-----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, U/8Yh1iseKt4rRa+oQyr5g0F2KhVLe0tPnyUzkmjtqHRZtLxkuoB3qWzNZXZe7AC C+XczVhY5Ko3TwIb3zYMxQ== 0000077543-95-000015.txt : 19951119 0000077543-95-000015.hdr.sgml : 19951119 ACCESSION NUMBER: 0000077543-95-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 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: 1934 Act SEC FILE NUMBER: 001-06314 FILM NUMBER: 95592051 BUSINESS ADDRESS: STREET 1: 73 MT WAYTE AVE CITY: FRAMINGHAM STATE: MA ZIP: 01701 BUSINESS PHONE: 5086282000 10-Q 1 Perini Corporation 73 Mt. Wayte Avenue Framingham, MA 01701 November 14, 1995 United States Securities and Exchange Commission OFICS Filer Support SEC Operations Center 6432 General Greenway Alexandria, VA 22312-2413 Re: Perini Corporation Form 10-Q S.E.C. File Number 1-6314 Gentlemen: Pursuant to the requirements of the Securities Exchange Act of 1934, we are transmitting herewith Perini Corporation Form 10-Q. Very truly yours, s/Barry R. Blake ---------------------- Barry R. Blake 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 September 30, 1995 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 November 10, 1995: 4,718,873 PERINI CORPORATION & SUBSIDIARIES INDEX Page Number ----------- Part I. - Financial Information: Item 1. Financial Statements Consolidated Condensed Balance Sheets - 3 September 30, 1995 and December 31, 1994 Consolidated Condensed Statements of 4 Operations - Three Months and Nine Months ended September 30, 1995 and 1994 Consolidated Condensed Statements of Cash 5 - 6 Flows - Nine Months ended September 30, 1995 and 1994 Notes to Consolidated Condensed Financial 7 Statements Item 2. Management's Discussion and Analysis of 8 - 10 the Consolidated Financial Condition and Results of Operations Part II. Other Information: Item 1. Legal Proceedings 11 Item 2. Changes in Securities 11 Item 3. Defaults Upon Senior Securities 11 Item 4. Submission of Matters to a Vote of 11 Security Holders Item 5. Other Information 11 Item 6. Exhibits and Reports on Form 8-K 11 Signatures 12 PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) SEPTEMBER 30, 1995 AND DECEMBER 31, 1994 (In Thousands) ASSETS ------- SEPT. 30, DEC. 31, 1995 1994 -------- -------- Cash $ 6,661 $ 7,841 Accounts and Notes Receivable 174,462 151,620 Unbilled Work 23,564 20,209 Construction Joint Ventures 60,497 66,346 Deferred Tax Asset 15,298 6,066 Other Current Assets 26,198 14,566 -------- --------- Total Current Assets $306,680 $266,648 -------- --------- Land Held for Sale or Development $ 37,503 $ 43,295 Investments in and Advances to Real Estate Joint Ventures 148,863 148,843 Real Estate Properties Used in Operations 3,977 6,254 Other 336 80 --------- --------- Total Real Estate Development Investments $190,679 $198,472 --------- --------- Other Assets $ 3,552 $ 3,874 --------- -------- Property and Equipment, less Accumulated Depreciation of $27,864 - 1995 and $29,082 - 1994 $ 12,815 $ 13,506 --------- -------- $513,726 $ 482,500 ========= ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Maturities of Long-Term Debt $ 6,655 $ 5,022 Accounts Payable 178,631 140,454 Deferred Contract Revenue 39,932 38,929 Accrued Expenses 60,963 52,295 Accrued Income Taxes 557 - --------- ---------- $286,738 $ 236,700 --------- ---------- Deferred Income Taxes and Other Liabilities $ 44,610 $ 33,488 --------- ---------- Long-Term Debt, including real estate development debt of $4,168 - 1995 and $6,502 - 1994 $ 74,664 $ 76,986 --------- ---------- Minority Interest $ 3,039 $ 3,297 --------- ---------- Stockholders' Equity: Preferred Stock $ 100 $ 100 Series A Junior Participating Preferred Stock - - Common Stock 4,985 4,985 Paid-In Surplus 57,668 59,001 Retained Earnings 51,262 81,772 ESOT Related Obligations (5,096) (6,009) --------- ---------- $108,919 $ 139,849 --------- ---------- Less - Treasury Stock (4,244) (7,820) --------- ---------- Total Stockholders' Equity $104,675 $ 132,029 --------- -------- $513,726 $ 482,500 ========= ========
The accompanying notes are an integral part of these financial statements. PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (In Thousands, Except Per Share Data) THREE MONTHS NINEMONTHS ENDED SEPTEMBER 30, ENDEDSEPTEMBER30, 1995 1994 1995 1994 ---------- ---------- ---------- ---------- REVENUES FROM OPERATIONS: Construction $223,643 $294,610 $770,670 $676,560 Real Estate 9,331 10,166 32,354 45,712 --------- --------- --------- --------- TOTAL REVENUES FROM OPERATIONS $232,974 $304,776 $803,024 $722,272 --------- --------- --------- --------- COST AND EXPENSES: Cost of Operations (Note 2) $255,988 $290,903 $801,447 $688,166 General, Administrative and Selling Expense 9,027 10,003 27,185 30,212 --------- --------- --------- --------- $265,015 $300,906 $828,632 $718,378 --------- --------- --------- --------- INCOME (LOSS) FROM OPERATIONS (Note 2) $(32,041) $ 3,780 $(25,608) $ 3,894 --------- --------- --------- --------- Other Income (Expense), Net $ (323) $ (87) $ (87) $ (656) Interest Expense (2,178) (2,101) (6,121) (4,715) --------- --------- --------- --------- Income (Loss) Before Income Taxes $(34,542) $ 1,682 $(31,816) $ (1,477) (Provision) Benefit for Income Taxes (Note 3) 3,868 (698) 2,900 604 --------- --------- --------- --------- NEW INCOME (LOSS) $(30,674) $ 984 $(28,916) $ (873) ========= ========= ========= ========= EARNINGS (LOSS) PER COMMON SHARE (Note 4) $(6.61) $.10 $(6.58) $(.57) ========= ========= ========= ========= DIVIDENDS PER COMMON SHARE (Note 5) $ -- $ -- $ -- $ -- ========= ========= ========= ========= WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Note 4) 4,718,873 4,391,119 4,635,511 4,362,432 ========= ========= ========= ==========
The accompanying notes are an integral part of these financial statements. PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (In Thousands) NINE MONTHS ENDED SEPT. 30, ---------------- 1995 1994 --------- --------- - Cash Flows from Operating Activities: Net Income (Loss) $(28,916) $ (873) Adjustments to reconcile net income to net cash provided from operating activities: Depreciation and amortization 1,782 2,247 Noncurrent deferred taxes and other liabilities 11,122 (8,820) Distributions greater (less) than earnings of joint ventures and affiliates 11,690 1,061 Cash provided from (used by) changes in components of working capital other than cash, notes payable and current maturities of long-term debt 12,012 7,133 Real estate development investments other than joint ventures 2,099 8,396 Other non-cash items, net (965) (1,874) --------- --------- NET CASH PROVIDED FROM OPERATING ACTIVITIES $ 8,824 $ 7,270 --------- --------- Cash Flows from Investing Activities: Proceeds from sale of property and equipment $ 3,130 $ 363 Cash distributions of capital from unconsolidated joint ventures 16,248 7,923 Acquisition of property and equipment (1,524) (1,540) Improvements to land held for sale or development (169) (287) Improvements to and acquisition of real estate properties used in operations (133) (99) Capital contributions to unconsolidated joint ventures (22,232) (16,770) Advances to real estate joint ventures, net (6,431) (4,988) Investments in other activities 234 - --------- --------- NET CASH USED BY INVESTING ACTIVITIES $ (10,877) (15,398) --------- --------- Cash Flows from Financing Activities: Proceeds of long-term debt $ 3,234 $ 2,809 Repayment of long-term debt (3,010) (9,831) Cash dividends paid (1,593) (1,594) Treasury stock issued 2,242 900 --------- --------- NET CASH USED BY FINANCING ACTIVITIES $ 873 (7,716) --------- ---------
PERINI CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (CONTINUED) (In Thousands) NINE MONTHS ENDED SEPT. 30, --------------- 1995 1994 ------- ------- Net Decrease in cash $ (1,180) $ (15,844) Cash at Beginning of Year 7,841 35,871 --------- --------- Cash at End of Period $ 6,661 $ 20,027 ========= ========= Supplemental Disclosures of Cash paid during the period for: Interest, net of amounts capitalized $ 6,330 $ 5,021 ========= ========= Income tax payments $ 193 $ 4,662 ========= =========
The accompanying notes are an integral part of these financial statements. 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, 1994. The Company has made no significant change in these policies during 1995. (2) Income (Loss) From Operations The three and nine month periods ended September 30, 1995 include a charge, which aggregated $25.6 million, to provide for a liability related to previously disclosed litigation discussed under Item 1. Legal Proceedings in this Form 10-Q and downward revisions in estimated probable recoveries on certain outstanding contract claims. (3) (Provision) Benefit For Income Taxes The Company recognized tax benefits of 11% and 9% of the pretax losses for the three and nine month periods ended September 30, 1995, respectively, whereas in 1994, the Company s tax provision was 41% of pretax results. A portion of the tax benefit related to the 1995 losses was not recognized because of certain accounting limitations. However, approximately $21 million of future pretax earnings should benefit from minimal, if any, tax charges. (4) Per Share Data Computations of earnings per common share amounts are based on the weighted average number of the Company's common shares outstanding during the periods presented. Earnings per common share reflect the effect of preferred dividends accrued during both the 1995 and 1994 three and nine month periods ended September 30, of $531,000 and $1,593,000, respectively. Common stock equivalents related to additional shares of common stock issuable upon exercise of stock options have not been included since their effect would be antidilutive. Per share data on a fully diluted basis is presented because the effect of conversion of the Company's depositary convertible exchangeable preferred shares into common stock is also antidilutive. (5) Cash Dividends There were no cash dividends on common stock declared or paid during the periods presented in the consolidated condensed financial statements presented herein. (6) Opinion 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, 1994. 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 September 30, 1995 and December 31, 1994 and results of operations and cash flows for the nine month periods ended September 30, 1995 and 1994. The results of operations for the nine month period ended September 30, 1995 may not be indicative of the results that may be expected for the year ending December 31, 1995 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. MANAGEMENT S DISCUSSIONAND ANALYSISOF THE CONSOLIDATEDCONDENSED FINANCIAL STATEMENTS RESULTS OF OPERATIONS - --------------------- Comparison of the Third Quarter of 1995 with the Third Quarter of 1994 - ---------------------------------------------------------------------- The third quarter of 1995 resulted in a net loss of $30.7 million (or $6.61 per common share) compared to a net profit of $1 million (or $.10 per common share) in 1994. The primary reason for this decline in earnings was a pretax charge, which aggregated $25.6 million, to provide for a liability related to previously disclosed litigation discussed under Item 1. Legal Proceedings in this Form 10-Q and downward revisions in estimated probable recoveries on certain outstanding contract claims. The amount of the net loss was also significantly impacted by the requirement to limit recognition of the related tax benefit because of certain accounting limitations. Revenues decreased $71.8 million (or 23.6%), from $304.8 million in 1994 to $233 million in 1995. This decrease resulted primarily from decreased construction revenues of $71 million (or 24%), from $294.6 million in 1994 to 223.6 million in 1995 due to decreases in revenues from both building and heavy construction operations. Revenues from building operations decreased $40.4 million (or 21%), from $195.2 million in 1994 to $154.8 million in 1995 due primarily to a reduced backlog of fast track hotel/casino projects going into the third quarter of 1995. Revenues from heavy operations decreased $30.6 million (or 31%), from $99.4 million in 1994 to $68.8 million in 1995 due primarily to the timing in the start-up of several significant new projects. The gross profit decreased by $36.9 million, from a gross profit of $13.9 million in 1994 to a gross loss of $23 million in 1995 because of the reduction in gross profit from construction operations of $35.5 million, from a gross profit of $12.3 million in 1994 to a gross loss of $23.2 million in 1995 due to primarily the pretax charge of $25.6 million referred to above, the decrease in construction revenues referred to above and the downward adjustment in the total profit forecasted on a tunnel project in the Midwest. The gross profit from real estate operations decreased by $1.4 million, from $1.6 million in 1994 to $.2 million in 1995 due to a reduction in profitable land sales in Florida. General, administrative and selling expenses decreased by $1 million (or 10%), from $10 million in 1994 to $9 million in 1995 due to reduced bonuses, increased general insurance allocations to projects and a continuation of the Company s re-engineering efforts commenced in prior years. The Company recognized a tax benefit in 1995 of 11% of the pretax loss whereas in 1994 the Company s tax provision was 41% of pretax income. A portion of the tax benefit related to the 1995 loss was not recognized because of certain accounting limitations. However, approximately $21 million of future pretax earnings should benefit from minimal, if any, tax charges. Comparison of the Nine Months Ended September 30, 1995 with the Nine Months Ended September 30, 1994 ------------------------------------------------------- Revenues increased $80.7 million (or 11%), from $722.3 million in 1994 to $803 million in 1995. This increase resulted from increased construction revenues of $94.1 million (or 14%), from $676.6 million in 1994 to $770.7 million in 1995, due primarily to an increase in revenues from building operations of $133 million (or 31%), from $434 million in 1994 to $567 million in 1995. This increase in revenues was due primarily to certain hotel/casino projects in the Western U.S. and increased volume in the Midwest due to substantially higher backlog in that area during 1995. This increase was partially offset by a decrease in revenues from heavy operations of $39 million (or 16%), from $243 million in 1994 to $204 million in 1995 due primarily to the timing in the start-up of several significant new projects and the completion early in 1995 of several other projects. Revenue from real estate operations also decreased by $13.4 million (or 29%), from $45.7 million in 1994 to $32.3 million in 1995 due to the sale in 1994 of two investment properties ($9.1 million) and less land sales in 1995. Total gross profit decreased $32.5 million from $34.1 million in 1994 to $1.6 million in 1995 due to an overall decrease in gross profit from construction operations of $31.5 million, from $33.2 million in 1994 to $1.7 million in 1995. The primary reasons for this decline was a pretax charge, which aggregated $25.6 million, to provide for a liability related to previously disclosed litigation discussed under Item 1. Legal Proceedings in this Form 10-Q and downward revisions in estimated probable recoveries on certain outstanding contract claims, lower margins than anticipated on certain contracts being performed in the Metropolitan New York area and an overall reduction in the profit level on a tunnel project in the Midwest. In addition, the overall gross profit from real estate operations was reduced by $1 million, from a profit of $.9 million in 1994 to a loss of $.1 million in 1995 due to the non-recurring profit related to the sale of two real estate investment properties in 1994 which was partially offset by improved operating results in 1995 from its two major ongoing operating properties. The decrease in general, administrative and selling expenses of $3 million (or 10%), from $30.2 million in 1994 to $27.2 million in 1995, resulted primarily from reduced bonuses, increased general insurance allocations to projects and a continuation of the Company s re-engineering efforts commenced in prior years. The $.6 million improvement in other income expense, net from a loss of $.7 million in 1994, to a loss of $.1 million in 1995 was due primarily to the gain on sale of certain land, including a quarry, in 1995. The increase in interest expense of $1.4 million (or 30%), from $4.7 million in 1994 to $6.1 million in 1995 is due to an increase in the average level of borrowings. The Company recognized a tax benefit in 1995 of 9% of the pretax loss whereas in 1994 the Company s tax benefit was 41% of the pretax loss. A portion of the tax benefit related to the 1995 loss was not recognized because of certain accounting limitations. FINANCIAL CONDITION - ------------------- Working capital decreased $10 million, from $30 million at the end of 1994 to $20 million at September 30, 1995. The current ratio decreased from 1.13:1 to 1.07:1 during this same period. During the first nine months of 1995 the Company used $10.9 million of cash for investing activities, primarily to fund construction and real estate joint ventures. The sources of these funds were $8.8 million from operations generated primarily from an increase in accounts payable, $.9 million from financing activities and $1.2 million from cash on hand. Long-term debt at September 30, 1995 was $74.7 million, a decrease of $2.3 million from December 31, 1994. The long-term debt to equity ratio at September 30, 1995 was .71 to 1 compared to the .58 to 1 ratio at December 31, 1994. This change results from the decrease in stockholders equity caused by the $28.9 net loss incurred during 1995. In addition to internally generated funds, the Company has access to additional funds under its $115 million long-term Credit Agreement and its $5 million short-term line of credit. At September 30, 1995, there was $35 million available under the Credit Agreement, as adjusted and $5 million available under the short-term line of credit. As a result of the loss for the third quarter, the Company would have been in violation of certain financial covenants under the Credit Agreement. However, the Company has obtained a waiver of any such violation until January 15, 1996. There can be no assurance that the Company will be able to achieve compliance by that date. The Company intends to seek a modification of the bank credit facility to eliminate any non-compliance. There can be no assurance that any such modification can be negotiated on terms acceptable to the banks and the Company. Were the banks to stop extending credit under the Credit Agreement, or to seek immediate payment of the outstanding loan, the Company would not have sufficient funds to maintain its operations or to pay the loan unless alternate sources of credit were made available. Discussions are currently underway with lenders regarding revised financing terms and conditions. Part II. - Other Information - ---------------------------- Item 1. - Legal Proceedings - --------------------------- As previously reported, the Company is a party to an action entitled Mergentime Corporation et. al. v. Washington Metropolitan Transit Authority v. Insurance Company of North America (Civil Action No. 89-1055) in the U.S. District Court for the District of Columbia. The action involves WMATA s termination of the general contractor, a joint venture in which the Company was a minority partner on two contracts to construct a portion of the Washington, D.C. subway system, and certain claims by the joint venture against WMATA for claimed delays and extra work. On July 30, 1993, the Court upheld the termination for default, and found both joint venturers and their surety jointly and severally liable to WMATA for damages in the amount of $16.5 million, consisting primarily of WMATA s excess reprocurement costs, but specifically deferred ruling on the amount of the joint venture s claims against WMATA. Since the other joint venture partner may be unable to meet its financial obligations under the award, the Company could be liable for the entire amount. At the direction of the judge now presiding over the action, during the third quarter of 1995 the parties submitted briefs on the issue of WMATA s liability on the joint venture s claims for delay and for extra work. As a result of that process, the Company has determined to establish a reserve with respect to the litigation, the amount of which is included in the $25.6 million pretax charge to third quarter earnings reflected in the financial statements included in this Form 10-Q. Item 2. - Changes in Securities - ------------------------------- (a) None (b) None Item 3. - Defaults Upon Senior Securities - None - ----------------------------------------- Item 4. - Submission of Matters to a Vote of Security Holders - None - ------------------------------------------------------------- Item 5. - Other Information - --------------------------- As a result of the loss for the third quarter, the Company would have been in violation of certain financial covenants of its principal bank credit agreement. However, the Company has obtained a waiver of any such violation until January 15, 1996. There can be no assurance that the Company will be able to achieve compliance by that date. The Company intends to seek a modification of the bank credit facility to eliminate any non-compliance. There can be no assurance that any such modification can be negotiated on terms acceptable to the banks and the Company. Were the banks to stop extending credit under the credit agreement, or to seek immediate payment of the outstanding loan, the Company would not have sufficient funds to maintain its operations or to pay the loan unless alternate sources of credit were made available. Discussions are currently underway with lenders regarding revised financing terms and conditions. Item 6. - Exhibits and Reports on Form 8-K - ------------------------------------------ (a) None (b) None 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: November 14, 1995 ----------------------------------------- John H. Schwarz, Executive Vice President Finance and Administration Date: November 14, 1995 ----------------------------------------- Barry R. Blake, Vice President & Controller 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: November 14, 1995 /s/ John H. Schwarz John H. Schwarz, Executive Vice President, Finance and Administration Date: November 14, 1995 /s/ Barry R. Blake Barry R. Blake, Vice President and Controller EX-27 2
5 Schedule 27 contains summary financial information extracted from the Consolidated Balance Sheets as of September 30, 1995 and the Consolidated Statements of Operations for the nine months ended September 30, 1995. 9-MOS DEC-31-1995 SEP-30-1995 6,661 0 174,462 0 18,050 306,680 40,679 27,864 513,726 286,738 74,664 4,985 100 0 0 513,726 0 803,024 0 (828,632) (87) 0 (6,121) (31,816) 2,900 (28,916) 0 0 0 (28,916) (6.58) 0 Includes Equity in Construction Joint Ventures of $60,497, Unbilled Work of $23,564, and Other Short-Term Assets of $23,446. Includes investments in and advances to Real Estate Joint Ventures of $148,863,Land Held for Sale or Development of $37,503, and Other Long-Term Assets of$7,865. Includes Deferred Income Taxes and Other Liabilities of $44,610, Minority Interest of $3,039, Paid-In Surplus of $57,668, Retained Earnings of $51,262, ESOT Related Obligations of $(5,096), and Treasury Stock of $(4,244). Includes General, Administrative and Selling Expense of $27,185.
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