Granite Construction (GVA) 8-K/A Results of Operations and Financial Condition

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