Meadow Valley 8-K Meadow Valley Reports 25.0% Increase in Third Quarter Net Income

Exhibit 99.01

4602 East Thomas Road
Phoenix, Arizona 85018
Telephone: (602) 437-5400
Fax: (602) 437-1681

FOR IMMEDIATE RELEASE	Investor Contact:	Company Contact:
	Neil Berkman Associates	Bradley E. Larson
	(310) 826-5051	Chief Executive Officer
	info@BerkmanAssociates.com	www.meadowvalley.com

Meadow Valley Reports 25.0% Increase in Third Quarter Net Income

Construction Services Revenue Increased 15.6%

     PHOENIX, ARIZONA, November 8, 2007 . . .MEADOW VALLEY CORPORATION (NASDAQ:MVCO)announced today that net income for the third quarter of 2007 increased 25.0% to $0.21 per diluted share compared to the same period in the prior year. Construction services revenue increased 15.6% compared to the same period in the prior year.

     “Continued strength in our construction services business, especially in highway construction and other public works projects, more than offset housing-related weakness in the construction materials segment during the third quarter, contributing to the 25.0% increase in consolidated net income compared to last year,” said Chief Executive Officer Bradley Larson. “The schedule of public works projects coming up for bid in our primary Las Vegas and Phoenix markets remains strong. Given our bonding capacity, which currently totals $200 million with a single project limit of $75 million, and our historical win rate, we believe we can continue to minimize the impact of the housing downturn on Meadow Valley’s overall performance.”

Third Quarter Results

     For the three months ended September 30, 2007, consolidated revenue increased 6.2% to $54.9 million compared to $51.7 million for the three months ended September 30, 2006.

     Construction services revenue increased 15.6% to $35.9 million compared to $31.0 million last year, reflecting scheduled progress on the larger value of highway construction projects underway in this year’s third quarter versus last year. Contract backlog at September 30, 2007 was $88.8 million and in October 2007, Meadow Valley was awarded contracts valued at an additional $15.6 million. Backlog at September 30, 2006 was $100.7 million.

     Construction materials revenue for the third quarter of 2007 decreased 8.6% to $18.7 million compared to $20.5 million for the same period in the prior year. Cubic yards of concrete sold decreased 8.4% for the quarter, primarily due to the decline in residential construction. This was partially offset by a 1.6% increase in average unit sales price, reflecting a shift in the mix of ready-mix concrete products sold toward higher strength products mainly used in commercial projects.

     Consolidated gross margin was 8.0% for the third quarter of 2007 compared to 7.8% for the third quarter of 2006. Construction services gross margin was 9.1% for this year’s third quarter compared to 6.7% for the third quarter of 2006. Construction materials gross margin was 6.0% for this year’s third quarter compared to 9.4% for the third quarter of 2006, reflecting the decrease in volume and higher fixed costs associated with capacity expansion programs completed as of September 30, 2007.

     General and administrative expenses were $3.1 million for the third quarter of 2007 compared to $2.4 million for the third quarter 2006. This increase primarily reflected Sarbanes-Oxley compliance costs and costs associated with the Company’s acquisition of additional equity in the Company’s majority owned construction materials subsidiary, Ready Mix, Inc. (AMEX: RMX).

     Net income after minority interest for the third quarter of 2007 was $1.1 million, or $0.21 per diluted share, based on approximately 5.3 million diluted shares outstanding. This compares to net income after minority interest for the third quarter of 2006 of $0.9 million, or $0.20 per diluted share, based on approximately 4.5 million diluted shares outstanding.

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Meadow Valley Reports 25.0% Increase in Third Quarter Net Income
November 8, 2007
Page Two

Ready Mix, Inc. (AMEX:RMX), completed an initial public offering of its common stock in August 2005. At September 30, 2007, Meadow Valley owned 2,645,212 shares, or approximately 69%, of the outstanding common stock of RMI. Accordingly, RMI’s operating results are consolidated in Meadow Valley’s financial statements for financial reporting purposes.

Balance Sheet Items — Line of Credit Increased to $10 Million

     At September 30, 2007, Meadow Valley reported working capital of $21.9 million, including cash, cash equivalents and restricted cash of $27.0 million. At December 31, 2006, working capital was $27.3 million, including cash, cash equivalents and restricted cash of $30.0 million. Shareholders’ equity increased to $32.8 million at September 30, 2007 compared to $31.3 million at December 31, 2006.

     In October 2007, Meadow Valley consolidated its two lines of credit totaling $5,023,102 into one line of credit in the amount of $10 million, reduced its governing interest rate on its credit line from .75% plus prime rate to .25% plus prime rate and extended the term from December 31, 2007 to January 31, 2009.

Nine Months Results

     For the nine months ended September 30, 2007, consolidated revenue increased 7.1% to $156.2 million compared to $145.8 million for the nine months ended September 30, 2006. Construction services revenue increased 17.3% to $94.9 million for the nine months ended September 30, 2007, compared to $80.9 million for the nine months ended September 30, 2006, and construction materials revenue decreased 6.2% to $60.5 million compared to $64.5 million for the same periods, respectively.

     Net income after minority interest for the first nine months of 2007 was $2.5 million, or $0.47 per diluted share, based on approximately 5.3 million diluted shares outstanding. This compares to net income after minority interest for the first nine months of 2006 of $2.6 million, or $0.59 per diluted share, based on approximately 4.5 million diluted shares outstanding.

Conference Call

     Meadow Valley has scheduled a conference call today at 11:00 a.m. ET. A simultaneous webcast of the conference call may be accessed online at theInvestor Information link ofwww.meadowvalley.com. A replay will be available after 2:00 p.m. ET at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation # 21352664 after 1:00 p.m. ET.

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 southern Nevada and Arizona.

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, the timing of new orders and contract awards, the Company’s ability to successfully win contract bids, the impact of competitive products and pricing, excess or shortage of production capacity, bonding 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 onForm 10-K for the year ended December 31, 2006. 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, except as may be required by law..

(tables attached)

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Revenue:
Construction services	$	35,863,460		$	31,031,809		$	94,925,171		$	80,938,840
Construction materials		18,705,892			20,458,570			60,520,249			64,548,814
Construction materials testing		321,989			213,643			745,597			282,905
Total revenue		54,891,341			51,704,022			156,191,017			145,770,559
Cost of revenue:
Construction services		32,606,003			28,963,601			87,271,446			74,873,337
Construction materials		17,591,342			18,537,541			54,947,266			57,114,252
Construction materials testing		316,453			159,601			843,492			224,851
Total cost of revenue		50,513,798			47,660,743			143,062,204			132,212,440
Gross profit:
Construction services		3,257,457			2,068,208			7,653,725			6,065,503
Construction materials		1,114,550			1,921,029			5,572,983			7,434,562
Construction materials testing		5,536			54,042			(97,895	)		58,054
Total gross profit		4,377,543			4,043,279			13,128,813			13,558,119
General and administrative expenses		3,060,221			2,350,451			9,282,720			7,822,562
Income from operations		1,317,322			1,692,828			3,846,093			5,735,557
Other income (expense):
Interest income		395,861			267,409			1,164,024			625,875
Interest expense		(50,156	)		(93,267	)		(196,421	)		(247,000	)
Other income (expense)		131,651			(5,025	)		297,501			40,378
		477,356			169,117			1,265,104			419,253
Income before income taxes and minority interest in consolidated subsidiary		1,794,678			1,861,945			5,111,197			6,154,810
Income tax expense		(663,855	)		(658,263	)		(1,893,532	)		(2,249,401	)
Income before minority interest in consolidated subsidiary		1,130,823			1,203,682			3,217,665			3,905,409
Minority interest in consolidated subsidiary		23,851			318,416			724,327			1,282,458
Net income	$	1,106,972		$	885,266		$	2,493,338		$	2,622,951
Basic net income per common share	$	0.22		$	0.21		$	0.49		$	0.63
Diluted net income per common share	$	0.21		$	0.20		$	0.47		$	0.59
Basic weighted average common shares outstanding		5,130,980			4,165,760			5,126,690			4,160,646
Diluted weighted average common shares outstanding		5,310,448			4,470,241			5,306,868			4,475,994

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2007			2006
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	26,865,063		$	29,354,582
Restricted cash		167,327			605,243
Accounts receivable, net		31,934,328			25,990,763
Prepaid expenses and other		1,495,429			2,820,768
Inventory, net		1,409,790			1,366,534
Costs and estimated earnings in excess of billings on uncompleted contracts		573,113			1,254,860
Note receivable		109,726			106,499
Deferred tax asset		671,492			561,199
Total current assets		63,226,268			62,060,448
Property and equipment, net		36,358,039			35,553,000
Refundable deposits		200,484			1,492,967
Note receivable, less current portion		452,657			535,360
Claims receivable		2,463,880			2,463,880
Total assets	$	102,701,328		$	102,105,655
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable	$	16,854,212		$	13,298,114
Accrued liabilities		5,895,845			7,569,928
Notes payable		4,418,918			4,837,628
Obligations under capital leases		127,775			332,898
Income tax payable		838,302			399,536
Billings in excess of costs and estimated earnings on uncompleted contracts		13,206,124			8,366,754
Total current liabilities		41,341,176			34,804,858
Notes payable, less current portion		12,761,432			13,894,382
Obligations under capital leases, less current portion		—			102,100
Deferred tax liability		2,974,857			2,974,857
Total liabilities		57,077,465			51,776,197
Commitments and contingencies
Minority interest in consolidated subsidiary		12,873,051			18,988,244
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, 5,133,971 and 5,098,679 issued and outstanding		5,134			5,099
Additional paid-in capital		20,113,681			21,197,456
Capital adjustments		(799,147	)		(799,147	)
Retained earnings		13,431,144			10,937,806
Total stockholders’ equity		32,750,812			31,341,214
Total liabilities and stockholders’ equity	$	102,701,328		$	102,105,655