Perini Corporation Q1 2009 Earnings Call Transcript

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2009-05-07 17:34:23.0

Tags: Work, Call Transcript, Earnings, Stimulus Money, Government, Vertical Industries, Seeking Alpha, Perini Corp.

Question-and-Answer Session

Operator

(Operator instructions) And the first question comes from the line of John Rogers with D.A. Davidson. Please proceed.

John RogersD.A. Davidson

Hi, good afternoon.

Ken Burk

Good afternoon, John.

John RogersD.A. Davidson

I think it was Bob, you went through the pending awards and could you repeat that I just couldn't get it down quick enough.

Robert Band

Yes, it’s quite too fast.

John RogersD.A. Davidson

Sorry.

Robert Band

Well, what we like to talk about is our pending awards, where we’ve been giving – given positive indication by the owners that we are selected and in line to receive a project. So we said pending awards of 2.1 billion, including 800 million relating to hospitality and gaming, 400 million in education, 300 million in industrial buildings, 300 million in government projects and 300 million in healthcare.

John RogersD.A. Davidson

Okay. And that I mean does not include any civil work at this point, I thought you had some work that you would been the low bidder on or there was an indication that it may be pending and waiting approval.

Ronald Tutor

No, we haven’t included, this is Ron Tutor, no, we haven’t included with civil work is unlike private work, you are not [ph] better and achieve awarded or it isn’t. So there are no – well, I shouldn't say that there is a pending low bid that we expect to be awarded of $22 million in New York.

John RogersD.A. Davidson

Okay. I saw that one and wait for the others. And I guess one of the housekeeping items, Ken, what is current debt now?

Ken Burk

The current maturities, do you mean?

John RogersD.A. Davidson

Right.

Ken Burk

You are saying about current maturities of debt?

John RogersD.A. Davidson

Yes.

Ken Burk

Yes, it’s 18.8 million, John.

John RogersD.A. Davidson

Okay. Just I could get net. And then I guess finally in terms of the bigger picture, the up tick in civil work that you are looking at coming into the – I guess beginning in the second quarter, are these projects across – is right across the country or there any – and are they all tied to stimulus money or is this project that were already in the works?

Ronald Tutor

I think, this is Ron Tutor. I think it’s a combination of both. I think there were projects that were ready and some were put out to bid because they got stimulus money. My take is some were put out to bid assuming that stimulus money and some were put out to bid because they were funded because we are finding a very significant level of large civil work bidding in both California, Nevada and all the way from Connecticut through New York, Pennsylvania, Washington DC, and into Florida of such a scale and number that it has that stimulus money to have put them out. I mean it’s virtually almost $1 billion (inaudible).

 

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