(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, 2014 (UNAUDITED)

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	74,623	$	48,938		$	9,503	$	—		$	133,064
Restricted Cash	3,368		8,704			31,197		—			43,269
Accounts Receivable	191,362		1,107,448			50,870		(86,290		)	1,263,390
Costs and Estimated Earnings in Excess of Billings	156,110		572,517			152		(30,356		)	698,423
Deferred Income Taxes	—		15,821			—		(7,626		)	8,195
Other Current Assets	50,595		31,384			12,417		(39,538		)	54,858
Total Current Assets	476,058		1,784,812			104,139		(163,810		)	2,201,199

Long-term Investments	46,283		—			—		—			46,283
Property and Equipment, net	80,531		431,650			4,502		—			516,683
Intercompany Notes and Receivables	—		288,792			—		(288,792		)	—
Other Assets:
Goodwill	—		577,756			—		—			577,756
Intangible Assets, net	—		110,071			—		—			110,071
Investment in Subsidiaries	2,093,607		(103,460		)	50		(1,990,197		)	—
Other	68,141		10,465			—		(5,249		)	73,357
	$	2,764,620	$	3,100,086		$	108,691	$	(2,448,048	)	$	3,525,349

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	54,887	$	68,060		$	—	$	—		$	122,947
Accounts Payable	185,845		685,864			1,613		(81,684		)	791,638
Billings in Excess of Costs and Estimated Earnings	77,208		186,876			34		—			264,118
Accrued Expenses and Other Current Liabilities	57,329		88,674			49,473		(46,490		)	148,986
Total Current Liabilities	375,269		1,029,474			51,120		(128,174		)	1,327,689

Long-term Debt, less current maturities	642,975		95,097			—		(40,249		)	697,823
Deferred Income Taxes	107,302		6,884			—		—			114,186
Other Long-term Liabilities	115,873		2,758			—		—			118,631
Intercompany Notes and Advances Payable	256,182		—			33,014		(289,196		)	—

Stockholders’ Equity	1,267,019		1,965,873			24,557		(1,990,429		)	1,267,020
	$	2,764,620	$	3,100,086		$	108,691	$	(2,448,048	)	$	3,525,349

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2013

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	88,995	$	18,031	$	12,897	$	—		$	119,923
Restricted Cash	18,833		8,040		15,721		—			42,594
Accounts Receivable	208,227		1,126,012		47,958		(90,951		)	1,291,246
Costs and Estimated Earnings in Excess of Billings	99,779		505,979		152		(32,662		)	573,248
Deferred Income Taxes	—		15,866		—		(7,626		)	8,240
Other Current Assets	37,605		26,234		24,462		(37,632		)	50,669
Total Current Assets	453,439		1,700,162		101,190		(168,871		)	2,085,920

Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	77,562		415,993		4,570		—			498,125
Intercompany Notes and Receivables	—		428,190		—		(428,190		)	—
Other Assets:
Goodwill	—		577,756		—		—			577,756
Intangible Assets, net	—		113,740		—		—			113,740
Investment in Subsidiaries	2,181,280		29		50		(2,181,359		)	—
Other	70,269		10,528		—		(5,183		)	75,614
	$	2,828,833	$	3,246,398	$	105,810	$	(2,783,603	)	$	3,397,438

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	50,578	$	64,080	$	—	$	—		$	114,658
Accounts Payable	162,292		677,997		6,039		(88,103		)	758,225
Billings in Excess of Costs and Estimated Earnings	90,267		177,285		34		—			267,586
Accrued Expenses and Other Current Liabilities	58,232		99,257		48,369		(47,841		)	158,017
Total Current Liabilities	361,369		1,018,619		54,442		(135,944		)	1,298,486

Long-term Debt, less current maturities	575,356		84,053		—		(40,183		)	619,226
Deferred Income Taxes	107,448		6,885		—		—			114,333
Other Long-term Liabilities	114,677		3,181		—		—			117,858
Intercompany Notes and Advances Payable	422,448		—		23,462		(445,910		)	—

Contingencies and Commitments

Stockholders’ Equity	1,247,535		2,133,660		27,906		(2,161,566		)	1,247,535
	$	2,828,833	$	3,246,398	$	105,810	$	(2,783,603	)	$	3,397,438

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2014

(in thousands)

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

Revenues	$	226,847		$	763,636		$	—		$	(35,250	)	$	955,233
Cost of Operations	193,814			697,908			(6,586		)	(35,250		)	849,886

Gross Profit	33,033			65,728			6,586			—			105,347

General and Administrative Expenses	17,795			45,620			435			—			63,850

INCOME FROM CONSTRUCTION OPERATIONS	15,238			20,108			6,151			—			41,497

Equity in Earnings of Subsidiaries	15,281			—			—			(15,281		)	—
Other (Expense) Income, net	(4,095		)	602			120			—			(3,373		)
Interest Expense	(10,017		)	(814		)	—			—			(10,831		)

Income (loss) before Income Taxes	16,407			19,896			6,271			(15,281		)	27,293

(Provision) for Income Taxes	(468		)	(8,277		)	(2,609		)	—			(11,354		)

NET INCOME (LOSS)	$	15,939		$	11,619		$	3,662		$	(15,281	)	$	15,939

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(105		)	—			—			105			—
Foreign currency translation	—			(286		)	—			—			(286		)
Change in fair value of investments	—			181			—			—			181
Change in fair value of interest rate swap	81			—			—			—			81
Total Other Comprehensive (Loss) Income	(24		)	(105		)	—			105			(24		)

Total Comprehensive Income (Loss)	$	15,915		$	11,514		$	3,662		$	(15,176	)	$	15,915

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

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

Equity in Earnings of Subsidiaries	24,356			—			—			(24,356		)	—
Other (Expense) Income, 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

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

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

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(85		)	—			—			85			—
Tax adjustment on minimum pension liability	—			—			—			—			—
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) Income	83			(85		)	—			85			83

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

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2014

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	15,939		$	11,619		$	3,662		$	(15,281	)	$	15,939
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,780			12,947			(68		)	—			14,659
Equity in earnings of subsidiaries	(15,281		)	—			—			15,281			—
Stock-based compensation expense	5,316			113			—			—			5,429
Excess income tax benefit from stock-based compensation	—			—			—			—			—
Deferred income taxes	4,624			(4,579		)	—			—			45
(Gain) loss on sale of property and equipment	427			—			—			—			427
Other long-term liabilities	2,886			608			—			—			3,494
Other non-cash items	855			(1,282		)	—			—			(427		)
Changes in other components of working capital	(48,652		)	(37,991		)	5,947			—			(80,696		)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	$	(32,106	)	$	(18,565	)	$	9,541		$	—		$	(41,130	)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(4,041		)	(4,311		)	—			—			(8,352		)
Proceeds from sale of property and equipment	(427		)	1,844			—			—			1,417
Change in restricted cash	15,465			(664		)	(15,476		)	—			(675		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	10,997		$	(3,131	)	$	(15,476	)	$	—		$	(7,610	)

Cash Flows from Financing Activities:
Proceeds from debt	250,656			(72,618		)	—			—			178,038
Repayment of debt	(179,032		)	65,481			—			—			(113,551		)
Business acquisition-related payments	—			(1,031		)	—			—			(1,031		)
Excess income tax benefit from stock-based compensation	—			—			—			—			—
Issuance of common stock and effect of cashless exercise	(1,575		)	—			—			—			(1,575		)
Increase (decrease) in intercompany advances	(63,312		)	60,771			2,541			—			—
NET CASH PROVIDED BY FINANCING ACTIVITIES	$	6,737		$	52,603		$	2,541		$	—		$	61,881

Net (Decrease) Increase in Cash and Cash Equivalents	(14,372		)	30,907			(3,394		)	—			13,141
Cash and Cash Equivalents at Beginning of Year	88,995			18,031			12,897			—			119,923
Cash and Cash Equivalents at End of Period	$	74,623		$	48,938		$	9,503		$	—		$	133,064

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 income (loss)	$	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
Adjustment of interest rate swap to fair value	—			—			—			—			—
Loss on sale of investments	—			—			—			—			—
(Gain) Loss on sale of property and equipment	—			(76		)	—			—			(76		)
Other long-term liabilities	1,803			48			—			—			1,851
Other non-cash items	1,366			(1,563		)	—			—			(197		)
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
Investments in available-for-sale securities	—			—			—			—			—
Proceeds from sale of available-for-sale securities	—			—			—			—			—
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		)
Business acquisition-related payments	—			—			—			—			—
Issuance of common stock and effect of cashless exercise	(159		)	—			—			—			(159		)
Debt issuance costs	—			—			—			—			—
Increase (decrease) in intercompany advances	(97,470		)	96,123			1,347			—			—
NET CASH (USED) PROVIDED 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