Perini Corporation,
one of the most versatile and successful contractors in the U.S., reported a record net income of $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 – a 103% increase.
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."
Founded 113 years ago as a small, civil works contractor, Perini is known today for its hospitality
and gaming projects, and for its health care, sports, entertainment and educational expertise.
Civil infrastructure continues to be a focus of the company, which is continually engaged in large
and complex civil construction projects. The full breadth of the Company's resources and expertise is delivered to international
assignments by Perini Management Services, Inc.
Building Operations
Our building operations, comprised of Perini Building Company, Inc., James A. Cummings, Inc., and Rudolph and Sletten,
Inc. focus on large, complex projects in the hospitality and gaming, sports and entertainment, educational, transportation
and healthcare markets. We are recognized as the top builder of hospitality and gaming projects in the U.S. We believe our
success results from our proven philosophy, "Building Relationships on Trust," and our ability to manage large, complex
projects with aggressive fast-track schedules, elaborate designs and advanced systems while providing accurate budgeting
and strict quality control. Although price is a key competitive factor, our strong reputation, long-standing customer
relationships and significant level of repeat and referral business have enabled us to achieve our leading position.
Our reputation for completing projects on time is a significant competitive advantage in the building market, as
any delay in project completion may result in significant loss of revenues for the owner.
Management Services
Perini Management Services Inc. provides diversified construction and design-build services to the U.S.
military and government agencies, surety companies and multi-national corporations. We are well known for our
ability to plan and execute rapid response assignments and multi-year contracts through diversified construction
and design-build abilities. We have consistently demonstrated superior performance on competitively bid or
negotiated multi-year, multi-trade, task order and ID/IQ (Indefinite Delivery/Indefinite Quantity) construction programs.
Most recently, we have been selected by the federal government for significant projects related to
defense and reconstruction projects in Iraq and Afghanistan. We are also under agreement with major North
American surety companies to provide rapid response, contract completion services. Upon notification from the
surety of a contractor bond default, we provide management or general contracting services to fulfill the
contractual and financial obligations of the surety.
Civil Construction
Our civil construction operation, comprised of Perini Civil Construction and Cherry Hill Construction, Inc., is
engaged in public works construction in the eastern United States, including the repair, replacement and reconstruction
of public infrastructure such as highways, bridges and mass transit systems. We have been active in civil construction
since 1894 and believe we are expert at managing large, complex civil construction projects. Our corporate integrity,
financial strength and outstanding record of performance on challenging civil works projects pre-qualifies us for
projects in situations where smaller, less diversified contractors are unable to do so. This is a competitive
advantage that makes us an attractive partner on the largest infrastructure projects and prestigious DBOM
(design-build-operate-maintain) contracts, which combine the nation's top contractors with engineering firms,
equipment manufacturers and project development consultants in a competitive bid selection process to execute
highly sophisticated public works projects.
