- 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 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.
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
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
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.
Duke Energy held a conference call to discuss its second quarter 2005 earnings. The call included prepared remarks from Chairman and CEO Paul Anderson and Group VP and CFO David Hauser. Key highlights from their remarks include:
- Earnings per share were $0.33, including $0.02 in special items, compared to analyst expectations of $0.38. However, the company was on plan for the year.
- Weather had a negative $0.05 impact on earnings compared to last year. Results were also impacted by higher O&M costs.
- Most business units performed well, though Franchised Electric and DENA saw declines due to weather and other factors.
- The proposed merger with C
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.
1. CDP collects information on corporate climate change and water scarcity practices on behalf of investors and purchasers, pioneering the only global system that does so.
2. CDP accelerates climate action through disclosure and its Carbon Action program, engaging 205 Global 500 companies to set emissions reduction targets with 61 companies setting targets so far.
3. CDP is evolving to respond to market needs, including merging with the Forest Footprint Disclosure Project over the next two years to enable assessment of companies' and investors' exposure to forests and related climate and water issues.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for Q2 2004.
The key points are:
1) Duke Energy reported earnings per share of $0.46 for Q2 2004, which included $0.04 per share in special items. Ongoing earnings were $0.42 per share.
2) The company's largest business segments - Franchised Electric and Gas Transmission - generated solid earnings and cash flows for the quarter. Field Services also had strong results due to high natural gas liquid prices and operating improvements.
3) Duke Energy reduced its mark-to-market trading position, but results were still affected by changing commodity prices
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.
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
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
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.
Duke Energy held a conference call to discuss its second quarter 2005 earnings. The call included prepared remarks from Chairman and CEO Paul Anderson and Group VP and CFO David Hauser. Key highlights from their remarks include:
- Earnings per share were $0.33, including $0.02 in special items, compared to analyst expectations of $0.38. However, the company was on plan for the year.
- Weather had a negative $0.05 impact on earnings compared to last year. Results were also impacted by higher O&M costs.
- Most business units performed well, though Franchised Electric and DENA saw declines due to weather and other factors.
- The proposed merger with C
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.
1. CDP collects information on corporate climate change and water scarcity practices on behalf of investors and purchasers, pioneering the only global system that does so.
2. CDP accelerates climate action through disclosure and its Carbon Action program, engaging 205 Global 500 companies to set emissions reduction targets with 61 companies setting targets so far.
3. CDP is evolving to respond to market needs, including merging with the Forest Footprint Disclosure Project over the next two years to enable assessment of companies' and investors' exposure to forests and related climate and water issues.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for Q2 2004.
The key points are:
1) Duke Energy reported earnings per share of $0.46 for Q2 2004, which included $0.04 per share in special items. Ongoing earnings were $0.42 per share.
2) The company's largest business segments - Franchised Electric and Gas Transmission - generated solid earnings and cash flows for the quarter. Field Services also had strong results due to high natural gas liquid prices and operating improvements.
3) Duke Energy reduced its mark-to-market trading position, but results were still affected by changing commodity prices
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
1. Constellation Energy's 2003 annual report summarizes the company's performance and strategic vision.
2. The company grew significantly in 2003, with revenues reaching almost $10 billion and total shareholder return of 45%.
3. Constellation Energy serves over 8,000 megawatts of peak load in wholesale energy markets across North America and has expanded its customer base.
Exelon Corporation at Sanford Bernstein, CO2 Emissions Limits and the Power S...finance14
This document provides contact information for Exelon Corporation's investor relations department. It also contains forward-looking statements about Exelon's estimated 2007 operating earnings and earnings per share guidance. Additionally, it summarizes key details about Exelon's business segments and operating companies, and outlines Exelon's strategic direction, goals, and position on climate change and environmental leadership.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
Duke Energy 4Q/03_Transcript_and_QA_-Finalfinance21
Duke Energy held an earnings call to discuss its financial results for Q4 2003 and the full year. The company reported a net loss of $1.48 per share for 2003, which included $2.76 in special items. Most business segments met their targets except for Franchised Electric, which saw lower earnings due to higher costs. Duke Energy's largest loss was primarily driven by asset impairments and other special charges related to its DENA business. Management provided additional details on special items to help analysts understand the company's ongoing earnings performance excluding these one-time charges.
The document is the transcript of Duke Energy's Q1 2003 earnings conference call.
In the call, Duke Energy executives discuss the company's financial results and progress on its strategic plan. They report that regulated utilities Franchised Electric and Gas Transmission contributed 94% of earnings. Duke is reducing costs, selling $1.1 billion in assets, and focusing on its strongest businesses. While merchant energy faced challenges, Duke is restructuring to improve results going forward.
CIT is a bank holding company that provides financial products and advisory services to small and middle market businesses operating in over 50 countries, with over $60 billion in finance and leasing assets. It maintains leadership positions in areas like small business lending, retail finance, aerospace leasing, and vendor finance. The document provides an overview of CIT's financial performance and segments, including corporate finance, trade finance, transportation finance, and vendor finance.
www.sprivail.org
The Steadman Philippon Research Institute 2006 Annual Report
The purpose of our Basic Science Research is to gain a better understanding of factors which lead to: (1) degenerative joint disease; (2) osteoarthritis; (3) improved healing of soft tissues such as ligaments, tendons, articular cartilage, and meniscus cartilage; and (4) novel and untried approaches of treatment modalities. Our focus is to develop new surgical techniques, innovative adjunct therapies, rehabilitative treatments, and related programs that will help delay, minimize, or prevent the development of degenerative joint disease. In 2006, we collaborated with various educational institutions, predominantly Colorado State University and Michigan State University. We believe that our combined efforts will lead directly to slowing the degenerative processes, as well as finding new ways to enhance healing and regeneration of injured tissues.
The relatively new area of regenerative medicine is an exciting one that has gained global attention. There are many new and inno- vative techniques under investigation by scientists around the world. One of the broad goals of this work can be stated simply as joint preservation. In 2006 we focused our efforts almost exclusively on regeneration of an improved tissue for resurfacing of articular cartilage (chondral) defects that typically lead to degenerative osteoarthritis. We have been working in the promising area of gene therapy in col- laboration with Drs. Wayne McIlwraith and David Frisbie at Colorado State University. We have now completed our initial studies, and we have enough important data to take this project to the next level.
In 2006 we also published an extremely important manuscript that examined the effects of leaving or removing a certain layer of tissue during lesion preparation for microfracture. This manuscript
will help guide surgeons and should improve outcomes of microfrac- ture performed by surgeons worldwide. We also completed data collection of a study involving electrostimulation to enhance
cartilage healing.
CONTENTS:
2 The Year in Review
7 The Steadman-Hawkins Difference 10 Friends of the Foundation
21 The Knee, the Package, and the Gift (Torn Miniscus)
23 Steadman-Hawkins and Össur Team Up
24 Research and Education (Knee Osteoarthritis Treatments)
25 Basic Science (Microfracture)
27 The Human-Horse Connection
28 Bad Knee Leads to Good News
29 Clinical Research (hip arthroscopy labral tear)
37 Impingement Can Lead to Arthritis 45 Biomechanics Research Laboratory 49 IRA Rollover Legislation
51 Education
52 Research Foundation Provides Students
with a Close Look at Medicine
56 Publications and Presentations 67 Recognition
BancorpSouth, Inc. reported financial results for the first quarter of 2012. Some key highlights included net income of $22.9 million, continued improvement in credit quality indicators, and stable net interest margin of 3.66%. Capital levels also improved from the prior periods. The company noted initiatives to integrate specialty lending lines of business and reorganize geographically from 10 to 4 regions.
This document contains the prepared remarks from Duke Energy's Q1 2004 earnings conference call. The key points are:
1) Duke Energy reported earnings of 36 cents per share including special items, and ongoing earnings of 32 cents, which met expectations despite $6 cents of MTM losses during the quarter.
2) Several business segments performed well, including franchised electric and gas transmission. Field services benefited from higher frac spreads and hedging gains.
3) Challenges included a disappointing quarter for DENA due to inability to capture optionality. However, DENA expects to realize its full-year budget.
4) Duke Energy continues reducing debt and increasing cash, made progress on legal issues,
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
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.
Arrow Electronics had a record year in 2007, with sales of $16 billion, an 18% increase over 2006. Productivity among employees also rose 11%. The company continues to invest in growing both its Global Components and Enterprise Computing Solutions businesses. It aims to drive industry-leading performance while also investing for long-term growth. Arrow is transforming its systems to operate more efficiently on a global scale through an ERP initiative.
El Paso Corporation reported strong second quarter earnings, with Exploration and Production ahead of target. The company's pipeline group also performed well above the second quarter of last year, supported by increased throughput. El Paso continues to advance its portfolio of committed growth projects across its pipeline network. Overall, the company is on track to achieve its financial and operational targets for 2007.
1) Masco Corporation is a world leader in home improvement and building products with record sales of $9.4 billion in 2002, up 14% from 2001.
2) Net income was $590 million in 2002, though excluding unusual charges it was $780 million or $1.52 per share.
3) The document provides an overview of Masco's financial highlights and various product segments that achieved sales growth in 2002.
This document is Toll Brothers' annual report which summarizes their strong financial performance in fiscal year 2005, ending October 31, 2005. Some key points:
- Toll Brothers had record results in 2005 with net income up 97% to $806.1 million, earnings per share up 90% to $4.78, total revenues up 50% to $5.79 billion, and contracts and backlog also up significantly.
- They attribute their success to expanding their operations nationally, developing high-quality communities across various luxury housing segments, and having over 83,000 home sites under control to support future growth.
- Looking ahead, Toll Brothers expects continued growth through expanding their community count and believes housing market fundament
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
This document provides an overview of a growth company in the home building industry. It highlights the company's strong financial performance over the last decade including 11 consecutive years of record earnings. It also emphasizes the company's growth potential through expanding its community count and large land holdings. Finally, it discusses the company's diversification into new product lines and geographic markets which will drive continued growth.
This document summarizes financial statistics for Toll Brothers, Inc., a home construction company, from 1997 to 2008. Over this period, the number of selling communities increased from 116 to 300 then decreased to 273 by 2008. Total sales agreements signed peaked at 10,372 in 2005 and fell to 2,927 by 2008. Profits margins such as operating margin and pretax margin were positive from 1997 to 2006 but turned negative in 2007 and 2008. Debt levels as a percentage of total capitalization generally declined from the late 1990s to mid-2000s.
United Stationers focuses on six value drivers to achieve profitable growth:
1) Deliver profitable sales growth through product initiatives, marketing capabilities, and new channels
2) Drive out waste through cost reduction programs like WOW 2 to lower expenses
3) Expand private brand sales which offer higher margins for United and customers
4) Optimize assets like inventory and accounts payable to improve cash flow
5) Unlock value from acquisitions like ORS Nasco which expands into industrial supplies
6) Enhance marketing capabilities with technology improvements to catalogs and customer tools
United made progress in 2007 on these drivers through category growth, cost savings, higher private brand sales, and the ORS Nasco acquisition, helping
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.
The document is MGM MIRAGE's 2007 annual report detailing their CityCenter project in Las Vegas. It describes the various components of CityCenter, including hotels, condo towers, retail space, and financial highlights. Some key points:
- CityCenter is a 76-acre, $18 billion privately funded project, the largest in US history. It includes multiple hotels, condo towers, and retail space designed by renowned architects.
- ARIA is a 61-story, 4,000 room hotel and conference center. Vdara is a 57-story condo-hotel tower with over 1,500 units. Other components include condo towers, hotels, retail space, and entertainment venues.
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
1. Constellation Energy's 2003 annual report summarizes the company's performance and strategic vision.
2. The company grew significantly in 2003, with revenues reaching almost $10 billion and total shareholder return of 45%.
3. Constellation Energy serves over 8,000 megawatts of peak load in wholesale energy markets across North America and has expanded its customer base.
Exelon Corporation at Sanford Bernstein, CO2 Emissions Limits and the Power S...finance14
This document provides contact information for Exelon Corporation's investor relations department. It also contains forward-looking statements about Exelon's estimated 2007 operating earnings and earnings per share guidance. Additionally, it summarizes key details about Exelon's business segments and operating companies, and outlines Exelon's strategic direction, goals, and position on climate change and environmental leadership.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
Duke Energy 4Q/03_Transcript_and_QA_-Finalfinance21
Duke Energy held an earnings call to discuss its financial results for Q4 2003 and the full year. The company reported a net loss of $1.48 per share for 2003, which included $2.76 in special items. Most business segments met their targets except for Franchised Electric, which saw lower earnings due to higher costs. Duke Energy's largest loss was primarily driven by asset impairments and other special charges related to its DENA business. Management provided additional details on special items to help analysts understand the company's ongoing earnings performance excluding these one-time charges.
The document is the transcript of Duke Energy's Q1 2003 earnings conference call.
In the call, Duke Energy executives discuss the company's financial results and progress on its strategic plan. They report that regulated utilities Franchised Electric and Gas Transmission contributed 94% of earnings. Duke is reducing costs, selling $1.1 billion in assets, and focusing on its strongest businesses. While merchant energy faced challenges, Duke is restructuring to improve results going forward.
CIT is a bank holding company that provides financial products and advisory services to small and middle market businesses operating in over 50 countries, with over $60 billion in finance and leasing assets. It maintains leadership positions in areas like small business lending, retail finance, aerospace leasing, and vendor finance. The document provides an overview of CIT's financial performance and segments, including corporate finance, trade finance, transportation finance, and vendor finance.
www.sprivail.org
The Steadman Philippon Research Institute 2006 Annual Report
The purpose of our Basic Science Research is to gain a better understanding of factors which lead to: (1) degenerative joint disease; (2) osteoarthritis; (3) improved healing of soft tissues such as ligaments, tendons, articular cartilage, and meniscus cartilage; and (4) novel and untried approaches of treatment modalities. Our focus is to develop new surgical techniques, innovative adjunct therapies, rehabilitative treatments, and related programs that will help delay, minimize, or prevent the development of degenerative joint disease. In 2006, we collaborated with various educational institutions, predominantly Colorado State University and Michigan State University. We believe that our combined efforts will lead directly to slowing the degenerative processes, as well as finding new ways to enhance healing and regeneration of injured tissues.
The relatively new area of regenerative medicine is an exciting one that has gained global attention. There are many new and inno- vative techniques under investigation by scientists around the world. One of the broad goals of this work can be stated simply as joint preservation. In 2006 we focused our efforts almost exclusively on regeneration of an improved tissue for resurfacing of articular cartilage (chondral) defects that typically lead to degenerative osteoarthritis. We have been working in the promising area of gene therapy in col- laboration with Drs. Wayne McIlwraith and David Frisbie at Colorado State University. We have now completed our initial studies, and we have enough important data to take this project to the next level.
In 2006 we also published an extremely important manuscript that examined the effects of leaving or removing a certain layer of tissue during lesion preparation for microfracture. This manuscript
will help guide surgeons and should improve outcomes of microfrac- ture performed by surgeons worldwide. We also completed data collection of a study involving electrostimulation to enhance
cartilage healing.
CONTENTS:
2 The Year in Review
7 The Steadman-Hawkins Difference 10 Friends of the Foundation
21 The Knee, the Package, and the Gift (Torn Miniscus)
23 Steadman-Hawkins and Össur Team Up
24 Research and Education (Knee Osteoarthritis Treatments)
25 Basic Science (Microfracture)
27 The Human-Horse Connection
28 Bad Knee Leads to Good News
29 Clinical Research (hip arthroscopy labral tear)
37 Impingement Can Lead to Arthritis 45 Biomechanics Research Laboratory 49 IRA Rollover Legislation
51 Education
52 Research Foundation Provides Students
with a Close Look at Medicine
56 Publications and Presentations 67 Recognition
BancorpSouth, Inc. reported financial results for the first quarter of 2012. Some key highlights included net income of $22.9 million, continued improvement in credit quality indicators, and stable net interest margin of 3.66%. Capital levels also improved from the prior periods. The company noted initiatives to integrate specialty lending lines of business and reorganize geographically from 10 to 4 regions.
This document contains the prepared remarks from Duke Energy's Q1 2004 earnings conference call. The key points are:
1) Duke Energy reported earnings of 36 cents per share including special items, and ongoing earnings of 32 cents, which met expectations despite $6 cents of MTM losses during the quarter.
2) Several business segments performed well, including franchised electric and gas transmission. Field services benefited from higher frac spreads and hedging gains.
3) Challenges included a disappointing quarter for DENA due to inability to capture optionality. However, DENA expects to realize its full-year budget.
4) Duke Energy continues reducing debt and increasing cash, made progress on legal issues,
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
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.
Arrow Electronics had a record year in 2007, with sales of $16 billion, an 18% increase over 2006. Productivity among employees also rose 11%. The company continues to invest in growing both its Global Components and Enterprise Computing Solutions businesses. It aims to drive industry-leading performance while also investing for long-term growth. Arrow is transforming its systems to operate more efficiently on a global scale through an ERP initiative.
El Paso Corporation reported strong second quarter earnings, with Exploration and Production ahead of target. The company's pipeline group also performed well above the second quarter of last year, supported by increased throughput. El Paso continues to advance its portfolio of committed growth projects across its pipeline network. Overall, the company is on track to achieve its financial and operational targets for 2007.
1) Masco Corporation is a world leader in home improvement and building products with record sales of $9.4 billion in 2002, up 14% from 2001.
2) Net income was $590 million in 2002, though excluding unusual charges it was $780 million or $1.52 per share.
3) The document provides an overview of Masco's financial highlights and various product segments that achieved sales growth in 2002.
This document is Toll Brothers' annual report which summarizes their strong financial performance in fiscal year 2005, ending October 31, 2005. Some key points:
- Toll Brothers had record results in 2005 with net income up 97% to $806.1 million, earnings per share up 90% to $4.78, total revenues up 50% to $5.79 billion, and contracts and backlog also up significantly.
- They attribute their success to expanding their operations nationally, developing high-quality communities across various luxury housing segments, and having over 83,000 home sites under control to support future growth.
- Looking ahead, Toll Brothers expects continued growth through expanding their community count and believes housing market fundament
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
This document provides an overview of a growth company in the home building industry. It highlights the company's strong financial performance over the last decade including 11 consecutive years of record earnings. It also emphasizes the company's growth potential through expanding its community count and large land holdings. Finally, it discusses the company's diversification into new product lines and geographic markets which will drive continued growth.
This document summarizes financial statistics for Toll Brothers, Inc., a home construction company, from 1997 to 2008. Over this period, the number of selling communities increased from 116 to 300 then decreased to 273 by 2008. Total sales agreements signed peaked at 10,372 in 2005 and fell to 2,927 by 2008. Profits margins such as operating margin and pretax margin were positive from 1997 to 2006 but turned negative in 2007 and 2008. Debt levels as a percentage of total capitalization generally declined from the late 1990s to mid-2000s.
United Stationers focuses on six value drivers to achieve profitable growth:
1) Deliver profitable sales growth through product initiatives, marketing capabilities, and new channels
2) Drive out waste through cost reduction programs like WOW 2 to lower expenses
3) Expand private brand sales which offer higher margins for United and customers
4) Optimize assets like inventory and accounts payable to improve cash flow
5) Unlock value from acquisitions like ORS Nasco which expands into industrial supplies
6) Enhance marketing capabilities with technology improvements to catalogs and customer tools
United made progress in 2007 on these drivers through category growth, cost savings, higher private brand sales, and the ORS Nasco acquisition, helping
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.
The document is MGM MIRAGE's 2007 annual report detailing their CityCenter project in Las Vegas. It describes the various components of CityCenter, including hotels, condo towers, retail space, and financial highlights. Some key points:
- CityCenter is a 76-acre, $18 billion privately funded project, the largest in US history. It includes multiple hotels, condo towers, and retail space designed by renowned architects.
- ARIA is a 61-story, 4,000 room hotel and conference center. Vdara is a 57-story condo-hotel tower with over 1,500 units. Other components include condo towers, hotels, retail space, and entertainment venues.
Toll Brothers is the leading builder of luxury homes in the United States. It operates in six regions across 21 states and 41 markets. In fiscal year 2001, Toll Brothers achieved record revenues of $2.23 billion, record contracts of $1.81 billion, and record net income of $213.7 million, representing its ninth consecutive year of record earnings. Toll Brothers focuses on move-up, empty-nester, and active-adult home buyers and expects continued strong demand from these segments going forward due to favorable demographics.
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with growth in building, management services, and lower revenues in civil works.
- Pretax income rose 45% to $44.9 million and net income was $36 million.
- The company had a strong balance sheet with $136 million in cash and only $9 million in debt.
- Perini completed several large projects on time including a casino resort and power plant in Iraq.
- The company aims to leverage its expertise in management services, building, and newly acquired civil contractor.
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.
This document provides an annual summary report for Apache Corporation for 2004. Some key details:
- Apache had a record year in 2004, with earnings of $1.7 billion, up nearly 50% from 2003. Assets grew to $15.5 billion.
- Apache increased its worldwide proved reserves 17% to 1.94 billion barrels of oil equivalent, marking its 19th consecutive year of reserve growth. Average daily production grew 7.4% to 448,000 barrels of oil equivalent.
- Apache's acquisition of assets from ExxonMobil added production and exploration opportunities in regions like the Permian Basin and Gulf of Mexico, strengthening its portfolio.
This document provides an annual summary report for Apache Corporation for 2004. Some key details:
- Apache had a record year in 2004, with earnings of $1.7 billion, up nearly 50% from 2003. Assets grew to $15.5 billion.
- Apache increased its worldwide proved reserves 17% to 1.94 billion barrels of oil equivalent, marking its 19th consecutive year of reserve growth. Average daily production grew 7.4% to 448,000 barrels of oil equivalent.
- Apache's acquisition of assets from ExxonMobil added production and exploration opportunities in regions like the Permian Basin and Gulf of Mexico, strengthening its portfolio.
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.
Northern Trust's 2007 annual report summarizes the company's strong financial performance in 3 sentences:
Northern Trust achieved record results in 2007, with net income increasing 9% to $727 million, assets under custody growing 17% to $4.1 trillion, and assets under management increasing 9% to $757 billion. The company continued its strategic focus on sound growth and providing exceptional client service, expertise and integrity during a turbulent year for many financial firms. Northern Trust's strong performance led to a 26% increase in its stock price, outperforming banking industry indexes.
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.
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.
El Paso Corporation provides an overview of its business, which includes owning North America's largest natural gas pipeline system and being one of North America's largest independent natural gas producers. The document discusses the company's two business segments - Pipelines and Exploration & Production. For the Pipelines segment, it provides details on the company-owned and partner pipeline systems including miles of pipeline. For Exploration & Production, it outlines the company's acreage positions and proved natural gas reserves. It also discusses trends in the U.S. natural gas market and the infrastructure investment needed to meet growing demand.
El Paso Corporation provides an overview of its business, which includes owning North America's largest natural gas pipeline system and being one of North America's largest independent natural gas producers. The document discusses the company's two business segments - Pipelines and Exploration & Production. It provides key details on the pipeline and production assets, including miles of pipeline, gas transmission volumes, proven gas reserves, and acreage. It also discusses trends in the US natural gas market and the infrastructure investment needed to meet growing demand.
This document summarizes DuPont's financial performance and operations in 2002. Key highlights include net sales of $24 billion, net income of -$1.1 billion compared to $4.3 billion in 2001, and research and development expenses of $1.26 billion. DuPont is a science and technology company that applies scientific discovery to improve lives through products in various markets like transportation, nutrition, electronics, and materials. The company has operated globally for over 200 years and transformed from an explosives manufacturer to a leader in chemicals, materials and energy.
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.
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.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
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 annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
The document summarizes five commercial office buildings in downtown Toronto that have achieved LEED certification, totaling over 4 million square feet of space. As of June 2010, these five buildings had around 530,000 square feet available for lease, representing an availability rate of 12.75%. For comparison, class "AAA" and "A" office buildings downtown had availability rates of 17.1% and 10.4% respectively in Q1 2010. The document also profiles an sustainability consultant, Sandra Lester, who advocates for a more systemic approach to green building that considers long-term impacts and life-cycle assessments rather than just short-term efficiency measures.
Households earning over $100,000 annually have grown much faster than total U.S. households over the past 20 years. There were 15.1 million high-income households in 2001, up from 10.9 million in 1996 and 4.6 million in 1981. The number of wealthy households has nearly tripled in the past 20 years and increased by over 40% in the past 5 years.
Households earning over $100,000 annually have grown much faster than total U.S. households over the past 20 years. There were 15.1 million high-income households in 2001, up from 10.9 million in 1996 and 4.6 million in 1981. The number of wealthy households has nearly tripled in the past 20 years and increased by over 40% in the past 5 years.
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 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.
[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.
South Dakota State University degree offer diploma Transcriptynfqplhm
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
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STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
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2. Rudolph and Sletten
Financial Highlights
Perini Corporation welcomes the management, employees and clients of Rudolph and Sletten,
a California-based building company acquired in October 2005.
Rudolph and Sletten is a consistently profitable building contractor and construction management
company with a strong market presence and approximately $650 million in annual revenues.
Since its founding in 1960, Rudolph and Sletten has literally laid the foundations for companies (In thousands, except per share data) 2005 2004 2003
that have defined the high-tech revolution in California. Now the 33rd largest domestic general Total Revenues $1,733,477 $1,842,315 $1,374,103
building contractor in the U.S., Rudolph and Sletten is licensed to provide construction services Pretax Income $ 6,921 $ 44,926 $ 30,922
in California, Arizona, Nevada, Washington, Colorado, Idaho, Oklahoma and Texas. Net Income $ 4,049 $ 36,007 $ 44,018
Basic Earnings per Common Share $ 0.21 $ 1.47 $ 2.18
In addition to building corporate campuses for major high-tech companies and data centers that Diluted Earnings per Common Share $ 0.20 $ 1.39 $ 2.10
drive our nation’s information economy, Rudolph and Sletten also specializes in biotech, medical
devices and pharmaceutical projects for companies that are leading the fight to cure cancer, New Contracts Awarded $8,479,786 $1,327,326 $2,050,392
diabetes, heart disease and arthritis, and one-of-a-kind opportunities like the Monterey Bay Backlog at Year-End $7,897,784 $1,151,475 $1,666,464
Aquarium that combines building experience with creative solutions.
Book Value per Common Share $ 6.86 $ 6.34 $ 4.65
On the Cover “Rudolph and Sletten’s excellent reputation as a quality contractor for major building projects Weighted Average Number of Common
MGM Mirage’s Project
and its experienced management team make for an excellent strategic fit with Perini,” said Shares Outstanding 25,518 23,724 22,763
CityCenter, the largest
privately funded building Ronald N. Tutor, Perini’s Chairman and CEO. “This acquisition expands Perini’s building
project in the United States,
construction segment in the Pacific and Southwest regions of the U.S. and made a positive
added $3.4 billion to our
backlog, and is the single contribution to Perini’s operating results in 2005.”
largest contract in the
Company’s history. Plans for
the master-planned, mixed- Rudolph and Sletten operates as a wholly owned subsidiary of Perini Corporation. Martin Revenues by Segment Income from Construction
(dollars in millions) Operations by Segment
use development include
Sisemore, former Rudolph and Sletten Chief Operating Officer, Southern California, serves (dollars in millions)
approximately 2.3 million
square feet of residential as President and CEO and the senior management team remains in place.
space; a 4,000-room luxury Building $1,181 Building $29.3
Civil 275 Civil* 13.5
hotel and casino; two 400-
Management Services 277 Management Services 19.1
room, non-gaming boutique
hotels; and over 470,000 $1,733 $61.9
square feet of retail, dining Corporate (00.0)
*Adjusted to exclude the $40.4 million charge
resulting from the WMATA judgment
and entertainment space $00.0
on a 66-acre site located
between the Bellagio and
Monte Carlo casino resorts
on the Las Vegas Strip
(Source: Cesar Pelli & Income Before Taxes Working Capital Net Worth Backlog
Associates, MGM MIRAGE. (dollars in millions) (dollars in millions) (dollars in millions) (dollars in billions)
Artist: DFAA) Monterey Bay Aquarium Childrens Hospital Los Angeles Medtronic Minimed
Monterey, CA Los Angeles, CA Northridge, CA 47.3* 178.0 183.2 7.90
44.9 174.0
Unique Projects Health Care Medical Devices
153.3
125.4
30.9 115.9 120.6
27.3
93.4
23.9
86.6
79.4
1.67
Chiron Life Sciences Center Hewlett-Packard Company Sun Microsystems, Inc. Campus
1.21 1.15
Emeryville, CA Palo Alto, CA Santa Clara, CA 0.99
Pharmaceutical & Biotech High-Tech Corporate Campus
01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05
*Adjusted to exclude the $40.4 million
charge resulting from the WMATA judgment
1
3. To Our Shareholders
2005 was another successful year for Perini Corporation. Our $1.18 billion building segment was Southeast regions specializing in excavation, foundations, paving and construction of civil infrastruc-
awarded an unprecedented amount of new business, which is reflected in our record backlog of ture. Cherry Hill has proven to be an excellent fit with our existing civil segment and has allowed us
$7.9 billion at year end. Despite the adverse impact of a $24.9 million after-tax charge associated to extend our presence into the Mid-Atlantic and Southeast.
with the U.S. District Court’s ruling against two Perini joint ventures in favor of the Washington
Metropolitan Area Transit Authority, or WMATA, on our civil segment’s financial results, we are In October, we acquired Rudolph and Sletten, Inc., a building and construction management
pleased with the performance of business in 2005. Our management services segment continued company located in Redwood City, California that specializes in corporate campuses, healthcare,
its work for the U.S. government and selected other clients, and was recently awarded $185 million biotech, pharmaceutical and high-tech projects. Rudolph and Sletten is a strong niche construction
of additional work in Iraq by the U.S. Army Corps of Engineers. Our business remains strong, and company, which we believe will complement our core business, particularly in the Native American
we continue our focus on profitability and maximizing shareholder value. gaming market. This acquisition is a good example of our ability to broaden our end markets and
capacity by acquiring companies that already share the Perini reputation for high quality, on-time,
Ronald N. Tutor Financial Performance on-budget project delivery.
Chairman &
Chief Executive Officer Full year 2005 revenues were $1.73 billion, down 6% from the record $1.84 billion in 2004. The
largest driver of our business is the building segment, which generated $1.18 billion in revenues Record Level of New Business
New Work Acquisition
in 2005. This 9% decline from 2004 was the result of a shift in the timing of certain hospitality and by Segment The U.S. building market continued to grow in 2005 and the hospitality and gaming markets
(dollars in billions)
gaming projects into the latter half of 2005, which did not allow a significant amount of work to enjoyed a high level of pre-construction activity. Perini was able to take advantage of the positive
be put in place during the year. Civil segment revenues doubled to $275 million, the result of the Building $7.79 industry fundamentals by leveraging our strong reputation to win a record $8.5 billion in new work
Civil .47
acquisition of Cherry Hill Construction, Inc. The management services segment generated $277 Management Services .22 awards. Our building segment led the way, with $7.8 billion in new work awards, followed by the civil
million in revenues, down 32% from last year. This decline was due to the completion of projects $8.48 and management services segments which were awarded $468 million and $221 million, respec-
in Afghanistan and Iraq. tively. At year end, our backlog totaled $7.9 billion, an increase of 586% from the end of 2004.
Gross profit was $69.7 million, or 4% of revenues, in 2005 compared to $91.8 million, or 5% of Our building segment’s expertise in Las Vegas has made Perini the contractor of choice in that
revenues in 2004. While all three of our operating segments had positive gross profit margins from market. As a result, we were awarded several high profile projects in 2005 including the MGM
current operations in 2005, the charge relating to the WMATA decision negatively impacted our Project City Center, a $3.4 billion urban complex covering 66 acres located between the Bellagio
results. Income from construction operations was $8.0 million compared to $48.7 million in 2004. and the Monte Carlo casino resorts in Las Vegas, Nevada. The construction contract includes a
Income before taxes was $6.9 million versus $44.9 million last year. Excluding the impact of the 4,000 room hotel tower, casino, convention center, showroom, approximately 500,000 square feet
WMATA judgment, Perini’s pre-tax income would have reached a record $47.3 million. of retail and restaurants, three branded boutique hotels and numerous residential towers.
Robert Band
President &
Chief Operating Officer Net income was $4.0 million, or $0.20 per diluted share for the year, compared to $1.39 per We were also awarded over $1.28 billion in work on The Cosmopolitan Resort and Casino located
diluted share in 2004. Partially offsetting the $0.95 per share effect of the WMATA decision was the on the Las Vegas strip adjacent to the Bellagio Hotel and Casino. This contract includes the
settlement of a lawsuit brought by certain holders of our $21.25 Preferred Stock, which favorably construction of two high-rise hotel and condo hotel towers 600 feet tall with a total of 3,000 luxury
impacted earnings per share by $0.09 per share. Adjusting for these two items, earnings per share hotel rooms and suites as well as condo hotel residences. Other major additions to our backlog in
in fiscal 2005 would have been $1.06 per diluted share. the 2005 were the $453 million Red Rock Resort Spa Casino in Las Vegas, and the $469 million
contract for construction of the two million-square-foot expansion of the Foxwoods Resort Casino in
Our balance sheet remains strong, with $140 million in cash, $56 million in debt and stockholders’ southeastern Connecticut. Our backlog also benefited from the acquisitions of Rudolph and Sletten,
equity of $183 million. Inc. and Cherry Hill Construction, Inc.
Strategic Acquisitions
During 2005, Perini made two strategic acquisitions that added to our profitability and allowed us to
expand our footprint both geographically and functionally. In January, we completed the acquisition
of Cherry Hill Construction, Inc., an established civil contractor operating in the Mid-Atlantic and
2 3
4. To Our Shareholders Introduction to Operating Segments
Managing Growth Perini Corporation is a leading construction services company offering diversified general contracting, Experience builds confidence:
Our record backlog has given us the flexibility to take on only those assignments that are an excel- construction management and design/build services to private clients and public agencies in a broad Perini’s senior executive man-
lent fit with our core capabilities and support our target margins. We understand that scaling into range of attractive end markets. At year end, we reported a record backlog of $7.9 billion — a 586% agement team has an average
this large volume of business requires intense focus and we are doing so in a controlled manner. increase from previous year end — impacted favorably by our acquisitions of Rudolph and Sletten, of 26 years of experience
Our building segment is highly scalable and can absorb a significant volume of work in a short Inc. and Cherry Hill Construction, Inc. and the award of several large hospitality and gaming con- with the Company, and its top
period of time. We believe that we have sufficient resources available, as we added nearly 100 new tracts. Our success is attributed in large part to an experienced management team that accurately senior executives and operating
employees to our staff this year and plan on adding an additional 200 employees over the next few assesses risk and reward and the commitment of our highly skilled employees worldwide. managers have an average
years. In addition, the acquisition of Rudolph and Sletten added another 600 skilled professionals of 17 years of experience
to our team. with Perini.
At this point, we believe we have reached full capacity in the Las Vegas market area and are now
looking for new projects in the Las Vegas area with start dates beyond 2007. However, our building
segment has capacity for nearer-term projects in other geographic areas, and we continue to
Stock Price
(52-week high in dollars) bid and propose for business. Our civil and management services segments also have capacity Building Construction
27.30 available, and we are actively pursuing new work in those areas as well. Entering 2006, nearly 90% of our backlog is attributable to our building segment — Perini Building
Company, Inc., James A. Cummings, Inc. and Rudolph and Sletten, Inc. Each of these wholly owned
The Road Ahead subsidiaries is a highly regarded, profitable company in its own right, with a strong management
19.99 We are proud of our accomplishments in 2005. We ended the year with a record level of backlog team. Collectively, our record of executing projects on time and within budget — while adhering to
and visibility into our future revenue stream that is unprecedented for our company and unique for strict quality control measures — is well known in the markets that we serve: hospitality and gaming,
our industry. We completed two strategic acquisitions, both of which contributed to our profitability. sports and entertainment, corporate and advanced technology campuses, colleges and universities,
Our reputation for on-time delivery, client service and execution of large, complex projects remains healthcare, cultural and exhibition space, and retail developments.
10.00 10.10 unmatched in the industry.
7.28
Looking to 2006, we believe our building segment, including Rudolph and Sletten, will make a major Civil Construction
contribution to our business. This is based on the backlog currently on hand as well as anticipated The Company’s civil construction segment is focused on the repair and reconstruction of aging
new work awards. We expect margins to improve in the civil segment and anticipate another year infrastructure in Metropolitan New York and Northern New Jersey, and a diverse portfolio of work in
01 02 03 04 05
of profitable earnings from the management services segment. the Mid-Atlantic States and Florida. The January 2005 acquisition of Cherry Hill Construction, Inc.
of Jessup, Maryland strengthened the Company’s standing in the highly competitive civil construc-
In closing, we would like to thank all of our partners, clients and employees who have been instru- tion market, opening opportunities for synergy and collaboration. Today, the civil business’ work
mental in Perini’s success this year. We would also like to thank our shareholders for your continued includes the rehabilitation and construction of highways, bridges, mass transit systems and
support and confidence in our work. wastewater treatment facilities.
Management Services
Perini Management Services, Inc. continues to play a significant role in the reconstruction of
Iraq and Afghanistan. Few companies have the resources to execute such logistically challenging
Robert Band Ronald N. Tutor design/build contracts overseas. At home, our detail-driven organization is well suited to managing
President and Chief Operating Officer Chairman and Chief Executive Officer time-critical repair and maintenance for Exelon, the nation’s largest supplier of nuclear power, as
well as rapid response contract completion assignments offered by sureties.
4 5
5. Building Construction Segment Owners are more confident
bringing their projects to financial lenders
when Perini is the designated builder.
demand, our reputation for fairness and commitment to diversity
NH
Washington New York
Massachu enable us to rise above the competition and secure reliable,
Oregon
Montana
North Dakota
CT
RI skilled craftsmen, consultants and favorable pricing.
Minnesota
Idaho South Dakota
Wyoming
Pennsylvania NJ
Nevada
Nebraska
Iowa
MD
Perini Building Company is headquartered in Phoenix, AZ with
Utah
DE
Colorado
California
Kansas full-service offices in Las Vegas, NV and Framingham, MA.
Arizona
Oklahoma
Carolina
New Mexico
Louisiana
Alabama Georgia James A. Cummings, Inc.
Texas Mississippi
Since its acquisition in 2003, James A. Cummings, Inc. has
Florida
solidified its position as one of Florida’s leading builders of
schools, college and university campuses, and municipal facili-
Geographic Distribution, Perini Building Construction ties, while expanding into new end markets. No single project
was as challenging an undertaking as the 4.5 million-square-foot
Ninety percent of the $7.9 billion backlog reported by Perini consolidated car rental facility and parking structure at the
Corporation at year end is attributable to our building opera- Ft. Lauderdale/Hollywood International Airport. Led by a
tions — Perini Building Company, James A. Cummings, Inc. and Cummings-managed joint venture, the project was completed
Rudolph and Sletten, Inc. ahead of schedule in January 2005.
Perini Building Company James A. Cummings, Inc. is headquartered in Ft. Lauderdale, FL
In the privately negotiated hospitality and gaming construction with offices located in West Palm Beach and Orlando.
market, few companies have the experience of Perini Building
Company or the ability to match our consistent level of perform- Rudolph and Sletten, Inc.
ance. Our track record in this attractive end market is due to our Perini’s building segment was significantly strengthened with
pre-construction services, effective field supervision, subcontrac- the October 2005 acquisition of Rudolph and Sletten, Inc. of
tor prequalification and management, and most importantly, Redwood City, CA (see inside front cover). Rudolph and Sletten’s
the overall collaborative spirit that we bring to each project. management philosophy “We don’t just build buildings, we build
Our backlog includes many globally recognized brands who relationships” — is akin to that of Perini Building Company. Its
are repeat clients, including MGM MIRAGE, Donald J. Trump, construction backlog, totaling $1.0 billion at year end, is com-
Station Casinos, and Gaylord Hotels. Major projects for new prised of a diversified roster of projects, many of which are for
clients include Foxwoods Resort Casino and The Cosmopolitan repeat clients (85% on average, yearly volume).
Resort & Casino.
A synergistic, mutually beneficial relationship developed quickly
Our flexibility is a significant strength, enabling us to adjust to between the two companies. We are confident that Rudolph
shifts in market conditions. Recently, for example, several high- and Sletten will not only be a strong contributor to Perini
rise residential, hotel and timeshare condominium developments Corporation’s backlog and revenues, but will also work closely
with strong brand names have entered various stages of planning with Perini Building Company to take a lead role in construction
and construction in our market areas. Our core competencies of Native American hospitality and gaming projects in California,
and resources allow us to meet the needs of this expanding niche a market in which Perini is aggressively focused.
market as well as mixed-use retail and commercial developments
and sports and entertainment venues as opportunities arise. Rudolph and Sletten is headquartered in Redwood City, CA with
In Las Vegas, where labor and building materials are in high offices located in Irvine, Roseville and San Diego.
Cosmopolitan Resort & Casino Foxwoods Resort Casino Red Rock Casino .Resort .Spa . Car Rental Facility
Las Vegas, NV Ledyard, CT Las Vegas, NV Ft. Lauderdale, FL
6 7
6. Civil Construction Segment Since 1894, we have participated in many groundbreaking civil works
projects such as the St. Lawrence Seaway, Amistad Dam (US/Mexico),
Bullards Bar Dam on Yuba River, North River Water Pollution Control
Project (Manhattan), and the Trans-Alaska Pipeline.
During 2005, a Perini-led joint venture with Tutor-Saliba
VT Corporation substantially completed construction of Jamaica
NH
Massachusetts Station, an intermodal transportation center in Jamaica, New
New York
CT York, serving the JFK AirTrain, Long Island Railroad and New
York City Transit System. A $123 million rehabilitation project
Pennsylvania
NJ began in March on a .8-mile stretch of the Brooklyn-Queens
Ohio MD
DE Expressway. A joint venture of Perini and O&G Industries of
Florida
West
Virginia Connecticut began replacing the 64-year-old roadway deck
Virginia
Kentucky of the Bronx-Whitestone Bridge in June, the central part of
North Carolina a $136.7 million, 35-month contract issued by Metropolitan
Transportation Authority, Bridges and Tunnels. Further, Perini
Geographic Distribution, Perini Civil Construction is reconstructing commuter rail stations along the Metro-North
Railroad –Hudson Line, including new platforms, rehabbed
Represented by two distinct operating units — Perini Civil or new overpasses, stairs, ramps, and retaining walls.
Construction and Cherry Hill Construction, Inc. — we are recog-
nized as one of the nation’s top civil works contractors. Large Since the founding of the Company in 1894, we have participated
urban infrastructure projects such as highways and bridges, in many ground-breaking civil works projects such as the
mass transit, water, sewer and waste treatment facilities continue St. Lawrence Seaway, Amistad Dam (US/Mexico), Bullards
to be the focus of Perini’s civil construction segment. Aging Bar Dam on Yuba River, North River Water Pollution Control
infrastructure, increasing densities of urban and suburban Project (Manhattan), and the Trans-Alaska Pipeline.
areas, and expanding traffic flows support new construction
and modernization of transportation facilities, a market well Perini Civil Construction is headquartered in Peekskill, NY with
suited to our core competencies. a full-service office located in Framingham, MA.
Perini Civil Construction Cherry Hill Construction, Inc.
In Metropolitan New York and Northern New Jersey, Perini Civil Cherry Hill Construction is focused on civil works projects in the
Construction was ranked third among transportation contractors competitive Metropolitan Baltimore/Washington, D.C. market,
by New York Construction News, based on revenues. with operations throughout the Mid-Atlantic States and Florida.
Acquired in 2005, Cherry Hill enjoys a strong regional reputation
Achieving success in a crowded, competitive market requires and specializes in excavation and earthmoving, foundations,
superior project selection, precise estimating, innovative thinking, paving, and the repair, replacement and reconstruction of infra-
and unparalleled execution. We are also a well-regarded joint structure. Cherry Hill self-performs much of its work, enabling
venture partner on large-scale, multi-faceted infrastructure it to exert tight control on costs and schedule.
programs, and have long-established synergistic relationships
to pursue projects that involve sharing financial risk. Providing expansion of Perini’s geographic footprint in civil con-
struction services, Cherry Hill Construction has projects underway
in Maryland, Virginia, Florida and the District of Columbia.
Cherry Hill Construction is headquartered in Jessup, MD with
a full-service office located in Lakeland (Bartow), FL.
U.S. Capitol Visitor Center Brooklyn-Queens Expressway Metro-North Railroad Bronx-Whitestone Bridge
Washington, DC Queens, NY Westchester County, NY Queens, NY
8 9
7. Management Services Segment Company Milestones 2005
Georgia
Cyprus Iraq and Afghanistan January I Perini Building Company announces $154 million award of
Armenia Kazakhstan
Lebanon
Israel
Azerbaijan
According to government statistics, Perini is counted among One Queensridge Place Phase I condominiums in the Summerlin
Syria I Perini named One of the Best Managed Companies in America area of Las Vegas, fronting on the 27-hole Badlands Golf Course
Jordan
Uzbekistan the top ten U.S. contractors working in Iraq and Afghanistan. by Forbes Magazine; Perini ranked #1 in Construction Industry
Iraq Turkmenistan
We have played a major role in the reconstruction process in I Perini Building Company announces $62 million award of
Kyrgyzstan I Perini Corporation completes acquisition of Cherry Hill
Iran Tajikistan
Central and Southern Iraq, specifically, the region’s electrical Westgate Phase One which includes 610,000 square feet of
Kuwait
Construction, Inc. of Jessup, Maryland themed commercial retail space. Perini’s contract represents the
infrastructure, including electrical generation, transmission and
Afghanistan I James A. Cummings, Inc.-led joint venture completes, ahead of first phase of the Westgate Town Center in Glendale, Arizona
Saudi Arabia
Bahrain distribution. In September 2005, we were awarded two Task
Qatar schedule, the $166 million parking garage and rental car facility I Southwest Contractor names Perini Building Company,
Order contracts totaling $185 million to design and construct at Fort Lauderdale-Hollywood International Airport
U.A.E. Pakistan “Top General Contractor, Nevada”
overhead coverage systems in multiple locations in Iraq to
I Perini Building Company finishes Renaissance Las Vegas Hotel,
Oman protect U.S. base facilities against insurgency attacks.
Yemen the largest non-gaming hotel in Nevada, two months ahead of
jbouti
India
May
schedule
Overseas Geographic Distribution, Management Services Perini was the first US contractor to begin the reconstruction I Perini Corporation announces Q1 2005 results: net income
I Perini Corporation announces reversal of $63 million judgment
of Afghanistan in 2003 and since then, Perini-led design/build of $5.6 million; diluted EPS of $0.20 per share; backlog of
involving the Los Angeles County Metropolitan Transportation
Perini Management Services, Inc., a wholly owned subsidiary, teams have constructed four regional Afghan National Army $1.75 billion, up 52% from 12/31/04
Authority (LAMTA) and Tutor-Saliba-Perini, JV
offers highly specialized construction management and bases under Task Orders awarded through Indefinite I MGM MIRAGE selects Perini Building Company as the general
design/build services to the U.S. government throughout the Delivery/Indefinite Quantity contracts to provide design/build contractor for key components of Project CityCenter, Las Vegas’
February new mega project
world, often in support of the mission of the U.S. Army Corps services to the U.S. Army Corps of Engineers, within the 25-
I Perini Corporation announces 2004 results; record revenues of
of Engineers (USACE), a successful relationship that dates country Central Command, or CENTCOM, Area of Operations. I Perini Building Company tops off the new Red Rock
$1.84 billion, up 34%; record pretax income of $44.9 million; Casino.Resort.Spa in Summerlin, NV
back more than 75 years. We also provide construction services
net income of $36.0 million; backlog of $1.15 billion
to multinational corporations and sureties in North America Headquartered in Framingham, MA with regional project control I Perini Corporation ranked 16th among “Top 100: Best of
I Perini Building Company completes new casino for the
and overseas. teams in Kuwait, Iraq and Afghanistan, we have managed these Massachusetts Companies” by the Boston Globe, a New York
San Manuel Band of Mission Indians Times Publication
fast-track projects while integrating local subcontractors and
I James A. Cummings, Inc. completes critical $11 million
Management Services has a unique capacity to execute multi- vendors into the process, thereby playing an important role in I Perini Corporation ranked among Top 25 Contractors in U.S.
Terminal 4 Federal Inspection Services Expansion Project at the by Engineering News-Record
year, multi-trade task order contracts. Our proven performance rebuilding regional economies.
Ft. Lauderdale/Hollywood Int’l Airport in two-month time frame
in planning and logistics, cost and schedule control, rapid
deployment, partnering and team leadership differentiates us North America June
from our peers. As expenditures for defense and homeland In the U.S., a Perini-led joint venture performs plant outage March
I Engineering News-Record ranked Perini Building Company
security increase, we are well positioned to participate in maintenance and modification for Exelon, the nation’s leading I Perini Civil Construction, in joint venture with Tutor-Saliba 1st in “Hotels, Motels and Convention Centers”, 3rd in
additional projects for the U.S. government, as well as those nuclear power producer. Contract completion assignments, Corporation, begins $123 million rehabilitation of the Brooklyn- “Entertainment,” and 13th in “General Building.” Also ranked
Queens Expressway, for the New York State Department 11th, “Top CM-at-Risk” contractor
for private defense contractors. offered by sureties as a result of contractor failures, continue
of Highways; completion scheduled December 2008
to contribute to our reputation and backlog. I Perini Management Services, Inc. ranked 11th among “Power”
contractors by Engineering News-Record and 7th in “Power:
April Operations and Maintenance,” based on Exelon contract
I Perini Building Company announces $430 million award of the I Perini Civil Construction ranked 14th among “Mass Transit and
Red Rock Resort Spa Casino under construction in Las Vegas, Light Rail” contractors by Engineering News-Record
NV for Station Casinos, Inc.
I Perini Building Company announces $350 million award of
the Gaylord National Resort and Convention Center in Prince
Georges County, Maryland, considered to be the largest hotel
convention complex in the Washington, D.C. area. Construction
was awarded to a joint venture with Perini as the managing
Facility Consolidation Project Afghan Army Barracks Frame 6 Generator Fuel Storage Facility partner, and Tompkins Builders, Inc.
Islamabad, Pakistan Darualaman, Afghanistan Nasiryah, Iraq Darualaman, Afghanistan
10 11
8. Company Milestones 2005 Officers and Directors Stockholder Information
July I Perini Building Company awarded $462.8 million contract Corporate Executive Officers Construction Segment Board of Directors Annual Meeting
for construction of the two million square-foot expansion at All stockholders are invited to attend
I Perini Corporation announces expected participation of approxi- Ronald N. Tutor Perini Building Company, Inc. Ronald N. Tutor the annual meeting to be held May
Foxwoods Resort Casino, Connecticut Chairman & Chairman & 18, 2006 at 9:00 a.m. at the Crowne
mately 357,285 depositary shares in settlement of class action
Chief Executive Officer Richard J. Rizzo Chief Executive Officer Plaza, Rte. 9, Natick, MA. Proxy
lawsuit with the holders of the Company’s $2.125 Depositary I Southwest Contractor names The Forum Shops at Caesars, Chairman President, materials and the formal notice of the
Convertible Exchangeable Preferred Shares “Outstanding Private Building Project over $100 million” Robert Band Tutor-Saliba Corporation meeting will be mailed on or about
President & Craig W. Shaw Age: 65 Elected Director: 1997 April 18, 2006.
I Perini Management Services, Inc. receives “Outstanding” overall I Southwest Contractor names Renaissance Las Vegas Hotel, Chief Operating Officer President
evaluation from US Department of State on successful comple- “Outstanding Private Building Project over $5 million” Michael R. Klein (1,2,3*) Stockholder Mailings
Zohrab B. Marashlian Vice Chairman Stockholders who are registered
tion of $150 million design/build contract for physical and tech- President Rudolph and Sletten, Inc. Senior Counsel, under brokers’ names and who wish
I California Construction names San Manuel Indian Bingo & Casino,
nical security upgrades at embassies and consulates worldwide Perini Civil Wilmer Cutler Pickering to receive direct mailings of the
one of twelve “Best of California, Southern California” projects Martin B. Sisemore Hale and Dorr LLP Company’s stockholder communica-
Craig W. Shaw President and CEO Age: 64 Elected Director: 1997 tions may do so by writing to the
President Investor Relations Department of the
August Perini Building Company, Inc. Peter Arkley (3) Company at Framingham, MA 01701.
November
James A. Cummings, Inc. Managing Principal,
I Perini Corporation announces Q2 2005 results: net income of
I
Richard J. Rizzo AON Risk Services, Inc. Stock Listing
$6.5 million; year-to-date net income of $12.0 million; year-to- Perini Corporation announces Q3 2005 results: diluted EPS
Executive Vice President James A. Cummings Age: 51 Elected Director: 2000 The Company’s Common Stock
date diluted EPS of $0.44 per share; backlog of $1.82 billion, of $0.22 and net income of $6.0 Million; record backlog of Business Development Chief Executive Officer (trading symbol: PCR) is listed on
up 58% from 12/31/04 $3.33 billion, up 189% from 12/31/04 Robert Band the New York Stock Exchange.
Michael E. Ciskey William R. Derrer President &
I Perini Corporation announces that the US District Court for the Vice President & President Chief Operating Officer Transfer Agent & Registrar
I Perini Corporation enters into letter of intent to acquire Rudolph
District of Columbia entered a $21.8 million judgment plus Chief Financial Officer Age: 58 Elected Director: 1999 Computershare Investor Services
and Sletten, Inc.; acquisition supports Perini’s expansion into 250 Royall Street
California and provides growth in the Pacific and Southwest prejudgment interest (total later determined to be $40.4 million) Susan C. Mellace Perini Civil Willard W. Brittain, Jr. (1*) Canton, MA 02021
markets against two Perini joint ventures related to construction work Vice President & Chairman &
performed in the 1980’s Treasurer Zohrab B. Marashlian Chief Executive Officer, Investor Relations
I
President Professional Resources Telephone (508) 628-2295 or submit
Cherry Hill Construction completes Washington Monument
Anthony J. Buccitelli on Demand inquiries via the internet at perini.com.
Physical Security Project, performing earthwork, utility relocation Vice President-Legal Age: 58 Elected Director: 2004
and construction of walkways December Cherry Hill Construction, Inc. Availability of Form 10-K
James A. Cummings Stockholders who wish an additional
I Perini Corporation announces secondary offering of 5,042,382 John A. Loftus Chairman & copy of the Company’s Form 10-K,
shares plus 756,357 additional shares to cover over-allotments; President & Chief Executive Officer Chief Executive Officer, filed annually with the Securities and
September James A. Cummings, Inc. Exchange Commission in Washington,
shares offered by selling shareholders
Age: 61 Elected Director: 2003 DC, may obtain one without charge
I Perini Corporation announces court approval of class action Perini Management Services, Inc. via the internet at perini.com or
I Perini Civil Construction low bidder for reconstruction of Tappen
settlement filed by holders of Perini’s $2.125 Depositary Robert A. Kennedy (1) by writing to the Investor Relations
Convertible Exchangeable Preferred Shares Zee Bridge (contract award expected in 2006) Robert Band Retired Executive Department of the Company at
President Age: 70 Elected Director: 2000 Framingham, MA 01701.
I Nevada Contractor’s Association names the Augustus Tower at
Caesars Palace its “Project of the Year” Claude K. Olsen Robert L. Miller (2) EEO Policy
October Senior Vice President Private Investor and Perini Corporation is committed to
I In-Business Las Vegas names Craig Shaw, President, Perini Operations Real Estate Developer the principles of Equal Employment
I Perini Corporation completes acquisition of Rudolph and Sletten, Age: 65 Elected Director: 2004 Opportunity and Affirmative Action.
Building Company, one of Nevada’s “Men & Women Who Make This commitment requires that the
Inc., a California-based building contractor with $700 million
Things Happen” Newberg/Perini Raymond R. Oneglia (1,2*,3) Corporation comply with all applicable
annual revenues Vice Chairman, statutes, regulations, and government
I James A. Cummings, Inc. is selected as a joint venture partner Kevin J. Woods O&G Industries, Inc. orders pertaining to non-discriminating
I Perini Building Company signs $370 million construction con-
in reconstruction of the Fountainebleau Resort in Miami Beach Senior Vice President Age: 58 Elected Director: 2000 employment practices and also that
tract to build Trump International Hotel & Tower, Las Vegas, NV Operations we provide an atmosphere within
(contract award expected in 2006)
(1) Audit Committee the Corporation that will assure all
I Perini Building Company selected to build The Cosmopolitan (2) Compensation Committee persons the opportunity to succeed
Resort & Casino, Las Vegas, NV; construction contract value: (3) Corporate Governance & on their own merit, without regard
Nominating Committee to race, color, religion, national origin,
$1 billion * Chairman sex, age, disability or their status
as a special disabled veteran or
I Perini Management Services, Inc. receives $185 million in Vietnam-era veteran.
design/build task order awards for force protection facilities Corporate Governance
Annually, our Chief Executive Officer is required to certify to the
at 55 locations across Iraq in support of the U.S. Army Corps New York Stock Exchange that he is not aware of any violation
of Engineers’ construction programs by the company of NYSE corporate governance listing standards
as of the date of that certification, qualifying that certification
to the extent necessary.
Annual Report
Project Management: Field Communications
On June 6, 2005, our Chief Executive Officer submitted such Creative: Beagan Design
12 certification, which contained no qualification. Photography: Charles Field / various