EXHIBIT 20.2
GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(Unaudited — in Thousands, Except Per Share Data)
Three Months Ended | ||||||||||||||||
March 31, | Variance | |||||||||||||||
Operations | 2004 | 2003 | Amount | Percent | ||||||||||||
Revenue | $ | 337,018 | $ | 302,160 | $ | 34,858 | 11.5 | |||||||||
Gross profit | $ | 10,684 | $ | 33,017 | $ | (22,333 | ) | (67.6 | ) | |||||||
Gross profit as a percent of revenue | 3.2 | % | 10.9 | % | (7.7 | %) | — | |||||||||
General and administrative expenses | $ | (36,544 | ) | $ | (36,550 | ) | $ | 6 | — | |||||||
G&A expenses as a percent of revenue | -10.8 | % | -12.1 | % | 1.3 | % | — | |||||||||
Gain on sales of property and equipment | $ | 13,330 | $ | 296 | $ | 13,034 | 4403.4 | |||||||||
Other income (expense) Interest income | $ | 1,398 | $ | 1,486 | $ | (88 | ) | (5.9 | ) | |||||||
Interest expense | $ | (1,740 | ) | $ | (2,109 | ) | $ | 369 | 17.5 | |||||||
Equity in income of affiliates | $ | 107 | $ | 18,015 | $ | (17,908 | ) | (99.4 | ) | |||||||
Other, net | $ | 102 | $ | 327 | $ | (225 | ) | (68.8 | ) | |||||||
Total other income (expense) | $ | (133 | ) | $ | 17,719 | $ | (17,852 | ) | (100.8 | ) | ||||||
Income(loss) before income taxes and minority interest | $ | (12,663 | ) | $ | 14,482 | $ | (27,145 | ) | (187.4 | ) | ||||||
Minority interest | $ | (830 | ) | $ | 777 | $ | (1,607 | ) | (206.8 | ) | ||||||
Net income (loss) | $ | (9,109 | ) | $ | 10,018 | $ | (19,127 | ) | (190.9 | ) | ||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | (0.23 | ) | $ | 0.25 | $ | (0.48 | ) | (192.0 | ) | ||||||
Diluted | $ | (0.23 | ) | $ | 0.25 | $ | (0.48 | ) | (192.0 | ) | ||||||
Weighted average shares of common stock: | ||||||||||||||||
Basic | 40,266 | 40,048 | 218 | 0.5 | ||||||||||||
Diluted | 40,266 | 40,510 | (244 | ) | (0.6 | ) |
March 31, | Dec. 31, | Variance | ||||||||||||||
Financial Position | 2004 | 2003 | Amount | Percent | ||||||||||||
Working capital | $ | 266,026 | $ | 269,947 | $ | (3,921 | ) | (1.5 | ) | |||||||
Current ratio | 1.74 | 1.77 | (0.03 | ) | (1.7 | ) | ||||||||||
Long-term debt | $ | 126,154 | $ | 126,708 | $ | (554 | ) | (0.4 | ) | |||||||
Total liabilities to equity ratio | 1.20 | 1.10 | 0.10 | 9.1 | ||||||||||||
Stockholders’ equity | $ | 490,843 | $ | 504,891 | $ | (14,048 | ) | (2.8 | ) | |||||||
Total assets | $ | 1,079,139 | $ | 1,060,410 | $ | 18,729 | 1.8 | |||||||||
Book value per common share | $ | 11.80 | $ | 12.16 | $ | (0.36 | ) | (3.0 | ) | |||||||
Backlog | $ | 2,046,367 | $ | 1,985,788 | $ | 60,579 | 3.1 |