-T_HE FLUOR CORTDORATION, LT e X = "3 4 I5 rar O ,........VI':1 li41%,.. 1 11 Ì' .11 f- . r» 6' .-= ea- ,.. S W: .:frt Al 0.--- .. - 7 - kit.- = , / I = 01 L?' u -7- 4 .!$ 4160i a a SINCE 1 8 9 0 )49 to the Employees and Shareholders of THE FLUOR CORPORATION,, LTD. ENGINEERS MANUFACTURERS CONSTRUCTORS 2500 S. ATLANTIC BLVD., LOS ANGELES 22 Metal Product Fabrication, Mfg. Division, Paola, Kansas Mid-Continent Gas-Gasoline Department, Houston, Texas eX14 awei2emke e#,Ceit he ae QintAaleAWAI Los AngelesSan FranciscoNew York Chicago Boston Pittsburgh Tulsa Houston 7 Yet41 emelY~ke MO/teJenk&9-1 off4We QkWeir Rak,,) 16169/aft e AIal/ Yki4iT ,Ofteeui fitWeritada ,./(ereeo Head Wrightson Processes Ltd. The Fluor Corporation Servicios Indust ria les of Canada, Ltd. De Mexico, S. A. Message to Employees and Shareholders 4. and 5 , 1949 Income and Expenditures 6 and 7 10 Years' Income and Expenditures 8 and 9 Manufactured Products 10 and I 1 "Xe Kezdez notylawyi Wertiff#& eraihrowieft4 Engineering and Construction 12 and I 3 MECHANICAL DESIGN AND CONSTRUCTION OF THIS COMPLETE REFINERY Research J 4 and 15 WAS COMPLETED BY FLUOR IN 1949 Sales 16 and 17 Ownership of Fluor 18 Employee Benefits 19 Balance Sheet 20 and 21 Board of Directors and Honor Roll 22 and 23 e u,,dyiy,/aa, The year 1949 was another outstanding year in the Arrangements have been concluded with the Amen- in the interpretation of company personnel policy, resulting history of The Fluor Corporation, Ltd. The volume of work can Smelting and Refining Company whereby we will handle in a more equitable treatment of all employee problems. processed totaled $33,564,876. This is the largest volume the sales, engineering and construction of theASARCOProcess Although business activity in general isstillre- year in the history of our company, being approximately for the recovery of sulfur dioxide. We anticipate a consider- . ceding, it is believed that Fluor's volume of work for 1950 $400,000 greater than the corresponding volume for 1948. able volume of business from this source in the future. will be satisfactory. The new processes mentioned should The net profit realized after taxes was $1,077,457. This 1949 saw major revisions in our organizational help to compensate for anticipated reduction in volume from figure is somewhat less than the corresponding figure for structure. All departments relating to the manufacture of other sources. We are entering 1950 with confidence. 1948, the reduction being due primarily to the very keen Fluor products were grouped to form the Manufacturing competitive situation existing throughout the year. Division and all departments relating to Engineering and By order of the Board of Directors, Dividends were paid amounting to $6.00 per share Construction were streamlined into a single Engineering and on all shares of outstanding common stock. This conserva- Construction Division. Further revision in our organizational tive dividend policy has resulted in the company's maintain- structure included the formation of an Industrial Relations ing a sound financial condition. We are happy to report that Department, adding immeasurably to better understanding the share of profits paid into the two employee Trust Funds, between employer and employees. This department assists President before deductions for taxes, amounted to $434,573. During the year, the range and scope of our activi- ties increased considerably. Arrangements were completed with Head Wrightson Processes Ltd., London, England, whereby we were placed in a satisfactory position to under- take engineering construction projects, and also for the manufacture of our products within the sterling area. Our agreements were ratified by the British Treasury on Sep- tember 26; these provide for the converting of profits realized into U. S. dollars. Orders for manufactured products have 2OW0a/thl9 ,jio&ea4 gttit Me/M/Lafteta 6tti9tWe e/Paikid been received in this territory and are now being processed. A number of quotations are outstanding and we anticipate MILLIONS receiving a substantial volume of business in this territory 30 during 1950 and in future years. TREND OF 15 The company has entered into agreements with the FLUOR'S ANNUAL Mathieson Chemical Corporation, one of the nation's largest 20 chemical firms, whereby we will undertake the sales, en- GROSS BILLING 15 gineering and construction of theirSASCOProcess for the recovery of elemental sulfur from hydrogen sulfide gas. This 10 agreement also includes a similar arrangement for the recov- NATION'S ery of elemental sulfur from refinery acid sludge. A sub- ENGINEERING CONSTRUCTION 5 stantial amount of engineering and construction should re- TREND* D. W. DARNELL sult from these processes in the years ahead. 1948 1949 .Copyright, Engineering News-Record, 1949 1940 1941 1942 1943 1944 1945 1946 1947 Page Four Page Five cVeamdiwy, eokiw ew,1949 1949 7;en0azezikoe ieceiredidom.. $ Sales: ConstructionBilling revenues $24,677,993 I Manufactured products (less discounts) 8,781,764 PURCHASES * * Royalties, discounts and other 105,119 56.71% Total sales and revenues $33,564,876 100.00 TAXES 2.39% 9tX/f/XMAW ff,Jealfr.' Wages and salaries $11,701,381 34.86 Materials and services purchased from others DEPRECIATION 19,034,191 56.71 1.58% Depreciation, maintenance and repairs on plant and equipment 529,285 1.58 Contributions to employees' profit sharing trust funds 434,573 1.29 Interest on indebtedness 13,650 .04 TRUST FUNDS State, local and miscellaneous taxes 113,504 .34II.34 Federal taxes on income of current period 66,__0835 1.97 1.29% Total costs $32,487,419 96.79 DIVIDENDS .59% 9X44fìSrnefrm0~/4m0 $ 1,077,457 ea,e4 a#mbne4,4.. RETAINED 2.54% Income tax adjustments for prior years 27,790 .08 INTEREST ON INDEBTEDNESS .04% ,epl6mowee $ 1,049,667 / Katfrmiki-VezidekiWewa6 198,777 .59 dwekt-elezélealieLe kcJiieeJdAlewe weea6.. $ 850,890 2.54 100.00 WAGES 34.86% What happened to Fluor's 1949 gross NOTE:Covered by Auditor's Certification shown on page 21ofthis report income dollar. Page Six Page Seven e941/ eincewie ti/eedeel i,9m11461#ie9ge9 OCTOBER 31 DECEMBER 31 glee raymialkw iweigedfrom 1949 048 11941 igo 1945 (1944'41 1943 1942 1940 Sales: Mos. ) GI) Construction-Billing revenues 24,677,993 24,372,648 15,720,709 9,955,305 11,893,769 13,557,767 20,138,272 8,892,921 4,856,442 3,223,775 Manufactured Products (less discounts) 8,781,764 8,682,704 6,518,648 2,363,828 2,564,143 1,937,560 3,147,614 1,981,929 1,022,083 806,295 Royalties, discounts and other 105,119 141,780 162,729 56,446 8,402 9,464 40,405 22,420 28,188 28,614 TOTAL SALES AND REVENUES 33,564,876 33,197,132 22,402,086 12,375,579 14,466,314 15,504,791 23,326,291 10,897,260 5,906,713 4,058,684 9aer./X teaV (Meal Wages and Salaries 11,701,381 11,085,841 6,677,879 5,597,960 6,865,060 8,858,953 11,827,783 3,471,981 1,993,641 1,243,162 Materials and Services purchased from others 19,034,191 17,790,269 13,231,847 6,241,004 6,990,332 5,814,647 9,485,158 6,652,927 3,517,939 2,651,971 Depreciation, Maintenance and Repairs on plant and equipment 529,285 472,033 355,128 301,938 455,122 318,441 370,953 172,475 98,819 70,807 Contributions to employees profit sharing trust funds 434,573 751,582 415,917 37,126 21,633 233,844 514,135 140,729 65,000 Interest on indebtedness 13,650 16,830 21,860 23,223 23,498 17,051 26,280 10,056 17,021 20,187 State, local and miscellaneous taxes 113,504 74,249 35,788 25,823 24,137 45,847 39,748 38,428 19,698 11,761 Federal taxes on income (current year) 660,835 1,143,601 633,339 50,487 41,469 47,887 860,000 327,853 73,846 14,867 gi1\ TOTAL COSTS 32,487,419 31,334,405 11,371,758 12,277,561 14,421,251 15,336,670 23,124,057 10,814,449 5,785,964 4,012,755 g-X-4 Voidifecooteefrin Oetait;frim.. 1.077,457 1,862,727 1,030,328 98,018 45,063 168,121 202,234 82,811 120,749 45,929 Og-,e4 ergeata#9., Income tax claims and adjustments for prior years 27,790* 1,392' 53,357* 17,784* 51,632 5,571 9,810 52,965 5.290 Excess of sale price over par value of stock (stock premium) 238,875- 1,624 1,160 17,880 55,660 . 142,235 Appraised Value of assets fully amortized (1945) 318,083 and subsequent normal depreciation and retirements 15,149* 15,856* 74,030* 24,798* Renegotiation recoupment-net 113,858* Net proceeds from life insurance policies 39,199 Miscellaneous adjustments 2,051* 1,000 e.9k3 Vareptdegioeelincome 1,273,393 1,847,103 993,446 22,023 249,384 275413 344,469 98,192 173,714 51,219 glieroytelaikielardaim6 9e 198,777 192,496 128,648 32,162 87,480 88,932 83,354 48,623 25,449 aiweim541,6-mal6, litatèm4J: 1,074,616 1,654,607 864,798 10,139* 161,904 275,413 255,537 14,838 125,091 25,770 ffiwWoomaned)04~.4ftegieffeihey- er,a4. Proceeds from the sale of stock (par value) 159,250 1,450 22,350 69,575 184,850 16,350 80,425 25.000 31,188 205,516 50,770 g-X4) 4,4eiaireetancetne emeitzekihómainerfrieri9e 1,233,866 1,654,607 864,798 8,689* 184,254 344,988 440,387 e/ireite.944.