The Turner Corporation Announces Record Results For the Year Ended December 31, 2000.
The Turner Corporation, the nation's leading general builder, today announced record results for the year ended December 31, 2000. The value of construction completed, at nearly $5.8 billion, exceeded the 1999 record of $4.8 billion, an increase of 19 percent. The value of new contracts secured as of December 31, 2000, was $5.4 billion, another company record, up 27 percent from the previous year's figure of $4.3 billion.
Earnings from construction contracts ended the year at $177 million, an increase of 33 percent over the prior year's $133 million total. Income from construction operations stood at $61 million, compared to $55 million for 1999.
Thomas C. Leppert, chairman and chief executive officer, said, "Turner has achieved unequaled success in 2000. In virtually all areas of operations, the company significantly exceeded 1999 results. Our accomplishments are directly related to the high level of service delivered by our employees, who consistently meet and exceed the expectations of our clients. In 2000, our market share in total and in almost every office rose significantly."
Marketing Turner's services and organization was a major thrust for the company during the year, says Mr. Leppert: "Turner is the only nationwide company in the industry, as demonstrated by its network of 41 offices across the country. Combined with this extensive network, we have substantial experience and skill in nearly every major building segment. To better capitalize on these strengths, during the reporting year, Turner established three market-oriented business units for the aviation, pharmaceutical and sports sectors. These new business units have organized resources to serve clients around a specific expertise, in addition to our traditional geographic lines." Mr. Leppert added: "Indeed, Turner provides high-quality services with on-budget, on-schedule completions, through the strength of our national network and the recognized skill and experience base that cuts across business lines."
During the reporting year, Turner's staff count increased from 3,500 to nearly 4,200. "We are expanding recruiting and training efforts to ensure that we have the strongest and best-trained people available to meet our clients' needs and our own business goals in the coming years," said Mr. Leppert.
Major projects in a variety of sectors were secured during the year. The New York office was awarded a contract for a 353,000-sq.-ft., 25-story office building for Tishman Speyer Properties, and also began work on Steeplechase Stadium in Coney Island, a 6,500-seat minor league baseball facility. Turner's New York Interiors division began a 330,000-sq.-ft. renovation of a mail processing center for the United States Postal Service in New York City. In San Francisco, construction began at 560 Mission Street, a 31-story, 775,000-sq.-ft. office building. The Washington, DC office won an award to construct two parking garages with a total of 8,550 spaces at Washington Dulles International Airport, and an assignment to build a 350,000-sq.-ft. research facility in Baltimore for Johns Hopkins University School of Medicine. The Boston business unit received a contract to build the West Office Building-World Trade Center, a 550,000-sq.-ft., 17-story structure for Pembroke Real Estate, a subsidiary of Fidelity Investments. The Los Angeles office was selected by Baxter Biotech to build a 90,000-sq.-ft. production facility. That office also won a contract to construct the Southwest County Justice Court facility, a 188,000-sq.-ft., four-story court building in Murrietta, CA. The Lathrop Company, in a joint effort with Turner's Miami business unit, was awarded a contract by Rouse-Coral Gables, Inc., to construct a mixed-use retail, office, and residential complex in Coral Gables, FL. The Columbus unit began a 1.2 million-sq.-ft. tenant fit-out for Bank One Corporation, at a new office building constructed by Turner. The Dallas office started construction on Grand Treviso Luxury Apartments, a 17-story, 246-unit apartment tower with an attached parking structure in Irving, TX. Also in Dallas, work began on the renovation of a 1.2 million-sq.-ft. shopping mall into a telecommunications carrier facility. The Seattle office won a contract to build the 72,000-seat Washington State Football/Soccer Stadium in Seattle. The Kansas City office secured the contracts for a 240,000-sq.-ft. convention center and a 317,000-sq.-ft., 20-story Sheraton hotel in Overland Park, KS.
Significant projects in a variety of market segments were completed during the reporting year. The Kansas City office concluded work on the Kansas Speedway, a 75,000-seat, 1.5-mile, tri-oval NASCAR track in Kansas City, KS. A 950,000-sq.-ft. expansion to the Anaheim Convention Center was completed by the Orange County office. The Atlanta office finished the 727,000-sq.-ft. Clayton County Justice Complex, which includes a 1,500-bed jail and an 18-room courthouse in Jonesboro, GA. The Sacramento office concluded work on the California EPA Office Building, a 950,000-sq.-ft., 26-story structure. The Boston business unit completed the 522,000-sq.-ft. Reebok World Headquarters complex in Canton, MA, and the 17-story, 530,000-sq.-ft. East Office Building and 660-space below ground parking garage at Boston's World Trade Center complex. The Houston office finished a three-story ambulatory care facility and a four-story medical office building in Houston for client Methodist Hospital. The Connecticut office renovated a 1.1 million-sq.-ft., 13-story complex for Purdue, a pharmaceutical company headquartered in Stamford, CT. The Cincinnati office concluded work on Paul Brown Stadium, a 65,600-seat NFL football stadium. The JW Marriott Hotel, a 23-story hotel with 302 guest rooms, was completed by the Miami business unit. The Chicago office won a contract to construct the Center for Nanofabrication and Molecular Self-Assembly at Northwestern University in Evanston, IL. The Washington, DC unit concluded work on the University of Maryland's Center for Performing Arts in College Park, which includes classrooms, studios, offices, and performance spaces. The Detroit office delivered Comerica Park, a 40,000-seat Major League Baseball stadium, on time for the start of the 2000 baseball season. The New Jersey office completed a 200,000-sq.-ft. middle school in Budd Lake, NJ, for the Mt. Olive School. The New York office finished work on a 245,000-sq.-ft. air cargo terminal for Korean Air at JFK airport. The Columbus unit completed Nationwide Arena, an 800,000-sq.-ft., 20,000-seat NHL hockey facility.
The Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the leading general builder in the U.S., ranking first or second in the major segments of the building construction field. Based in Dallas, Texas, Turner is the only builder offering clients a nationwide network, with 41 offices across the country. Founded in 1902, Turner was acquired in 1999 by HOCHTIEF AG, one of the world's leading international construction companies. For more information, visit Turner's website at http://www.turnerconstruction.com.
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