2014 Q2 Form 10-Q Financial Statement

#000110465914056959 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $1.085B $1.099B $1.053B
YoY Change 2.98% -1.34% 6.88%
Cost Of Revenue $955.0M $959.6M $947.1M
YoY Change 0.83% -2.84% 5.44%
Gross Profit $129.5M $139.7M $106.0M
YoY Change 22.25% 10.51% 21.7%
Gross Profit Margin 11.94% 12.71% 10.06%
Selling, General & Admin $64.10M $69.60M $66.50M
YoY Change -3.61% 5.94% 2.78%
% of Gross Profit 49.49% 49.81% 62.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.40M $17.60M $13.80M
YoY Change 11.59% 18.92% -15.34%
% of Gross Profit 11.89% 12.6% 13.02%
Operating Expenses $64.10M $69.50M $66.50M
YoY Change -3.61% 5.62% -84.93%
Operating Profit $65.44M $70.18M $39.47M
YoY Change 65.79% 15.56% -111.15%
Interest Expense $10.86M -$11.60M $11.08M
YoY Change -2.04% 0.87% 4.53%
% of Operating Profit 16.59% -16.53% 28.08%
Other Income/Expense, Net -$6.974M -$5.000M -$3.234M
YoY Change 115.65% 316.67% -398.89%
Pretax Income $47.61M $53.51M $25.16M
YoY Change 89.26% 11.25% -106.92%
Income Tax $19.07M $20.20M $9.679M
% Of Pretax Income 40.05% 37.75% 38.47%
Net Earnings $28.55M $33.26M $15.48M
YoY Change 84.42% -20.12% -104.44%
Net Earnings / Revenue 2.63% 3.03% 1.47%
Basic Earnings Per Share $0.59 $0.69 $0.32
Diluted Earnings Per Share $0.58 $0.68 $0.32
COMMON SHARES
Basic Shares Outstanding 48.54M shares 48.12M shares 47.68M shares
Diluted Shares Outstanding 49.05M shares 48.60M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.9M $119.9M $142.7M
YoY Change -1.96% -28.67% -23.03%
Cash & Equivalents $139.9M $119.9M $142.7M
Short-Term Investments
Other Short-Term Assets $52.42M $50.67M $53.81M
YoY Change -2.59% -32.79% -62.45%
Inventory
Prepaid Expenses
Receivables $2.115B $1.865B $1.894B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.358B $2.086B $2.147B
YoY Change 9.8% 5.25% 12.88%
LONG-TERM ASSETS
Property, Plant & Equipment $529.5M $498.1M $491.5M
YoY Change 7.75% 2.69% 0.61%
Goodwill $577.8M $570.6M
YoY Change -45.79%
Intangibles $106.4M $113.7M $120.3M
YoY Change -11.54% -10.31%
Long-Term Investments $0.00 $46.30M $46.30M
YoY Change -100.0% 0.0% 0.0%
Other Assets $75.69M $75.61M $81.43M
YoY Change -7.06% -11.79% 132.0%
Total Long-Term Assets $1.297B $1.312B $1.310B
YoY Change -1.03% -0.23% 2.82%
TOTAL ASSETS
Total Short-Term Assets $2.358B $2.086B $2.147B
Total Long-Term Assets $1.297B $1.312B $1.310B
Total Assets $3.655B $3.397B $3.457B
YoY Change 5.7% 3.06% 8.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $849.6M $758.2M $760.5M
YoY Change 11.72% 8.87% 9.76%
Accrued Expenses $136.8M $158.0M $180.5M
YoY Change -24.24% -6.12% -5.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $68.23M $114.7M $108.1M
YoY Change -36.9% 69.34% 66.36%
Total Short-Term Liabilities $1.354B $1.298B $1.356B
YoY Change -0.12% 5.2% 3.42%
LONG-TERM LIABILITIES
Long-Term Debt $761.0M $619.2M $675.6M
YoY Change 12.64% -7.49% 8.05%
Other Long-Term Liabilities $122.5M $117.9M $135.5M
YoY Change -9.62% -15.21% 8.32%
Total Long-Term Liabilities $883.5M $737.1M $811.1M
YoY Change 8.92% -8.82% 8.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.354B $1.298B $1.356B
Total Long-Term Liabilities $883.5M $737.1M $811.1M
Total Liabilities $2.353B $2.150B $2.277B
YoY Change 3.36% -0.12% 7.38%
SHAREHOLDERS EQUITY
Retained Earnings $269.1M $224.6M $167.6M
YoY Change 60.58% 63.59%
Common Stock $1.065B $1.056B $1.057B
YoY Change 0.8% 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.301B $1.248B $1.181B
YoY Change
Total Liabilities & Shareholders Equity $3.655B $3.397B $3.457B
YoY Change 5.7% 3.06% 8.84%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $28.55M $33.26M $15.48M
YoY Change 84.42% -20.12% -104.44%
Depreciation, Depletion And Amortization $15.40M $17.60M $13.80M
YoY Change 11.59% 18.92% -15.34%
Cash From Operating Activities -$20.30M $61.80M $45.90M
YoY Change -144.23% -254.5% -765.22%
INVESTING ACTIVITIES
Capital Expenditures -$18.30M -$2.600M -$15.90M
YoY Change 15.09% -66.23% 41.96%
Acquisitions
YoY Change
Other Investing Activities $45.70M $5.000M $400.0K
YoY Change 11325.0% -88.89%
Cash From Investing Activities $27.20M $2.400M -$15.60M
YoY Change -274.36% -131.17% 108.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -72.20M -19.90M
YoY Change -98.99% -306.88% -313.98%
NET CHANGE
Cash From Operating Activities -20.30M 61.80M 45.90M
Cash From Investing Activities 27.20M 2.400M -15.60M
Cash From Financing Activities -200.0K -72.20M -19.90M
Net Change In Cash 6.700M -8.000M 10.40M
YoY Change -35.58% -37.5% -303.92%
FREE CASH FLOW
Cash From Operating Activities -$20.30M $61.80M $45.90M
Capital Expenditures -$18.30M -$2.600M -$15.90M
Free Cash Flow -$2.000M $64.40M $61.80M
YoY Change -103.24% -299.38% 1337.21%

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dei Entity Registrant Name
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dei Document Type
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dei Entity Filer Category
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 22.5pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">(1)</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b> <b><u><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Basis of Presentation</font></u></b></p> <p style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 22.5pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The unaudited consolidated condensed financial statements presented herein include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (&#8220;Tutor Perini&#8221; or the &#8220;Company&#8221;). The Company&#8217;s interests in construction joint ventures are accounted for using the proportionate consolidation method whereby the Company&#8217;s proportionate share of each joint venture&#8217;s assets, liabilities, revenues and cost of operations are included in the appropriate classifications in the consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation.</font></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 unaudited consolidated condensed financial statements have been prepared in accordance with the instructions to Form&#160;10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) as codified in the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) <i>Accounting Standards Codification</i>. These statements should be read in conjunction with the financial statements and notes thereto included in the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2013.</font></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">In the opinion of management, the accompanying unaudited consolidated condensed financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company&#8217;s financial position as of June&#160;30, 2014 and December&#160;31, 2013, results of operations and comprehensive income for the three and six months ended June&#160;30, 2014 and 2013, and cash flows for the six months ended June&#160;30, 2014 and 2013. The results of operations for the three and six months ended June&#160;30, 2014 are not indicative of the results that may be expected for the year ending December&#160;31, 2014 because, among other reasons, such results can vary depending on the timing of progress achieved and changes in estimated profitability of projects being reported.</font></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 considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> </div>
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