(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, 2014 (UNAUDITED)

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	81,385	$	50,422	$	8,051	$	—		$	139,858
Restricted Cash	3,368		8,050		31,209		—			42,627
Accounts Receivable	300,406		1,160,673		51,145		(58,179		)	1,454,045
Costs and Estimated Earnings in Excess of Billings	90,823		640,451		152		(70,474		)	660,952
Deferred Income Taxes	—		15,608		—		(7,626		)	7,982
Other Current Assets	58,924		41,108		20,200		(67,812		)	52,420
Total Current Assets	534,906		1,916,312		110,757		(204,091		)	2,357,884

Property and Equipment, net	92,129		432,981		4,435		—			529,545
Intercompany Notes and Receivables	—		239,049		—		(239,049		)	—
Other Assets:
Goodwill	—		585,006		—		—			585,006
Intangible Assets, net	—		106,403		—		—			106,403
Investment in Subsidiaries	2,113,166		19,519		50		(2,132,735		)	—
Other	71,690		9,312		—		(5,317		)	75,685
	$	2,811,891	$	3,308,582	$	115,242	$	(2,581,192	)	$	3,654,523

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	23,082	$	45,150	$	—	—			$	68,232
Accounts Payable	189,131		757,390		2,954		(99,847		)	849,628
Billings in Excess of Costs and Estimated Earnings	119,667		179,688		34		—			299,389
Accrued Expenses and Other Current Liabilities	56,161		96,020		53,697		(69,104		)	136,774
Total Current Liabilities	388,041		1,078,248		56,685		(168,951		)	1,354,023

Long-term Debt, less current maturities	683,291		118,059		—		(40,316		)	761,034
Deferred Income Taxes	107,622		7,914		—		—			115,536
Other Long-term Liabilities	120,346		2,117		—		—			122,463
Intercompany Notes and Advances Payable	211,124		—		27,823		(238,947		)	—

Stockholders’ Equity	1,301,467		2,102,244		30,734		(2,132,978		)	1,301,467
	$	2,811,891	$	3,308,582	$	115,242	$	(2,581,192	)	$	3,654,523

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 JUNE 30, 2014

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total 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

(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 (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2013

(in thousands)

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

Revenues	$	141,795		$	948,071		$	—		$	(36,801	)	$	1,053,065
Cost of Operations	122,423			865,284			(3,796		)	(36,801		)	947,110

Gross Profit	19,372			82,787			3,796			—			105,955

General and Administrative Expenses	19,328			46,677			476			—			66,481

(LOSS) INCOME FROM CONSTRUCTION OPERATIONS	44			36,110			3,320			—			39,474

Equity in Earnings of Subsidiaries	24,440			—			—			(24,440		)	—
Other (Expense) Income, net	(4,314		)	955			125			—			(3,234		)
Interest Expense	(10,300		)	(783		)	—			—			(11,083		)

Income (Loss) before Income Taxes	9,870			36,282			3,445			(24,440		)	25,157

Credit (Provision) for Income Taxes	5,608			(13,961		)	(1,326		)	—			(9,679		)

NET INCOME (LOSS)	$	15,478		$	22,321		$	2,119		$	(24,440	)	$	15,478

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(395		)	—			—			395			—
Tax adjustment on minimum pension liability	—			—			—			—			—
Foreign currency translation	—			(43		)	—			—			(43		)
Change in fair value of investments	—			(352		)	—			—			(352		)
Change in fair value of interest rate swap	292			—			—			—			292
Total Other Comprehensive (Loss) Income	(103		)	(395		)	—			395			(103		)

Total Comprehensive Income (Loss)	$	15,375		$	21,926		$	2,119		$	(24,045	)	$	15,375

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2014

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total 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

(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		)	—
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 OPERATIONS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2013

(in thousands)

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

Revenues	$	281,572		$	1,869,484		$	—		$	(105,063	)	$	2,045,993
Cost of Operations	247,512			1,705,104			(7,872		)	(105,063		)	1,839,681

Gross Profit	34,060			164,380			7,872			—			206,312

General and Administrative Expenses	38,105			91,708			946			—			130,759

(LOSS) INCOME FROM CONSTRUCTION OPERATIONS	(4,045		)	72,672			6,926			—			75,553

Equity in Earnings of Subsidiaries	48,796			—			—			(48,796		)	—
Other (Expense) Income, net	(5,123		)	811			251			—			(4,061		)
Interest Expense	(20,845		)	(1,574		)	—			—			(22,419		)

Income (Loss) before Income Taxes	18,783			71,909			7,177			(48,796		)	49,073

Credit (Provision) for Income Taxes	11,495			(27,541		)	(2,749		)	—			(18,795		)

NET INCOME (LOSS)	$	30,278		$	44,368		$	4,428		$	(48,796	)	$	30,278

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(480		)	—			—			480			—
Tax adjustment on minimum pension liability	—			—			—			—			—
Foreign currency translation	—			(229		)	—			—			(229		)
Change in fair value of investments	—			(251		)	—			—			(251		)
Change in fair value of interest rate swap	460			—			—			—			460
Total Other Comprehensive (Loss) Income	(20		)	(480		)	—			480			(20		)

Total Comprehensive Income (Loss)	$	30,258		$	43,888		$	4,428		$	(48,316	)	$	30,258

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2014

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total 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 (USED) PROVIDED 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 (Decrease) Increase 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

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	30,278		$	44,368		$	4,428		$	(48,796	)	$	30,278
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	3,230			24,201			135			—			27,566
Equity in earnings of subsidiaries	(48,796		)	—			—			48,796			—
Stock-based compensation expense	4,624			—			—			—			4,624
Excess income tax benefit from stock-based compensation	(358		)										(358		)
Deferred income taxes	235			265			—			—			500
(Gain) loss on sale of property and equipment	(180		)	—			—			—			(180		)
Other long-term liabilities	9,204			(755		)	—			—			8,449
Other non-cash items	864			(975		)	—			—			(111		)
Changes in other components of working capital	41,842			(111,153		)	(40,027		)	—			(109,338		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	40,943		$	(44,049	)	$	(35,464	)	$	—		$	(38,570	)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(16,299		)	(11,828		)	—			—			(28,127		)
Proceeds from sale of property and equipment	186			2,173			—			—			2,359
Change in restricted cash	6,795			612			(15,709		)	—			(8,302		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(9,318	)	$	(9,043	)	$	(15,709	)	$	—		$	(34,070	)

Cash Flows from Financing Activities:
Proceeds from debt	395,365			26,185			—			—			421,550
Repayment of debt	(363,252		)	(11,735		)	—			—			(374,987		)
Excess income tax benefit from stock-based compensation	358			—			—			—			358
Issuance of common stock and effect of cashless exercise	341			—			—			—			341
Increase (decrease) in intercompany advances	(39,004		)	1,023			37,981			—			—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	(6,192	)	$	15,473		$	37,981		$	—		$	47,262

Net Increase (Decrease) in Cash and Cash Equivalents	25,433			(37,619		)	(13,192		)	—			(25,378		)
Cash and Cash Equivalents at Beginning of Year	64,663			74,385			29,008			—			168,056
Cash and Cash Equivalents at End of Period	$	90,096		$	36,766		$	15,816		$	—		$	142,678