EXHIBIT 20.2
GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
JUNE 30, VARIANCE
----------------------- --------------------
OPERATIONS 2003 2002 AMOUNT PERCENT
- ---------- ---- ---- ------ -------
Revenue $ 469,405 $ 459,010 $ 10,395 2.3
Gross profit $ 53,183 $ 63,859 $(10,676) (16.7)
Gross profit as a percent of revenue 11.3% 13.9% (2.6%) --
General and administrative expenses $ 36,395 $ 35,531 $ 864 2.4
G&A expenses as a percent of revenue 7.8% 7.7% 0.1% --
--------- --------- -------- ---
Other income (expense)
Interest income $ 2,002 $ 1,902 $ 100 5.3
Interest expense $ (2,529) $ (2,531) $ 2 0.1
Gain on sales of property and equipment $ 232 $ 415 $ (183) (44.1)
Other, net $ 2,061 $ (395) $ 2,456 621.8
--------- --------- -------- ---
Total other income (expense) $ 1,766 $ (609) $ 2,375 390.0
--------- --------- -------- ---
Income before provision for income taxes and $ 18,554 $ 27,719 $ (9,165) (33.1)
minority interest
Minority interest $ (1,042) $ (767) $ (275) (35.9)
Net income $ 10,794 $ 16,558 $ (5,764) (34.8)
========= ========= ======== =====
Net income per share:
Basic $ 0.27 $ 0.41 $ (0.14) (34.1)
Diluted $ 0.26 $ 0.41 $ (0.15) (36.6)
Weighted average shares of common stock:
Basic 40,212 40,006 206 0.5
Diluted 40,802 40,818 (16) --
--------- --------- -------- ---
SIX MONTHS ENDED
JUNE 30, VARIANCE
---------------------- ----------------------
OPERATIONS 2003 2002 AMOUNT PERCENT
- ---------- ---- ---- ------ -------
Revenue $ 771,565 $ 728,155 $ 43,410 6.0
Gross profit $ 86,200 $ 90,771 $ (4,571) (5.0)
Gross profit as a percent of revenue 11.2% 12.5% (1.3%) --
General and administrative expenses $ 72,945 $ 65,986 $ 6,959 10.5
G&A expenses as a percent of revenue 9.5% 9.1% 0.4% --
--------- --------- -------- ----
Other income (expense)
Interest income $ 3,488 $ 3,892 $ (404) (10.4)
Interest expense $ (4,638) $ (4,176) $ (462) (11.1)
Gain on sales of property and equipment $ 528 $ 631 $ (103) (16.3)
Other, net $ 20,403 $ (41) $ 20,444 49,863.4
--------- --------- -------- ----
Total other income (expense) $ 19,781 $ 306 $ 19,475 6,364.4
--------- --------- -------- ----
Income before provision for income taxes and $ 33,036 $ 25,091 $ 7,945 31.7
minority interest
Minority interest $ (265) $ (767) $ 502 65.5
Net income $ 20,812 $ 14,915 $ 5,897 39.5
========= ========= ======== ====
Net income per share:
Basic $ 0.52 $ 0.37 $ 0.15 40.5
Diluted $ 0.51 $ 0.37 $ 0.14 37.8
Weighted average shares of common stock:
Basic 40,130 39,964 166 0.4
Diluted 40,657 40,726 (69) (0.2)
--------- --------- -------- ----
JUNE 30, DEC. 31, VARIANCE
FINANCIAL POSITION 2003 2002 AMOUNT PERCENT
- ------------------ ---- ---- ------ -------
Working capital $ 216,846 $ 220,396 $ (3,550) (1.6)
Current ratio 1.59 1.67 (0.08) (4.8)
Long-term debt $ 131,177 $ 132,380 $ (1,203) (0.9)
Total liabilities to equity ratio 1.21 1.16 0.05 4.3
Stockholders' equity $ 469,655 $ 454,869 $ 14,786 3.3
Total assets $1,038,065 $ 983,819 $ 54,246 5.5
Book value per common share $ 11.31 $ 11.03 $ 0.28 2.5
Backlog $1,931,394 $1,856,451 $ 74,943 4.0
---------- ---------- -------- ----
JUNE 30, VARIANCE
FINANCIAL POSITION 2003 2002 AMOUNT PERCENT
- ------------------ ---- ---- ------ -------
Working capital $ 216,846 $ 231,206 $ (14,360) (6.2)
Current ratio 1.59 1.64 (0.05) (3.0)
Long-term debt $ 131,177 $ 134,516 $ (3,339) (2.5)
Total liabilities to equity ratio 1.21 1.31 (0.10) (7.6)
Stockholders' equity $ 469,655 $ 427,102 $ 42,553 10.0
Total assets $1,038,065 $ 987,462 $ 50,603 5.1
Book value per common share $ 11.31 $ 10.34 $ 0.97 9.4
Backlog $1,931,394 $1,587,967 $ 343,427 21.6
---------- ---------- --------- ----