Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today reported results for the second quarter ended June 30, 2012.
Second Quarter and Six Month Results
The Company’s second quarter and six month results were impacted by a significant non-cash charge recorded during the period. This charge was the result of several factors that required a write-down of the Company’s goodwill and intangible assets to their fair values. Those factors included a sustained decrease in the Company’s stock price, deterioration in broader market conditions including recent stock market volatility, and a delay in the timing of projected cash flows for three of the Company’s operating segments, caused by delays in the timing of the award and start of new work. This impairment charge does not impact the Company’s overall business operations, cash balances or operating cash flows.
Revenues from construction operations were $985.3 million for the second quarter of 2012, compared to $819.9 million for the second quarter of 2011, an increase of 20%. Including the after-tax impairment charge of $355.9 million, the Company recorded a net loss of $348.4 million, or $7.35 diluted loss per share, for the second quarter of 2012, compared to net income of $19.7 million, or $0.41 diluted earnings per share for the second quarter of 2011. Excluding the impairment charge, second quarter 2012 net income and diluted earnings per share were $7.5 million and $0.16, respectively. Net income and diluted earnings per share excluding the impairment charge and certain other discrete charges are non-GAAP measures defined elsewhere in this press release and are reconciled to GAAP measures in the financial tables attached hereto.Revenues from construction operations were $1.9 billion for the first six months of 2012, compared to $1.4 billion for the first six months of 2011, an increase of 32%. Including the after-tax impairment charge of $355.9 million, discrete tax expense adjustments of $3.6 million related to stock-based compensation, and an after-tax loss on the sale of certain auction rate securities of $1.6 million, the Company recorded a net loss of $349.6 million, or $7.38 diluted loss per share, for the first six months of 2012, compared to net income of $26.6 million, or $0.56 diluted earnings per share for the first six months of 2011. Excluding the impairment charge and other discrete items recognized during the first quarter of 2012, net income and diluted earnings per share for the first six months of 2012 were $11.6 million and $0.24, respectively.
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