Tutor Perini Corporation Q2 2009 Earnings Call Transcript

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2009-08-06 17:26:10.0

Tags: Acquisition, Merger, Call Transcript, Schedule, Earnings, Ronald Tutor, Mergers & Acquisitions, Corporate Law, Investment, Finance, Business Operations, Seeking Alpha, SunCom Wireless Holdings Inc.

Question-and-Answer Session

Operator

(Operator Instructions) And your first question comes from the line of John Rogers of D A Davidson & Co. Please proceed.

John Rogers - D A Davidson & Co.

Hi, good afternoon.

Kenneth Burk

Hi John.

John Rogers - D A Davidson & Co.

Ken you mentioned some one-time charges related to the merger.

Kenneth Burk

Yes.

John Rogers - D A Davidson & Co.

Were those in the second quarter?

Kenneth Burk

The merger being, we had some incremental cost flow over from Tutor-Saliba, but most of that was related to the Keating acquisition. Then we had some expenses charged during the second quarter for the acquisition that we were working on, that did not go through.

John Rogers - D A Davidson & Co.

And can you tell us how much those charges were in total?

Kenneth Burk

We have I would say, including all of the cost John, for acquisitions and some of the integration it’s about $2.5 million.

John Rogers - D A Davidson & Co.

Then secondly I guess for Ron, in terms of the civil market in the second half of the year, how much of that is related to stimulus projects or work that was already in process and the schedule is just coming together at this time.

Ronald Tutor

Is that you John?

John Rogers - D A Davidson & Co.

Yes.

Ronald Tutor

I know there is this stimulus program because the government keeps talking about it, but we haven’t seen it, and since we’re not in the business of paving allies and doing urban gutter work, the truth of it is, the overwhelming array of civil work that we are looking at and we’re seriously bidding a major project a week in some part of the country.

I believe it was mostly preplanned and already funded and I really haven’t seen any signs of that stimulus money yet. That doesn’t mean we don’t live and pray for it, but yet we haven’t seen it. What we see is just an enormous array of major civil work in power plants that were in the pipeline that are finally coming through.

John Rogers - D A Davidson & Co.

It sounds as if the schedule is a lot heavier in the third and fourth quarter, is that correct?

Ronald Tutor

Yes, it continues to ramp up our schedule. I believe the last time I looked at it, we had something in the neighborhood of $5 billion of civil work alone, exclusive of buildings and municipalities that just got out of our civil group between August 1 and December 31. It is just overwhelming but mild.

 

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