8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 26, 2008

Perini Corporation

(Exact name of registrant as specified in its charter)

____________________

Massachusetts
(State or other jurisdiction of
incorporation or organization) 1-6314
(Commission file number) 04-1717070
(I.R.S. Employer
Identification No.)

73 Mt. Wayte Avenue, Framingham, MA 01701

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (508) 628-2000

None

(Former name or former address, if changed since last report)

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 26, 2008, Perini Corporation issued a press release announcing its financial results for the year ended December 31, 2007. A copy of that press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
	99.1 Press Release of Perini Corporation dated February 26, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized.

Dated: February 26, 2008	Perini Corporation By: /s/Kenneth R. Burk
	Kenneth R. Burk         Senior Vice President and Chief Financial Officer

EX-99

Exhibit 99.1

Contact Information:

CCGInvestorRelations
10960 Wilshire Boulevard
Suite 2050
Los Angeles, CA 90024
 (310) 231-8600 ext. 103
Crocker Coulson, President
Elaine Ketchmere, Partner PeriniCorporation
73 Mount Wayte Ave.
Framingham, MA 01701
 (508) 628-2295
Kenneth R. Burk, Senior Vice President &
  Chief Financial Officer

FOR IMMEDIATE RELEASE

Perini Corporation Announces Record Results for 2007

• Record revenues of $4.6 billion, 52% increase over 2006

• Record net income of $97.1 million, 134% increase over 2006

• Diluted EPS of $3.54 per share, 130% increase over 2006

Framingham, MA – February 26, 2008 – Perini Corporation (NYSE: PCR), a leading building, civil construction and construction management company, today reported results for the year ended December 31, 2007.

2007 Results

Net income was a record $97.1 million for the year ended December 31, 2007, as compared to net income of $41.5 million in 2006. Diluted earnings per common share were $3.54 for the year ended December 31, 2007, as compared to $1.54 for the year ended December 31, 2006.

Revenues from construction operations were a record $4.6 billion for the year ended December 31, 2007, compared to revenues of $3.0 billion for the year ended December 31, 2006. The increase in revenues is due primarily to an increased volume of work in the building segment’s hospitality and gaming market in California, Connecticut, Maryland and Nevada.

Robert Band, President and Chief Operating Officer, stated that, “We are pleased to report the highest annual revenues and net income in the Company’s 114-year history. Our building and management services segments have experienced outstanding operating performance from a solid backlog of profitable business in our geographic regions and primary markets in hospitality and gaming, healthcare, education and industrial buildings and U.S. Government services. The prospects for growth in each of these core markets remain very promising.”

Fourth Quarter Results

Net income was $22.9 million for the fourth quarter of 2007, as compared to fourth quarter net income of $19.3 million in 2006. Diluted earnings per common share were $0.83 for the fourth quarter of 2007, as compared to diluted earnings per common share of $0.72 for the fourth quarter of 2006.

Revenues from construction operations were $1.2 billion for the fourth quarter of 2007, compared to revenues of $944.3 million reported for the fourth quarter of 2006.

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February 26, 2008 Perini 2007 Results Page 2

Backlog at $7.6 Billion

The backlog of uncompleted construction work at December 31, 2007 was $7.6 billion, as compared to $8.5 billion at December 31, 2006. The December 31, 2007 backlog includes new contract awards added during the fourth quarter of 2007 totaling $1.0 billion, which includes approximately $281 million of additional work in the hospitality and gaming market in Las Vegas, Nevada and Maryland and approximately $497 million of various new awards at Rudolph and Sletten, primarily in the office and industrial building and healthcare markets. The Company’s civil segment added $230 million to backlog during the fourth quarter of 2007 with the awarding of contracts for a mass transit project in New York City and for a roadway project in Maryland. In addition, Perini Management Services was awarded a Sustainment/Restoration & Modernization Acquisition Task Order Contract (“SATOC”) from the U.S. Air Force. Perini is one of ten contractors named to participate in this 10 year, $4 billion program. Specific task orders will be added to backlog as they are awarded on an individual project by project basis.

Financial Condition Remains Strong

The Company’s financial condition strengthened during the year ended December 31, 2007. Working capital increased to $293.5 million at December 31, 2007 from $194.0 million at December 31, 2006. The Company improved its solid base of shareholders’ equity to $368.3 million at December 31, 2007. In addition, the Company has $113.5 million available to borrow under its credit facility at December 31, 2007. The Company believes its strong financial position and credit arrangements are more than sufficient to support the Company’s substantial backlog.

Outlook

Looking ahead to 2008, the Company believes that it is on target to set another record for revenues and net income. Accordingly, the Company affirms its initial estimates for 2008 revenues in the range of $5.0 to $5.4 billion, and diluted earnings per share estimated to range from $3.50 to $3.75.

About Perini Corporation

Perini Corporation is a leading construction services company offering diversified general contracting, construction management and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.

We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including sitework, concrete forming and placement and steel erection. We are known for our hospitality and gaming industry projects, sports and entertainment, educational, transportation, corrections, healthcare, biotech, pharmaceutical and high-tech facilities, as well as large and complex civil construction projects and construction management services to U.S. military and government agencies.

The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to,the Company's ability to successfully and timely complete construction projects; the Company’s ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the Company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or not taken by third parties, including the Company’s customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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February 26, 2008 Perini 2007 Results Page 3

PeriniCorporation(NYSE) SummaryofConsolidatedEarnings(Unaudited) (InThousandsofDollars)
	FortheThreeMonths		FortheTwelveMonths
	EndedDecember31,		EndedDecember31,
	2007	2006	2007	2006
Revenues:
Building	$ 1,164,138	$ 801,037	$ 4,248,814	$ 2,515,051
Civil	51,522	74,790	234,778	281,137
Management services	31,056	68,505	144,766	246,651
TOTALREVENUES	$1,246,716	$944,332	$4,628,358	$3,042,839
Gross profit	$      62,200	$   56,926	$    248,894	$   169,395
General and administrative expenses	28,179	25,921	107,913	98,516
Income from construction operations	34,021	31,005	140,981	70,879
Other income, net	5,780	1,270	15,361	2,581
Interest expense	(420)	(925)	(1,947)	(3,771)
Income before income taxes	39,381	31,350	154,395	69,689
Provision for income taxes	(16,509)	(12,048)	(57,281)	(28,153)
NETINCOME	$22,872	$19,302	$97,114	$41,536
Less:  Dividends accrued on Preferred Stock	-	-	-	(166)
Excess of fair value over carrying value upon redemption
of Preferred Stock	-	-	-	(253)
Total available for common stockholders	$     22,872	$   19,302	$     97,114	$     41,117
BASICEARNINGSPERCOMMONSHARE	$0.85	$0.73	$3.62	$1.56
DILUTEDEARNINGSPERCOMMONSHARE	$0.83	$0.72	$3.54	$1.54
Weighted average common shares outstanding:
Basic	26,983	26,508	26,819	26,308
Effect of dilutive stock options, warrants and
restricted stock units outstanding	631	416	600	450
Diluted	27,614	26,924	27,419	26,758

Selected Balance Sheet Data (Unaudited)

(In Thousands of Dollars)

	December31,	December31,
	2007	2006
Total assets	$      1,654,115	$    1,195,992
Working capital	$         293,521	$       193,952
Long-term debt, less current maturities	$           13,358	$         34,135
Stockholders' equity	$         368,334	$       243,859

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