Exhibit 99.1
GRANITE CONSTRUCTION INCORPORATED | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited - In Thousands, Except Per Share Data) | |||||||
September 30, | December 31, | ||||||
2008 | 2007 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 281,046 | $ | 352,434 | |||
Short-term marketable securities | 101,112 | 77,758 | |||||
Accounts receivable, net | 480,315 | 397,097 | |||||
Costs and estimated earnings in excess of billings | 34,759 | 17,957 | |||||
Inventories, net | 61,342 | 55,557 | |||||
Real estate held for sale | 52,165 | 51,688 | |||||
Deferred income taxes | 46,233 | 43,713 | |||||
Equity in construction joint ventures | 45,219 | 34,340 | |||||
Other current assets | 65,182 | 96,969 | |||||
Total current assets | 1,167,373 | 1,127,513 | |||||
Property and equipment, net | 522,733 | 502,901 | |||||
Long-term marketable securities | 30,209 | 55,156 | |||||
Investment in affiliates | 27,518 | 26,475 | |||||
Other assets | 73,696 | 74,373 | |||||
Total assets | $ | 1,821,529 | $ | 1,786,418 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | |||||||
Current maturities of long-term debt | $ | 34,886 | $ | 28,696 | |||
Accounts payable | 234,126 | 213,135 | |||||
Billings in excess of costs and estimated earnings | 251,402 | 275,849 | |||||
Accrued expenses and other current liabilities | 227,611 | 212,265 | |||||
Total current liabilities | 748,025 | 729,945 | |||||
Long-term debt | 246,487 | 268,417 | |||||
Other long-term liabilities | 46,178 | 46,441 | |||||
Deferred income taxes | 18,733 | 17,945 | |||||
Minority interest in consolidated subsidiaries | 26,729 | 23,471 | |||||
Shareholders' equity: | |||||||
Preferred stock, $0.01 par value, authorized | - | - | |||||
3,000,000 shares; none outstanding | |||||||
Common stock, $0.01 par value, authorized 150,000,000 | 383 | 395 | |||||
shares in 2008 and 2007; | |||||||
issued and outstanding 38,264,058 shares in | |||||||
2008 and 39,450,923 shares in 2007 | |||||||
Additional paid-in capital | 83,041 | 79,007 | |||||
Retained earnings | 655,287 | 619,699 | |||||
Accumulated other comprehensive (loss) income | (3,334 | ) | 1,098 | ||||
Total shareholders' equity | 735,377 | 700,199 | |||||
Total liabilities and shareholders' equity | $ | 1,821,529 | $ | 1,786,418 | |||
September 30, | December 31, | ||||||
Financial Position | 2008 | 2007 | |||||
Working capital | $ | 419,348 | $ | 397,568 | |||
Current ratio | 1.56 | 1.54 | |||||
Debt to total capitalization | 0.28 | 0.30 | |||||
Total liabilities to equity ratio | 1.48 | 1.55 |