Perini Corporation Announces $100 Million Share Repurchase Program
13 Noviembre 2008 - 4:18PM
Business Wire
Perini Corporation (NYSE: PCR), a leading building, civil
construction and construction management company, today announced
that its Board of Directors has authorized a program to repurchase
up to $100 million of the Company�s common stock over the next 12
months. Under the terms of the repurchase program, the Company may
repurchase shares in open market purchases or through privately
negotiated transactions. The Company expects to use cash on hand to
fund repurchases of its common stock. Stock repurchases will be
conducted in compliance with the safe harbor provisions of Rule
10b-18 under the Securities Exchange Act of 1934, as amended.
Perini management will determine the timing and amount of any
repurchase based on its evaluation of market conditions, business
considerations and other factors. Repurchases also may be made
under 10b5-1 plans, which would permit common stock to be purchased
when the Company would otherwise be prohibited from doing so under
insider trading laws. The share repurchase program does not
obligate the Company to repurchase any dollar amount or number of
shares of its common stock, and the program may be extended,
modified, suspended or discontinued at any time, at the Company�s
discretion. As of October 31, 2008, the Company had approximately
50.3 million shares of common stock outstanding. �This repurchase
program demonstrates the confidence that our Board of Directors and
Senior Management have in the future of Perini and our belief that
our shares are currently undervalued,� said Ronald Tutor, Chairman
and Chief Executive officer of Perini. About Perini Corporation
Perini Corporation is a leading construction services company
offering diversified general contracting, construction management
and design/build services to private clients and public agencies
throughout the world. We have provided construction services since
1894 and have established a strong reputation within our markets by
executing large complex projects on time and within budget while
adhering to strict quality control measures. We offer general
contracting, pre-construction planning and comprehensive project
management services, including the planning and scheduling of the
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services
including sitework, concrete forming and placement, steel erection,
and electrical and mechanical, plumbing and HVAC. We are known for
our hospitality and gaming industry projects, municipal offices,
sports and entertainment, educational, transportation, healthcare,
biotech, pharmaceutical and high-tech facilities, as well as large
and complex civil construction projects and construction management
services to U.S. military and government agencies. The statements
contained in this Release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including without limitation, statements regarding the
Company�s expectations, hopes, beliefs, intentions and strategies
regarding the future, the Company�s ability to use cash on hand to
fund share repurchases and the types of transactions pursuant to
which share repurchases may be made under the share repurchase
program. These forward-looking statements are based on the
Company�s current expectations and beliefs concerning future
developments and their potential effects on the Company. The
Company�s expectations, beliefs and projections are expressed in
good faith and the Company believes there is a reasonable basis for
them. There can be no assurance that future developments affecting
the Company will be those anticipated by the Company. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the Company) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, the Company's ability to successfully and
timely complete construction projects; the Company�s ability to
convert backlog into revenue; the potential delay, suspension,
termination, or reduction in scope of a construction project; the
continuing validity of the underlying assumptions and estimates of
total forecasted project revenues, costs and profits and project
schedules; the outcomes of pending or future litigation,
arbitration or other dispute resolution proceedings; the
availability of borrowed funds on terms acceptable to the Company;
the ability to retain certain members of management; the ability to
obtain surety bonds to secure its performance under certain
construction contracts; possible labor disputes or work stoppages
within the construction industry; changes in federal and state
appropriations for infrastructure projects; possible changes or
developments in worldwide or domestic political, social, economic,
business, industry, market and regulatory conditions or
circumstances and actions taken or not taken by third parties,
including the Company�s customers, suppliers, business partners,
and competitors and legislative, regulatory, judicial and other
governmental authorities and officials; the ability to realize the
expected synergies resulting from the transaction with Tutor-Saliba
in the amounts of in the timeframe anticipated and the ability to
integrate Tutor-Saliba�s businesses into those of Perini in a
timely and cost-efficient manner. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
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