2013 Q2 Form 10-Q Financial Statement

#000110465913061826 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.053B $985.3M
YoY Change 6.88% 20.17%
Cost Of Revenue $947.1M $898.3M
YoY Change 5.44% 22.62%
Gross Profit $106.0M $87.06M
YoY Change 21.7% -0.16%
Gross Profit Margin 10.06% 8.84%
Selling, General & Admin $66.50M $64.70M
YoY Change 2.78% 28.88%
% of Gross Profit 62.76% 74.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.80M $16.30M
YoY Change -15.34% 81.11%
% of Gross Profit 13.02% 18.72%
Operating Expenses $66.50M $441.2M
YoY Change -84.93% 778.88%
Operating Profit $39.47M -$354.2M
YoY Change -111.15% -1057.23%
Interest Expense $11.08M $10.60M
YoY Change 4.53% -245.25%
% of Operating Profit 28.08%
Other Income/Expense, Net -$3.234M $1.082M
YoY Change -398.89% -9.83%
Pretax Income $25.16M -$363.7M
YoY Change -106.92% -1273.21%
Income Tax $9.679M -$15.27M
% Of Pretax Income 38.47%
Net Earnings $15.48M -$348.4M
YoY Change -104.44% -1868.64%
Net Earnings / Revenue 1.47% -35.36%
Basic Earnings Per Share $0.32 -$7.35
Diluted Earnings Per Share $0.32 -$7.35
COMMON SHARES
Basic Shares Outstanding 47.68M shares 47.43M shares
Diluted Shares Outstanding 48.60M shares 47.43M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.7M $185.4M
YoY Change -23.03% -55.96%
Cash & Equivalents $142.7M $185.4M
Short-Term Investments
Other Short-Term Assets $53.81M $143.3M
YoY Change -62.45% 48.19%
Inventory
Prepaid Expenses
Receivables $1.894B $1.574B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.147B $1.902B
YoY Change 12.88% 8.45%
LONG-TERM ASSETS
Property, Plant & Equipment $491.5M $488.5M
YoY Change 0.61% 14.97%
Goodwill $570.6M
YoY Change
Intangibles $120.3M
YoY Change
Long-Term Investments $46.30M $46.30M
YoY Change 0.0% -47.45%
Other Assets $81.43M $35.10M
YoY Change 132.0% 67.14%
Total Long-Term Assets $1.310B $1.274B
YoY Change 2.82% -8.02%
TOTAL ASSETS
Total Short-Term Assets $2.147B $1.902B
Total Long-Term Assets $1.310B $1.274B
Total Assets $3.457B $3.177B
YoY Change 8.84% 1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $760.5M $692.9M
YoY Change 9.76% 9.95%
Accrued Expenses $180.5M $190.1M
YoY Change -5.03% 95.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $108.1M $65.00M
YoY Change 66.36% 100.62%
Total Short-Term Liabilities $1.356B $1.311B
YoY Change 3.42% 24.28%
LONG-TERM LIABILITIES
Long-Term Debt $675.6M $625.3M
YoY Change 8.05% 3.18%
Other Long-Term Liabilities $135.5M $125.1M
YoY Change 8.32% 160.63%
Total Long-Term Liabilities $811.1M $750.4M
YoY Change 8.1% 14.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.356B $1.311B
Total Long-Term Liabilities $811.1M $750.4M
Total Liabilities $2.277B $2.120B
YoY Change 7.38% 18.29%
SHAREHOLDERS EQUITY
Retained Earnings $167.6M
YoY Change
Common Stock $1.057B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.181B $1.057B
YoY Change
Total Liabilities & Shareholders Equity $3.457B $3.177B
YoY Change 8.84% 1.18%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $15.48M -$348.4M
YoY Change -104.44% -1868.64%
Depreciation, Depletion And Amortization $13.80M $16.30M
YoY Change -15.34% 81.11%
Cash From Operating Activities $45.90M -$6.900M
YoY Change -765.22% -83.09%
INVESTING ACTIVITIES
Capital Expenditures -$15.90M -$11.20M
YoY Change 41.96% -15.79%
Acquisitions
YoY Change
Other Investing Activities $400.0K $3.600M
YoY Change -88.89% -104.25%
Cash From Investing Activities -$15.60M -$7.500M
YoY Change 108.0% -92.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.90M 9.300M
YoY Change -313.98% -95.17%
NET CHANGE
Cash From Operating Activities 45.90M -6.900M
Cash From Investing Activities -15.60M -7.500M
Cash From Financing Activities -19.90M 9.300M
Net Change In Cash 10.40M -5.100M
YoY Change -303.92% -109.44%
FREE CASH FLOW
Cash From Operating Activities $45.90M -$6.900M
Capital Expenditures -$15.90M -$11.20M
Free Cash Flow $61.80M $4.300M
YoY Change 1337.21% -115.64%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Use Of Estimates
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Use of and Changes in Estimates</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company&#8217;s construction business involves making significant estimates and assumptions in the normal course of business relating to its contracts and its joint venture contracts. Management focuses on evaluating the performance of contracts individually.&#160;These estimates&#160;and assumptions can vary in the normal course of business as projects progress, when estimated productivity assumptions change based on experience to date and uncertainties are resolved. &#160;Change orders and claims, as well as changes in related estimates of costs to complete, are considered revisions in estimates. The Company uses the cumulative catch-up&#160;method applicable to construction contract accounting to account for revisions in estimates. The impact on operating margin in a reporting period and future periods from a change in estimate will depend on the stage of contract completion. There were no significant changes in contract estimates at completion that impacted gross profit for both the three and six months ended June&#160;30, 2013 and 2012.</font></p> </div>
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TUTOR PERINI Corp
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