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GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, VARIANCE SEPTEMBER 30, VARIANCE
OPERATIONS 2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT
- ---------- ---- ---- ------ ------- ---- ---- ------ -------
Revenue $580,200 $583,728 $(3,528) (0.6) $1,351,765 $1,311,883 $39,882 3.0
Gross profit $ 82,059 $ 77,221 $ 4,838 6.3 $ 168,259 $ 167,992 $ 267 0.2
Gross profit as a percent of revenue 14.1% 13.2% 0.9% -- 12.4% 12.8% (0.4%) --
General and administrative expenses $ 42,533 $ 40,182 $ 2,351 5.9 $ 115,478 $ 106,168 $ 9,310 8.8
G&A expenses as a percent of revenue 7.3% 6.9% 0.4% -- 8.5% 8.1% 0.4% --
-------- -------- ------- ---- ---------- ---------- ------- ------
Other income (expense)
Interest income $ 1,145 $ 2,122 $ (977) (46.0) $ 4,633 $ 6,014 $(1,381) (23.0)
Interest expense $ (2,574) $ (2,527) $ (47) (1.9) $ (7,212) $ (6,703) $ (509) (7.6)
Gain on sales of property and equipment $ 3,018 $ 939 $ 2,079 221.4 $ 3,546 $ 1,570 $ 1,976 125.9
Other, net $ 49 $ 1,118 $(1,069) (95.6) $ 20,452 $ 1,077 $19,375 1799.0
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Total other income (expense) $ 1,638 $ 1,652 $ (14) (0.8) $ 21,419 $ 1,958 $19,461 993.9
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Income before provision for income taxes,
minority interest and the cumulative
effect of a change in
accounting principle $ 41,164 $ 38,691 $ 2,473 6.4 $ 74,200 $ 63,782 $10,418 16.3
Minority interest $ (1,573) $ (1,927) $ 354 18.4 $ (1,838) $ (2,694) $ 856 31.8
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Income before the cumulative effect of a
change in accounting principle $ 24,690 $ 23,069 $ 1,621 7.0 $ 45,502 $ 37,984 $ 7,518 19.8
Cumulative effect of a change in
accounting principle $ (5,148) -- $(5,148) -- $ (5,148) -- $(5,148) --
-------- -------- ------- ---- ---------- ---------- ------- ------
Net income $ 19,542 $ 23,069 $(3,527) (15.3) $ 40,354 $ 37,984 $ 2,370 6.2
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Income per share before cumulative effect of a
change in accounting principle:
Basic $ 0.61 $ 0.57 $ 0.04 7.0 $ 1.13 $ 0.95 $ 0.18 18.9
Diluted $ 0.60 $ 0.57 $ 0.03 5.3 $ 1.12 $ 0.94 $ 0.18 19.1
Net income per share:
Basic $ 0.48 $ 0.57 $ (0.09) (15.8) $ 1.00 $ 0.95 $ 0.05 5.3
Diluted $ 0.47 $ 0.57 $ (0.10) (17.5) $ 0.99 $ 0.94 $ 0.05 5.3
Weighted average shares of common stock:
Basic 40,217 40,188 29 0.1 40,160 40,039 121 0.3
Diluted 40,908 40,788 120 0.3 40,741 40,615 126 0.3
SEPTEMBER 30, DEC. 31, VARIANCE SEPTEMBER 30, VARIANCE
Financial Position 2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT
Working capital $ 238,388 $ 220,396 $ 17,992 8.2 $ 238,388 $ 223,443 $ 14,945 6.7
Current ratio 1.59 1.67 (0.08) (4.8) 1.59 1.54 0.05 3.2
Long-term debt $ 127,473 $ 132,380 $ (4,907) (3.7) $ 127,473 $ 131,264 $ (3,791) (2.9)
Total liabilities to equity ratio 1.25 1.16 0.09 7.8 1.25 1.37 (0.12) (8.8)
Stockholders' equity $ 486,732 $ 454,869 $ 31,863 7.0 $ 486,732 $ 446,587 $ 40,145 9.0
Total assets $1,095,097 $ 983,819 $111,278 11.3 $1,095,097 $1,056,977 $ 38,120 3.6
Book value per common share $ 11.72 $ 11.03 $ 0.69 6.3 $ 11.72 $ 10.79 $ 0.93 8.6
Backlog $1,900,115 $1,856,451 $ 43,664 2.4 $1,900,115 $1,743,502 $156,613 9.0