Fluor 2003 Annual Report Download - page 23

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FL U OR COR P O RAT IO N 2003 A NN UAL R E P ORT
SELECTED FINANCIAL DATA PAGE 21
C O N S O L I D AT E D O P E R AT I N G R E S U LT S 2003฀
Year฀Ended฀December฀31,฀
2002฀ 2001฀
Year฀Ended฀October฀31,
2000฀ 1999
(in฀millions,฀except฀per฀share฀amounts)
Revenues฀
Earnings฀from฀continuing฀operations฀before฀taxes฀
Earnings฀from฀continuing฀operations฀
Earnings฀(loss)฀from฀discontinued฀operations฀
Cumulative฀effect฀of฀change฀in฀accounting฀principle฀
Net฀earnings฀฀
Basic฀earnings฀(loss)฀per฀share
Continuing฀operations฀
Discontinued฀operations฀
Cumulative฀effect฀of฀change฀in฀accounting฀principle฀
$฀ 8,805.7฀
268.0฀
179.5฀
(11.6)฀
(10.4)฀
157.5฀
2.25฀
(0.15)฀
(0.13)฀
$฀ 9,959.0฀
260.5฀
170.0฀
(6.4)฀
–฀
163.6฀
2.14฀
(0.08)฀
–฀
$฀ 8,972.2฀
185.3฀
127.8฀
(108.4)฀
–฀
19.4฀
1.64฀
(1.39)฀
–฀
$฀ 9,422.9฀
164.3฀
116.3฀
7.7฀
–฀
124.0฀
1.55฀
0.10฀
–฀
$฀10,752.3
88.7
38.2
66.0
–
104.2
0.51
0.87
–
Net฀earnings฀฀
Diluted฀earnings฀(loss)฀per฀share
Continuing฀operations฀
Discontinued฀operations฀
Cumulative฀effect฀of฀change฀in฀accounting฀principle฀
1.97฀
2.23฀
(0.15)฀
(0.13)฀
2.06฀
2.13฀
(0.08)฀
–฀
0.25฀
1.61฀
(1.36)฀
–฀
1.65฀
1.52฀
0.10฀
–฀
1.38
0.50
0.87
–
Net฀earnings฀฀
Return฀on฀average฀shareholders’฀equity฀
Cash฀dividends฀per฀common฀share฀
1.95฀
16.2%฀
0.64฀
2.05฀
19.4%฀
0.64฀
0.25฀
2.6%฀
0.64฀
1.62฀
7.7%฀
1.00฀
1.37
6.8%
0.80
C O N S O L I D AT E D F I N A N C I A L P O S I T I O N
Current฀assets฀ $฀ 2,213.6฀ $฀ 1,924.1฀ $฀ 1,851.3฀ $฀ 1,318.3฀ $฀ 1,391.1
Current฀liabilities฀ 1,829.1฀ 1,756.2฀ 1,862.7฀ 1,570.3฀ 1,834.2
Working฀capital฀ 384.5฀ 167.9฀ (11.4)฀ (252.0)฀ (443.1)
Property,฀plant฀and฀equipment,฀net฀ 569.5฀ 467.0฀ 508.1฀ 570.8฀ 514.7
Total฀assets฀ 3,449.5฀ 3,142.2฀ 3,142.5฀ 4,958.4฀ 4,886.1
Capitalization
Short-term฀debt*/**฀ 221.5฀ –฀ 38.4฀ 88.7฀ 20.7
Long-term฀debt**฀ 44.6฀ 17.6฀ 17.6฀ 17.6฀ 17.5
Shareholders’฀equity฀ 1,081.5฀ 883.9฀ 789.3฀ 1,609.2฀ 1,581.4
Total฀capitalization฀ 1,347.6฀ 901.5฀ 845.3฀ 1,715.5฀ 1,619.7
Total฀debt฀as฀a฀percent฀of฀total฀capitalization฀ 19.7%฀ 2.0%฀ 6.6%฀ 6.2%฀ 2.4%
Shareholders’฀equity฀per฀common฀share฀ 13.17฀ 11.02฀ 9.85฀ 21.25฀ 20.80
Common฀shares฀outstanding฀at฀period฀end฀ 82.1฀ 80.2฀ 80.1฀ 75.7฀ 76.0
O T H E R DATA
New฀awards฀ $฀ 9,976.0฀ $฀ 8,596.8฀ $฀10,766.6฀ $฀ 9,644.2฀ $฀ 6,789.4
Backlog฀at฀year฀end฀ 10,607.1฀ 9,709.1฀ 11,505.5฀ 10,012.2฀ 9,142.0
Capital฀expenditures฀–฀continuing฀operations฀ 79.2฀ 63.0฀ 148.4฀ 156.2฀ 140.6
Cash฀provided฀by฀(used฀in)฀operating฀activities฀ (300.5)฀ 195.7฀ 621.8฀ 186.1฀ 572.6
*฀ Includes฀commercial฀paper,฀loan฀notes,฀miscellaneous฀trade฀notes฀payable฀and฀the฀current฀portion฀of฀long-term฀debt.
**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.
In฀November฀2000,฀a฀spin-off฀distribution฀to฀shareholders฀was฀effected฀which฀separated฀then฀existing฀Fluor฀Corporation฀into฀two฀publicly฀traded฀companies฀–฀new฀Fluor฀
(“Fluor” or the “company”) and Massey Energy Company (“Massey”). Massey’s results of operations for all periods prior to the spin-off are presented as discontinued operations.
In฀September฀2001,฀the฀company฀adopted฀a฀plan฀to฀dispose฀of฀certain฀non-core฀construction฀equipment฀and฀temporary฀staffing฀businesses.฀The฀assets฀and฀liabilities฀
(including฀debt)฀and฀results฀of฀operations฀of฀Massey฀and฀the฀non-core฀businesses฀for฀all฀periods฀presented฀have฀been฀reclassified฀and฀are฀presented฀as฀discontinued฀
operations.฀In฀addition,฀the฀company฀changed฀to฀a฀calendar-year฀basis฀of฀reporting฀financial฀results฀in฀connection฀with฀the฀spin-off.
See฀Management’s฀Discussion฀and฀Analysis฀on฀pages฀14฀to฀28฀and฀Notes฀to฀Consolidated฀Financial฀Statements฀on฀pages฀F-6฀to฀F-34฀for฀information฀relating฀to฀significant฀
items฀affecting฀the฀results฀of฀operations.