Business Segment Information

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Our reportable segments are: Construction, Large Project Construction, Construction Materials and Real Estate. 

The Construction segment performs various heavy civil construction projects with a large portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work and other infrastructure projects. These projects are typically bid-build projects completed within two years with a contract value of less than $75 million.

The Large Project Construction segment focuses on large, complex infrastructure projects which typically have longer duration than our Construction segment work. These projects include major highways, mass transit facilities, bridges, tunnels, waterway locks and dams, pipelines, canals and airport infrastructure. This segment primarily includes bid-build, design-build and construction management/general contractor contracts, generally with contract values in excess of $75 million.

The Construction Materials segment mines and processes aggregates and operates plants that produce construction materials for internal use and for sale to third parties.

The Real Estate segment purchases, develops, operates, sells and invests in real estate related projects and provides real estate services for the Company’s operations. The Real Estate segment’s current portfolio consists of residential, retail and office site development projects for sale to home and commercial property developers in Washington, California and Texas. In October 2010, we announced our Enterprise Improvement Plan that includes plans to orderly divest of our real estate investment business consistent with our strategy to focus on our core business.

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies contained in our 2011 Annual Report on Form 10-K. We evaluate segment performance based on gross profit or loss, and do not include overhead and non-operating income or expense. Segment assets include property and equipment, intangibles, inventory, equity in construction joint ventures and real estate held for development and sale.

Summarized segment information is as follows:

	Three Months Ended March 31,
(in thousands)	Construction		Large Project Construction		Construction Materials			Real Estate		Total
2012
Total revenue from reportable segments	$	117,946	$	163,928	$	31,009		$	2,663	$	315,546
Elimination of intersegment revenue	—		—		(5,386		)	—		(5,386		)
Revenue from external customers	117,946		163,928		25,623			2,663		310,160
Gross profit (loss)	8,580		22,249		(5,950		)	57		24,936
Depreciation, depletion and amortization	3,580		1,268		7,378			—		12,226
Segment assets	114,079		102,393		368,095			58,363		642,930
2011
Total revenue from reportable segments	$	92,692	$	137,820	$	30,656		$	2,421	$	263,589
Elimination of intersegment revenue	—		—		(6,858		)	—		(6,858		)
Revenue from external customers	92,692		137,820		23,798			2,421		256,731
Gross profit (loss)	5,553		31,298		(7,270		)	407		29,988
Depreciation, depletion and amortization	4,078		768		7,107			88		12,041
Segment assets	120,059		85,931		378,601			88,614		673,205

A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows:

	Three Months Ended March 31,
(in thousands)	2012			2011
Total gross profit from reportable segments	$	24,936		$	29,988
Selling, general and administrative expenses	43,188			43,372
Gain on sales of property and equipment	1,917			2,704
Other income (expense), net	4,116			(1,799		)
Loss before benefit from income taxes	$	(12,219	)	$	(12,479	)