A reverse spin-off of Massey Energy as a separate company resulted in Fluor taking an unusual compensation charge during the stub period of $15.6 million, which reflects an increase in the company's stock price and the impact of converting old Fluor stock to new Fluor stock.

"Results for the stub period were consistent with analyst and company expectations," says company chairman/CEO Philip J. Carroll Jr. "Our outlook for new business remains strong, and we have recently announced organizational changes to ensure we are optimally positioned to capitalize on our growing market opportunities. While the volume and margin of new awards is improving, there is a time lag in the recognition of earnings, particularly from large, multi-year projects."

Revenues from continuing operations increased 8% to $1.9 billion, up from $1.7 billion for the same period in 1999. Consolidated new awards during the stub period were $1.04 billion, compared with $1.02 billion for the same period the year before. Total revenue for the year 2000 was $10 billion.

The company's engineering and construction enterprise, Fluor Daniel, reported a profit of $28.4 million for the stub period, up from the previous year's $27.5 million for the same period. New awards during the period were $860 million, an increase of 13% over the previous year.

The company's other primary enterprise, Fluor Global Services, reported profits of $13.7 million for the stub period, down from $18.8 million during the same period last year. New awards for the division were $177 million during the two months, down from $254 million during the same period in 1999.

Alan Boeckmann, a 25-year employee of Fluor, has been named president/COO of the company effective Feb. 1, 2001. Prior to this, Boeckmann served as president of Fluor Daniel.

Fluor Corp. today has 50,000 employees and offices in 25 countries. Among it's many construction projects last year was the new $1.4 billion, 3.8 million-sf Aladdin Hotel and Resort in Las Vegas, NV.