-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hv7195v0kQ+MsyMQpB0ULHqJEWwvangm5F8TVU0Z1sBeBUGh+CyKrTWd+G/4ie+u bG95aTEeUX0IQAp1CzdZ/Q== 0000077543-98-000006.txt : 19980515 0000077543-98-000006.hdr.sgml : 19980515 ACCESSION NUMBER: 0000077543-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERINI CORP CENTRAL INDEX KEY: 0000077543 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS [1540] IRS NUMBER: 041717070 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-06314 FILM NUMBER: 98620903 BUSINESS ADDRESS: STREET 1: 73 MT WAYTE AVE CITY: FRAMINGHAM STATE: MA ZIP: 01701 BUSINESS PHONE: 5086282000 10-Q 1 PERINI CORPORATION 1998 1ST QUARTER FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6314 Perini Corporation (Exact name of registrant as specified in its charter) MASSACHUSETTS 04-1717070 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 73 MT. WAYTE AVENUE, FRAMINGHAM, MASSACHUSETTS 01701-9160 (Address of principal executive offices) (Zip code) (508)-628-2000 (Registrant's telephone number, including area code) NONE (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Number of shares of common stock of registrant outstanding at May 8, 1998: 5,413,647 Page 1 of 13
PERINI CORPORATION & SUBSIDIARIES INDEX Page Number ----------- Part I. - Financial Information: Item 1. Financial Statements Consolidated Condensed Balance Sheets - 3 March 31, 1998 and December 31, 1997 Consolidated Condensed Statements of Income - 4 Three Months ended March 31, 1998 and 1997 Consolidated Condensed Statements of Cash Flows - 5 Three Months ended March 31, 1998 and 1997 Notes to Consolidated Condensed Financial Statements 6 - 7 Item 2. Management's Discussion and Analysis of the Consolidated 8 - 9 Financial Condition and Results of Operations Part II. - Other Information: Item 1. Legal Proceedings 10 Item 2. Changes in Securities 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Submission of Matters to a Vote of Security Holders 10 Item 5. Other Information 10 Item 6. Exhibits and Reports on Form 8-K 10 - 12 Signatures 13
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PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) MARCH 31, 1998 AND DECEMBER 31, 1997 (In Thousands) ASSETS MARCH 31, DEC. 31, 1998 1997 ---------------- ---------------- Cash $ 18,880 $ 31,305 Accounts and Notes Receivable 148,615 139,221 Unbilled Work 20,327 36,574 Construction Joint Ventures 72,351 71,056 Real Estate Inventory, at the lower of cost or market 10,014 25,145 Deferred Tax Asset 986 1,067 Other Current Assets 3,813 1,808 ---------------- ---------------- Total Current Assets $ 274,986 $ 306,176 ---------------- ---------------- Land Held for Sale or Development $ 18,492 $ 7,093 Investments in and Advances to Real Estate Joint Ventures 85,345 86,598 ---------------- ---------------- Total Real Estate Development Investments $ 103,837 $ 93,691 ---------------- ---------------- Other Assets $ 4,387 $ 4,581 ---------------- ---------------- Property and Equipment, less Accumulated Depreciation of $17,680 in 1998 and $19,406 in 1997 $ 10,134 $ 10,476 ---------------- ---------------- $ 393,344 $ 414,924 ================ ================ LIABILITIES AND STOCKHOLDERS' EQUITY Current Maturities of Long-Term Debt $ 7,496 $ 11,873 Accounts Payable 134,351 145,118 Advances from Construction Joint Ventures 19,025 29,801 Deferred Contract Revenue 16,656 17,117 Accrued Expenses 44,499 30,296 ---------------- ---------------- Total Current Liabilities $ 222,027 $ 234,205 ---------------- ---------------- Deferred Income Taxes and Other Liabilities $ 11,703 $ 24,101 ---------------- ---------------- Long-Term Debt, including real estate development debt of $322 in 1998 and $322 in 1997 $ 86,352 $ 84,898 ---------------- ---------------- Minority Interest $ (394) $ 1,064 ---------------- ---------------- Redeemable Convertible Series B Preferred Stock $ 30,669 $ 29,756 ---------------- ---------------- Stockholders' Equity: Preferred Stock $ 100 $ 100 Series A Junior Participating Preferred Stock --- --- Stock Purchase Warrants 2,233 2,233 Common Stock 5,267 5,267 Paid-In Surplus 51,440 53,012 Retained Earnings (13,075) (15,294) ESOT Related Obligations (1,501) (2,663) ---------------- ---------------- $ 44,464 $ 42,655 Less - Treasury Stock 1,477 1,755 ---------------- ---------------- Total Stockholders' Equity $ 42,987 $ 40,900 ---------------- ---------------- $ 393,344 $ 414,924 ================ ================
The accompanying notes are an integral part of these financial statements. 3
PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (In Thousands, Except Per Share Data) THREE MONTHS ENDED MARCH 31, 1998 1997 --------------- --------------- REVENUES FROM OPERATIONS: Construction $ 219,202 $ 317,517 Real Estate 10,180 9,702 --------------- --------------- TOTAL REVENUES FROM OPERATIONS $ 229,382 $ 327,219 --------------- --------------- COST AND EXPENSES: Cost of Operations $ 216,914 $ 315,087 General, Administrative and Selling Expenses 6,944 6,820 --------------- --------------- $ 223,858 $ 321,907 --------------- --------------- INCOME FROM OPERATIONS $ 5,524 $ 5,312 Other Income (Expense), Net (333) (598) Interest Expense (2,782) (2,738) --------------- --------------- Income Before Income Taxes $ 2,409 $ 1,976 Provision for Income Taxes (Note 2) 190 115 --------------- --------------- NET INCOME $ 2,219 $ 1,861 =============== =============== BASIC AND DILUTED EARNINGS PER COMMON SHARE (Note 3) $ 0.15 $ 0.15 =============== =============== DIVIDENDS PER COMMON SHARE (Note 4) $ --- $ --- =============== =============== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Note 3) 5,161,394 4,898,648 =============== ===============
The accompanying notes are an integral part of these financial statements. 4
PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997 (In Thousands) THREE MONTHS ENDED MARCH 31, 1998 1997 -------------- -------------- Cash Flows from Operating Activities: Net Income $ 2,219 $ 1,861 Adjustments to reconcile net income to net cash provided from operating activities: Depreciation and amortization 548 650 Noncurrent deferred taxes and other liabilities 398 (418) Distributions greater (less) than earnings of joint ventures and affiliates (1,522) 1,481 Cash provided from (used by) changes in components of working capital other than cash and current maturities of long-term debt (18,015) (4,474) Real estate development investments other than joint ventures 6,133 233 Other non-cash items, net (891) (296) -------------- -------------- NET CASH USED BY OPERATING ACTIVITIES $ (11,130) $ (963) -------------- -------------- Cash Flows from Investing Activities: Proceeds from sale of property and equipment $ 221 $ 96 Cash distributions of capital from unconsolidated joint ventures 2,700 3,740 Acquisition of property and equipment (227) (457) Improvements to land held for sale or development (126) (19) Capital contributions to unconsolidated joint ventures (747) (1,016) Advances to real estate joint ventures, net (1,500) (2,346) Investments in other activities 179 1,015 -------------- -------------- NET CASH PROVIDED FROM INVESTING ACTIVITIES $ 500 $ 1,013 -------------- -------------- Cash Flows from Financing Activities: Proceeds of long-term debt $ 3,162 $ 17,806 Repayment of long-term debt (5,108) (9,797) Series B Preferred Stock issued, net --- 26,700 Treasury Stock issued 151 --- -------------- -------------- NET CASH PROVIDED FROM (USED BY) FINANCING ACTIVITIES $ (1,795) $ 34,709 -------------- -------------- Net Increase (Decrease) in Cash $ (12,425) $ 34,759 Cash at Beginning of Year 31,305 9,745 -------------- -------------- Cash at End of Period $ 18,880 $ 44,504 ============== ============== Supplemental Disclosures of Cash paid during the period for: Interest $ 2,288 $ 2,894 ============== ============== Income tax payments $ 167 $ 120 ============== ============== Supplemental Disclosures of Non-cash Transactions: Dividends paid in shares of Series B Preferred Stock (Note 4) $ 822 $ 484 ============== ==============
The accompanying notes are an integral part of these financial statements. 5 PERINI CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (1) Significant Accounting Policies The significant accounting policies followed by the Company and its subsidiaries in preparing its consolidated financial statements are set forth in Note (1) to such financial statements included in Form 10-K for the year ended December 31, 1997. The Company has made no significant change in these policies during 1998. (2) Provision For Income Taxes The lower-than-normal tax rate in 1998 and 1997 reflects the realization of a portion of the tax benefit not recognized in prior years due to certain accounting limitations. (3) Per Share Data Computations of basic and diluted earnings per common share amounts are based on the weighted average number of the Company's common shares outstanding during the periods presented. Earnings available for common shares are calculated as follows (in thousands): 1998 1997 ----------------- ----------------- Net Income $ 2,219 $ 1,861 ----------------- ----------------- Less: Accrued dividends on Senior Preferred Stock $ (531) $ (531) Dividends declared on Series B Preferred Stock (822) (484) Accretion deduction required to reinstate mandatory redemption value of Series B Preferred Stock over a period of 8-10 years (91) (89) ----------------- ----------------- $ (1,444) $ (1,104) ----------------- ----------------- Earnings Available for Common Shares $ 775 $ 757 ================= =================
Basic EPS equals diluted EPS for the periods presented due to the immaterial effect of stock options and the antidilutive effect of conversion of the Company's depositary convertible exchangeable preferred shares into common stock. (4) Dividends There were no cash dividends on common stock declared or paid during the periods presented in the consolidated condensed financial statements presented herein. As previously disclosed, in conjunction with the covenants of the Company's Amended Revolving Credit Agreement as well as the New Credit Agreement, effective January 17, 1997, the Company is required to suspend the payment of quarterly dividends on its $21.25 preferred stock ("Senior Preferred Stock") until certain financial criteria are met. Therefore, the dividends on the Senior Preferred Stock have not been declared since 1995 (although they have been fully accrued due to the "cumulative" feature of the Senior Preferred Stock). The aggregate amount of dividends in arrears is approximately $5,312,000 at March 31, 1998 which represents approximately $53.12 per share of Preferred Stock or approximately $5.31 per Depositary Share and is included in accrued expenses in the accompanying Consolidated Balance Sheet. Under the terms of the Preferred Stock, the holders of the Depositary Shares are entitled to elect two additional Directors since dividends have been deferred for more than six quarters and they currently plan to do so at the May 14, 1998 Annual Meeting. 6 PERINI CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Continued) (4) Dividends (continued) Quarterly In-kind dividends (based on an annual rate of 10%) were paid on March 16, 1998 on the Series B Preferred Stock to the stockholders of record on March 2, 1998. The dividend was paid in the form of approximately 4,108 additional shares of Series B Preferred Stock valued at $200.00 per share for a total of $821,501. (5) Basis of Presentation The unaudited consolidated condensed financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 1997. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company's financial position as of March 31, 1998 and December 31, 1997 and results of operations and cash flows for the three month periods ended March 31, 1998 and 1997. The results of operations for the three month period ended March 31, 1998 may not be indicative of the results that may be expected for the year ending December 31, 1998 because the Company's results generally consist of a limited number of large transactions in both construction and real estate. Therefore, such results can vary depending on the timing of transactions and the profitability of projects being reported. (6) Impact of Recently Issued Accounting Standards During the quarter ended March 31, 1998, the Company adopted the provisions of SFAS #130 "Reporting Comprehensive Income". There was no impact to the accompanying consolidated condensed financial statements due to the adoption of this statement, therefore no additional disclosure is required. 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS Results of Operations - --------------------- Comparison of the First Quarter of 1998 with the First Quarter of 1997 Revenues decreased $97.8 million (or 30.0%), from $327.2 million in 1997 to $229.4 million in 1998. This decrease resulted from decreased construction revenues of $98.3 million (or 31.0%), from $317.5 million in 1997 to $219.2 million in 1998, due primarily to a decrease in revenues from building construction operations of $89.0 million (or 36.0%), from $245.2 million in 1997 to $156.2 million in 1998. Decreased building construction revenues were due primarily to the timing in the start up of new hotel/casino projects in Las Vegas and, to a lesser degree, a decrease in revenues from correctional facility projects in the East. In addition, the decision to phase out two construction divisions in the Midwest accounted for a part of the decrease in building construction revenues, and all of the $9.3 million decrease (or 12%) in civil construction revenues, from $72.3 million in 1997 to $63.0 million in 1998. In spite of the decrease in revenues, the total gross profit increased slightly, from $12.1 million in 1997 to $12.5 million in 1998, primarily due to an overall increase in gross profit from real estate operations of $0.6 million, from a loss of $0.3 million in 1997 to a profit of $0.3 million in 1998 as a result of the sale of two buildings and a land sale in a Massachusetts industrial park. In spite of the significant decrease in construction revenues referred to above, the overall level of gross profit was relatively constant at $12.4 million in 1997 and $12.2 million in 1998 due to improved margins on both the building and civil work. General, administrative and selling expenses increased slightly from $6.8 million in 1997 to $6.9 million in 1998 due entirely to approximately $0.4 million of selling expenses related to the real estate sales referred to above. Other income (expense) net decreased by $.3 million (or 100%), from a net expense of $.6 million in 1997 to a net expense of $.3 million in 1998 due to a decrease in bank financing fees and an increase in short-term interest income. The lower than normal tax rate in 1998 and 1997 is due to the utilization of tax loss carryforwards from prior years. Because of certain accounting limitations, the Company was not able to recognize a portion of the tax benefit related to the operating losses experienced in fiscal 1996 and 1995. Financial Condition - ------------------- Working capital decreased $19.0 million, from $72.0 million at the end of 1997 to $53.0 million at March 31, 1998. The primary reason for the decrease in working capital was the reclassificiation of certain items between current and long-term during the first quarter of 1998, because of a change in real estate strategy and a certain long-term liability becoming current. The current ratio decreased from 1.31:1 to 1.24:1 during this same period. During the first three months of 1998, the Company used $12.4 million in cash and $0.5 million from investing activities to fund $11.1 million used by operating activities, primarily for changes in working capital, and $1.8 million for financing activities, primarily to pay down debt. Long-term debt at March 31, 1998 was $86.4 million, an increase of $1.5 million from December 31, 1997. The long-term debt to equity ratio at March 31, 1998 was 2.00 to 1, compared to 2.08 to 1 at December 31, 1997. At March 31, 1998, the Company had $27.8 million available under its line of credit facilities. Management 8 MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Continued) believes that cash generated from operations, existing credit lines and additional borrowings should be adequate to meet the Company's funding requirements for at least the next twelve months. Outlook - ------- The statements contained in this Outlook that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this Outlook are based on information available to the Company on the date hereof. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. Looking ahead, we must consider the Company's construction backlog and remaining portfolio of real estate projects. The overall construction backlog at March 31, 1998 was a $1.290 billion which represented a slight decrease over the backlog at December 31, 1997. While approximately 53% of the current backlog relates to building construction projects which generally represent lower risk, lower margin work, approximately 47% of the current backlog relates to heavy construction projects which generally represent higher risk, but correspondingly higher margin work. The Company's 1997 strategic plan to generate up to $30 million in short-term liquidity over the eighteen month period ended June 30, 1998, from certain of its real estate properties through accelerated sales is proceeding according to plan, with approximately $27 million realized through March 31, 1998. 9 PART II. - OTHER INFORMATION Item 1. - Legal Proceedings - None Item 2. - Changes in Securities (a) None (b) None (c) None Item 3. - Defaults Upon Senior Securities (a) None (b) In accordance with the provisions of the 1995 Amended Revolving Credit Agreement and the Credit Agreement which became effective on January 17, 1997, the Company suspended payment of quarterly dividends on its $21.25 Convertible Exchangeable Preferred Stock ("Senior Preferred Stock") commencing with the dividend that normally would have been declared during December, 1995 through the dividend that would normally have been declared during March, 1998 for a total arrearage of $53.12 per share (or $5.31 per depositary share) which aggregates $5,312,000 to date. While these dividends have not been declared or paid, they have been fully accrued in accordance with the "cumulative" feature of the stock. Item 4. - Submission of Matters to a Vote of Security Holders (a) None (b) Not applicable (c) Not applicable (d) Not applicable Item 5. - Other Information - None Item 6. - Exhibits and Reports on Form 8-K (a) The following designated exhibits are, as indicated below, either filed herewith or have heretofore been filed with the Securities and Exchange Commission under the Securities Act of 1933 or the Securities Act of 1934 and are referred to and incorporated herein by reference to such filings. Exhibit 3. Articles of Incorporation and By-laws Incorporated herein by reference: 3.1 Restated Articles of Organization - As amended through January 17, 1997 - Exhibit 3.1 to 1996 Form 10-K filed March 31, 1997. 3.2 By-laws - As amended and restated as of January 17, 1997 - Exhibit 3.2 to 10 PART II. - OTHER INFORMATION (CONTINUED) Form 8-K filed on February 14, 1997. Exhibit 4. Instruments Defining the Rights of Security Holders, Including Indentures Incorporated herein by reference: 4.1 Certificate of Vote of Directors Establishing a Series of a Class of Stock determining the relative rights and preferences of the $21.25 Convertible Exchangeable Preferred Stock - Exhibit 4(a) to Amendment No. 1 to Form S- 2 Registration Statement filed June 19, 1987; SEC Registration No. 33- 14434. 4.2 Form of Deposit Agreement, including form of Depositary Receipt - Exhibit 4(b) to Amendment No. 1 to Form S-2 Registration Statement filed June 19, 1987; SEC Registration No. 33-14434. 4.3 Form of Indenture with respect to the 8 1/2% Convertible Subordinated Debentures Due June 15, 2012, including form of Debenture - Exhibit 4(c) to Amendment No. 1 to Form S-2 Registration Statement filed June 19, 1987; SEC Registration No. 33-14434. 4.4 Shareholder Rights Agreement dated as of September 23, 1988, as amended and restated as of May 17, 1990, as amended and restated as of January 17, 1997, between Perini Corporation and State Street Bank and Trust Company, as Rights Agent - Exhibit 4.4 to Amendment No. 1 to Registration Statement on Form 8-A/A filed on January 29, 1997. 4.5 Stock Purchase and Sale Agreement dated as of July 24, 1996 by and among the Company, PB Capital and RCBA, as amended - Exhibit 4.5 to the Company's Quarterly Report on Form 10-Q/A for the fiscal quarter ended September 30, 1996 filed on December 11, 1996. 4.8 Certificate of Vote of Directors Establishing a Series of Preferred Stock determining the relative rights and preferences of the Series B Cumulative Convertible Preferred Stock, dated January 16, 1997 - Exhibit 4.8 to Form 8- K filed on February 14, 1997. 4.9 Stock Assignment and Assumption Agreement dated as of December 13, 1996 by and among the Company, PB Capital and ULLICO (filed as Exhibit 4.1 to the Schedule 13D filed by ULLICO on December 16, 1996 and incorporated herein by reference). 4.10 Stock Assignment and Assumption Agreement dated as of January 17, 1997 by and among the Company, RCBA and The Common Fund - Exhibit 4.10 to Form 8-K filed on February 14, 1997. 4.11 Voting Agreement dated as of January 17, 1997 by and among PB Capital, David B. Perini, Perini Memorial Foundation, David B. Perini Testamentary Trust, Ronald N. Tutor, and Tutor-Saliba Corporation - Exhibit 4.11 to Form 8-K filed on February 14, 1997. 11 PART II. - OTHER INFORMATION (CONTINUED) 4.12 Registration Rights Agreement dated as of January 17, 1997 by and among the Company, PB Capital and ULLICO - Exhibit 4.12 to Form 8-K filed on February 14, 1997. Exhibit 10. Material Contracts Incorporated herein by reference: 10.1 1982 Stock Option and Long Term Performance Incentive Plan - Exhibit A to Registrant's Proxy Statement for Annual Meeting of Stockholders dated April 15, 1992. 10.2 Perini Corporation Amended and Restated General Incentive Compensation Plan - Exhibit 10.2 to 1997 Form 10-K, as filed. 10.3 Perini Corporation Amended and Restated Construction Business Unit Incentive Compensation Plan - Exhibit 10.3 to 1997 Form 10-K, as filed. 10.4 Management Agreement dated as of January 17, 1997 by and among the Company, Ronald N. Tutor and Tutor-Saliba Corporation - Exhibit 10.16 to Form 8-K filed on February 14, 1997. 10.5 Amended and Restated Credit Agreement dated as of January 17, 1997 among Perini Corporation, the Banks listed herein and Morgan Guaranty Trust Company of New York, as Agent, and Fleet National Bank, as Co- Agent - Exhibit 10.17 to Form 10-K filed March 31, 1997. (b) None 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Perini Corporation Registrant Date: May 14, 1998 /s/ Robert Band --------------- Robert Band, Executive Vice President, Chief Financial Officer Date: May 14, 1998 /s/ Barry R. Blake ------------------ Barry R. Blake, Vice President and Controller 13 EX-27 2 03/31/98 FINANCIALS
5 This schedule containes summary financial information extracted from Consolidated Balance Sheets as of March 31, 1998 and the Consolidated Statements of Operations for the three months ended March 31, 1998 as qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1998 MAR-31-1998 18,880 0 148,615 0 10,014 274,986 27,814 (17,680) 393,344 222,027 86,352 100 0 5,267 0 393,344 0 229,382 0 216,914 (333) 0 (2,782) 2,409 190 2,219 0 0 0 2,219 .15 .15 Includes Equity in Construction Joint Ventures of $72,351, Unbilled Work of $20,327, and Other Short-Term Assets of $4,799, not currently reflected in this tag list. Includes investments in and advances to Real Estate Joint Ventures of $85,345, Land Held for Sale or Development of $18,492, and Other Long-Term Assets of $4,387, not currently reflected in this tag list. Includes Deferred Income Taxes and Other Liabilities of $11,703, Minority Interest of $(394), Paid-In Surplus of $51,440, Retained Deficit of $(13,075), ESOT Related Obligations of $(1,501), Treasury Stock of $(1,477), Stock Purchase Warrants of $2,233 and Redeemable Convertible Series B Preferred Stock of $30,669. Includes General, Administrative and Selling Expenses of $(6,944), not currently reflected on this tag list.
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