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)
<PAGE>
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
<TABLE>
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
-------- --------
<S> <C> <C>
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
========= ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<TABLE>
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
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
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
========= ========= ========= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<TABLE>
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
--------- ---------
<S> <C> <C>
-
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)
--------- ---------
</TABLE>
<TABLE>
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
------- -------
<S> <C> <C>
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
========= =========
</TABLE>
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
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
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.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 6,661
<SECURITIES> 0
<RECEIVABLES> 174,462
<ALLOWANCES> 0
<INVENTORY> 18,050
<CURRENT-ASSETS> 306,680<F1>
<PP&E> 40,679
<DEPRECIATION> 27,864
<TOTAL-ASSETS> 513,726<F2>
<CURRENT-LIABILITIES> 286,738
<BONDS> 74,664
<COMMON> 4,985
100
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 513,726<F3>
<SALES> 0
<TOTAL-REVENUES> 803,024
<CGS> 0
<TOTAL-COSTS> (828,632)
<OTHER-EXPENSES> (87)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (6,121)
<INCOME-PRETAX> (31,816)<F4>
<INCOME-TAX> 2,900
<INCOME-CONTINUING> (28,916)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (28,916)
<EPS-PRIMARY> (6.58)
<EPS-DILUTED> 0
<FN>
<F1>Includes Equity in Construction Joint Ventures of $60,497, Unbilled Work of
$23,564, and Other Short-Term Assets of $23,446.
<F2>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.
<F3>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).
<F4>Includes General, Administrative and Selling Expense of $27,185.
</FN>
</TABLE>
