(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 — SEPTEMBER 30, 2013 (UNAUDITED)

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	80,832	$	27,812	$	19,258	$	—		$	127,902
Restricted Cash	23,456		8,295		15,715		—			47,466
Accounts Receivable	256,731		1,174,201		44,499		(77,574		)	1,397,857
Costs and Estimated Earnings in Excess of Billings	78,163		487,769		152		(27,663		)	538,421
Deferred Income Taxes	—		15,716		—		(6,085		)	9,631
Other Current Assets	68,615		21,153		20,267		(61,675		)	48,360
Total Current Assets	507,797		1,734,946		99,891		(172,997		)	2,169,637

Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	80,267		408,421		4,638		—			493,326
Intercompany Notes and Receivables	—		421,440		—		(421,440		)	—
Other Assets:
Goodwill	—		571,932		—		—			571,932
Intangible Assets, net	—		117,010		—		—			117,010
Investment in Subsidiaries	2,139,063		—		50		(2,139,113		)	—
Other	75,217		10,657		—		(5,115		)	80,759
	$	2,848,627	$	3,264,406	$	104,579	$	(2,738,665	)	$	3,478,947

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	44,250	$	63,571	$	—	$	—		$	107,821
Accounts Payable	157,901		721,670		10,010		(92,452		)	797,129
Billings in Excess of Costs and Estimated Earnings	112,295		169,932		34		—			282,261
Accrued Expenses and Other Current Liabilities	66,186		96,060		47,260		(47,857		)	161,649
Total Current Liabilities	380,632		1,051,233		57,304		(140,309		)	1,348,860

Long-term Debt, less current maturities	629,527		80,298		—		(40,115		)	669,710
Deferred Income Taxes	102,139		7,783		—		—			109,922
Other Long-term Liabilities	142,449		4,035		—		—			146,484
Intercompany Notes and Advances Payable	389,909		—		24,084		(413,993		)	—

Contingencies and Commitments

Stockholders’ Equity	1,203,971		2,121,057		23,191		(2,144,248		)	1,203,971
	$	2,848,627	$	3,264,406	$	104,579	$	(2,738,665	)	$	3,478,947

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 SEPTMEBER 30, 2013

(in thousands)

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

Revenues	$	175,160		$	884,332		$	—		$	(29,104	)	$	1,030,388
Cost of Operations	150,560			794,440			(6,365		)	(29,104		)	909,531

Gross Profit	24,600			89,892			6,365			—			120,857

General and Administrative Expenses	17,073			45,187			503			—			62,763

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	7,527			44,705			5,862			—			58,094

Equity in Earnings of Subsidiaries	32,148			—			—			(32,148		)	—
Other Income (Expense), net	(9,736		)	115			133			—			(9,488		)
Interest Expense	(10,655		)	(916		)	—			—			(11,571		)

Income (loss) before Income Taxes	19,284			43,904			5,995			(32,148		)	37,035

(Provision) Credit for Income Taxes	4,475			(15,594		)	(2,157		)	—			(13,276		)

NET (LOSS) INCOME	$	23,759		$	28,310		$	3,838		$	(32,148	)	$	23,759

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(667		)	—			—			667			—
Foreign currency translation	—			(393		)	—			—			(393		)
Change in fair value of investments	—			(274		)	—			—			(274		)
Change in fair value of interest rate swap	5			—			—			—			5
Total Other Comprehensive (Loss) Income	(662		)	(667		)	—			667			(662		)

Total Comprehensive Income	$	23,097		$	27,643		$	3,838		$	(31,481	)	$	23,097

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2012

(in thousands)

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

Revenues	$	113,068		$	996,809		$	—		$	(10,484	)	$	1,099,393
Cost of Operations	97,225			900,634			(3,445		)	(10,484		)	983,930

Gross Profit	15,843			96,175			3,445			—			115,463

General and Administrative Expenses	17,840			42,417			530			—			60,787

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(1,997		)	53,758			2,915			—			54,676

Equity in Earnings of Subsidiaries	49,135			—			—			(49,135		)	—
Other Income (Expense), net	45			264			236			—			545
Interest Expense	(10,133		)	(906		)	—			—			(11,039		)

Income (Loss) before Income Taxes	37,050			53,116			3,151			(49,135		)	44,182

(Provision) Credit for Income Taxes	5,541			(5,732		)	(1,400		)	—			(1,591		)

NET (LOSS) INCOME	$	42,591		$	47,384		$	1,751		$	(49,135	)	$	42,591

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	363			—			—			(363		)	—
Tax adjustment on minimum pension liability	(841		)	—			—			—			(841		)
Foreign currency translation	—			362			—			—			362
Change in fair value of investments	—			1			—			—			1
Change in fair value of interest rate swap	(177		)	—			—			—			(177		)
Total Other Comprehensive (Loss) Income	(655		)	363			—			(363		)	(655		)

Total Comprehensive Income	$	41,936		$	47,747		$	1,751		$	(49,498	)	$	41,936

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in thousands)

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

Revenues	$	456,732		$	2,753,816		$	—		$	(134,167	)	$	3,076,381
Cost of Operations	398,072			2,499,544			(14,237		)	(134,167		)	2,749,212

Gross Profit	58,660			254,272			14,237			—			327,169

General and Administrative Expenses	55,178			136,895			1,449			—			193,522

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	3,482			117,377			12,788			—			133,647

Equity in Earnings of Subsidiaries	80,944			—			—			(80,944		)	—
Other Income (Expense), net	(14,859		)	926			384			—			(13,549		)
Interest Expense	(31,500		)	(2,490		)	—			—			(33,990		)

Income (loss) before Income Taxes	38,067			115,813			13,172			(80,944		)	86,108

(Provision) Credit for Income Taxes	15,970			(43,135		)	(4,906		)	—			(32,071		)

NET (LOSS) INCOME	$	54,037		$	72,678		$	8,266		$	(80,944	)	$	54,037

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	(1,147		)	—			—			1,147			—
Foreign currency translation	—			(622		)	—			—			(622		)
Change in fair value of investments	—			(525		)	—			—			(525		)
Change in fair value of interest rate swap	465			—			—			—			465
Total Other Comprehensive Loss	(682		)	(1,147		)	—			1,147			(682		)

Total Comprehensive Income	$	53,355		$	71,531		$	8,266		$	(79,797	)	$	53,355

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2012

(in thousands)

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

Revenues	$	276,633		$	2,764,764		$	—		$	(44,124	)	$	2,997,273
Cost of Operations	242,954			2,521,009			(11,249		)	(44,124		)	2,708,590

Gross Profit	33,679			243,755			11,249			—			288,683

General and Administrative Expenses	53,579			139,465			1,600			—			194,644

Goodwill and Intangible Assets Impairment	—			376,574			—			—			376,574

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(19,900		)	(272,284		)	9,649			—			(282,535		)

Equity in Earnings of Subsidiaries	(273,177		)	—			—			273,177			—
Other Income (Expense), net	(1,484		)	119			684			—			(681		)
Interest Expense	(29,817		)	(2,907		)	—			—			(32,724		)

Income (loss) before Income Taxes	(324,378		)	(275,072		)	10,333			273,177			(315,940		)

(Provision) Credit for Income Taxes	17,343			(4,201		)	(4,237		)	—			8,905

NET (LOSS) INCOME	$	(307,035	)	$	(279,273	)	$	6,096		$	273,177		$	(307,035	)

Other Comprehensive Income:

Other Comprehensive Income of Subsidiaries	627			—			—			(627		)	—
Tax adjustment on minimum pension liability	(841		)	—			—			—			(841		)
Foreign currency translation	—			419			—			—			419
Change in fair value of investments	—			208			—			—			208
Change in fair value of interest rate swap	(1,196		)	—			—			—			(1,196		)
Realized loss on sale of investments recorded in net income (loss)	2,005			—			—			—			2,005
Total Other Comprehensive (Loss) Income	595			627			—			(627		)	595

Total Comprehensive Income	$	(306,440	)	$	(278,646	)	$	6,096		$	272,550		$	(306,440	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	54,037		$	72,678		$	8,266		$	(80,944	)	$	54,037
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	5,341			36,222			203			—			41,766
Equity in earnings of subsidiaries	(80,944		)	—			—			80,944			—
Stock-based compensation expense	6,597			—			—			—			6,597
Excess income tax benefit from stock-based compensation	(356		)	—			—			—			(356		)
Deferred income taxes	(549		)	46			—			—			(503		)
(Gain) loss on sale of property and equipment	(220		)	—			—			—			(220		)
Other non-cash items	1,468			(1,024		)	—			—			444
Other long-term liabilities	18,723			(846		)	—			—			17,877
Changes in other components of working capital	34,877			(123,003		)	(42,574		)	—			(130,700		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	38,974		$	(15,927	)	$	(34,105	)	$	—		$	(11,058	)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(19,189		)	(20,621		)	—			—			(39,810		)
Proceeds from sale of property and equipment	222			2,329			—			—			2,551
Change in restricted cash	6,780			186			(15,715		)	—			(8,749		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(12,187	)	$	(18,106	)	$	(15,715	)	$	—		$	(46,008	)

Cash Flows from Financing Activities:
Proceeds from debt	541,544			29,741			—			—			571,285
Repayment of debt	(513,912		)	(22,315		)	—			—			(536,227		)
Business acquisition related payments	(17,716		)	—			—			—			(17,716		)
Excess income tax benefit from stock-based compensation	356			—			—			—			356
Issuance of common stock and effect of cashless exercise	(786		)	—			—			—			(786		)
Increase (decrease) in intercompany advances	(20,104		)	(19,966		)	40,070			—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(10,618	)	$	(12,540	)	$	40,070		$	—		$	16,912

Net Increase (Decrease) in Cash and Cash Equivalents	16,169			(46,573		)	(9,750		)	—			(40,154		)
Cash and Cash Equivalents at Beginning of Year	64,663			74,385			29,008			—			168,056
Cash and Cash Equivalents at End of Period	$	80,832		$	27,812		$	19,258		$	—		$	127,902

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(307,035	)	$	(279,273	)	$	6,096		$	273,177		$	(307,035	)
Adjustments to reconcile net income to net cash from operating activities:
Goodwill and intangible assets impairment	—			376,574			—			—			376,574
Depreciation and amortization	3,815			42,657			204			—			46,676
Equity in earnings of subsidiaries	273,177			—			—			(273,177		)	—
Stock-based compensation expense	7,424			—			—			—			7,424
Deferred income taxes	(37,810		)	(4,198		)	—			—			(42,008		)
Adjustment of interest rate swap to fair value	264			—			—			—			264
Loss on sale of investments	2,699			—			—			—			2,699
(Gain) Loss on sale of property and equipment	—			509			—			—			509
Other non-cash items	(524		)	78			—			—			(446		)
Other long-term liabilities	(5,826		)	(2,573		)	—			—			(8,399		)
Changes in other components of working capital	62,007			(180,925		)	14,783			—			(104,135		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(1,809	)	$	(47,151	)	$	21,083		$	—		$	(27,877	)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(12,332		)	(21,405		)	—			—			(33,737		)
Proceeds from sale of property and equipment	500			11,250			—			—			11,750
Investments in available-for-sale securities	—			(535		)	—			—			(535		)
Proceeds from sale of available-for-sale securities	16,553			—			—			—			16,553
Change in restricted cash	(3,241		)	(22		)	—			—			(3,263		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	1,480		$	(10,712	)	$	—		$	—		$	(9,232	)

Cash Flows from Financing Activities:
Proceeds from debt	531,618			(20,039		)	—			—			511,579
Repayment of debt	(486,426		)	883			—			—			(485,543		)
Business acquisition related payments	(10,090		)	—			—			—			(10,090		)
Issuance of common stock and effect of cashless exercise	(307		)	—			—			—			(307		)
Debt issuance costs	(1,993		)	—			—			—			(1,993		)
Increase (decrease) in intercompany advances	(73,471		)	74,831			(1,360		)	—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(40,669	)	$	55,675		$	(1,360	)	$	—		$	13,646

Net Increase (Decrease) in Cash and Cash Equivalents	(40,998		)	(2,188		)	19,723			—			(23,463		)
Cash and Cash Equivalents at Beginning of Year	134,936			52,492			16,812			—			204,240
Cash and Cash Equivalents at End of Period	$	93,938		$	50,304		$	36,535		$	—		$	180,777