Exhibit 99.17
 | 4411 South 40th St., Ste. D11 Phoenix, Arizona 85040 |
| FOR IMMEDIATE RELEASE | Telephone: (602) 437-5400 Fax: (602) 437-1681 | |
| Investor Contact: | Company Contact: | |
| Neil Berkman Associates (310) 277-5162 info@BerkmanAssociates.com | Bradley E. Larson Chief Executive Officer www.MeadowValley.com |
Meadow Valley Reports First Quarter Results
PHOENIX, ARIZONA, May 15, 2003 . . .MEADOW VALLEY CORPORATION (NASDAQ:MVCO)announced today that net income for the first quarter of 2003 was $0.02 million, or $0.01 per diluted share, on revenue of $32.2 million. This compares to net income for the first quarter of 2002 of $0.02 million, or $0.01 per share, on revenue of $35.0 million.
Revenue from Meadow Valley’s construction materials business increased 17% to $9.8 million for this year’s first quarter compared to $8.4 million for the first quarter of 2002, and gross margin was 8.7% compared to 9.7% for the same period last year. Revenue from the Company’s construction services business decreased to $22.4 million for the first quarter of 2003 compared to $26.6 million a year earlier, and gross margin was 3.8% compared to 3.1% for the same period last year. Overall gross margin for this year’s first quarter was 5.3% compared to 4.7% for the same period last year.
Backlog
The backlog of heavy construction projects at March 31, 2003 was $73.4 million. This compares to backlog at March 31, 2002 of $63.5 million and to backlog at December 31, 2002 of $68.7 million.
About Meadow Valley
Meadow Valley Corporation, based in Phoenix, Arizona, is engaged in the construction industry as both a contractor and a supplier of construction materials. The Company’s contracting services specialize in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways while the Company’s materials operations provide concrete, gravel products and asphalt to itself and to other contractors. The Company’s current operations are concentrated in the Las Vegas, Phoenix, and Salt Lake City metropolitan areas.
Forward-Looking Statements
Certain statements in this release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: changes in demand for the Company’s products and services, product mix, the timing of new orders and contract awards, the impact of competitive products and pricing, excess or shortage of production capacity, and other risks discussed from time to time in the Company’s Securities and Exchange Commission filings and reports, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
(tables attached)
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2003 | 2002 | ||||||||
| Revenue | $ | 32,194,111 | $ | 35,005,133 | |||||
| Cost of revenue | 30,487,943 | 33,362,759 | |||||||
| Gross profit | 1,706,168 | 1,642,374 | |||||||
| General and administrative expenses | 1,579,666 | 1,528,277 | |||||||
| Income from operations | 126,502 | 114,097 | |||||||
| Other income (expense): | |||||||||
| Interest income | 17,751 | 25,652 | |||||||
| Interest expense | (107,852 | ) | (101,338 | ) | |||||
| Other expense | (4,955 | ) | (5,920 | ) | |||||
| (95,056 | ) | (81,606 | ) | ||||||
| Income before income taxes | 31,446 | 32,491 | |||||||
| Income tax expense | (11,792 | ) | (12,184 | ) | |||||
| Net income | $ | 19,654 | $ | 20,307 | |||||
| Basic net income per common share | $ | 0.01 | $ | 0.01 | |||||
| Diluted net income per common share | $ | 0.01 | $ | 0.01 | |||||
| Basic weighted average common shares outstanding | 3,568,659 | 3,559,938 | |||||||
| Diluted weighted average common shares outstanding | 3,568,659 | 3,559,938 | |||||||
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |||||||||||
| 2003 | 2002 | |||||||||||
| (Unaudited) | ||||||||||||
Assets: | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ | 4,194,696 | $ | 3,289,535 | ||||||||
| Restricted cash | 1,008,070 | 1,681,361 | ||||||||||
| Accounts receivable, net | 21,671,947 | 21,203,373 | ||||||||||
| Claims receivable | — | 387,878 | ||||||||||
| Prepaid expenses and other | 1,183,430 | 1,573,614 | ||||||||||
| Inventory, net | 2,204,020 | 2,103,100 | ||||||||||
| Land held for sale | 711,531 | 711,531 | ||||||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 1,390,678 | 1,543,061 | ||||||||||
| Total Current Assets | 32,364,372 | 32,493,453 | ||||||||||
| Property and equipment, net | 13,996,095 | 14,555,646 | ||||||||||
| Refundable deposits | 67,854 | 50,604 | ||||||||||
| Mineral rights and pit development, net | 430,796 | 445,063 | ||||||||||
| Claims receivable, less current portion | 7,496,118 | 7,961,107 | ||||||||||
| Other assets | — | 32,223 | ||||||||||
| Total Assets | $ | 54,355,235 | $ | 55,538,096 | ||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||
| Current Liabilities: | ||||||||||||
| Accounts payable | $ | 18,078,765 | $ | 19,912,516 | ||||||||
| Accrued liabilities | 4,162,260 | 3,697,111 | ||||||||||
| Notes payable | 3,391,826 | 3,424,209 | ||||||||||
| Obligations under capital leases | 880,725 | 921,306 | ||||||||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 4,940,206 | 3,733,152 | ||||||||||
| Total Current Liabilities | 31,453,782 | 31,668,294 | ||||||||||
| Deferred tax liability | 1,276,837 | 1,265,045 | ||||||||||
| Notes payable, less current portion | 8,493,156 | 9,256,598 | ||||||||||
| Obligations under capital leases, less current portion | 1,659,359 | 1,875,712 | ||||||||||
| Total Liabilities | 42,883,134 | 44,085,649 | ||||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders’ Equity: | ||||||||||||
| Preferred stock-$.001 par value; 1,000,000 shares authorized, none issued and outstanding | — | — | ||||||||||
| Common stock-$.001 par value; 15,000,000 shares authorized, 3,601,250 and 3,559,938 issued and outstanding | 3,601 | 3,601 | ||||||||||
| Additional paid-in capital | 10,943,569 | 10,943,569 | ||||||||||
| Capital adjustments | (799,147 | ) | (799,147 | ) | ||||||||
| Retained earnings | 1,324,078 | 1,304,424 | ||||||||||
| Total Stockholders’ Equity | 11,472,101 | 11,452,447 | ||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 54,355,235 | $ | 55,538,096 | ||||||||