Exhibit 20.3
GRANITE CONSTRUCTION INCORPORATED
REVENUE AND BACKLOG ANALYSIS
(DOLLARS IN THOUSANDS)
BY MARKET SECTOR
REVENUE BACKLOG
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THREE MONTHS ENDED
MARCH 31, VARIANCE MARCH 31, VARIANCE
-------------------- -------------------- ------------------------ ------------------
2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT
-------- -------- -------- ------- ---------- ---------- -------- -------
CONTRACTS
Federal $ 9,330 $ 11,284 $ (1,954) (17.3) $ 87,386 $ 40,761 $ 46,625 114.4
State 110,309 121,217 (10,908) (9.0) 798,061 668,151 129,910 19.4
Local 96,391 57,311 39,080 68.2 823,067 515,760 307,307 59.6
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Total public sector 216,030 189,812 26,218 13.8 1,708,514 1,224,672 483,842 39.5
Private sector 46,436 48,050 (1,614) (3.4) 162,314 114,543 47,771 41.7
AGGREGATE SALES 39,694 31,283 8,411 26.9 -- -- -- --
-------- -------- -------- ----- ---------- ---------- -------- ------
$302,160 $269,145 $ 33,015 12.3 $1,870,828 $1,339,215 $531,613 39.7
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BY GEOGRAPHIC AREA
REVENUE BACKLOG
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THREE MONTHS ENDED
MARCH 31, VARIANCE MARCH 31, VARIANCE
-------------------- -------------------- ------------------------ ------------------
2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT
-------- -------- -------- ------- ---------- ---------- -------- -------
CALIFORNIA $111,002 $103,059 $ 7,943 7.7 $ 264,106 $ 283,830 $ (19,724) (6.9)
WEST (EXCL. CA) 96,034 71,809 24,225 33.7 463,986 262,599 201,387 76.7
MIDWEST 9,845 16,603 (6,758) (40.7) 78,356 144,931 (66,575) (45.9)
NORTHEAST 28,187 20,054 8,133 40.6 469,449 212,106 257,343 121.3
SOUTH 57,092 57,620 (528) (0.9) 594,931 435,749 159,182 36.5
-------- -------- -------- ----- ---------- ---------- --------- -----
$302,160 $269,145 $ 33,015 12.3 $1,870,828 $1,339,215 $ 531,613 39.7
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