perini, update from the directors

We closed 2007 with an exceptional fourth quarter with revenues of $1.2 billion, up 32% from a year ago and net income of $22.9 million, up 18% from a year ago. For the full year, we reported the highest revenues and net income in our 114-year history.
(they just ooze confidence and power and success - great PR, a bit scary)

Our work at the $1.8 billion Cosmopolitan Resort and Casino in Las Vegas continues unabated. The owner has advised us that they have entered into an agreement of principle with a new equity investor and are currently working on the necessary agreements. All current amounts due to us have been paid, and we have an interim agreement with Deutsche Bank for payments continuing on a monthly basis....
For the full year 2007, we were awarded $3.75 billion in new contracts

(ooops)Our civil segment incurred a lose of $13 million in 2007. This was primarily due to a charge we recorded for a pending civil settlement with the U.S. Attorney’s office in New York concerning the investigation regarding contracting with disadvantaged minority and women owned businesses.

Operating margin for the building segment was 3% in the fourth quarter, up from 2.5% in the fourth quarter of ‘06. Once again, we’ve realized significant profitability improvement in all of our building companies. (yikes -thats about the profit margin of a grocery store)

Looking at the full year, we generated revenues of $4.6 billion, up 52% from last year and at the high end of our guidance range of $4.4 billion to $4.6 billion. Net income was $97.1 million, up 134% from $41.5 million in 2006 and diluted earnings per share were $3.54 compared to $1.54 in 2006, exceeding our guidance of $3.30 to $3.45. (now, explain to me, why their stocks are down?)
Finally, we are affirming our initial guidance for 2008 revenues in the range of $5 billion to $5.4 billion and diluted earnings per share estimated to range from $3.50 to $3.75. Stockholders’ equity increased 51% to $368.3 million from $243.9 million in ‘06.

well, it seems investors are nervous about the loan situation and how it will affect perini's current and future projects. ALso about expendable income dropping, which would affect Las Vegas, where perini has multiple sites.