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Contract Appeals Judge rules against Turner.

NEW YORK--(BUSINESS WIRE)--March 8, 1996--The Turner Corp. (AMEX:TUR), the nation's leading general builder, announced that a judge has ruled against Turner in its effort to obtain additional compensation for a project in Egypt which was completed in 1987.

Turner has not yet decided whether to appeal the ruling. In view of the ruling Turner will write off approximately $3.2 million account receivable it has been carrying with regard to the Egyptian project. That will reduce Turner's 1995 earnings from the previously announced 37 cents per share to (11 cents) per share.

The Turner Corp., through Turner Construction Co. and other construction subsidiaries, is the nation's leading builder. Turner provides a complete range of construction and program management services in all segments of the non-residential building market. Operating through 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1995, The Turner Corp. completed $3.3 billion of construction.

CONTACT: The Turner Corp., New York

Christopher A. McFadden, 212/229-6145
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Publication:Business Wire
Date:Mar 8, 1996
Words:167
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