Exhibit 99.25
![]() | 4411 South 40th St., Ste. D11 Phoenix, Arizona 85040 | |
Telephone: (602) 437-5400 | ||
FOR IMMEDIATE RELEASE | Fax: (602) 437-1681 | |
Investor Contact: | Company Contact: | |
Neil Berkman Associates | Bradley E. Larson | |
(310) 277-5162 | Chief Executive Officer | |
info@BerkmanAssociates.com | www.MeadowValley.com |
Meadow Valley Reports Fourth Quarter and 2004 Results
2004 Fourth Quarter Net Income Is $0.15 per Share Versus A Loss of $(0.09) Per Share
2004 Net Income Is $0.16 per Share Versus $0.03 Per Share
PHOENIX, ARIZONA, March 15, 2005 . . .MEADOW VALLEY CORPORATION (NASDAQ:MVCO) today announced higher consolidated revenue and net income for the fourth quarter and 2004 compared to the same periods of 2003.
2004 Fourth Quarter Results
2004 Annual Results
Construction Materials: Ready Mix, Inc.
(more)
Meadow Valley Reports Fourth Quarter and 2004 Results
March 15, 2005
Page Two
Construction Services
Backlog
About Meadow Valley
Forward-Looking Statements
(TABLES ATTACHED)
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Revenue: | ||||||||||||||||
Construction services | $ | 27,847,983 | $ | 26,066,189 | $ | 108,168,921 | $ | 110,119,548 | ||||||||
Construction materials | 14,003,027 | 11,030,115 | 58,662,743 | 43,987,317 | ||||||||||||
Total revenue | 41,851,010 | 37,096,304 | 166,831,664 | 154,106,865 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Construction services | 27,633,837 | 26,311,992 | 107,827,853 | 107,883,229 | ||||||||||||
Construction materials | 12,252,687 | 10,034,674 | 52,036,021 | 39,880,018 | ||||||||||||
Total cost of revenue | 39,886,524 | 36,346,666 | 159,863,874 | 147,763,247 | ||||||||||||
Gross profit | 1,964,486 | 749,638 | 6,967,790 | 6,343,618 | ||||||||||||
General and administrative expenses | 1,823,816 | 1,513,127 | 6,509,839 | 6,494,285 | ||||||||||||
Income (loss) from operations | 140,670 | (763,489 | ) | 457,951 | (150,667 | ) | ||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 37,826 | 11,660 | 85,864 | 58,622 | ||||||||||||
Interest expense | (88,529 | ) | (106,495 | ) | (348,229 | ) | (489,117 | ) | ||||||||
Other income | 723,652 | 310,524 | 694,857 | 743,543 | ||||||||||||
672,949 | 215,689 | 432,492 | 313,048 | |||||||||||||
Income (loss) before income taxes | 813,619 | (547,800 | ) | 890,443 | 162,381 | |||||||||||
Income tax (benefit) expense | (261,995 | ) | 224,675 | (290,804 | ) | (41,643 | ) | |||||||||
Net income (loss) | $ | 551,624 | $ | (323,125 | ) | $ | 599,639 | $ | 120,738 | |||||||
Net income (loss) per common share | ||||||||||||||||
Basic | $ | 0.16 | $ | (0.09 | ) | $ | 0.17 | $ | 0.03 | |||||||
Diluted | $ | 0.15 | $ | (0.09 | ) | $ | 0.16 | $ | 0.03 | |||||||
Weighted average common shares outstanding | ||||||||||||||||
Basic | 3,601,250 | 3,601,250 | 3,601,250 | 3,593,102 | ||||||||||||
Diluted | 3,887,900 | 3,625,878 | 3,780,597 | 3,599,259 | ||||||||||||
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, | ||||||||
2004 | 2003 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 10,164,218 | $ | 4,738,388 | ||||
Restricted cash | 1,268,449 | 1,844,891 | ||||||
Accounts receivable, net | 22,163,719 | 20,664,022 | ||||||
Claims receivable | — | 4,101,898 | ||||||
Prepaid expenses and other | 2,818,395 | 2,196,899 | ||||||
Inventory, net | 871,112 | 1,249,118 | ||||||
Land held for sale | — | 264,738 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 449,358 | 1,463,309 | ||||||
Deferred tax asset | 1,597,627 | 1,243,896 | ||||||
Total current assets | 39,332,878 | 37,767,159 | ||||||
Property and equipment, net | 21,541,946 | 13,127,675 | ||||||
Refundable deposits | 21,780 | 94,299 | ||||||
Mineral rights and pit development, net | 252,044 | 309,110 | ||||||
Claims receivable | 3,521,080 | 3,521,080 | ||||||
Other receivables | 115,000 | — | ||||||
Total assets | $ | 64,784,728 | $ | 54,819,323 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 19,711,571 | $ | 18,646,857 | ||||
Accrued liabilities | 4,907,554 | 4,563,816 | ||||||
Notes payable | 5,212,187 | 3,512,286 | ||||||
Obligations under capital leases | 531,746 | 878,280 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 7,219,762 | 4,955,454 | ||||||
Total current liabilities | 37,582,820 | 32,556,693 | ||||||
Deferred tax liability | 3,243,268 | 2,604,652 | ||||||
Notes payable, less current portion | 10,804,017 | 6,999,729 | ||||||
Obligations under capital leases, less current portion | 981,799 | 1,085,064 | ||||||
Total liabilities | 52,611,904 | 43,246,138 | ||||||
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 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 | 2,024,801 | 1,425,162 | ||||||
Total stockholders’ equity | 12,172,824 | 11,573,185 | ||||||
Total liabilities and stockholders’ equity | $ | 64,784,728 | $ | 54,819,323 | ||||