contract awards and adjustments to contracts in process
of Columbia with projects managed from its headquarters in
added to the backlog during the first quarter of 2004 amounted
Maryland. Cherry Hill also serves clients in Florida from a
to $265 million and include approximately $254 million of hotel
centrally located division office in Bartow (Lakeland), Florida. and casino work in California.
8 9
7. Officers and Directors Stockholder Information
Milestones and Contracts, 2004
August December Corporate Executive Officers Construction Operations Board of Directors Annual Meeting
All stockholders are invited to attend
Ronald N. Tutor Perini Civil Ronald N. Tutor the annual meeting to be held May
I I
PMSI completes first new power plant commissioned in Iraq PBC completes Morongo Casino Resort & Spa.
Chairman & Chairman & 19, 2005 at 9:00 a.m. at the Crowne
since 1976. Chief Executive Officer Zohrab B. Marashlian Chief Executive Officer Plaza, Rte. 9, Natick, MA. Proxy
I PBC named “2004 Contractor of the Year” by Nevada President President, materials and the formal notice of the
I PBC signs construction management contract for The Pier Contractors Association. Robert Band Tutor-Saliba Corporation meeting will be mailed on or about
President & Age: 64 Elected Director: 1997 April 18, 2005.
at Caesars, a three-level, 575,000-square-foot retail and
Chief Operating Officer Perini Building Company, Inc.
I Morongo Casino Resort & Spa and Chumash Casino Resort,
restaurant project located in Atlantic City, New Jersey.
Michael R. Klein (1*,2,3*) Stockholder Mailings
Phase II, built by PBC, named “Best of 2004” by California Zohrab B. Marashlian Richard J. Rizzo Vice Chairman Stockholders who are registered
Construction, a McGraw-Hill publication. President Chairman Partner, Wilmer Cutler Pickering under brokers’ names and who wish
Perini Civil Hale and Dorr LLP to receive direct mailings of the
September Craig W. Shaw Age: 62 Elected Director: 1997 Company’s stockholder communica-
I Jamaica Station, built by a Perini Civil Construction-led joint
Craig W. Shaw President tions may do so by writing to the
venture, named 2004 “Airport Project of the Year” by New York
I PCR completes Secondary Offering of 862,500 shares of President Peter Arkley (3) Investor Relations Department of the
Construction News, a McGraw-Hill publication. Perini Building Company, Inc. Managing Principal, Company at Framingham, MA 01701.
common stock, offered by a selling stockholder.
Perini Management Services, Inc. AON Risk Services, Inc.
I Seminole Hard Rock Hotel & Casino Hollywood named Richard J. Rizzo Age: 50 Elected Director: 2000 Stock Listing
I PCR enters into Letter of Intent to acquire Cherry Hill Executive Vice President Robert Band The Company’s Common Stock
“Best Hospitality Project, 2004” by Southeast Construction, a
Construction, Inc. to support expansion into Mid-Atlantic Business Development President Robert Band (trading symbol: PCR) is listed on
McGraw-Hill publication. Seminole Hard Rock Hotel & Casino
President & the New York Stock Exchange. The
and Southeast U.S. regions.
Tampa receives “Award of Merit.” Michael E. Ciskey Claude K. Olsen Chief Operating Officer Company’s Depositary Convertible
Vice President & Senior Vice President Age: 57 Elected Director: 1999 Exchangeable Preferred Shares
I New contract awards and adjustments to contracts in process
I New contract awards and adjustments to contracts in process Chief Financial Officer Operations (trading symbol: PCR Pr) are listed
added to the backlog during the third quarter of 2004 totaled Willard W. Brittain, Jr. (1) on the American Stock Exchange.
added to the backlog during the fourth quarter of 2004 totaled
$421 million and included approximately $232 million of addi- Susan C. Mellace Chairman &
$308 million and include approximately $214 million of hotel Vice President & Newberg/Perini Chief Executive Officer, Transfer Agent & Registrar
tional work in the rebuilding of Iraq and Afghanistan as well
and casino work in Las Vegas and California. Treasurer Professional Resources EquiServe
as approximately $104 million of hotel and casino work in
Kevin J. Woods on Demand Boston EquiServe Division
Las Vegas, Atlantic City, California and Florida. Anthony J. Buccitelli Senior Vice President Age: 58 Elected Director: 2004 150 Royall Street
Vice President-Legal Operations Canton, MA 02021
In 2005 James A. Cummings
Chairman & Investor Relations
October James A. Cummings, Inc. Chief Executive Officer, Telephone (508) 628-2295 or submit
I Forbes names Perini “One of the Best Managed Companies
James A. Cummings, Inc. inquiries via the internet at perini.com.
in America,” ranking Perini No. 1 in construction industry. James A. Cummings Age: 60 Elected Director: 2003
I Perini Civil Construction awarded a $30 million contract to
Chief Executive Officer Availability of Form 10-K
reconstruct four commuter rail stations on the Metro North – I Car rental operations begin at the 4.5 million-square-foot Frederick Doppelt Stockholders who wish an additional
Hudson Rail Line. William R. Derrer Self-employed attorney copy of the Company’s Form 10-K,
Consolidated Car Rental Facility at Ft. Lauderdale/Hollywood
President Age: 86 Elected Director: 1998 filed annually with the Securities
Airport built by the joint venture of James A. Cummings, Inc.
and Exchange Commission in
I The 304,000-square-foot addition to the upscale Forum
and Centex-Rooney. Robert A. Kennedy (1) Washington, DC, may obtain one
Shops at Caesars Palace, built by PBC for the Simon Property
Cherry Hill Construction, Inc. Retired Executive without charge via the internet at
Group, opens. Age: 69 Elected Director: 2000 perini.com or by writing to the
John A. Loftus Investor Relations Department of the
President & Chief Executive Officer Robert L. Miller (2) Company at Framingham, MA 01701.
Director & Consultant,
November David B. Openshaw SEI Chemical LLC EEO Policy
Executive Vice President Age: 64 Elected Director: 2004 Perini Corporation is committed to
& General Manager the principles of Equal Employment
I PCR announces agreement to settle preferred stockholders
Raymond R. Oneglia (1,2*,3) Opportunity and Affirmative Action.
lawsuit, subject to Court approval. Under the proposed agree-
Vice Chairman, This commitment requires that the
ment, PCR would purchase each depository share tendered O&G Industries, Inc. Corporation comply with all applicable
for $19 in cash, plus one share of common stock. Age: 57 Elected Director: 2000 statutes, regulations, and government
orders pertaining to non-discriminating
Martin Shubik employment practices and also that
Professor we provide an atmosphere within
Yale University, the Corporation that will assure all
School of Management persons the opportunity to succeed
Age: 79 Elected Director: 2004 on their own merit, without regard
to race, color, religion, national origin,
sex, age, disability or their status
(1) Audit Committee
as a special disabled veteran or
(2) Compensation Committee
Vietnam-era veteran.
(3) Corporate Governance &
Nominating Committee
Annual Report
Project Management: Field Communications * Chairman
Creative: Beagan+Nguyen Design
10
Photography: Charles Field / various