Fluor 2003 Annual Report Download - page 2

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9.0 8.8
128
170
17.0 18.5
FINANCIAL HIGHLIGHTS
Year฀Ended฀ December฀31,฀2003฀ December฀31,฀2002฀ Percent฀Change
(in฀thousands,฀except฀per฀share฀amounts)
Revenues฀ $฀ 8,805,703฀ $฀9,958,956฀ (12)
Earnings฀from฀continuing฀operations฀ 179,455฀ 169,976฀ 6
Loss฀from฀discontinued฀operations฀ (11,616)฀ (6,361)฀ (83)
Cumulative฀effect฀of฀change฀in฀
accounting฀principle฀ (10,389)฀ –฀ NM
Net฀earnings฀ 157,450฀ 163,615฀ (4)
Diluted฀earnings฀(loss)฀per฀share
Continuing฀operations฀ 2.23฀ 2.13฀ 5
Discontinued฀operations฀ (0.15)฀ (0.08)฀ (88)
Cumulative฀effect฀of฀change฀in฀
accounting฀principle฀ (0.13)฀ –฀ NM
Net฀earnings฀ 1.95฀ 2.05฀ (5)
Return฀on฀average฀shareholders’฀equity
from฀continuing฀operations฀ 18.5%฀ 20.1%฀ –
Capital฀expenditures–continuing฀operations฀ $฀ 79,183฀ $฀ 63,014฀ 26
New฀awards฀ 9,976,000฀ 8,596,800฀ 16
Backlog฀ $฀10,607,100฀ 9,709,100฀ 9
Cash฀dividends฀per฀common฀share฀ 0.64฀ 0.64฀ –
At฀Period฀End฀ December฀31,฀2003฀ December฀31,฀2002฀ Percent฀Change
(in฀thousands,฀except฀per฀share฀amounts)
Working฀capital฀
Total฀assets฀
Capitalization
Short-term฀debt*฀
Long-term฀debt*฀
Shareholders’฀equity฀
$฀ 384,506฀
3,449,482฀
221,469฀
44,548฀
1,081,534฀
$฀ 167,921฀
3,142,151฀
–฀
17,613฀
883,867฀
NM
10
NM
NM
22
Total฀capitalization฀
Total฀debt฀as฀a฀percent฀of฀total฀capitalization฀
Shareholders’฀equity฀per฀common฀share฀
Closing฀stock฀price฀
$฀
$฀
1,347,551฀
19.7%฀
13.17฀
39.64฀
$฀ 901,480฀
2.0%฀
$฀ 11.02฀
28.00฀
49
NM
20
42
Salaried฀employees฀
Craft/hourly฀employees฀฀
17,564฀
11,447฀
19,259฀
25,550฀
(9)
(55)
Total฀employees฀ 29,011฀ 44,809฀ (35)
NM฀–฀Not฀meaningful
*December฀31,฀2003฀includes฀$127.0฀million฀in฀debt฀($100.0฀million฀in฀short-term฀and฀$27.0฀million฀in฀long-term)฀from฀the
consolidation฀of฀variable฀interest฀entities฀as฀prescribed฀by฀FASB฀Interpretation฀No.฀46.
REVENUES฀FROM EARNINGS฀FROM RETURN฀ON฀EQUITY฀FROM
CONTINUING฀OPERATIONS CONTINUING฀OPERATIONS CONTINUING฀OPERATIONS
dollars฀in฀billions dollars฀in฀millions percent
10.0 179 20.1
Table฀of฀Contents
1 Letter
4 At-a-Glance
6฀ Operations Report
20฀ New Awards & Backlog Data
21฀ Selected Financial Data
22฀ Officers
23฀ Board of Directors
24 Form 10-K
01 02 03 01 02 03 01 02 03