Tutor Perini (TPC) 8-K Regulation FD Disclosure

Exhibit 99.2

Condensed Consolidating Balance Sheet

March 31, 2006

(In thousands)

	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiary			Joint Ventures		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	51,911		$	13,979	$	192		$	41,595	$	—		$	107,677
Accounts receivable		38,672			434,640		—			70,745		(10,931	)		533,126
Unbilled work		27,094			27,909		—			47,024		—			102,027
Construction joint ventures		44,528			1,807		—			—		(46,335	)		—
Deferred taxes		6,834			—		—			—		—			6,834
Other current assets		8,906			8,103		—			1,052		—			18,061
Total current assets		177,945			486,438		192			160,416		(57,266	)		767,725
Property and equipment, net		8,905			57,688		6,265			—		—			72,858
Intercompany advances		—			285,927		(259	)		—		(285,668	)		—
Investments in subsidiaries		273,030			9		—			—		(273,039	)		—
Goodwill		26,268			—		—			—		—			26,268
Other assets		7,844			2,219		119			—		—			10,182
	$	493,992		$	832,281	$	6,317		$	160,416	$	(615,973	)	$	877,033
Liabilities and Stockholders’ Equity:
Current maturities of long-term debt	$	6,834		$	8,281	$	231		$	—	$	—		$	15,346
Accounts payable		11,172			421,127		4			32,763		(10,728	)		454,338
Deferred contract revenue		3,391			59,123		—			29,587		—			92,101
Accrued expenses		(618	)		42,549		103			8,447		(203	)		50,278
Total current liabilities		20,779			531,080		338			70,797		(10,931	)		612,063
Long-term debt		23,032			7,691		6,309			—		—			37,032
Other long-term liabilities		31,738			5,008		—			—		—			36,746
Intercompany advances payable		227,251			15,133		—			43,284		(285,668	)		—
Stockholders’ equity		191,192			273,369		(330	)		46,335		(319,374	)		191,192
	$	493,992		$	832,281	$	6,317		$	160,416	$	(615,973	)	$	877,033

Condensed Consolidating Balance Sheet

December 31, 2005

(In thousands)

	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiary			Joint Ventures		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	75,828		$	23,714	$	205		$	40,101	$	—		$	139,848
Accounts receivable		43,096			425,833		—			71,996		(4,553	)		536,372
Unbilled work		26,542			24,936		—			45,601		—			97,079
Construction joint ventures		43,350			2,373		—			—		(45,723	)		—
Deferred taxes		12,888			—		—			—		—			12,888
Other current assets		9,841			8,800		—			1,062		—			19,703
Total current assets		211,545			485,656		205			158,760		(50,276	)		805,890
Property and equipment, net		8,620			57,852		6,341			—		—			72,813
Intercompany advances		—			273,114		(259	)		—		(272,855	)		—
Investments in subsidiaries		264,021			3		—			—		(264,024	)		—
Goodwill		26,706			—		—			—		—			26,706
Other assets		7,621			2,101		125			—		—			9,847
	$	518,513		$	818,726	$	6,412		$	158,760	$	(587,155	)	$	915,256
Liabilities and Stockholders’ Equity:
Current maturities of long-term debt	$	7,996		$	8,059	$	226		$	—	$	—		$	16,281
Accounts payable		10,486			423,534		19			37,012		(3,972	)		467,079
Deferred contract revenue		1,713			55,589		—			25,871		—			83,173
Accrued expenses		(1,012	)		38,711		99			48,805		(581	)		86,022
Total current liabilities		19,183			525,893		344			111,688		(4,553	)		652,555
Long-term debt		24,249			9,349		6,371			—		—			39,969
Other long-term liabilities		35,626			3,931		—			—		—			39,557
Intercompany advances payable		256,280			15,226		—			1,348		(272,854	)		—
Stockholders’ equity		183,175			264,327		(303	)		45,724		(309,748	)		183,175
	$	518,513		$	818,726	$	6,412		$	158,760	$	(587,155	)	$	915,256

Condensed Consolidating Balance Sheet

December 31, 2004

(In thousands)

	Parent		Subsidiary Guarantors			Non-Guarantor Subsidiary			Joint Ventures		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	89,236	$	(1,667	)	$	455		$	48,281	$	—		$	136,305
Accounts receivable		38,440		259,255			—			83,907		(8,693	)		372,909
Unbilled work		22,305		19,060			—			48,915		—			90,280
Construction joint ventures		72,386		3,217			—			—		(75,603	)		—
Deferred taxes		4,110		—			—			—		—			4,110
Other current assets		967		1,262			—			1,883		—			4,112
Total current assets		227,444		281,127			455			182,986		(84,296	)		607,716
Property and equipment, net		7,554		3,300			6,632			—		—			17,486
Intercompany advances		—		229,643			(348	)		—		(229,295	)		—
Investments in subsidiaries		173,903		4			—			—		(173,907	)		—
Goodwill		12,678		—			—			—		—			12,678
Other assets		13,711		2,523			151			—		—			16,385
	$	435,290	$	516,597		$	6,890		$	182,986	$	(487,498	)	$	654,265
Liabilities and Stockholders’ Equity:
Current maturities of long-term debt	$	553	$	—		$	206		$	—	$	—		$	759
Accounts payable		15,623		275,861			316			61,577		(8,693	)		344,684
Deferred contract revenue		1,823		26,665			—			28,623		—			57,111
Accrued expenses		756		19,695			96			6,586		—			27,133
Total current liabilities		18,755		322,221			618			96,786		(8,693	)		429,687
Long-term debt		2,011		—			6,597			—		—			8,608
Other long-term liabilities		41,936		—			—			—		—			41,936
Intercompany advances payable		198,554		20,144			—			10,597		(229,295	)		—
Stockholders’ equity		174,034		174,232			(325	)		75,603		(249,510	)		174,034
	$	435,290	$	516,597		$	6,890		$	182,986	$	(487,498	)	$	654,265

Condensed Consolidating Statement of Income

For the Three Months Ended March 31, 2006

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Joint Ventures			Eliminations			Consolidated
Revenues	$	9,716		$	547,634		$	—		$	68,702		$	(13,289	)	$	612,763
Costs and Expenses:
Cost of Operations		9,197			519,904			—			64,629			(13,289	)		580,441
General and Administrative expenses		4,164			13,895			(188	)		—						17,871
Total Costs and Expenses	$	13,361		$	533,799		$	(188	)	$	64,629		$	(13,289	)	$	598,312
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	$	(3,645	)	$	13,835		$	188		$	4,073		$	—		$	14,451
Other (Income) Expense, net		(162	)		(330	)		69			—			—			(423	)
Interest Expense		502			301			144			—			—			947
Income (Loss) before Taxes	$	(3,985	)	$	13,864		$	(25	)	$	4,073		$	—		$	13,927
(Provision) Credit for Income Taxes		895			(5,185	)		—			(1,547	)		—			(5,837	)
Equity in net income (loss) of subsidiaries		11,180			358			—			—			(11,538	)		—
NET INCOME (LOSS)	$	8,090		$	9,037		$	(25	)	$	2,526		$	(11,538	)	$	8,090

Condensed Consolidating Statement of Income

For the Three Months Ended March 31, 2005

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Joint Ventures			Eliminations			Consolidated
Revenues	$	3,307		$	300,704		$	—		$	67,542		$	—		$	371,553
Costs and Expenses:
Cost of Operations		2,417			283,079			—			63,385			—			348,881
General and Administrative expenses		5,154			8,381			(202	)		—						13,333
Total Costs and Expenses	$	7,571		$	291,460		$	(202	)	$	63,385		$	—		$	362,214
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	$	(4,264	)	$	9,244		$	202		$	4,157		$	—		$	9,339
Other (Income) Expense, net		(46	)		105			26			—			—			85
Interest Expense		36			185			153			—			—			374
Income (Loss) before Taxes	$	(4,254	)	$	8,954		$	23		$	4,157		$	—		$	8,880
(Provision) Credit for Income Taxes		2,072			(3,822	)		—			(1,580	)		—			(3,330	)
Equity in net income (loss) of subsidiaries		7,732			621			—			—			(8,353	)		—
NET INCOME (LOSS)	$	5,550		$	5,753		$	23		$	2,577		$	(8,353	)	$	5,550

Condensed Consolidating Statement of Income

For the Year Ended December 31, 2005

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Joint Ventures			Eliminations			Consolidated
Revenues	$	27,131		$	1,464,907		$	—		$	253,320		$	(11,881	)	$	1,733,477
Costs and Expenses:
Cost of Operations		24,139			1,374,123			—			277,392			(11,881	)		1,663,773
General and Administrative expenses		20,364			42,170			(783	)		—						61,751
Total Costs and Expenses	$	44,503		$	1,416,293		$	(783	)	$	277,392		$	(11,881	)	$	1,725,524
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	$	(17,372	)	$	48,614		$	783		$	(24,072	)	$	—		$	7,953
Other (Income) Expense, net		715			(1,846	)		160			—			—			(971	)
Interest Expense		609			793			601			—			—			2,003
Income (Loss) before Taxes	$	(18,696	)	$	49,667		$	22		$	(24,072	)	$	—		$	6,921
(Provision) Credit for Income Taxes		8,091			(20,212	)		—			9,249			—			(2,872	)
Equity in net income (loss) of subsidiaries		14,654			1,594			—			—			(16,248	)		—
NET INCOME (LOSS)	$	4,049		$	31,049		$	22		$	(14,823	)	$	(16,248	)	$	4,049

Condensed Consolidating Statement of Income

For the Year Ended December 31, 2004

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Joint Ventures			Eliminations			Consolidated
Revenues	$	29,620		$	1,496,118		$	—		$	316,577		$	—		$	1,842,315
Costs and Expenses:
Cost of Operations		24,403			1,421,274			—			303,256			—			1,748,933
General and Administrative expenses		16,708			27,127			(786	)		—			—			43,049
Total Costs and Expenses	$	41,111		$	1,448,401		$	(786	)	$	303,256		$	—		$	1,791,982
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	$	(11,491	)	$	47,717		$	786		$	13,321		$	—		$	50,333
Other (Income) Expense, net		3,815			282			606			—			—			4,703
Interest Expense		85			8			611			—			—			704
Income (Loss) before Taxes	$	(15,391	)	$	47,427		$	(431	)	$	13,321		$	—		$	44,926
(Provision) Credit for Income Taxes		14,880			(18,871	)		—			(4,928	)		—			(8,919	)
Equity in net income (loss) of subsidiaries		36,518			3,019			—			—			(39,537	)		—
NET INCOME (LOSS)	$	36,007		$	31,575		$	(431	)	$	8,393		$	(39,537	)	$	36,007

Condensed Consolidating Statement of Income

For the Year Ended December 31, 2003

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Joint Ventures			Eliminations			Consolidated
Revenues	$	64,466		$	1,006,105		$	—		$	303,532		$	—		$	1,374,103
Costs and Expenses:
Cost of Operations		64,629			950,608			—			288,614			—			1,303,851
General and Administrative expenses		15,793			24,800			(831	)		—			—			39,762
Total Costs and Expenses	$	80,422		$	975,408		$	(831	)	$	288,614		$	—		$	1,343,613
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	$	(15,956	)	$	30,697		$	831		$	14,918		$	—		$	30,490
Other (Income) Expense, net		582			(2,273	)		256			—			—			(1,435	)
Interest Expense		360			—			643			—			—			1,003
Income (Loss) before Taxes	$	(16,898	)	$	32,970		$	(68	)	$	14,918		$	—		$	30,922
(Provision) Credit for Income Taxes		32,464			(13,699	)		—			(5,669	)		—			13,096
Equity in net income (loss) of subsidiaries		28,452			1,490			—			—			(29,942	)		—
NET INCOME (LOSS)	$	44,018		$	20,761		$	(68	)	$	9,249		$	(29,942	)	$	44,018

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2006

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Proportional Share of Joint Ventures			Eliminations			Consolidated
NET CASH PROVIDED FROM (USED BY) OPERATING ACTIVITIES	$	9,251		$	5,361		$	44		$	(40,442	)	$	(611	)	$	(26,397	)
Cash Flows from Investing Activities:
Acquisition of property and equipment, net	$	(760	)	$	(781	)	$	—		$	—		$	—		$	(1,541	)
Capital contributions to joint ventures, net		(511	)		(100	)		—			—			611			—
Increase (decrease) in intercompany advances		(29,029	)		(12,907	)		—			41,936			—			—
Other items, net		(147	)		128			—			—			—			(19	)
NET CASH PROVIDED FROM (USED BY) INVESTING ACTIVITIES	$	(30,447	)	$	(13,660	)	$	—		$	41,936		$	611		$	(1,560	)
Cash Flows from Financing Activities:
Reduction in long-term debt, net	$	(2,379	)	$	(1,436	)	$	(57	)	$	—		$	—		$	(3,872	)
Other items, net		(342	)		—			—			—			—			(342	)
NET CASH USED BY FINANCING ACTIVITIES	$	(2,721	)	$	(1,436	)	$	(57	)	$	—		$	—		$	(4,214	)
Net Increase (Decrease) in Cash	$	(23,917	)	$	(9,735	)	$	(13	)	$	1,494		$	—		$	(32,171	)
Cash and Cash Equivalents at Beginning of Year		75,828			23,714			205			40,101			—			139,848
Cash and Cash Equivalents at End of Period	$	51,911		$	13,979		$	192		$	41,595		$	—		$	107,677

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2005

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Proportional Share of Joint Ventures			Eliminations			Consolidated
NET CASH PROVIDED FROM (USED BY) OPERATING ACTIVITIES	$	5,009		$	(18,786	)	$	(213	)	$	(9,204	)	$	(3,394	)	$	(26,588	)
Cash Flows from Investing Activities:
Acquisition of Cherry Hill Construction, Inc., net of cash balance acquired	$	(22,447	)	$	2,164		$	—		$	313		$	—		$	(19,970	)
Acquisition of property and equipment, net		(837	)		(604	)		(8	)		—			—			(1,449	)
Proceeds from sale of available-for-sale securities		—			3,819			—			—			—			3,819
Capital contributions to joint ventures, net		(2,884	)		(510	)		—			—			3,394			—
Increase (decrease) in intercompany advances		(15,181	)		13,399			201			1,581			—			—
Other items, net		—			(8	)		—			—			—			(8	)
NET CASH PROVIDED FROM (USED BY) INVESTING ACTIVITIES	$	(41,349	)	$	18,260		$	193		$	1,894		$	3,394		$	(17,608	)
Cash Flows from Financing Activities:
Proceeds from long-term debt, net	$	(135	)	$	(5,567	)	$	(49	)	$	—		$	—		$	(5,751	)
Other items, net		118			—			—			—			—			118
NET CASH USED BY FINANCING ACTIVITIES	$	(17	)	$	(5,567	)	$	(49	)	$	—		$	—		$	(5,633	)
Net Increase (Decrease) in Cash	$	(36,357	)	$	(6,093	)	$	(69	)	$	(7,310	)	$	—		$	(49,829	)
Cash and Cash Equivalents at Beginning of Year		89,236			(1,667	)		455			48,281			—			136,305
Cash and Cash Equivalents at End of Period	$	52,879		$	(7,760	)	$	386		$	40,971		$	—		$	86,476

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2005

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Proportional Share of Joint Ventures			Eliminations			Consolidated
NET CASH PROVIDED FROM (USED BY) OPERATING ACTIVITIES	$	(15,950	)	$	49,613		$	53		$	756			(4,133	)	$	30,339
Cash Flows from Investing Activities:
Acquisition of Cherry Hill Construction, Inc., net of cash balance acquired	$	(22,447	)	$	2,164		$	—		$	313		$	—		$	(19,970	)
Acquisition of Rudolph and Sletten, Inc., net of cash balance acquired		(55,460	)		1,863			—			—			—			(53,597	)
Acquisition of property and equipment, net		(2,954	)		(7,956	)		(8	)		—			—			(10,918	)
Proceeds from land held for sale, net		—			3,966			—			—			—			3,966
Proceeds from sale of available-for-sale securities		—			36,389			—			—			—			36,389
Capital contributions to joint ventures, net		(2,270	)		(1,863	)		—			—			4,133			—
Increase (decrease) in intercompany advances		62,613			(53,275	)		(89	)		(9,249	)		—			—
Other items, net		(175	)		854			—			—			—			679
NET CASH PROVIDED FROM (USED BY) INVESTING ACTIVITIES	$	(20,693	)	$	(17,858	)	$	(97	)	$	(8,936	)	$	4,133		$	(43,451	)
Cash Flows from Financing Activities:
Purchase of preferred stock pursant to settlement of lawsuit	$	(7,109	)	$	—		$	—		$	—		$	—		$	(7,109	)
Proceeds from long-term debt, net		29,681			(6,374	)		(206	)		—			—			23,101
Other items, net		663			—			—			—			—			663
NET CASH PROVIDED FROM (USED BY) FINANCING ACTIVITIES	$	23,235		$	(6,374	)	$	(206	)	$	—		$	—		$	16,655
Net Increase (Decrease) in Cash	$	(13,408	)	$	25,381		$	(250	)	$	(8,180	)	$	—		$	3,543
Cash and Cash Equivalents at Beginning of Year		89,236			(1,667	)		455			48,281			—			136,305
Cash and Cash Equivalents at End of Year	$	75,828		$	23,714		$	205		$	40,101		$	—		$	139,848

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2004

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Proportional Share of Joint Ventures		Eliminations			Consolidated
NET CASH PROVIDED FROM (USED BY) OPERATING ACTIVITIES	$	31,912		$	24,740		$	198		$	12,956	$	(10,040	)	$	59,766
Cash Flows from Investing Activities:
Acquisition of property and equipment, net	$	(1,190	)	$	(1,794	)	$	—		$	—	$	—		$	(2,984	)
Proceeds from land held for sale, net		—			1,161			—			—		—			1,161
Capital contributions to joint ventures, net		(9,440	)		(600	)		—			—		10,040			—
Increase (decrease) in intercompany advances		13,926			(18,828	)		(26	)		4,928		—			—
Other items, net		(105	)		—			—			—		—			(105	)
NET CASH PROVIDED FROM (USED BY) INVESTING ACTIVITIES	$	3,191		$	(20,061	)	$	(26	)	$	4,928	$	10,040		$	(1,928	)
Cash Flows from Financing Activities:
Proceeds from long-term debt, net	$	551		$	—		$	(196	)	$	—	$	—		$	355
Proceeds from exercise of common stock options and stock purchase warrants		11,624			—			—			—		—			11,624
Other items, net		(1,335	)		—			—			—		—			(1,335	)
NET CASH PROVIDED FROM (USED BY) FINANCING ACTIVITIES	$	10,840		$	—		$	(196	)	$	—	$	—		$	10,644
Net Increase (Decrease) in Cash	$	45,943		$	4,679		$	(24	)	$	17,884	$	—		$	68,482
Cash and Cash Equivalents at Beginning of Year		43,293			(6,346	)		479			30,397		—			67,823
Cash and Cash Equivalents at End of Year	$	89,236		$	(1,667	)	$	455		$	48,281	$	—		$	136,305

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2003

(In thousands)

	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiary			Proportional Share of Joint Ventures			Eliminations			Consolidated
NET CASH PROVIDED FROM (USED BY) OPERATING ACTIVITIES	$	11,874		$	33,334		$	335		$	(218	)	$	(2,749	)	$	42,576
Cash Flows from Investing Activities:
Acquisition of James A. Cummings, Inc., net of cash balance acquired	$	(20,565	)	$	11,952		$	—		$	—		$	—		$	(8,613	)
Acquisition of property and equipment, net		(3,318	)		(1,069	)		(219	)		—			—			(4,606	)
Proceeds from land held for sale , net		—			4,996			—			—			—			4,996
Capital contributions to joint ventures, net		(2,572	)		(177	)		—			—			2,749			—
Increase (decrease) in intercompany advances		43,534			(49,328	)		125			5,669			—			—
Other items, net		—			343			—			—			—			343
NET CASH PROVIDED FROM (USED BY) INVESTING ACTIVITIES	$	17,079		$	(33,283	)	$	(94	)	$	5,669		$	2,749		$	(7,880	)
Cash Flows from Financing Activities:
Purchase of preferred stock pursant to tender offer	$	(11,261	)	$	—		$	—		$	—		$	—		$	(11,261	)
Reduction of long-term debt, net		(3,364	)		—			(163	)		—			—			(3,527	)
Other items, net		884			—			—			—			—			884
NET CASH USED BY FINANCING ACTIVITIES	$	(13,741	)	$	—		$	(163	)	$	—		$	—		$	(13,904	)
Net Increase in Cash	$	15,212		$	51		$	78		$	5,451		$	—		$	20,792
Cash and Cash Equivalents at Beginning of Year		28,081			(6,397	)		401			24,946			—			47,031
Cash and Cash Equivalents at End of Year	$	43,293		$	(6,346	)	$	479		$	30,397		$	—		$	67,823