UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01. Regulation FD Disclosure.
Tutor Perini Corporation (the “Company”) today reports that it has collected a total to date of $101 million of cash in connection with the resolution of the five contract matters totaling $125 million that the Company discussed in its second quarter earnings call on August 8, 2019. Most of the $101 million was collected in the Company’s third quarter, which ends September 30, 2019, and the Company still expects to receive additional cash collections in the near term in connection with the resolution of these five matters. The Company does not expect that amounts collected will have an impact on the Company’s third quarter earnings, in light of the amount of estimated collections previously recorded by the Company in its contract assets. The Company also confirms that it is continuing to make progress in resolving disputed amounts relating to other contract assets that are subject to negotiation, arbitration or litigation.
The cash collections from the resolution of these five contract matters should not be considered representative of future cash collections with respect to other matters. Future collections may be greater or less than those received for these five matters and may be higher or lower than the expected recoveries currently recorded by the Company in its contract assets, as the resolution of such matters involves risks and uncertainties that can cause both the timing and the actual amount of collections to differ from estimates and expectations.
The information in this Item 7.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Note Regarding Forward-Looking Statements
The statements contained in this Form 8-K that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including, without limitation, statements regarding the Company’s expectations about the future resolution of disputed amounts and future cash collections, and statements regarding estimates and anticipated future results or performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and estimates are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Tutor Perini Corporation | |
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Date: September 10, 2019 | By: | /s/ Gary G. Smalley |
| Gary G. Smalley | |
| Executive Vice President and Chief Financial Officer | |
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Document And Entity Information |
Sep. 10, 2019 |
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| Document And Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Sep. 10, 2019 |
| Entity Registrant Name | Tutor Perini Corporation |
| Entity Incorporation, State or Country Code | MA |
| Entity File Number | 1-6314 |
| Entity Tax Identification Number | 04-1717070 |
| Entity Address, Address Line One | 15901 Olden Street |
| Entity Address, City or Town | Sylmar |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 91342 |
| City Area Code | 818 |
| Local Phone Number | 362-8391 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $1.00 par value |
| Trading Symbol | TPC |
| Security Exchange Name | NYSE |
| Entity Central Index Key | 0000077543 |
| Entity Emerging Growth Company | false |
| Amendment Flag | false |