Exhibit 20.2 GRANITE CONSTRUCTION INCORPORATED COMPARATIVE FINANCIAL SUMMARY (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED MARCH 31, VARIANCE ---------------------------- ------------------------- OPERATIONS 2003 2002 AMOUNT PERCENT - ------------------------------------------------------ --------- --------- -------- ------- Revenue $ 302,160 $ 269,145 $ 33,015 12.3 Gross profit $ 33,017 $ 26,912 $ 6,105 22.7 Gross profit as a percent of revenue 10.9% 10.0% 0.9% -- General and administrative expenses $ 36,550 $ 30,455 $ 6,095 20.0 G&A expenses as a percent of revenue 12.1% 11.3% 0.8% -- --------- --------- -------- ------- Other income (expense) Interest income $ 1,486 $ 1,990 $ (504) (25.3) Interest expense $ (2,109) $ (1,645) $ (464) (28.2) Gain on sales of property and equipment $ 296 $ 216 $ 80 37.0 Other, net $ 18,342 $ 354 $ 17,988 5081.4 --------- --------- -------- ------- Total other income (expense) $ 18,015 $ 915 $ 17,100 1868.9 --------- --------- -------- ------- Income(loss) before income taxes $ 14,482 $ (2,628) $ 17,110 651.1 Minority interest $ 777 -- $ 777 -- Net income (loss) $ 10,018 $ (1,643) $ 11,661 709.7 --------- --------- -------- ------- Net income (loss) per share: Basic $ 0.25 $ (0.04) $ 0.29 725.0 Diluted $ 0.25 $ (0.04) $ 0.29 725.0 Weighted average shares of common stock: Basic 40,048 39,920 128 0.3 Diluted 40,510 39,920 590 1.5 VARIANCE MARCH 31, DEC. 31, ----------------------- FINANCIAL POSITION 2003 2002 AMOUNT PERCENT - --------------------------------- ---------- ---------- -------- ------- Working capital $ 203,605 $ 220,396 $(16,791) (7.6) Current ratio 1.71 1.67 0.04 2.4 Long-term debt $ 129,289 $ 132,380 $ (3,091) (2.3) Total liabilities to equity ratio 1.06 1.16 (0.10) (8.6) Stockholders' equity $ 460,779 $ 454,869 $ 5,910 1.3 Total assets $ 947,533 $ 983,819 $(36,286) (3.7) Book value per common share $ 11.09 $ 11.03 $ 0.06 0.5 Backlog $1,870,828 $1,856,451 $ 14,377 0.8