(15) Separate Financial Information of Subsidiary Guarantors of Indebtedness

The Company’s obligation to pay principal and interest on its 7.625% senior unsecured notes due November 1, 2018, is guaranteed on a joint and several basis by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Company’s Sixth Amended Credit Agreement (the “Guarantors”). The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company.

The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes, the Guarantors and the Company’s non-guarantor subsidiaries on a combined basis.

CONDENSED CONSOLIDATING BALANCE SHEET - JUNE 30, 2015

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and Cash Equivalents	$	63,130	$	30,780	$	13,007	$	—	$	106,917
Restricted Cash		3,369		4,935		31,189		—		39,493
Accounts Receivable		432,447		1,180,502		39,656		(99,091)		1,553,514
Costs and Estimated Earnings in Excess of Billings		87,446		801,198		152		(72,316)		816,480
Deferred Income Taxes		2,323		15,629		—		—		17,952
Other Current Assets		51,069		49,382		38,448		(35,656)		103,243
Total Current Assets	$	639,784	$	2,082,426	$	122,452	$	(207,063)	$	2,637,599

Long-term Investments	$	—	$	—	$	—	$	—	$	—
Property and Equipment, net		108,970		424,659		4,204		—		537,833
Intercompany Notes and Receivables		—		183,867		—		(183,867)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible Assets, net		—		98,368		—		—		98,368
Investment in Subsidiaries		2,144,042		4		50		(2,144,096)		—
Other		80,149		10,230		—		(5,549)		84,830
	$	2,972,945	$	3,384,560	$	126,706	$	(2,540,575)	$	3,943,636

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	40,737	$	45,364	$	—	$	—	$	86,101
Accounts Payable		239,992		862,841		917		(140,520)		963,230
Billings in Excess of Costs and Estimated Earnings		97,399		176,263		34		(10,296)		263,400
Accrued Expenses and Other Current Liabilities		22,437		100,349		64,390		(20,978)		166,198
Total Current Liabilities	$	400,565	$	1,184,817	$	65,341	$	(171,794)	$	1,478,929

Long-term Debt, less current maturities		752,931		94,307		—		(40,586)		806,652
Deferred Income Taxes		142,279		7,914		—		—		150,193
Other Long-term Liabilities		111,290		1,994		—		—		113,284
Intercompany Notes and Advances Payable		152,397		—		31,470		(183,867)		—

Contingencies and Commitments		—		—		—		—		—

Stockholders’ Equity		1,413,483		2,095,528		29,895		(2,144,328)		1,394,578
	$	2,972,945	$	3,384,560	$	126,706	$	(2,540,575)	$	3,943,636

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and Cash Equivalents	$	75,087	$	36,764	$	23,732	$	—	$	135,583
Restricted Cash		3,369		5,274		35,727		—		44,370
Accounts Receivable		299,427		1,246,635		37,064		(103,622)		1,479,504
Costs and Estimated Earnings in Excess of Billings		70,344		700,362		152		(44,456)		726,402
Deferred Income Taxes		—		15,639		—		2,323		17,962
Other Current Assets		39,196		42,750		24,397		(37,608)		68,735
Total Current Assets	$	487,423	$	2,047,424	$	121,072	$	(183,363)	$	2,472,556

Long-term Investments		—		—		—		—		—
Property and Equipment, net		92,413		430,876		4,313		—		527,602
Intercompany Notes and Receivables		—		122,401		—		(122,401)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible Assets, net		—		100,254		—		—		100,254
Investment in Subsidiaries		2,154,562		19,519		50		(2,174,131)		—
Other		83,503		9,847		—		(5,453)		87,897
	$	2,817,901	$	3,315,327	$	125,435	$	(2,485,348)	$	3,773,315

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt		34,776		46,516		—		—		81,292
Accounts Payable		186,958		716,851		3,749		(109,384)		798,174
Billings in Excess of Costs and Estimated Earnings		139,020		185,807		2,672		(8,203)		319,296
Accrued Expenses and Other Current Liabilities		33,018		95,177		58,571		(26,952)		159,814
Total Current Liabilities	$	393,772	$	1,044,351	$	64,992	$	(144,539)	$	1,358,576

Long-term Debt, less current maturities		712,460		112,060		—		(40,453)		784,067
Deferred Income Taxes		142,457		7,914		—		—		150,371
Other Long-term Liabilities		112,899		1,897		—		—		114,796
Intercompany Notes and Advances Payable		90,373		—		35,619		(125,992)		—

Contingencies and Commitments		—		—		—		—		—

Stockholders’ Equity		1,365,939		2,149,105		24,824		(2,174,363)		1,365,505
	$	2,817,900	$	3,315,327	$	125,435	$	(2,485,347)	$	3,773,315

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2015

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	309,217	$	1,065,766	$	2,793	$	(65,338)	$	1,312,438
Cost of Operations		265,129		1,014,027		—		(65,338)		1,213,818

Gross Profit	$	44,088	$	51,739	$	2,793	$	—	$	98,620

General and Administrative Expenses		25,289		41,985		465		—		67,739

INCOME FROM CONSTRUCTION OPERATIONS	$	18,799	$	9,754	$	2,328	$	—	$	30,881

Equity in Earnings of Subsidiaries		6,586		—		—		(6,586)		—
Other (Expense) Income, net		(466)		431		135		—		100
Interest Expense		(10,134)		(855)		—		—		(10,989)

Income (Loss) before Income Taxes		14,785		9,330		2,463		(6,586)		19,992

Benefit (Provision) for Income Taxes		(3,008)		(4,121)		(1,086)		—		(8,215)

NET INCOME (LOSS)	$	11,777	$	5,209	$	1,377	$	(6,586)	$	11,777

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		(1,220)		—		—		1,220		—
Foreign currency translation		—		(1,146)		—		—		(1,146)
Change in fair value of investments		—		(74)		—		—		(74)
Change in fair value of interest rate swap		60		—		—		—		60
Total Other Comprehensive (Loss) Income	$	(1,160)	$	(1,220)	$	—	$	1,220	$	(1,160)

Total Comprehensive Income (Loss)	$	10,617	$	3,989	$	1,377	$	(5,366)	$	10,617

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2014

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	207,944	$	918,146	$	—	$	(41,580)	$	1,084,510
Cost of Operations		177,877		827,097		(8,415)		(41,580)		954,979

Gross Profit	$	30,067	$	91,049	$	8,415	$	—	$	129,531

General and Administrative Expenses		18,985		44,625		478		—		64,088

INCOME FROM CONSTRUCTION OPERATIONS	$	11,082	$	46,424	$	7,937	$	—	$	65,443

Equity in Earnings of Subsidiaries		31,748		—		—		(31,748)		—
Other (Expense) Income, net		(6,684)		(418)		128		—		(6,974)
Interest Expense		(9,809)		(1,048)		—		—		(10,857)

Income (Loss) before Income Taxes	$	26,337	$	44,958	$	8,065	$	(31,748)	$	47,612

Benefit (Provision) for Income Taxes		2,208		(18,062)		(3,213)		—		(19,067)

NET INCOME (LOSS)	$	28,545	$	26,896	$	4,852	$	(31,748)	$	28,545

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		340		—		—		(340)		—
Foreign currency translation		—		347		—		—		347
Change in fair value of investments		—		(7)		—		—		(7)
Change in fair value of interest rate swap		76		—		—		—		76
Total Other Comprehensive (Loss) Income	$	416	$	340	$	—	$	(340)	$	416

Total Comprehensive Income (Loss)	$	28,961	$	27,236	$	4,852	$	(32,088)	$	28,961

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2015

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	545,509	$	1,950,869	$	7,084	$	(124,559)	$	2,378,903
Cost of Operations		474,962		1,839,121		—		(124,559)		2,189,524

Gross Profit	$	70,547	$	111,748	$	7,084	$	—	$	189,379

General and Administrative Expenses		50,324		87,151		939		—		138,414

INCOME FROM CONSTRUCTION OPERATIONS	$	20,223	$	24,597	$	6,145	$	—	$	50,965

Equity in Earnings of Subsidiaries		18,526		—		—		(18,526)		—
Other (Expense) Income, net		(2,535)		1,627		253		—		(655)
Interest Expense		(20,397)		(1,716)		—		—		(22,113)

Income (loss) before Income Taxes		15,817		24,508		6,398		(18,526)		28,197

Benefit (Provision) for Income Taxes		1,086		(9,817)		(2,563)		—		(11,294)

NET INCOME (LOSS)	$	16,903	$	14,691	$	3,835	$	(18,526)	$	16,903

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		(1,818)		—		—		1,818		—
Foreign currency translation		—		(1,734)		—		—		(1,734)
Change in fair value of investments		—		(84)		—		—		(84)
Change in fair value of interest rate swap		105		—		—		—		105
Total Other Comprehensive (Loss) Income		(1,713)		(1,818)		—		1,818		(1,713)

Total Comprehensive Income (Loss)	$	15,190	$	12,873	$	3,835	$	(16,708)	$	15,190

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2014

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	434,791	$	1,681,782	$	—	$	(76,830)	$	2,039,743
Cost of Operations		371,691		1,525,005		(15,001)		(76,830)		1,804,865

Gross Profit		63,100		156,777		15,001		—		234,878

General and Administrative Expenses		36,780		90,245		913		—		127,938

INCOME FROM CONSTRUCTION OPERATIONS		26,320		66,532		14,088		—		106,940

Equity in Earnings of Subsidiaries		47,029		—		—		(47,029)		—
Other (Expense) Income, net		(10,779)		184		248		—		(10,347)
Interest Expense		(19,826)		(1,862)		—		—		(21,688)

Income (Loss) before Income Taxes		42,744		64,854		14,336		(47,029)		74,905

Benefit (Provision) for Income Taxes		1,740		(26,339)		(5,822)		—		(30,421)

NET INCOME (LOSS)	$	44,484	$	38,515	$	8,514	$	(47,029)	$	44,484

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries		235		—		—		(235)		—
Change in pension benefit plans assets/liabilities		—		—		—		—		—
Foreign currency translation		—		61		—		—		61
Change in fair value of investments		—		174		—		—		174
Change in fair value of interest rate swap		157		—		—		—		157
Total Other Comprehensive (Loss) Income		392		235		—		(235)		392

Total Comprehensive Income (Loss)	$	44,876	$	38,750	$	8,514	$	(47,264)	$	44,876

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2015

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	16,903	$	14,691	$	3,835	$	(18,526)	$	16,903
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		5,964		15,333		137		—		21,434
Equity in earnings of subsidiaries		(18,526)		—		—		18,526		—
Stock-based compensation expense		13,324		—		—		—		13,324
Excess income tax benefit from stock-based compensation		(162)		—		—		—		(162)
Adjustment of investments to fair value		—		—		—		—		—
Adjustment interest rate swap to fair value		—		—		—		—		—
Deferred income taxes		(177)		—		—		—		(177)
(Gain) loss on sale of investments		—		—		—		—		—
(Gain) loss on sale of property and equipment		29		(342)		—		—		(313)
Other long-term liabilities		(56)		98		—		—		42
Other non-cash items		1,881		(5,140)		—		—		(3,259)
Changes in other components of working capital		(159,846)		96,590		(16,294)		—		(79,550)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	$	(140,666)	$	121,230	$	(12,322)	$	—	$	(31,758)

Cash Flows from Investing Activities:
Acquisition of property and equipment excluding financed purchases		—		(29,516)		(28)		—		(29,544)
Proceeds from sale of property and equipment		(21,505)		22,627		—		—		1,122
Proceeds from sale of available-for-sale securities		—		—		—		—		—
(Increase) decrease in intercompany advances		—		(101,660)		—		101,660		—
Change in restricted cash		—		339		4,538		—		4,877
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(21,505)	$	(108,210)	$	4,510	$	101,660	$	(23,545)

Cash Flows from Financing Activities:
Proceeds from debt		473,362		128		—		—		473,490
Repayment of debt		(427,107)		(19,132)		—		—		(446,239)
Business acquisition-related payments		—		—		—		—		—
Excess income tax benefit from stock-based compensation		162		—		—		—		162
Issuance of common stock and effect of cashless exercise		(776)		—		—		—		(776)
Debt Issuance Costs		—		—		—		—		—
Increase (decrease) in intercompany advances		104,573		—		(2,913)		(101,660)		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	150,214	$	(19,004)	$	(2,913)	$	(101,660)	$	26,637

Net (Decrease) Increase in Cash and Cash Equivalents		(11,957)		(5,984)		(10,725)		—		(28,666)
Cash and Cash Equivalents at Beginning of Year		75,087		36,764		23,732		—		135,583
Cash and Cash Equivalents at End of Period	$	63,130	$	30,780	$	13,007	$	—	$	106,917

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2014

(Unaudited-in thousands)



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	44,484	$	38,515	$	8,514	$	(47,029)	$	44,484
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		4,866		25,077		135		—		30,078
Equity in earnings of subsidiaries		(47,029)		—		—		47,029		—
Stock-based compensation expense		9,920		—		—		—		9,920
Deferred income taxes		4,672		(4,736)		—		—		(64)
(Gain) loss on sale of investments		1,786		—		—		—		1,786
(Gain) loss on sale of property and equipment		—		427		—		—		427
Other long-term liabilities		6,624		(1,065)		—		—		5,559
Other non-cash items		(3,620)		5,182		—		—		1,562
Changes in other components of working capital		(53,928)		(104,577)		3,318		—		(155,187)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(32,225)	$	(41,177)	$	11,967	$	—	$	(61,435)

Cash Flows from Investing Activities:
Acquisition of property and equipment		(16,715)		(10,015)		—		—		(26,730)
Proceeds from sale of property and equipment		—		1,906		—		—		1,906
Proceeds from sale of available-for-sale securities		44,497		—		—		—		44,497
Change in restricted cash		15,465		(10)		(15,488)		—		(33)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	43,247	$	(8,119)	$	(15,488)	$	—	$	19,640

Cash Flows from Financing Activities:
Proceeds from debt		685,079		32,405		—		—		717,484
Repayment of debt		(604,773)		(44,509)		—		—		(649,282)
Business acquisition related payments		(1,226)		(34)		—		—		(1,260)
Issuance of common stock and effect of cashless exercise		(1,531)		—		—		—		(1,531)
Debt issuance costs		—		(3,681)		—		—		(3,681)
Increase (decrease) in intercompany advances		(96,181)		97,506		(1,325)		—		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	(18,632)	$	81,687	$	(1,325)	$	—	$	61,730

Net Increase (Decrease) in Cash and Cash Equivalents		(7,610)		32,391		(4,846)		—		19,935
Cash and Cash Equivalents at Beginning of Year		88,995		18,031		12,897		—		119,923
Cash and Cash Equivalents at End of Period	$	81,385	$	50,422	$	8,051	$	—	$	139,858