Exhibit 20.2
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited — In Thousands, Except Share and Per Share Data)
June 30, | December 31, | |||||||
2004 | 2003 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 112,555 | $ | 69,919 | ||||
Short-term marketable securities | 62,535 | 90,869 | ||||||
Accounts receivable, net | 389,479 | 288,210 | ||||||
Costs and estimated earnings in excess of billings | 55,682 | 31,189 | ||||||
Inventories | 33,222 | 29,878 | ||||||
Deferred income taxes | 22,144 | 22,421 | ||||||
Equity in construction joint ventures | 19,901 | 42,250 | ||||||
Other current assets | 45,601 | 43,915 | ||||||
Total current assets | 741,119 | 618,651 | ||||||
Property and equipment, net | 356,377 | 344,734 | ||||||
Long-term marketable securities | 32,949 | 41,197 | ||||||
Investment in affiliates | 12,974 | 18,295 | ||||||
Other assets | 47,091 | 37,533 | ||||||
$ | 1,190,510 | $ | 1,060,410 | |||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 10,482 | $ | 8,182 | ||||
Accounts payable | 213,989 | 135,468 | ||||||
Billings in excess of costs and estimated earnings | 128,257 | 99,337 | ||||||
Accrued expenses and other current liabilities | 105,227 | 105,717 | ||||||
Total current liabilities | 457,955 | 348,704 | ||||||
Long-term debt | 131,592 | 126,708 | ||||||
Other long-term liabilities | 27,550 | 24,938 | ||||||
Deferred income taxes | 45,775 | 44,297 | ||||||
Minority interest in consolidated subsidiaries | 25,905 | 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 41,609,521 shares in 2004 and 41,528,317 shares in 2003 | 416 | 415 | ||||||
Additional paid-in capital | 75,812 | 73,651 | ||||||
Retained earnings | 438,648 | 442,272 | ||||||
Accumulated other comprehensive income | 604 | 76 | ||||||
515,480 | 516,414 | |||||||
Unearned compensation | (13,747 | ) | (11,523 | ) | ||||
501,733 | 504,891 | |||||||
$ | 1,190,510 | $ | 1,060,410 | |||||