Exhibit 20.2
GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(Unaudited — in Thousands, Except Per Share Data)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | Variance | September 30, | Variance | |||||||||||||||||||||||||||||||
Operations | 2003 | 2002 | Amount | Percent | 2003 | 2002 | Amount | Percent | ||||||||||||||||||||||||||
Revenue | $ | 580,200 | $ | 583,728 | $ | (3,528 | ) | (0.6 | ) | $ | 1,351,765 | $ | 1,311,883 | $ | 39,882 | 3.0 | ||||||||||||||||||
Gross profit | $ | 82,059 | $ | 77,221 | $ | 4,838 | 6.3 | $ | 168,259 | $ | 167,992 | $ | 267 | 0.2 | ||||||||||||||||||||
Gross profit as a percent of revenue | 14.1 | % | 13.2 | % | 0.9 | % | — | 12.4 | % | 12.8 | % | (0.4 | %) | — | ||||||||||||||||||||
General and administrative expenses | $ | 42,533 | $ | 40,182 | $ | 2,351 | 5.9 | $ | 115,478 | $ | 106,168 | $ | 9,310 | 8.8 | ||||||||||||||||||||
G&A expenses as a percent of revenue | 7.3 | % | 6.9 | % | 0.4 | % | — | 8.5 | % | 8.1 | % | 0.4 | % | — | ||||||||||||||||||||
Other income (expense) Interest income | $ | 1,145 | $ | 2,122 | $ | (977 | ) | (46.0 | ) | $ | 4,633 | $ | 6,014 | $ | (1,381 | ) | (23.0 | ) | ||||||||||||||||
Interest expense | $ | (1,939 | ) | $ | (2,527 | ) | $ | 588 | 23.3 | $ | (6,577 | ) | $ | (6,703 | ) | $ | 126 | 1.9 | ||||||||||||||||
Gain on sales of property and equipment | $ | 3,018 | $ | 939 | $ | 2,079 | 221.4 | $ | 3,546 | $ | 1,570 | $ | 1,976 | 125.9 | ||||||||||||||||||||
Other, net | $ | 49 | $ | 1,118 | $ | (1,069 | ) | (95.6 | ) | $ | 20,452 | $ | 1,077 | $ | 19,375 | 1799.0 | ||||||||||||||||||
Total other income | $ | 2,273 | $ | 1,652 | $ | 621 | 37.6 | $ | 22,054 | $ | 1,958 | $ | 20,096 | 1026.4 | ||||||||||||||||||||
Income before provision for income taxes and minority interest | $ | 41,799 | $ | 38,691 | $ | 3,108 | 8.0 | $ | 74,835 | $ | 63,782 | $ | 11,053 | 17.3 | ||||||||||||||||||||
Minority interest | $ | (834 | ) | $ | (1,927 | ) | $ | 1,093 | 56.7 | $ | (1,099 | ) | $ | (2,694 | ) | $ | 1,595 | 59.2 | ||||||||||||||||
Net income | $ | 25,834 | $ | 23,069 | $ | 2,765 | 12.0 | $ | 46,646 | $ | 37,984 | $ | 8,662 | 22.8 | ||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.57 | $ | 0.07 | 12.3 | $ | 1.16 | $ | 0.95 | $ | 0.21 | 22.1 | ||||||||||||||||||||
Diluted | $ | 0.63 | $ | 0.57 | $ | 0.06 | 10.5 | $ | 1.14 | $ | 0.94 | $ | 0.20 | 21.3 | ||||||||||||||||||||
Weighted average shares of common stock: | ||||||||||||||||||||||||||||||||||
Basic | 40,217 | 40,188 | 29 | 0.1 | 40,160 | 40,039 | 121 | 0.3 | ||||||||||||||||||||||||||
Diluted | 40,908 | 40,788 | 120 | 0.3 | 40,741 | 40,615 | 126 | 0.3 |
Variance | September 30, | Variance | ||||||||||||||||||||||||||||||
September 30, | Dec. 31, | |||||||||||||||||||||||||||||||
Financial Position | 2003 | 2002 | Amount | Percent | 2003 | 2002 | Amount | Percent | ||||||||||||||||||||||||
Working capital | $ | 238,158 | $ | 220,396 | $ | 17,762 | 8.1 | $ | 238,158 | $ | 223,443 | $ | 14,715 | 6.6 | ||||||||||||||||||
Current ratio | 1.59 | 1.67 | (0.08 | ) | (4.8 | ) | 1.59 | 1.54 | 0.05 | 3.2 | ||||||||||||||||||||||
Long-term debt | $ | 127,473 | $ | 132,380 | $ | (4,907 | ) | (3.7 | ) | $ | 127,473 | $ | 131,264 | $ | (3,791 | ) | (2.9 | ) | ||||||||||||||
Total liabilities to equity ratio | 1.22 | 1.16 | 0.06 | 5.2 | 1.22 | 1.37 | (0.15 | ) | (10.9 | ) | ||||||||||||||||||||||
Stockholders’ equity | $ | 493,024 | $ | 454,869 | $ | 38,155 | 8.4 | $ | 493,024 | $ | 446,587 | $ | 46,437 | 10.4 | ||||||||||||||||||
Total assets | $ | 1,094,794 | $ | 983,819 | $ | 110,975 | 11.3 | $ | 1,094,794 | $ | 1,056,977 | $ | 37,817 | 3.6 | ||||||||||||||||||
Book value per common share | $ | 11.87 | $ | 11.03 | $ | 0.84 | 7.6 | $ | 11.87 | $ | 10.79 | $ | 1.08 | 10.0 | ||||||||||||||||||
Backlog | $ | 1,900,115 | $ | 1,856,451 | $ | 43,664 | 2.4 | $ | 1,900,115 | $ | 1,743,502 | $ | 156,613 | 9.0 |