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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: November 15, 1995
MORRISON KNUDSEN CORPORATION
Commission File Number 1-8889
A Delaware corporation
IRS Employer Identification No. 82-0393735
MORRISON KNUDSEN PLAZA, PLAZA, IDAHO 83729
208/386-5000
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MORRISON KNUDSEN CORPORATION
COMMISSION FILE NUMBER 1-8889
ITEM 5. OTHER MATERIAL IMPORTANT EVENTS.
On November 15, 1995, the Company announced that preliminary results for the
quarter ended September 30, 1995 are expected to result in a loss from
continuing operations of $37 million and a loss from discontinued operations of
approximately $68 million for a total net loss of approximately $105 million.
The Company expects to announce its final results for the three and nine month
periods ended September 30, 1995 next week. See the press release which is
filed as Exhibit 99.1 hereto and which is incorporated herein by this reference.
SIGNATURE
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.
MORRISON KNUDSEN CORPORATION
November 16, 1995 By: /s/ Stephen G. Hanks
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Stephen G. Hanks
Executive Vice President and
Chief Legal Officer
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EXHIBIT 99.1
MORRISON KNUDSEN CORPORATION
NEWS RELEASE
Morrison Knudsen Plaza/P. O. Box 73
Boise, Idaho 83729
Telex: 368439/Phone: (208) 386-5387 For Further Information Contact:
Fax: (208) 386-5065 Corporate Communications
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FOR RELEASE: November 15, 1995
MK ESTIMATES 3RD QUARTER LOSS
Morrison Knudsen Corporation announced today that preliminary results for
the quarter ended September 30, 1995 are expected to result in a loss from
continuing operations of $37 million and a loss from discontinued operations of
approximately $68 million for a total net loss of approximately $105 million.
MK expects to announce its final results for the three and nine month
periods ended September 30, 1995 next week.
Preliminary, unaudited results for the third quarter were adversely
affected by losses from discontinued operations associated with the disposal of
the Company's Transit operations and the proposed sale of its 65% owned
subsidiary, MK Rail Corporation.
The third quarter operating loss of approximately $7 million included the
recognition of approximately $25 million in anticipated losses on certain heavy
construction fixed-price contracts. Losses from continuing operations included
increases of $10 million in general and administrative expenses associated with
litigation and financial restructuring, including legal and other professional
fees, and a $7 million increase in interest expense.
MK's operations in the engineering and construction segment booked $1.4
billion in new work in the nine months ended September 30, 1995, compared to
$1.25 billion for the comparable period a year ago and ended the third quarter
with a backlog of $2.3 billion.
During the quarter, MK received a notice to proceed on the $321.5 million
E-470 tollway in Denver. Financial closing marked the end of a four year
development process and cleared the way for payment of a $10 million success fee
to Morrison Knudsen.
Morrison Knudsen Corporation (MRN-NYSE), founded in 1912, serves the
world's mining, environmental, industrial, process, operations & maintenance,
power, transportation and heavy construction markets as an engineer and
contractor.
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