| |
| |
|
2000 |
|
|
|
1999 |
|
Percent
Change |
|
| (in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
| Fiscal
Year |
|
|
|
|
|
|
|
|
| Revenues |
$ |
9,970,154 |
|
|
$ |
11,334,355 |
|
-12 |
| Earnings
from continuing operations, net |
|
99,846 |
|
|
|
26,683 |
|
274 |
| Earnings
from discontinued operations, net |
|
24,103 |
|
|
|
77,504 |
|
-69 |
| Net
earnings |
|
123,949 |
|
|
|
104,187 |
|
19 |
| Basic
earnings per share |
|
|
|
|
|
|
|
|
| Continuing
operations |
|
1.33 |
|
|
|
.35 |
|
280 |
| Discontinued
operations |
|
.32 |
|
|
|
1.03 |
|
-69 |
| Net
earnings |
|
1.65 |
|
|
|
1.38 |
|
20 |
| Diluted
earnings per share |
|
|
|
|
|
|
|
|
| Continuing
operations |
|
1.31 |
|
|
|
.35 |
|
274 |
| Discontinued
operations |
|
.31 |
|
|
|
1.02 |
|
-70 |
| Net
earnings |
$ |
1.62 |
|
|
$ |
1.37 |
|
18 |
| Return
on average shareholders’ equity |
|
7.7 |
% |
|
|
6.8 |
% |
— |
| Capital
expenditures – continuing operations |
$ |
284,079 |
|
|
$ |
277,033 |
|
3 |
| New
awards |
$ |
9,644,200 |
|
|
$ |
6,789,400 |
|
42 |
| Cash
dividends per common share |
$ |
1.00 |
|
|
$ |
.80 |
|
25 |
|
|
|
|
|
|
|
|
|
|
|
| At
Fiscal Year-end |
|
|
|
|
|
|
|
|
| Working
capital |
$ |
(172,582) |
|
|
$ |
(294,139) |
|
NM |
| Net
assets of discontinued operations |
|
866,199 |
|
|
|
— |
|
NM |
| Total
assets |
|
3,652,734 |
|
|
|
4,886,117 |
|
-25 |
| Backlog |
|
10,012,000 |
|
|
|
9,142,000 |
|
10 |
| Capitalization |
|
|
|
|
|
|
|
|
| Short-term
debt |
|
253,512 |
|
|
|
247,911 |
|
2 |
| Long-term
debt |
|
17,573 |
|
|
|
317,555 |
|
-94 |
| Shareholders’
equity |
|
1,609,257 |
|
|
|
1,581,372 |
|
2 |
|
| Total
capitalization |
$ |
1,880,342 |
|
|
$ |
2,146,838 |
|
-12 |
| Total
debt as a percent of total capitalization** |
|
36.7 |
% |
|
|
26.3 |
% |
— |
| Shareholders’
equity per common share |
$ |
21.24 |
|
|
$ |
20.80 |
|
2 |
| Closing
stock price |
$ |
35.00 |
|
|
$ |
39.88 |
|
-12 |
|
|
|
|
|
|
|
|
|
|
|
| Salaried
employees |
|
22,205 |
|
|
|
24,243 |
|
-8 |
| Craft/hourly
employees |
|
24,908 |
|
|
|
26,315 |
|
-5 |
|
| Total
employees |
|
47,113 |
|
|
|
50,558 |
|
-7 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
NM
– Not meaningful
*As
discussed in the first note to the accompanying financial
statements, on November 30, 2000 the shareholders approved
a spin-off distribution that will separate the company
into two publicly traded companies – a “new”
Fluor and Massey Energy Company. The net assets of Massey
Energy Company at October 31, 2000 and its results of
operations for all periods presented have been
reclassified and are presented as discontinued operations.
**The
percentage shown for 2000 is presented on a pro forma
basis, as if the spin-off distribution had occurred
on October 31, 2000.
|
| |
|
Note:
The information contained in this annual report contains
forward-looking statements regarding projected earning
levels for fiscal year 2001, market outlook, new awards,
backlog levels, competition, the adequacy of funds to
service debt and the implementation of new strategic
initiatives. These forward-looking statements reflect
the company’s current analysis of existing information
as of the date of this annual report. As a result, caution
must be exercised in relying on forward-looking statements.
Due to unknown risks, the company’s actual results
may differ materially from its expectations or projections.
The factors potentially contributing to such differences
include, among others:
- Changes
in global business, economic, political and social
conditions;
- The
company’s failure to receive anticipated new
contract awards;
- Customer
cancellations of, or scope adjustments to, existing
contracts;
- Difficulties
or delay incurred in the execution of construction
contracts resulting in cost overruns or liabilities;
- Customer
delays or defaults in making payments;
- Difficulties
and delays incurred in the implementation of strategic
initiatives;
- Risks
and impacts resulting from the company’s reverse
spin-off transaction consummated November 30, 2000
involving Massey Energy Company; and
- Competition
in the global engineering, procurement and construction
industry.
The
forward-looking statements are also based on various
operating assumptions regarding, among other things,
overhead costs and employment levels that may not be
realized. In addition, while most risks affect only
future costs or revenues that the company anticipates
it will receive, some risks may relate to accruals that
have already been reflected in earnings. The company’s
failure to receive payments of these accrued earnings
could result in charges against future earnings.
Additional
information concerning factors that may influence the
company’s results can be found in its press releases
and periodic filings with the Securities and Exchange
Commission including the discussion under the heading
“Item 1. Business-Other Matters-Company Business
Risks” in the company’s 10-K filed January
29, 2001. These filings are available publicly and upon
request from Fluor’s Investor Relations Department:
(949) 349-3909. The company disclaims any intent or
obligation to update its forward-looking statements.
|
| |
|
