Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

3 Months Ended

Mar. 31, 2013

Separate Financial Information of Subsidiary Guarantors of Indebtedness

Condensed Consolidating Balance Sheet

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

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

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