Exhibit 99.29
4411 South 40th St., Ste. D11
Phoenix, Arizona 85040
Telephone: (602) 437-5400
Fax: (602) 437-1681
| | | | | |
| FOR IMMEDIATE RELEASE | | Investor Contact:
Neil Berkman Associates
(310) 277-5162
info@BerkmanAssociates.com | | Company Contact:
Bradley E. Larson
Chief Executive Officer
www.MeadowValley.com |
Meadow Valley Second Quarter Net Income
Increased to $0.25 Per Share Versus $0.01 Per Share
Revenue Increased 22%
PHOENIX, ARIZONA, August 8, 2005 . . .MEADOW VALLEY CORPORATION (NASDAQ:MVCO) today announced financial results for the second quarter and first half of 2005, highlighted by higher revenue and net income compared to the same periods of 2004.
2005 Second Quarter Results
For the quarter ended June 30, 2005, revenue increased 22% to $53.4 million from $43.7 million for the second quarter of 2004. Net income for this year’s second quarter increased to $1.0 million, or $0.25 per diluted share. This compares to net income for the second quarter of 2004 of $0.04 million, or $0.01 per diluted share.
Construction services revenue increased 25% to $36.1 million for the second quarter of 2005 compared to $28.9 million for the second quarter of 2004. Construction materials revenue increased 17% to $17.3 million for the second quarter of 2005 from $14.8 million for the second quarter of 2004.
Results for both construction services and construction materials benefited from continued strong business conditions in the Company’s primary markets in Arizona and Nevada, as well as from the absence of significant weather-related disruptions during this year’s second quarter compared to the weather-impacted first quarter. The Company said that production at Meadow Valley’s construction materials facility in southwest Las Vegas is expected to begin in the third quarter of 2005, and announced that it has acquired a location for a materials production facility in the northwest Las Vegas area.
Backlog in the construction services segment was approximately $62.5 million at June 30, 2005, compared to backlog of approximately $67.5 million at June 30, 2004.
2005 First Half Results
For the first six months of 2005, revenue increased to $93.4 million from $82.9 million for the first half of 2004. Net income for the first six months of 2005 increased to $1.25 million, or $0.31 per diluted share. This compares to net income for the first six months of 2004 of $0.5 million, or $0.13 per diluted share, which included a pre-tax gain of $1.7 million for the settlement of claims in New Mexico.
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Meadow Valley Second Quarter Net Income Increased to $0.25 Per Share Versus $0.01 Per Share Revenue Increased 22%
August 8, 2005
Page Two
Construction services revenue increased to $62.1 million for the first half of 2005 from $54.4 million for the same period last year, and construction materials revenue increased to $31.3 million from $28.4 million for the first half of 2004.
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 construction services segment specializes in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways, primarily in Nevada and Arizona. The Company’s construction materials operations provide concrete and gravel products primarily to other contractors. The Company’s materials operations are concentrated in the Las Vegas and Phoenix 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, 2004. 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
| Revenue: | | | | | | | | | | | | | | | | |
| Construction Services | | $ | 36,112,492 | | | $ | 28,858,151 | | | $ | 62,059,325 | | | $ | 54,435,737 | |
| Construction Materials | | | 17,330,510 | | | | 14,849,968 | | | | 31,309,690 | | | | 28,441,115 | |
| | | | | | | | | | | | | |
| Total revenue | | | 53,443,002 | | | | 43,708,119 | | | | 93,369,015 | | | | 82,876,852 | |
| | | | | | | | | | | | | |
| Cost of revenue: | | | | | | | | | | | | | | | | |
| Construction Services | | | 34,543,158 | | | | 28,757,428 | | | | 59,625,931 | | | | 53,223,454 | |
| Construction Materials | | | 15,261,292 | | | | 13,348,169 | | | | 28,158,422 | | | | 25,586,901 | |
| | | | | | | | | | | | | |
| Total cost of revenue | | | 49,804,450 | | | | 42,105,597 | | | | 87,784,353 | | | | 78,810,355 | |
| | | | | | | | | | | | | |
| Gross profit | | | 3,638,552 | | | | 1,602,522 | | | | 5,584,662 | | | | 4,066,497 | |
| General and administrative expenses | | | 2,156,410 | | | | 1,419,537 | | | | 3,812,024 | | | | 3,092,056 | |
| | | | | | | | | | | | | |
| Income from operations | | | 1,482,142 | | | | 182,985 | | | | 1,772,638 | | | | 974,441 | |
| | | | | | | | | | | | | |
| Other income (expense): | | | | | | | | | | | | | | | | |
| Interest income | | | 59,199 | | | | 34,032 | | | | 236,962 | | | | 45,979 | |
| Interest expense | | | (91,832 | ) | | | (111,028 | ) | | | (183,628 | ) | | | (195,314 | ) |
| Other income (expense) | | | 109,373 | | | | (46,108 | ) | | | 127,433 | | | | (66,564 | ) |
| | | | | | | | | | | | | |
| | | | 76,740 | | | | (123,104 | ) | | | 180,767 | | | | (215,899 | ) |
| | | | | | | | | | | | | |
| Income before income taxes | | | 1,558,882 | | | | 59,881 | | | | 1,953,405 | | | | 758,542 | |
| Income tax expense | | | (561,198 | ) | | | (21,444 | ) | | | (703,226 | ) | | | (283,442 | ) |
| | | | | | | | | | | | | |
| Net income | | $ | 997,684 | | | $ | 38,437 | | | $ | 1,250,179 | | | $ | 475,100 | |
| | | | | | | | | | | | | |
| Net income per common share | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.27 | | | $ | 0.01 | | | $ | 0.34 | | | $ | 0.13 | |
| | | | | | | | | | | | | |
| Diluted | | $ | 0.25 | | | $ | 0.01 | | | $ | 0.31 | | | $ | 0.13 | |
| | | | | | | | | | | | | |
| Weighted average common shares outstanding | | | | | | | | | | | | | | | | |
| Basic | | | 3,653,501 | | | | 3,601,250 | | | | 3,629,028 | | | | 3,601,250 | |
| | | | | | | | | | | | | |
| Diluted | | | 4,040,282 | | | | 3,742,934 | | | | 4,000,210 | | | | 3,739,844 | |
| | | | | | | | | | | | | |
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | |
| | | June 30, | | | December 31, | |
| | | 2005 | | | 2004 | |
| | | (Unaudited) | | | | | |
Assets | | | | | | | | |
| Current Assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 5,297,657 | | | $ | 10,164,218 | |
| Restricted cash | | | 1,560,751 | | | | 1,268,449 | |
| Accounts receivable, net | | | 26,935,297 | | | | 22,163,719 | |
| Prepaid expenses and other | | | 2,236,771 | | | | 2,818,395 | |
| Inventory, net | | | 961,147 | | | | 871,112 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | | | 1,793,978 | | | | 449,358 | |
| Deferred tax asset | | | 894,201 | | | | 1,597,627 | |
| | | | | | | |
| Total Current Assets | | | 39,679,802 | | | | 39,332,878 | |
| Property and equipment, net | | | 21,614,623 | | | | 21,541,946 | |
| Refundable deposits | | | 56,228 | | | | 21,780 | |
| Mineral rights and pit development, net | | | 263,122 | | | | 252,044 | |
| Claims receivable | | | 3,521,080 | | | | 3,521,080 | |
| Other receivables | | | 115,000 | | | | 115,000 | |
| | | | | | | |
| Total Assets | | $ | 65,249,855 | | | $ | 64,784,728 | |
| | | | | | | |
| | | | | | | | | |
Liabilities and Stockholders’ Equity: | | | | | | | | |
| Current Liabilities: | | | | | | | | |
| Accounts payable | | $ | 18,526,441 | | | $ | 19,711,571 | |
| Accrued liabilities | | | 4,699,148 | | | | 4,907,554 | |
| Notes payable | | | 4,911,702 | | | | 5,212,187 | |
| Obligations under capital leases | | | 530,259 | | | | 531,746 | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | | | 9,993,535 | | | | 7,219,762 | |
| | | | | | | |
| Total Current Liabilities | | | 38,661,085 | | | | 37,582,820 | |
| Notes payable, less current portion | | | 9,063,221 | | | | 10,804,017 | |
| Obligations under capital leases, less current portion | | | 712,598 | | | | 981,799 | |
| Deferred tax liability | | | 3,243,268 | | | | 3,243,268 | |
| | | | | | | |
| Total Liabilities | | | 51,680,172 | | | | 52,611,904 | |
| | | | | | | |
| 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, 3,665,697 and 3,601,250 issued and outstanding | | | 3,666 | | | | 3,601 | |
| Additional paid-in capital | | | 11,090,184 | | | | 10,943,569 | |
| Capital adjustments | | | (799,147 | ) | | | (799,147 | ) |
| Retained earnings | | | 3,274,980 | | | | 2,024,801 | |
| | | | | | | |
| Total Stockholders’ Equity | | | 13,569,683 | | | | 12,172,824 | |
| | | | | | | |
| Total Liabilities and Stockholders’ Equity | | $ | 65,249,855 | | | $ | 64,784,728 | |
| | | | | | | |
