The following is a summary of the quarterly results of operations:

First Quarter

Second Quarter⁽²⁾

Third Quarter

Fourth Quarter⁽²⁾

2000

Revenues

$2,738,387

$2,295,662

$2,627,544

$2,308,561

Cost of revenues

2,667,345

2,246,054

2,592,694

2,259,714

Special provision

—

(17,919)

—

—

Earnings from continuing operations before taxes

52,641

53,187

12,494

23,899

Earnings from continuing operations

37,071

36,726

9,168

16,881

Net earnings (loss)

52,252

51,042

33,338

(12,683)

Basic earnings (loss) per share

--Continuing operations

0.49

0.49

0.12

0.22

--Net earnings (loss)

0.69

0.68

0.44

(0.17)

Diluted earnings (loss) per share

--Continuing operations

0.49

0.48

0.12

0.22

--Net earnings (loss)

$ 0.69

$ 0.66

$ 0.44

$ (0.17)

1999

Revenues

$3,109,434

$2,837,953

$2,803,174

$2,583,794

Cost of revenues

3,053,054

2,778,857

2,733,186

2,517,944

Special provision

—

136,500

—

(19,300)

Earnings (loss) from continuing operations before taxes

46,055

(87,899)

49,860

68,565

Earnings (loss) from continuing operations

29,996

(89,727)

33,521

52,893

Net earnings (loss)

51,081

(72,895)

50,152

75,849

Basic earnings (loss) per share

--Continuing operations

0.40

(1.19)

0.45

0.70

--Net earnings (loss)

0.68

(0.97)

0.67

1.00

Diluted earnings (loss) per share

--Continuing operations

0.40

(1.19)

0.44

0.70

--Net earnings (loss)

$ 0.68

$ (0.97)

$ 0.66

$ 1.00

⁽¹⁾All periods have been restated to present the Massey Coal business as a discontinued operation.

⁽²⁾In March 1999, Fluor announced a new strategic direction, including a reorganization of the operating units and administrative functions of its engineering and construction segment. In connection with this reorganization, Fluor recorded a pre-tax charge of $136.5 million to cover direct and other reorganization related costs. In October 1999 and April 2000, Fluor reversed into earnings $19.3 million and $17.9 million, respectively, due to changes in its reorganization plans.