EXHIBIT 20.3
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Data)
March 31, | December 31, | |||||||
2004 | 2003 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 102,006 | $ | 69,919 | ||||
Short-term marketable securities | 80,299 | 90,869 | ||||||
Accounts receivable, net | 276,486 | 288,210 | ||||||
Costs and estimated earnings in excess of billings | 41,392 | 31,189 | ||||||
Inventories | 30,400 | 29,878 | ||||||
Deferred income taxes | 22,173 | 22,421 | ||||||
Equity in construction joint ventures | 21,005 | 42,250 | ||||||
Other current assets | 53,553 | 43,915 | ||||||
Total current assets | 627,314 | 618,651 | ||||||
Property and equipment, net | 349,883 | 344,734 | ||||||
Long-term marketable securities | 37,611 | 41,197 | ||||||
Investments in affiliates | 18,273 | 18,295 | ||||||
Other assets | 46,058 | 37,533 | ||||||
$ | 1,079,139 | $ | 1,060,410 | |||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 8,788 | $ | 8,182 | ||||
Accounts payable | 135,134 | 135,468 | ||||||
Billings in excess of costs and estimated earnings | 116,965 | 99,337 | ||||||
Accrued expenses and other current liabilities | 100,401 | 105,717 | ||||||
Total current liabilities | 361,288 | 348,704 | ||||||
Long-term debt | 126,154 | 126,708 | ||||||
Other long-term liabilities | 26,851 | 24,938 | ||||||
Deferred income taxes | 45,775 | 44,297 | ||||||
Commitments and contingencies | ||||||||
Minority interest in consolidated subsidiaries | 28,228 | 10,872 | ||||||
Stockholders’ equity | ||||||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | — | — | ||||||
Common stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 41,601,622 shares in 2004 and 41,528,317 in 2003 | 416 | 415 | ||||||
Additional paid-in capital | 75,732 | 73,651 | ||||||
Retained earnings | 429,003 | 442,272 | ||||||
Accumulated other comprehensive income | 512 | 76 | ||||||
505,663 | 516,414 | |||||||
Unearned compensation | (14,820 | ) | (11,523 | ) | ||||
490,843 | 504,891 | |||||||
$ | 1,079,139 | $ | 1,060,410 | |||||