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<br />
<br />Financial State of Business & Annual revenue for past two years
<br />
<br />HEERY INTERNATIONAL, INC. AND SUBSIDIARIES
<br />(A Wholly Owned Subsidiary of Balfour Beatty, Inc.)
<br />DECEMBER 31, 2009
<br />
<br />Statement of Financial Condition:
<br /> 31 Dec 09 31 Dec 08 31 Dec 09 31 Dec 08
<br /> (Audited)' (Audited)' (Audited)* (Audited)'
<br />ASSETS LIABILITIES & SHAREHOLDERS EQUiTY
<br />Cash 47,879,000 52,917,000 Accrued Payables & Expense 176,006,000 184,350,000
<br />Receivables 148,275,000 175,152,000 Billed Fee Unearned 84,436,000 82,861,000
<br />Due from Affiliated Companies 5,646,000 0 Due to Affiliated Companies 0 41,317,000
<br />Earned Fee Unbilled 15,273,000 20,941,000 Accrued income taxes 2,156,000 0
<br />Prepaid Expenses & Other 2.745,000 2,208,000
<br />Tax Deposits 0 1,934,000 Current Liabilities 262,598,000 308,528,000
<br />Current Assets 219,818,000 253,152,000 Other long-Term Liabilities 38,799,000 17,373,000
<br /> Deferred Rent 0 92,000
<br /> Minority Interest 0 0
<br /> long-Term Capital lease 299,000 488,000
<br />Fixed Assets, Net 3,595,000 3,629,000
<br />Goodwill 133,471,000 138,663,000 Shareholders Equity:
<br />Other Assets 26,978,000 7,794,000 Common Stock 7,000 7,000
<br /> Additional Paid-in Capital 16,519,000 16,519,000
<br /> Retained Earnings 65,640,000 60,231,000
<br /> 121,264,000 76,757,000
<br />TOTAL ASSETS 383,862,000 403,238,000 TOTAL LIABILITIES & SHAREHOLDERS EQUITY 383,862,000 403,238,000
<br />
<br />Statement of Operations: 12 Months 12 Months
<br /> ended ended
<br /> 31 Dec 09 31 Dec 08
<br /> Revenue Earned 1,036,294,000 991,783,000
<br /> Di rect Job Costs 907,549,000 879,646,000
<br />Gross Operating Income 128,745,000 112,137,000
<br /> Indirect and G&A Expenses 116,929,000 91,685,000
<br />Net Income (Pre-tax) 11,816,000 20,452,000
<br />* Deloitte & Touche
<br />
<br />From 2004 through 2008, Heery has expanded each year through acquisition. Heery's ratios for 2009 remain impacted by an acquisition completed in June 2008.
<br />In 2009, movement of $46.9M from current liabilities to current assets (shift from"due to" to "due from" Heery's parent company, Balfour Beatty, Inc.)
<br />mitigated a large proportion of the initial impact.
<br />Heery is a wholly owned subsidiary of Balfour Beatty, Inc.. Balfour Beatty, Inc.'s 2008 Summary Financial Statement is attached for reference.
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<br />Total Document 14 of 50
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