Massachusetts
(State or other jurisdiction of incorporation or organization)
|
1-6314
(Commission file number)
|
04-1717070
(I.R.S. Employer Identification No.)
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits
|
(d)
|
Exhibits.
|
|
Press Release of Tutor Perini Corporation dated February 21, 2013.
|
Tutor Perini Corporation
|
|
Dated: February 21, 2013
|
By: /s/Michael J. Kershaw
|
Michael J. Kershaw
Executive Vice President and Chief Financial Officer
|
·
|
2012 revenue of $4.11 billion compared to $3.72 billion in 2011
|
·
|
Diluted loss per share of $5.59 (adjusted diluted EPS of $1.46) compared to diluted EPS of $1.80 in 2011
|
·
|
Backlog of $5.6 billion compared to $6.1 billion a year ago
|
December 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash, including cash equivalents of $23,140 and $19,197
|
$ | 168,056 | $ | 204,240 | ||||
Restricted cash
|
38,717 | 35,437 | ||||||
Accounts receivable, including retainage of $354,269 and $358,511
|
1,224,613 | 1,275,031 | ||||||
Costs and estimated earnings in excess of billings
|
465,002 | 358,398 | ||||||
Deferred income taxes
|
10,071 | - | ||||||
Other current assets
|
75,388 | 76,928 | ||||||
Total current assets
|
1,981,847 | 1,950,034 | ||||||
Long-term investments
|
46,283 | 62,311 | ||||||
Property and equipment, net
|
485,095 | 491,377 | ||||||
Goodwill
|
570,646 | 892,602 | ||||||
Intangible assets, net
|
126,821 | 197,999 | ||||||
Other assets
|
85,718 | 18,804 | ||||||
Total assets
|
$ | 3,296,410 | $ | 3,613,127 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current maturities of long-term debt
|
$ | 67,710 | $ | 59,959 | ||||
Accounts payable, including retainage of $137,662 and $151,907
|
696,473 | 785,725 | ||||||
Billings in excess of costs and estimated earnings
|
301,761 | 384,282 | ||||||
Accrued expenses and other current liabilities
|
168,326 | 163,268 | ||||||
Total current liabilities
|
1,234,270 | 1,393,234 | ||||||
Long-term debt, less current maturities
|
669,380 | 612,548 | ||||||
Deferred income taxes
|
109,900 | 97,921 | ||||||
Other long-term liabilities
|
138,996 | 109,597 | ||||||
Total liabilities
|
2,152,546 | 2,213,300 | ||||||
Contingencies and commitments
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock, $1 par value:
|
||||||||
Authorized – 1,000,000 shares
|
||||||||
Issued and outstanding – none
|
- | - | ||||||
Common stock, $1 par value:
|
||||||||
Authorized – 75,000,000 shares
|
||||||||
Issued and outstanding – 47,556,056 shares and 47,329,275 shares
|
47,556 | 47,329 | ||||||
Additional paid-in capital
|
1,002,603 | 993,434 | ||||||
Retained earnings
|
137,279 | 402,679 | ||||||
Accumulated other comprehensive loss
|
(43,574 | ) | (43,615 | ) | ||||
Total stockholders' equity
|
1,143,864 | 1,399,827 | ||||||
Total liabilities and stockholders' equity
|
$ | 3,296,410 | $ | 3,613,127 |
Three Months Ended
|
Fiscal Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 1,114,198 | $ | 1,114,760 | $ | 4,111,471 | $ | 3,716,317 | ||||||||
Cost of operations
|
987,749 | 989,447 | 3,696,339 | 3,320,976 | ||||||||||||
Gross profit
|
126,449 | 125,313 | 415,132 | 395,341 | ||||||||||||
General and administrative expenses
|
65,725 | 74,521 | 260,369 | 226,965 | ||||||||||||
Goodwill and intangible asset impairment
|
- | - | 376,574 | - | ||||||||||||
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS
|
60,724 | 50,792 | (221,811 | ) | 168,376 | |||||||||||
Other (expense) income, net
|
(1,176 | ) | (2,227 | ) | (1,857 | ) | 4,421 | |||||||||
Interest expense
|
(11,450 | ) | (9,777 | ) | (44,174 | ) | (35,750 | ) | ||||||||
Income (loss) before income taxes
|
48,098 | 38,788 | (267,842 | ) | 137,047 | |||||||||||
(Provision) Benefit for income taxes
|
(6,463 | ) | (14,740 | ) | 2,442 | (50,899 | ) | |||||||||
NET INCOME (LOSS)
|
$ | 41,635 | $ | 24,048 | $ | (265,400 | ) | $ | 86,148 | |||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE
|
$ | 0.88 | $ | 0.51 | $ | (5.59 | ) | $ | 1.82 | |||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
|
$ | 0.86 | $ | 0.50 | $ | (5.59 | ) | $ | 1.80 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
||||||||||||||||
BASIC
|
47,556 | 47,326 | 47,470 | 47,226 | ||||||||||||
Effect of dilutive stock options and restricted stock units
|
811 | 647 | - | 664 | ||||||||||||
DILUTED
|
48,367 | 47,973 | 47,470 | 47,890 |
Fiscal Year Ended
|
||||||||
December 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net (loss) income
|
$ | (265,400 | ) | $ | 86,148 | |||
Adjustments to reconcile net (loss) income to net cash from operating activities:
|
||||||||
Goodwill and intangible asset impairment
|
376,574 | - | ||||||
Depreciation
|
40,583 | 32,193 | ||||||
Amortization of intangible assets and debt issuance costs
|
20,874 | 15,438 | ||||||
Stock-based compensation expense
|
9,470 | 8,818 | ||||||
Adjustment interest rate swap to fair value
|
264 | - | ||||||
Adjustment of investments to fair value
|
- | 4,750 | ||||||
Excess income tax benefit from stock-based compensation
|
- | (18 | ) | |||||
Deferred income taxes
|
(25,606 | ) | 10,854 | |||||
Loss on sale of investments
|
2,699 | 10 | ||||||
Gain on bargain purchase
|
- | (47 | ) | |||||
Loss (gain) on sale of property and equipment
|
316 | (726 | ) | |||||
Other non-cash items
|
148 | (601 | ) | |||||
Other long-term liabilities
|
(5,104 | ) | (13,819 | ) | ||||
Cash from changes in other components of working capital:
|
||||||||
(Increase) decrease in:
|
||||||||
Accounts receivable
|
50,655 | 6,657 | ||||||
Costs and estimated earnings in excess of billings
|
(106,604 | ) | (80,670 | ) | ||||
Other current assets
|
2,237 | 6,631 | ||||||
Increase (decrease) in:
|
||||||||
Accounts payable
|
(89,252 | ) | (45,278 | ) | ||||
Billings in excess of costs and estimated earnings
|
(82,521 | ) | (25,310 | ) | ||||
Accrued expenses
|
2,804 | (36,650 | ) | |||||
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES
|
(67,863 | ) | (31,620 | ) | ||||
Cash Flows from Investing Activities:
|
||||||||
Acquisitions, net of cash balance acquired
|
- | (341,898 | ) | |||||
Acquisition of property and equipment
|
(41,352 | ) | (66,747 | ) | ||||
Proceeds from sale of property and equipment
|
11,759 | 10,049 | ||||||
Investment in available-for-sale securities
|
(535 | ) | - | |||||
Proceeds from sale of available-for-sale securities
|
16,553 | 30,191 | ||||||
Change in restricted cash
|
(3,280 | ) | (6,816 | ) | ||||
NET CASH USED BY INVESTING ACTIVITIES
|
(16,855 | ) | (375,221 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from debt
|
688,425 | 701,753 | ||||||
Repayment of debt
|
(626,122 | ) | (554,969 | ) | ||||
Business acquisition related payments
|
(11,462 | ) | (1,904 | ) | ||||
Purchase of common stock under share repurchase program
|
- | - | ||||||
Common stock dividend paid
|
- | - | ||||||
Excess income tax benefit from stock-based compensation
|
- | 18 | ||||||
Issuance of Common stock and effect of cashless exercise
|
(308 | ) | (191 | ) | ||||
Debt issuance costs
|
(1,999 | ) | (5,004 | ) | ||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
48,534 | 139,703 | ||||||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(36,184 | ) | (267,138 | ) | ||||
Cash and Cash Equivalents at Beginning of Year
|
204,240 | 471,378 | ||||||
Cash and Cash Equivalents at End of Year
|
$ | 168,056 | $ | 204,240 | ||||
Supplemental Disclosure of Cash Paid For:
|
||||||||
Interest
|
$ | 40,183 | $ | 31,379 | ||||
Income taxes
|
$ | 15,530 | $ | 53,055 | ||||
Supplemental Disclosure of Non-Cash Transactions:
|
||||||||
Grant date fair value of common stock issued for services
|
$ | 5,075 | $ | 5,608 | ||||
Assets acquired through financing arrangements
|
$ | 2,050 | $ | 1,604 |
Three Months Ended
December 31, 2012 |
Fiscal Year Ended
December 31, 2012 |
|||||||
Reported Net Income (Loss)
|
$ | 41,635 | $ | (265,400 | ) | |||
Plus: Impairment charge
|
- | 376,574 | ||||||
Less: Tax benefit provided on impairment charge
|
(12,734 | ) | (50,158 | ) | ||||
Plus: Litigation provision less tax benefit
|
2,980 | 2,980 | ||||||
Plus: Realized loss on sale of investments
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- | 2,699 | ||||||
Plus: Discrete tax adjustments
|
- | 3,649 | ||||||
Net income, excluding discrete items
|
$ | 31,881 | $ | 70,344 | ||||
Reported diluted earnings (loss) per common share
|
$ | 0.86 | $ | (5.59 | ) | |||
Plus: Impairment charge
|
(0.26 | ) | 6.85 | |||||
Plus: Litigation provision less tax benefit
|
0.06 | 0.06 | ||||||
Plus: Realized loss on sale of investments
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- | 0.06 | ||||||
Plus: Discrete tax adjustments
|
- | 0.08 | ||||||
Diluted earnings per common share, excluding discrete items
|
$ | 0.66 | $ | 1.46 |
Reportable Segments
|
||||||||||||||||||||
Specialty
|
Management
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Consolidated
|
||||||||||||||||||
Building
|
Civil
|
Contractors
|
Services
|
Total (1)
|
||||||||||||||||
Three Months Ended December 31, 2012
|
||||||||||||||||||||
(Loss) Income from construction operations:
|
||||||||||||||||||||
As reported
|
$ | (1,561 | ) | $ | 43,700 | $ | 25,228 | $ | 5,712 | $ | 60,724 | |||||||||
Plus impairment charge
|
- | - | - | - | - | |||||||||||||||
Litigation provision
|
- | 5,000 | - | - | 5,000 | |||||||||||||||
Total, excluding discrete items
|
$ | (1,561 | ) | $ | 48,700 | $ | 25,228 | $ | 5,712 | $ | 65,724 | |||||||||
Twelve Months Ended December 31, 2012
|
||||||||||||||||||||
(Loss) Income from construction operations:
|
||||||||||||||||||||
As reported
|
$ | (286,706 | ) | $ | 47,081 | $ | 67,591 | $ | (4,683 | ) | $ | (221,811 | ) | |||||||
Plus impairment charge
|
282,608 | 65,503 | 11,489 | 16,974 | 376,574 | |||||||||||||||
Litigation provision
|
- | 5,000 | - | - | 5,000 | |||||||||||||||
Total, excluding discrete items
|
$ | (4,098 | ) | $ | 117,584 | $ | 79,080 | $ | 12,291 | $ | 159,763 |
(1)
|
Consolidated total includes corporate and other general and administrative expenses not impacted by the impairment charge.
|
Reportable Segments
|
||||||||||||||||||||||||||||
Specialty
|
Management
|
Consolidated
|
||||||||||||||||||||||||||
Building
|
Civil
|
Contractors
|
Services
|
Totals
|
Corporate (a)
|
Total
|
||||||||||||||||||||||
Three Months Ended December 31, 2012
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 412,014 | $ | 362,407 | $ | 324,675 | $ | 56,854 | $ | 1,155,950 | $ | - | $ | 1,155,950 | ||||||||||||||
Elimination of intersegment revenues
|
(6,181 | ) | (33,535 | ) | (248 | ) | (1,788 | ) | (41,752 | ) | - | (41,752 | ) | |||||||||||||||
Revenues from external customers
|
$ | 405,833 | $ | 328,872 | $ | 324,427 | $ | 55,066 | $ | 1,114,198 | $ | - | $ | 1,114,198 | ||||||||||||||
(Loss) Income from construction operations:
|
$ | (1,561 | ) | $ | 43,700 | $ | 25,228 | $ | 5,712 | $ | 73,079 | $ | (12,355 | ) | $ | 60,724 | ||||||||||||
Three Months Ended December 31, 2011
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 491,025 | $ | 339,498 | $ | 287,726 | $ | 66,019 | $ | 1,184,268 | $ | - | $ | 1,184,268 | ||||||||||||||
Elimination of
|
||||||||||||||||||||||||||||
intersegment revenues
|
(45,136 | ) | (2,559 | ) | (75 | ) | (21,738 | ) | (69,508 | ) | - | (69,508 | ) | |||||||||||||||
Revenues from external customers
|
$ | 445,889 | $ | 336,939 | $ | 287,651 | $ | 44,281 | $ | 1,114,760 | $ | - | $ | 1,114,760 | ||||||||||||||
Income from construction operations
|
$ | 2,558 | $ | 26,814 | $ | 29,770 | $ | 7,781 | $ | 66,923 | $ | (16,131 | ) | $ | 50,792 | |||||||||||||
Twelve Months Ended December 31, 2012
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 1,478,508 | $ | 1,290,610 | $ | 1,183,518 | $ | 241,483 | $ | 4,194,119 | $ | - | $ | 4,194,119 | ||||||||||||||
Elimination of intersegment revenues
|
(10,598 | ) | (42,329 | ) | (481 | ) | (29,240 | ) | (82,648 | ) | - | (82,648 | ) | |||||||||||||||
Revenues from external customers
|
$ | 1,467,910 | $ | 1,248,281 | $ | 1,183,037 | $ | 212,243 | $ | 4,111,471 | $ | - | $ | 4,111,471 | ||||||||||||||
(Loss) Income from construction operations:
|
||||||||||||||||||||||||||||
Before impairment charge
|
$ | (4,098 | ) | $ | 112,584 | $ | 79,080 | $ | 12,291 | $ | 199,857 | $ | (45,094 | ) | $ | 154,763 | ||||||||||||
Impairment charge
|
(282,608 | ) | (65,503 | ) | (11,489 | ) | (16,974 | ) | (376,574 | ) | - | (376,574 | ) | |||||||||||||||
Total
|
$ | (286,706 | ) | $ | 47,081 | $ | 67,591 | $ | (4,683 | ) | $ | (176,717 | ) | $ | (45,094 | ) | $ | (221,811 | ) | |||||||||
Twelve Months Ended December 31, 2011
|
||||||||||||||||||||||||||||
Total Revenues
|
$ | 1,952,030 | $ | 896,896 | $ | 802,535 | $ | 275,975 | $ | 3,927,436 | $ | - | $ | 3,927,436 | ||||||||||||||
Elimination of intersegment revenues
|
(126,562 | ) | (11,651 | ) | (75 | ) | (72,831 | ) | (211,119 | ) | - | (211,119 | ) | |||||||||||||||
Revenues from external customers
|
$ | 1,825,468 | $ | 885,245 | $ | 802,460 | $ | 203,144 | $ | 3,716,317 | $ | - | $ | 3,716,317 | ||||||||||||||
Income from construction operations
|
$ | 46,262 | $ | 78,546 | $ | 65,582 | $ | 22,322 | $ | 212,712 | $ | (44,336 | ) | $ | 168,376 |
(a)
|
Primarily consists of corporate general and administrative expenses.
|
Backlog at
September 30, 2012
|
New Business
Awarded (1)
|
Revenues
Recognized in theThree Months Ended December 31, 2012
|
Backlog at
December 31, 2012
|
|||||||||||||
Building
|
$ | 2,177.3 | $ | 193.4 | $ | (405.8 | ) | $ | 1,964.9 | |||||||
Civil
|
1,669.4 | 433.5 | (328.9 | ) | 1,774.0 | |||||||||||
Specialty Contractors
|
1,413.0 | 418.7 | (324.4 | ) | 1,507.3 | |||||||||||
Management Services
|
293.9 | 118.6 | (55.1 | ) | 357.4 | |||||||||||
Total
|
$ | 5,553.6 | $ | 1,164.2 | $ | (1,114.2 | ) | $ | 5,603.6 |
Backlog at
December 31, 2011
|
New Business
Awarded (1)
|
Revenues
Recognized in theFiscal Year Ended December 31, 2012
|
Backlog at
December 31, 2012
|
|||||||||||||
Building
|
$ | 2,248.9 | $ | 1,183.9 | $ | (1,467.9 | ) | $ | 1,964.9 | |||||||
Civil
|
2,222.2 | 800.1 | (1,248.3 | ) | 1,774.0 | |||||||||||
Specialty Contractors
|
1,371.5 | 1,318.8 | (1,183.0 | ) | 1,507.3 | |||||||||||
Management Services
|
265.7 | 304.0 | (212.3 | ) | 357.4 | |||||||||||
Total
|
$ | 6,108.3 | $ | 3,606.8 | $ | (4,111.5 | ) | $ | 5,603.6 |
(1)
|
New business awarded consists of the original contract price of projects added to our backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.
|
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