(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 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 - MARCH 31, 2013 (UNAUDITED)

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	64,759	$	48,549	$	19,010	$	—		$	132,318
Restricted Cash	23,441		8,485		13,305		—			45,231
Accounts Receivable	228,946		1,221,539		4,577		(123,507		)	1,331,555
Costs and Estimated Earnings in Excess of Billings	94,935		409,959		152		(25,685		)	479,361
Deferred Income Taxes	—		15,488		—		(5,767		)	9,721
Other Current Assets	43,674		39,572		3,947		(12,693		)	74,500
Total Current Assets	455,755		1,743,592		40,991		(167,652		)	2,072,686

Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	68,502		414,110		4,773		—			487,385
Intercompany Notes and Receivables	—		334,261		—		(334,261		)	—
Other Assets:
Goodwill	—		570,646		—		—			570,646
Intangible Assets, net	—		123,551		—		—			123,551
Investment in Subsidiaries	2,083,424		4		50		(2,083,478		)	—
Other	80,809		10,682		35,375		(39,979		)	86,887
	$	2,734,773	$	3,196,846	$	81,189	$	(2,625,370	)	$	3,387,438

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	42,165	$	25,165	$	—	$	—		$	67,330
Accounts Payable	133,630		720,808		671		(149,193		)	705,916
Billings in Excess of Costs and Estimated Earnings	110,907		184,324		34		—			295,265
Accrued Expenses and Other Current Liabilities	63,815		88,419		42,514		(18,499		)	176,249
Total Current Liabilities	350,517		1,018,716		43,219		(167,692		)	1,244,760

Long-term Debt, less current maturities	677,244		99,818		—		(39,979		)	737,083
Deferred Income Taxes	102,227		7,761		—		—			109,988
Other Long-term Liabilities	129,595		4,314		—		—			133,909
Intercompany Notes and Advances Payable	313,492		—		20,720		(334,212		)	—

Contingencies and Commitments

Stockholders’ Equity	1,161,698		2,066,237		17,250		(2,083,487		)	1,161,698
	$	2,734,773	$	3,196,846	$	81,189	$	(2,625,370	)	$	3,387,438

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	64,663	$	74,385	$	29,008	$	—		$	168,056
Restricted Cash	30,236		8,481		—		—			38,717
Accounts Receivable	177,856		1,121,098		1,088		(75,429		)	1,224,613
Costs and Estimated Earnings in Excess of Billings	111,821		377,132		152		(24,103		)	465,002
Deferred Income Taxes	—		15,823		—		(5,752		)	10,071
Other Current Assets	26,461		49,993		2,891		(3,957		)	75,388
Total Current Assets	411,037		1,646,912		33,139		(109,241		)	1,981,847

Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	64,248		416,006		4,841		—			485,095
Intercompany Notes and Receivables	—		493,277		—		(493,277		)	—
Other Assets:
Goodwill	—		570,646		—		—			570,646
Intangible Assets, net	—		126,821		—		—			126,821
Investment in Subsidiaries	2,122,116		134		50		(2,122,300		)	—
Other	81,198		9,058		35,375		(39,913		)	85,718
	$	2,724,882	$	3,262,854	$	73,405	$	(2,764,731	)	$	3,296,410

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	42,589	$	25,121	$	—	$	—		$	67,710
Accounts Payable	97,834		698,015		156		(99,532		)	696,473
Billings in Excess of Costs and Estimated Earnings	95,657		206,070		34		—			301,761
Accrued Expenses and Other Current Liabilities	30,545		108,589		38,901		(9,709		)	168,326
Total Current Liabilities	266,625		1,037,795		39,091		(109,241		)	1,234,270

Long-term Debt, less current maturities	603,371		105,922		—		(39,913		)	669,380
Deferred Income Taxes	102,138		7,762		—		—			109,900
Other Long-term Liabilities	134,874		4,122		—		—			138,996
Intercompany Notes and Advances Payable	474,010		—		19,267		(493,277		)	—

Contingencies and Commitments

Stockholders’ Equity	1,143,864		2,107,253		15,047		(2,122,300		)	1,143,864
	$	2,724,882	$	3,262,854	$	73,405	$	(2,764,731	)	$	3,296,410

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated

Revenues	$	139,777		$	921,413		$	—		$	(68,262	)	$	992,928
Cost of Operations	125,089			839,820			(4,076		)	(68,262		)	892,571

Gross Profit	14,688			81,593			4,076			—			100,357

General and Administrative Expenses	18,777			45,031			470			—			64,278

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(4,089		)	36,562			3,606			—			36,079

Equity in Earnings of Subsidiaries	24,356			—			—			(24,356		)	—
Other Income (Expense), net	(809		)	(144		)	126			—			(827		)
Interest Expense	(10,545		)	(791		)	—			—			(11,336		)

Income (loss) before Income Taxes	8,913			35,627			3,732			(24,356		)	23,916

(Provision) Credit for Income Taxes	5,887			(13,580		)	(1,423		)	—			(9,116		)

NET (LOSS) INCOME	$	14,800		$	22,047		$	2,309		$	(24,356	)	$	14,800

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(85		)	—			—			85			—
Foreign currency translation	—			(186		)	—			—			(186		)
Change in fair value of investments	—			101			—			—			101
Change in fair value of interest rate swap	168			—			—			—			168
Total Other Comprehensive Loss	83			(85		)	—			85			83

Total Comprehensive Income	$	14,883		$	21,962		$	2,309		$	(24,271	)	$	14,883

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated

Revenues	$	69,125		$	861,695		$	—		$	(18,286	)	$	912,534
Cost of Operations	62,694			785,894			(3,927		)	(18,286		)	826,375

Gross Profit	6,431			75,801			3,927			—			86,159

General and Administrative Expenses	18,909			49,718			569			—			69,196

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(12,478		)	26,083			3,358			—			16,963

Equity in Earnings of Subsidiaries	17,532			—			—			(17,532		)	—
Other Income (Expense), net	(2,064		)	(476		)	232			—			(2,308		)
Interest Expense	(10,071		)	(1,011		)	—			—			(11,082		)

Income (loss) before Income Taxes	(7,081		)	24,596			3,590			(17,532		)	3,573

(Provision) Credit for Income Taxes	5,878			(9,297		)	(1,357		)	—			(4,776		)

NET (LOSS) INCOME	$	(1,203	)	$	15,299		$	2,233		$	(17,532	)	$	(1,203	)

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	525			—			—			(525		)	—
Foreign currency translation	—			323			—			—			323
Change in fair value of investments	—			202			—			—			202
Change in fair value of interest rate swap	(685		)	—			—			—			(685		)
Realized loss on sale of investments recorded in net income (loss)	2,005			—			—			—			2,005
Total Other Comprehensive Loss	1,845			525			—			(525		)	1,845

Total Comprehensive Income	$	642		$	15,824		$	2,233		$	(18,057	)	$	642

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	14,800		$	22,047		$	2,309		$	(24,356	)	$	14,800
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,549			12,176			68			—			13,793
Equity in earnings of subsidiaries	(24,356		)	—			—			24,356			—
Stock-based compensation expense	3,078			—			—			—			3,078
Deferred income taxes	33			315			—			—			348
Gain on sale of property and equipment	—			(76		)	—			—			(76		)
Other non-cash items	1,366			(1,563		)	—			—			(197		)
Other long-term liabilities	1,803			48			—			—			1,851
Changes in other components of working capital	24,353			(141,988		)	(417		)	—			(118,052		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	22,626		$	(109,041	)	$	1,960		$	—		$	(84,455	)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(5,090		)	(7,089		)	—			—			(12,179		)
Proceeds from sale of property and equipment	6			233			—			—			239
Change in restricted cash	6,795			(4		)	(13,305		)	—			(6,514		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	1,711		$	(6,860	)	$	(13,305	)	$	—		$	(18,454	)

Cash Flows from Financing Activities:
Proceeds from debt	293,650			(636		)	—			—			293,014
Repayment of debt	(220,262		)	(5,422		)	—			—			(225,684		)
Issuance of common stock and effect of cashless exercise	(159		)	—			—			—			(159		)
Increase (decrease) in intercompany advances	(97,470		)	96,123			1,347			—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(24,241	)	$	90,065		$	1,347		$	—		$	67,171

Net Increase (Decrease) in Cash and Cash Equivalents	96			(25,836		)	(9,998		)	—			(35,738		)
Cash and Cash Equivalents at Beginning of Year	64,663			74,385			29,008			—			168,056
Cash and Cash Equivalents at End of Period	$	64,759		$	48,549		$	19,010		$	—		$	132,318

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(1,203	)	$	15,299		$	2,233	$	(17,532	)	$	(1,203	)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,175			14,547			68		—			15,790
Equity in earnings of subsidiaries	(17,532		)	—			—		17,532			—
Stock-based compensation expense	3,419			—			—		—			3,419
Deferred income taxes	5,765			(72		)	—		—			5,693
Adjustment of interest rate swap to fair value	264			—			—		—			264
Loss on sale of investments	2,699			—			—		—			2,699
(Gain) Loss on sale of equipment	23			(102		)	—		—			(79		)
Other long-term liabilities	840			(626		)	—		—			214
Other non-cash items	322			445			—		—			767
Changes in other components of working capital	33,476			(92,750		)	6,672		—			(52,602		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	29,248		$	(63,259	)	$	8,973	$	—		$	(25,038	)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(5,761		)	(4,888		)	—		—			(10,649		)
Proceeds from sale of property and equipment	—			3,968			—		—			3,968
Investments in available-for-sale securities	—			(535		)	—		—			(535		)
Proceeds from sale of available-for-sale securities	16,553			—			—		—			16,553
Change in restricted cash	(6		)	(7		)	—		—			(13		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	10,786		$	(1,462	)	$	—	$	—		$	9,324

Cash Flows from Financing Activities:
Proceeds from debt	98,500			—			—		—			98,500
Repayment of debt	(89,076		)	(6,031		)	—		—			(95,107		)
Business acquisition related payments	(1,188		)	—			—		—			(1,188		)
Issuance of common stock and effect of cashless exercise	(307		)	—			—		—			(307		)
Debt issuance costs	(10		)	—			—		—			(10		)
Increase (decrease) in intercompany advances	(60,606		)	59,340			1,266		—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(52,687	)	$	53,309		$	1,266	$	—		$	1,888

Net Increase (Decrease) in Cash and Cash Equivalents	(12,653		)	(11,412		)	10,239		—			(13,826		)
Cash and Cash Equivalents at Beginning of Year	134,936			52,492			16,812		—			204,240
Cash and Cash Equivalents at End of Period	$	122,283		$	41,080		$	27,051	$	—		$	190,414