(13) Separate Financial Information of Subsidiary Guarantors of Indebtedness

The Company’s obligations on its Senior Notes are guaranteed by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Credit Facility (the “Guarantors”). The guarantees are full and unconditional as well as joint and several. The Guarantors are wholly owned subsidiaries of 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.

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	248,134	$	1,134,967	$	469	$	(75,440)	$	1,308,130
Cost of operations		(214,264)		(1,059,536)		—		75,440		(1,198,360)
Gross profit		33,870		75,431		469		—		109,770
General and administrative expenses		(18,040)		(42,438)		(463)		—		(60,941)
Income from construction operations		15,830		32,993		6		—		48,829
Equity in earnings of subsidiaries		20,343		—		—		(20,343)		—
Other income (expense), net		1,568		1,127		253		(463)		2,485
Interest expense		(15,396)		(601)		—		463		(15,534)
Income (Loss) before income taxes		22,345		33,519		259		(20,343)		35,780
Provision for income taxes		(984)		(13,410)		(25)		—		(14,419)
Net income (loss)	$	21,361	$	20,109	$	234	$	(20,343)	$	21,361

Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		(411)		—		—		411		—
Defined benefit pension plan adjustments		324		—		—		—		324
Foreign currency translation adjustment		—		(258)		—		—		(258)
Unrealized gain in fair value of investments		—		(153)		—		—		(153)
Unrealized loss in fair value of interest rate swap		11		—		—		—		11
Total other comprehensive (loss) income, net of tax		(76)		(411)		—		411		(76)

Total Comprehensive Income (Loss)	$	21,285	$	19,698	$	234	$	(19,932)	$	21,285

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	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 income (expense), net		(187)		431		135		—		379
Interest expense		(10,413)		(855)		—		—		(11,268)
Income (Loss) before income taxes		14,785		9,330		2,463		(6,586)		19,992
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 (loss), net of tax:
Other comprehensive income of subsidiaries		(1,220)		—		—		1,220		—
Defined benefit pension plan adjustments		—		—		—		—		—
Foreign currency translation adjustment		—		(1,146)		—		—		(1,146)
Unrealized loss in fair value of investments		—		(74)		—		—		(74)
Unrealized gain in fair value of interest rate swap		60		—		—		—		60
Total other comprehensive (loss) income, net of tax		(1,160)		(1,220)		—		1,220		(1,160)

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

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	424,859	$	2,121,328	$	7,573	$	(160,261)	$	2,393,499
Cost of operations		(368,553)		(1,970,345)		—		160,261		(2,178,637)
Gross profit		56,306		150,983		7,573		—		214,862
General and administrative expenses		(39,698)		(85,275)		(938)		—		(125,911)
Income from construction operations		16,608		65,708		6,635		—		88,951
Equity in earnings of subsidiaries		43,422		—		—		(43,422)		—
Other income (expense), net		946		2,187		496		(463)		3,166
Interest expense		(28,880)		(1,197)		—		463		(29,614)
Income (Loss) before income taxes		32,096		66,698		7,131		(43,422)		62,503
Benefit (Provision) for income taxes		4,664		(27,470)		(2,937)		—		(25,743)
Net income (loss)	$	36,760	$	39,228	$	4,194	$	(43,422)	$	36,760

Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		527		—		—		(527)		—
Defined benefit pension plan adjustments		571		—		—		—		571
Foreign currency translation adjustment		—		672		—		—		672
Unrealized gain in fair value of investments		—		(145)		—		—		(145)
Unrealized loss in fair value of interest rate swap		(24)		—		—		—		(24)
Total other comprehensive (loss) income, net of tax	$	1,074	$	527	$	—	$	(527)	$	1,074

Total Comprehensive Income (Loss)	$	37,834	$	39,755	$	4,194	$	(43,949)	$	37,834

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	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 income (expense), net		(1,977)		1,627		253		—		(97)
Interest expense		(20,955)		(1,716)		—		—		(22,671)
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 (loss), net of tax:
Other comprehensive income of subsidiaries		(1,818)		—		—		1,818		—
Defined benefit pension plan adjustments										—
Foreign currency translation adjustment		—		(1,734)		—		—		(1,734)
Unrealized loss in fair value of investments		—		(84)		—		—		(84)
Unrealized gain in fair value of interest rate swap		105		—		—		—		105
Total other comprehensive (loss) income, net of tax		(1,713)		(1,818)		—		1,818		(1,713)

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

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	56,744	$	36,628	$	250	$	—	$	93,622
Restricted cash		3,261		2,958		43,233		—		49,452
Accounts receivable		456,016		1,377,164		89,282		(183,119)		1,739,343
Costs and estimated earnings in excess of billings		97,028		774,448		152		(60,222)		811,406
Deferred income taxes		8,898		10,200		—		—		19,098
Other current assets		49,217		37,705		9,023		(18,985)		76,960
Total current assets		671,164		2,239,103		141,940		(262,326)		2,789,881
Property and equipment		94,170		409,290		3,935		—		507,395
Intercompany notes and receivables		—		223,736		—		(223,736)		—
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		94,768		—		—		94,768
Investment in subsidiaries		2,142,018		—		—		(2,142,018)		—
Other Assets		112,252		86,405		25,735		(5,857)		218,535
Total assets	$	3,019,604	$	3,638,308	$	171,610	$	(2,633,937)	$	4,195,585

Liabilities and stockholders' equity
Current liabilities:
Current maturities of long-term debt	$	153,959	$	26,297	$	—	$	(60,000)	$	120,256
Accounts payable		233,052		923,075		5,351		(193,285)		968,193
Billings in excess of costs and estimated earnings		114,649		201,483		2,524		6,634		325,290
Accrued expenses and other current liabilities		57,494		91,616		37,715		(15,675)		171,150
Total current liabilities		559,154		1,242,471		45,590		(262,326)		1,584,889
Long-term debt, less current maturities		610,080		76,042		—		(5,857)		680,265
Deferred income taxes		62,562		211,828		22,338		—		296,728
Other long-term liabilities		108,004		2,312		30,554		—		140,870
Intercompany notes and advances payable		186,971		—		36,765		(223,736)		—

Contingencies and commitments		—		—		—		—		—

Stockholders’ equity		1,492,833		2,105,655		36,363		(2,142,018)		1,492,833
Total liabilities and stockholders' equity	$	3,019,604	$	3,638,308	$	171,610	$	(2,633,937)	$	4,195,585

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	47,196	$	26,892	$	1,364	$	—	$	75,452
Restricted cash		3,369		3,283		39,201		—		45,853
Accounts receivable		358,437		1,179,919		82,004		(146,745)		1,473,615
Costs and estimated earnings in excess of billings		114,580		868,026		152		(77,583)		905,175
Deferred income taxes		2,255		21,356		2,695		—		26,306
Other current assets		60,119		48,482		11,662		(11,419)		108,844
Total current assets		585,956		2,147,958		137,078		(235,747)		2,635,245
Property and equipment		105,306		414,143		4,076		—		523,525
Intercompany notes and receivables		—		148,637		—		(148,637)		—
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		96,540		—		—		96,540
Investment in subsidiaries		1,962,983		—		—		(1,962,983)		—
Other Assets		58,722		128,094		15,268		(5,723)		196,361
Total assets	$	2,712,967	$	3,520,378	$	156,422	$	(2,353,090)	$	4,036,677

Liabilities and stockholders' equity
Current liabilities:
Current maturities of long-term debt	$	107,283	$	41,634	$	—	$	(60,000)	$	88,917
Accounts payable		211,679		890,268		3,222		(167,705)		937,464
Billings in excess of costs and estimated earnings		89,303		203,003		1,716		(5,711)		288,311
Accrued expenses and other current liabilities		6,145		115,392		39,810		(2,331)		159,016
Total current liabilities		414,410		1,250,297		44,748		(235,747)		1,473,708
Long-term debt, less current maturities		653,669		80,821		—		(5,723)		728,767
Deferred income taxes		—		273,310		—		—		273,310
Other long-term liabilities		106,588		3,278		30,799		—		140,665
Intercompany notes and advances payable		118,073		—		30,564		(148,637)		—

Contingencies and commitments		—		—		—		—		—

Stockholders’ equity		1,420,227		1,912,672		50,311		(1,962,983)		1,420,227
Total liabilities and stockholders' equity	$	2,712,967	$	3,520,378	$	156,422	$	(2,353,090)	$	4,036,677

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net income (loss)	$	36,760	$	39,228	$	4,194	$	(43,422)	$	36,760
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		12,244		17,571		141		—		29,956
Equity in earnings of subsidiaries		(43,422)		—		—		43,422		—
Share-based compensation expense		6,959		—		—		—		6,959
Change in debt discount and deferred debt issuance costs		3,348		—		—		—		3,348
Deferred income taxes		(261)		(110)		—		—		(371)
Loss on sale of property and equipment		138		66		—		—		204
Other long-term liabilities		(2,600)		(966)		(245)		—		(3,811)
Other non-cash items		(240)		1,440		—		—		1,200
Changes in other components of working capital		24,144		(92,711)		(1,102)		—		(69,669)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES		37,070		(35,482)		2,988		—		4,576

Cash flows from investing activities:
Acquisition of property and equipment excluding financed purchases		(1,410)		(7,271)		—		—		(8,681)
Proceeds from sale of property and equipment		164		928		—		—		1,092
(Increase) decrease in intercompany advances		—		71,487		—		(71,487)		—
Change in restricted cash		108		325		(4,032)		—		(3,599)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES		(1,138)		65,469		(4,032)		(71,487)		(11,188)

Cash flows from financing activities:
Proceeds from issuance of convertible notes		200,000		—		—		—		200,000
Proceeds from debt		705,708		5,384		—		—		711,092
Repayment of debt		(846,019)		(25,635)		—		—		(871,654)
Debt Issuance Costs		(14,656)		—		—		—		(14,656)
Increase (decrease) in intercompany advances		(71,417)		—		(70)		71,487		—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES		(26,384)		(20,251)		(70)		71,487		24,782

Net (decrease) increase in cash and cash equivalents		9,548		9,736		(1,114)		—		18,170
Cash and cash equivalents at beginning of year		47,196		26,892		1,364		—		75,452
Cash and cash equivalents at end of period	$	56,744	$	36,628	$	250	$	—	$	93,622

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	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		4,919		15,333		137		—		20,389
Equity in earnings of subsidiaries		(18,526)		—		—		18,526		—
Share-based compensation expense		13,324		—		—		—		13,324
Excess income tax benefit from stock-based compensation		(162)		—		—		—		(162)
Change in debt discount and deferred debt issuance costs		1,045		—		—		—		1,045
Deferred income taxes		(177)		—		—		—		(177)
(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 PROVIDED (USED) BY OPERATING ACTIVITIES		(140,666)		121,230		(12,322)		—		(31,758)

Cash flows from investing activities:
Acquisition of property and equipment		—		(29,516)		(28)		—		(29,544)
Proceeds from sale of property and equipment		(21,505)		22,627		—		—		1,122
Decrease (increase) 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)
Excess income tax benefit from stock-based compensation		162		—		—		—		162
Issuance of common stock and effect of cashless exercise		(776)		—		—		—		(776)
Increase (decrease) in intercompany advances		104,573		—		(2,913)		(101,660)		—
NET CASH PROVIDED (USED) 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