Exhibit 20.3
GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(Unaudited — In Thousands, Except Per Share Data)
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | Variance | June 30, | Variance | |||||||||||||||||||||||||||||
Operations | 2004 | 2003 | Amount | Percent | 2004 | 2003 | Amount | Percent | ||||||||||||||||||||||||
Revenue | $ | 558,754 | $ | 469,405 | $ | 89,349 | 19.0 | $ | 895,772 | $ | 771,565 | $ | 124,207 | 16.1 | ||||||||||||||||||
Gross profit | $ | 59,744 | $ | 53,183 | $ | 6,561 | 12.3 | $ | 70,428 | $ | 86,200 | $ | (15,772 | ) | (18.3 | ) | ||||||||||||||||
Gross profit as a percent of revenue | 10.7 | % | 11.3 | % | (0.6 | %) | — | 7.9 | % | 11.2 | % | (3.3 | %) | — | ||||||||||||||||||
General and administrative expenses | $ | 35,914 | $ | 36,395 | $ | 481 | 1.3 | $ | 72,458 | $ | 72,945 | $ | 487 | 0.7 | ||||||||||||||||||
G&A expenses as a percent of revenue | 6.4 | % | 7.8 | % | 1.4 | % | — | 8.1 | % | 9.5 | % | 1.4 | % | — | ||||||||||||||||||
Gain on sales of property and equipment | $ | 1,109 | $ | 232 | $ | 877 | * | *** | $ | 14,439 | $ | 528 | $ | 13,911 | * | *** | ||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income | $ | 1,317 | $ | 2,002 | $ | (685 | ) | (34.2 | ) | $ | 2,715 | $ | 3,488 | $ | (773 | ) | (22.2 | ) | ||||||||||||||
Interest expense | $ | (1,859 | ) | $ | (2,529 | ) | $ | 670 | 26.5 | $ | (3,599 | ) | $ | (4,638 | ) | $ | 1,039 | 22.4 | ||||||||||||||
Equity in income of affiliates | $ | 2,766 | $ | 110 | $ | 2,656 | * | *** | $ | 2,873 | $ | 18,125 | $ | (15,252 | ) | (84.1 | ) | |||||||||||||||
Other, net | $ | (7 | ) | $ | 1,951 | $ | (1,958 | ) | * | *** | $ | 95 | $ | 2,278 | $ | (2,183 | ) | (95.8 | ) | |||||||||||||
Total other income | $ | 2,217 | $ | 1,534 | $ | 683 | (44.5 | ) | $ | 2,084 | $ | 19,253 | $ | (17,169 | ) | (89.2 | ) | |||||||||||||||
Income before provision for income taxes and minority interest | $ | 27,156 | $ | 18,554 | $ | 8,602 | 46.4 | $ | 14,493 | $ | 33,036 | $ | (18,543 | ) | (56.1 | ) | ||||||||||||||||
Minority interest | $ | (4,111 | ) | $ | (1,042 | ) | $ | (3,069 | ) | * | *** | $ | (4,941 | ) | $ | (265 | ) | $ | (4,676 | ) | * | *** | ||||||||||
Net income | $ | 13,806 | $ | 10,794 | $ | 3,012 | 27.9 | $ | 4,697 | $ | 20,812 | $ | (16,115 | ) | (77.4 | ) | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.27 | $ | 0.07 | 25.9 | $ | 0.12 | $ | 0.52 | $ | (0.40 | ) | (76.9 | ) | ||||||||||||||||
Diluted | $ | 0.34 | $ | 0.26 | $ | 0.08 | 30.8 | $ | 0.11 | $ | 0.51 | $ | (0.40 | ) | (78.4 | ) | ||||||||||||||||
Weighted average shares of common stock: | ||||||||||||||||||||||||||||||||
Basic | 40,417 | 40,212 | 205 | 0.5 | 40,341 | 40,130 | 211 | 0.5 | ||||||||||||||||||||||||
Diluted | 41,018 | 40,802 | 216 | 0.5 | 40,919 | 40,657 | 262 | 0.6 |
June 30, | Dec. 31, | Variance | June 30, | Variance | ||||||||||||||||||||||||||||
Financial Position | 2004 | 2003 | Amount | Percent | 2004 | 2003 | Amount | Percent | ||||||||||||||||||||||||
Working capital | $ | 283,164 | $ | 269,947 | $ | 13,217 | 4.9 | $ | 283,164 | $ | 216,846 | $ | 66,318 | 30.6 | ||||||||||||||||||
Current ratio | 1.62 | 1.77 | (0.15 | ) | (8.5 | ) | 1.62 | 1.59 | 0.03 | 1.9 | ||||||||||||||||||||||
Long-term debt | $ | 131,592 | $ | 126,708 | $ | 4,884 | 3.9 | $ | 131,592 | $ | 131,177 | $ | 415 | 0.3 | ||||||||||||||||||
Total liabilities to equity ratio | 1.37 | 1.10 | 0.27 | 24.5 | 1.37 | 1.21 | 0.16 | 13.2 | ||||||||||||||||||||||||
Stockholders’ equity | $ | 501,733 | $ | 504,891 | $ | (3,158 | ) | (0.6 | ) | $ | 501,733 | $ | 469,655 | $ | 32,078 | 6.8 | ||||||||||||||||
Total assets | $ | 1,190,510 | $ | 1,060,410 | $ | 130,100 | 12.3 | $ | 1,190,510 | $ | 1,038,065 | $ | 152,445 | 14.7 | ||||||||||||||||||
Book value per common share | $ | 12.06 | $ | 12.16 | $ | (0.10 | ) | (0.8 | ) | $ | 12.06 | $ | 11.30 | $ | 0.76 | 6.7 | ||||||||||||||||
Backlog | $ | 2,038,169 | $ | 1,985,788 | $ | 52,381 | 2.6 | $ | 2,038,169 | $ | 1,931,394 | $ | 106,775 | 5.5 |
**** | Represents percentages greater than 100% |