LOS ANGELES--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil and building construction company, today announced that the Company has prevailed in defending on appeal the judgment obtained by its subsidiary, Tutor-Saliba Corporation, in the previously disclosed Westgate Planet Hollywood Matter. With only minor adjustments, the Supreme Court of Nevada affirmed the lower court’s judgment and, following further proceedings in the lower court, the anticipated final award to the Company is estimated to exceed $20 million, including interest and recovery of certain attorneys’ fees and costs. The Company anticipates the final award will have no material impact on its consolidated financial statements, and will reflect the impact of this judgment, upon collection, as a reduction of accounts receivable.
Separately, the Company also today announced that its subsidiary, Lunda Construction (“Lunda”), has been awarded a contract for the $322.7 million I-74 Steel Twin Arch Bridge Replacement Project in Iowa. The Company had previously announced that Lunda was the apparent low bidder for this project. The Company will reflect the contract value in its second quarter 2017 backlog.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.
Note Regarding Forward-Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company’s intentions, expectations or beliefs regarding the Westgate Planet Hollywood Matter and the I-74 Steel Twin Arch Bridge Replacement Project. The Company’s current expectations and beliefs are expressed in good faith and the Company believes there is a reasonable basis for them. There can be no assurance, however, that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results 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 law.