Fluor Corp.'s (NYSE:FLR) board of directors Wednesday approved a stock
buyback program authorizing the global engineering, construction and
diversified services company to repurchase up to 7.5 million shares of
its common stock.
By establishing the new stock repurchase program, company officials said
they are sending a strong and positive message to the market regarding
their confidence in future market valuations and future cash flow
generation. Terms of the repurchase program allow the company to
exercise the repurchase of shares at its discretion.
Officials said the company intends to be in the market immediately to
begin executing the plan.
"Our company's strong cash flow and capacity to fund purchases, while
maintaining our strong credit ratings, make it possible for us to
increase the value we bring to our shareholders through this proactive
measure," said Fluor Chairman and Chief Executive Officer Philip Carroll.
"The repurchase plan also sends a strong signal to Wall Street that we
firmly believe our stock is undervalued, and is thus a good use of the
company's funds."
With 1999 revenues of $12.4 billion, Fluor Corp. provides services on a
global basis in the fields of engineering, procurement, construction,
maintenance and operations, consulting and coal production.
The forward-looking statements are also based on various operating
assumptions regarding, among other things, overhead costs and employment
levels that may not be realized.
While most risks affect only future costs or revenues anticipated by the
company, some risks may relate to accruals that have already been
reflected in earnings. The company's failure to receive payments of
accrued amounts could result in a charge against future earnings.
Additional information concerning factors that may influence the
company's results can be found in its news releases as well as its
periodic filings with the Securities and Exchange Commission. In this
regard, risk factors are specifically discussed under the heading "Item
I. Business -- Other Matters -- Fluor Business Risks" in the company's
Form 10-K filed Jan. 22, 1999. Such filings are available publicly and
upon request from Fluor's Investor Relations Department: 949/349-3909.
The company disclaims any intent or obligation to update its
forward-looking statements.
Note to Editors: Fluor releases are available on Fluor's Corporate News
on the Net site at http://www.businesswire.com/cnn/flr.htm.
Fluor Corp., Aliso ViejoPhone: 949/349-2000Fax: 949/349-5014Keith Karpe, 949/349-7661 (media)orLila Churney, 949/349-3909 (investors)Fax: 949/349-5375