Fluor Corp, IRVINE

Nature of Business: Engineering, construction and maintenance for multiple industries

Total employees: 20,000

In Orange County: 3,200

Stock listing in The Times: On NYSE as “Fluor”

Ticker Symbol: “FLR”

Friday’s close: $42.62TK

One-week change: Up $1.25

Analyst Review: “Fluor’s key strategy is to be the most diversified company in the engineering and construction area. It is capable of doing work for any client industry in the world. As a result, Fluor tends to not be as impacted by downturns in economic cycles in individual industries. On the other hand, by being so diversified, its profit margins may not be as great as companies that specialize and therefore have periods of high profitability. Buts Fluor’s period of improving profits can last as long as the expansion in the overall business cycle, which could be as long as 20 years; its last cycle started in the late ‘80s. We expect the stock to significantly out perform the market in the long run, and to do better in the short run over the next six months.” --John Simon, analyst, Seidler Amdec, Los Angeles

REVENUE VS. PROFITS

(Chart amounts in millions)

Fiscal year ending Oct 31 Oct. 31 Oct. 31 3 Qtrs. 3 Qtrs. 1989 1990 1991 1991 1992 Revenue $6,227.6 $7,446.3 $6,741.7 $5,072.7 $4,868.8 Net earning (loss) $108.5 $146.9 $160.8 $114.9 $98.0

Corporate outlook: “I think Fluor’s corporate strategy for the next few years will be a continuation of what we have been doing: diversification. We will see diversification not only by industry, but geography as well. We are very encouraged with what we see in Mexico--partly because of the North American Free Trade Agreement. Mexico will be an area of significant activity for Fluor over the next few years where it hasn’t been in the past.” --Vincent L. Kontny, president/COO

RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Oct. 31 Oct. 31 Oct. 31 3 Qtrs. 1989 1990 1991 1991 52-week high $36.75 $49.25 $54.75 $54.75 52-week low $18.63 $28.50 $31.38 $31.38 Book value per share $9.03 $10.75 $12.58 $11.89 Price per share $29.50 $32.88 $43.50 $45.50 Net earnings (loss) per share $1.35 $1.81 $1.97 $1.41 Price-to-earnings ratio 22:1 18:1 22:1 24:1 Avg. return on investor equity 17% 19% 17% 16% 12%

Fiscal year ending 3 Qtrs. 1992 52-week high $48.13 52-week low $35.25 Book value per share $13.43 Price per share $39.75 Net earnings (loss) per share $1.20 Price-to-earnings ratio 25:1 Avg. return on investor equity 17%

Source: Fluor Corp.

For more information call or write, Fluor Corp.: 3333 Michelson Drive, Irvine, Calif. 92730. (714) 975-2000