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0000950123-11-017362.txt : 20110224
0000950123-11-017362.hdr.sgml : 20110224
20110223213151
ACCESSION NUMBER: 0000950123-11-017362
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20110223
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20110224
DATE AS OF CHANGE: 20110223
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GRANITE CONSTRUCTION INC
CENTRAL INDEX KEY: 0000861459
STANDARD INDUSTRIAL CLASSIFICATION: HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
IRS NUMBER: 770239383
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-12911
FILM NUMBER: 11633916
BUSINESS ADDRESS:
STREET 1: 585 WEST BEACH ST
CITY: WATSONVILLE
STATE: CA
ZIP: 95076
BUSINESS PHONE: 8317241011
MAIL ADDRESS:
STREET 1: 585 WEST BEACH ST
CITY: WATSONVILLE
STATE: CA
ZIP: 95076
8-K
1
d79956e8vk.htm
FORM 8-K
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 23, 2011
GRANITE CONSTRUCTION INCORPORATED
(Exact Name of Registrant as Specified in Charter)
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|
Delaware
(State or Other Jurisdiction
of Incorporation)
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1-12911
(Commission
File Number)
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77-0239383
(IRS Employer
Identification No.) |
585 West Beach Street
Watsonville, California 95076
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (831) 724-1011
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see
General Instructions A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On February 23, 2011, Granite Construction Incorporated (the Company) issued a press release
with respect to its earnings for the quarter and year ended December 31, 2010, a copy of which is
attached as Exhibit 99.1 and incorporated herein by reference.
The information set forth is furnished pursuant to Item 2.02, Results of Operations and
Financial Condition and shall not be deemed filed for purpose of Section 18 of the Securities
Exchange Act of 1934, nor shall the information, including the Exhibit, be deemed incorporated by
reference in any filing of the Company, except as shall be expressly set forth by specific
reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits are attached hereto and furnished herewith:
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Exhibit |
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|
Number |
|
Description |
99.1
|
|
Press Release of the Company, dated February 23, 2011 |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GRANITE CONSTRUCTION
INCORPORATED
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By: |
/s/ Laurel J. Krzeminski |
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Laurel J. Krzeminski |
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|
Vice President and Chief Financial
Officer |
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Date:
February 23, 2011
3
INDEX TO EXHIBITS
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|
Exhibit |
|
|
Number |
|
Description |
99.1
|
|
Press Release of the Company, dated February 23, 2011 |
EX-99.1
2
d79956exv99w1.htm
EX-99.1
exv99w1
Exhibit 99.1
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FOR IMMEDIATE RELEASE
|
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Contact: |
|
Jacque Fourchy (831) 761-4741 |
GRANITE REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS
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SG&A expenses for the full year decreased 16% to $191.6 million |
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|
|
Total company backlog increased $497.2 million to $1.9 billion |
|
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|
Financial position remains strong with $395.7 million in cash, cash
equivalents and marketable securities |
WATSONVILLE, Calif. (February 23, 2011)Granite Construction Incorporated (NYSE:GVA) today
reported a net loss of $59.0 million for the full year 2010, compared to net income of $73.5
million for the full year 2009. Loss per share for the year was $(1.56), compared with earnings per
diluted share (EPS) of $1.90 in 2009.
For the fourth quarter of 2010, Granite reported a net loss of $50.0 million, compared to net
income of $16.0 million for the fourth quarter of 2009. Loss per share for the quarter ended
December 31, 2010 was $(1.32) compared to EPS of $0.41 earned in the prior year period. Included in
the fourth quarter of 2010 were restructuring charges of $107.3 million associated with the
Companys Enterprise Improvement Plan. The portion of restructuring charges attributable to
noncontrolling interests was approximately $20.0 million.
During the fourth quarter, we made solid progress towards reducing our cost structure and
strengthening the business for the long-term, said James H. Roberts, Granite President and Chief
Executive Officer. In addition to the necessary but difficult decision to reduce our workforce, we
are focusing on optimizing our core business and have committed to divesting of our real estate
investment business over the next three years.
Roberts continued, We are undoubtedly operating in one of the most difficult economic environments
our company has faced in decades. Despite these challenges, we grew backlog in both of our key
segments, maintained a solid balance sheet, and continued to position the Company to recapture
momentum in 2011.
Full Year 2010 Financial Results
Total Company
|
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|
Revenue totaled $1.8 billion compared with $2.0 billion in 2009. |
|
|
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|
Gross profit margin was 10 percent compared with 18 percent in 2009 due primarily
to lower margins in our beginning backlog of work, compared with a year ago. Also contributing
to margin pressure was $156.7 million in revenue from projects that had not yet reached the
profit recognition threshold, compared with $68.8 million a year ago. |
|
|
|
|
Operating loss for the year was $109.3 million, compared with operating income of
$129.2 million in the prior year and includes restructuring charges of $109.3 million. |
1 of 4
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|
SG&A expenses were $191.6 million, compared with $228.0 million for the same
period last year driven by reductions in salaries and related expenses, incentive
compensation, and discretionary spending. |
|
|
|
|
Amount attributable to non-controlling interests was a loss
of $3.5 million,
compared with income of $26.7 million in 2009 due to $20.0 million associated with the
impairment charges taken in the fourth quarter 2010. |
|
|
|
|
Total contract backlog at December 31, 2010 was $1.9 billion, compared with $1.4
billion at December 31, 2009. |
Construction
|
|
|
Construction revenue for the full year totaled $943.2 million, compared with $1.2
billion for the same period in 2009 due to a continued weak demand in
the private-sector and
increased competition for public-sector work. |
|
|
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|
Gross profit margin for the full year was 10 percent, compared with 18 percent
for the same period in 2009, driven by lower volumes and increased competition. |
Large Project Construction
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|
Large Project Construction revenue for the full year totaled
$584.4 million,
compared with $603.5 million for the same period last year. |
|
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|
Gross profit margin for the full year decreased to 12 percent, compared with 20
percent for the same period last year as several new projects generated revenue, but did not
reach the profit recognition threshold in 2010. |
Construction Materials
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|
Construction Materials revenue for the full year totaled $222.1 million compared
with $205.9 million for the same period last year. |
|
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|
Gross profit margin on the sale of construction materials was
5 percent in 2010,
compared with 10 percent in 2009. The decrease is primarily attributable to an increase in
fixed costs associated with two new materials processing facilities that came online in late
2009. |
Fourth Quarter 2010 Financial Results
Total Company
|
|
|
Revenues for the quarter totaled $417.2 million, compared with $434.7 million in
2009. |
|
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|
Gross profit margin decreased to 11 percent, down from 21 percent in 2009. |
|
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|
Operating loss for the quarter was $98.5 million, compared with operating income
of $35.6 million in the prior year. The fourth quarter 2010 includes restructuring charges of
$107.3 million related to workforce reductions as well as real estate and fixed asset
impairment charges. |
|
|
|
|
Selling, general and administrative expenses decreased
$16.7 million quarter over quarter to $39.8 million. |
|
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|
Amount attributable to noncontrolling interests was a loss of
$15.4 million,
compared with income of $11.0 million in 2009 due to $20.0 million associated with the
impairment charges taken in the fourth quarter 2010. |
2 of 4
Construction
|
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|
Construction revenues for the quarter totaled $214.1 million, compared with
$239.6 million for the same period in 2009. |
|
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|
Gross profit margin for the fourth quarter was 12 percent, compared with 20
percent for the same period last year. The decrease was affected by overall lower demand and
lower margins due to the competitive environment. |
Large Project Construction
|
|
|
Large project construction revenues for the quarter totaled $154.8 million,
compared with $147.5 million for the same period in 2009. |
|
|
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|
Gross profit margin for the fourth quarter was
11 percent, compared with 26
percent for the same period last year, reflecting an increase in revenue on projects that
have yet to reach the profit recognition threshold. |
Construction Materials
|
|
|
Construction Materials revenue for the quarter totaled $46.7 million, compared
with $47.3 million for the same period in 2009. |
|
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|
Gross profit on the sale of construction materials was 5 percent, compared with 8
percent for the same period in 2009. |
Outlook
The actions we are taking to reduce our cost structure are expected to lead to a substantial
improvement in our bottom line results in 2011. In addition, we anticipate a positive impact to
earnings from some large projects reaching the profit recognition threshold. While the pipeline
of large project bidding opportunities remains full, our goal is to build high quality backlog that
will provide the best return for our shareholders. The large project construction market offers a
great deal of near-term growth potential for our business and we are excited about the
opportunities this segment of our business will provide.
Our Construction segment is starting 2011 with a healthy backlog of work; however, we anticipate
the competitive environment will remain very tough. Additionally, we expect the demand for our
services and construction materials from the private-sector in the west will remain under pressure
for the balance of the year.
Funding for transportation infrastructure will continue to be a focus for us this year as we
advocate for a multi-year highway bill that will provide the industry with much needed visibility.
Despite these macro-economic challenges, we will continue to move forward with our strategy to
operate our business as efficiently and effectively as possible, said Roberts.
Conference Call
Granite will conduct a conference call tomorrow, February 24, 2011, at 8 a.m. Pacific time/11 a.m.
Eastern time to discuss the results of the fourth quarter and year ended December 31, 2010. Access
to a live audio webcast is available at www.graniteconstruction.com/investor-relations. The live
conference call may be accessed by calling (877) 693-6483, or (706) 758-5304 for international
listeners. The conference ID for the call is 41332342. The call will be recorded and will be
available for replay from approximately two hours after the live audio
3 of 4
webcast through March 10, 2011, by calling (800) 642-1687 or (706) 645-9291. The conference ID for
the recording is 41332342.
About Granite
Granite Construction Incorporated is a member of the S&P 400 Midcap Index, the FTSE KLD 400 Social
Index and the Russell 2000 Index. Granite Construction Company, a wholly owned subsidiary, is one
of the nations largest diversified heavy civil contractors and construction materials producers.
Granite Construction Company serves public- and private-sector clients through its offices and
subsidiaries nationwide. For more information about Granite, please visit its website at
www.graniteconstruction.com.
Forward-looking Statements
This news release contains statements that are not based on historical facts and which may be
forward-looking in nature. Under the Private Securities Litigation Reform Act of 1995, a safe
harbor may be provided to Granite for certain of these forward-looking statements. Words such as
outlook, believes, expects, appears, may, will, should, anticipates and the negatives thereof or
comparable terminology are intended to identify these forward-looking statements. These
forward-looking statements are estimates reflecting the best judgment of Granites senior
management and are based on its current expectations and projections concerning future events, many
of which are outside of Granites control and involve a number of risks and uncertainties that
could cause actual results to differ materially from those suggested by the forward-looking
statements. Factors that might cause or contribute to such differences include, but are not limited
to, those risks described in Granites Annual Report under Item 1A. Risk Factors. Except as
required by law, Granite undertakes no obligation to revise or update any forward-looking
statements for any reason. As a result, the reader is cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this release.
###
4 of 4
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited in thousands, except share and per share data)
|
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|
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|
|
|
|
December 31, |
|
December 31, |
|
|
2010 |
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2009 |
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|
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|
ASSETS |
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|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
252,022 |
|
|
$ |
338,956 |
|
Short-term marketable securities |
|
|
109,447 |
|
|
|
42,448 |
|
Receivables, net |
|
|
243,986 |
|
|
|
280,252 |
|
Costs and estimated earnings in excess of billings |
|
|
10,519 |
|
|
|
10,619 |
|
Inventories |
|
|
51,018 |
|
|
|
45,800 |
|
Real estate held for development and sale |
|
|
75,716 |
|
|
|
139,449 |
|
Deferred income taxes |
|
|
53,877 |
|
|
|
31,034 |
|
Equity in construction joint ventures |
|
|
74,716 |
|
|
|
67,693 |
|
Other current assets |
|
|
42,555 |
|
|
|
50,467 |
|
|
Total current assets |
|
|
913,856 |
|
|
|
1,006,718 |
|
|
Property and equipment, net |
|
|
473,607 |
|
|
|
520,778 |
|
|
Long-term marketable securities |
|
|
34,259 |
|
|
|
76,937 |
|
|
Investments in affiliates |
|
|
31,410 |
|
|
|
24,644 |
|
|
Other noncurrent assets |
|
|
82,401 |
|
|
|
80,498 |
|
|
Total assets |
|
$ |
1,535,533 |
|
|
$ |
1,709,575 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
8,359 |
|
|
$ |
15,017 |
|
Current maturities of non-recourse debt |
|
|
29,760 |
|
|
|
43,961 |
|
Accounts payable |
|
|
129,700 |
|
|
|
131,251 |
|
Billings in excess of costs and estimated earnings |
|
|
120,185 |
|
|
|
156,041 |
|
Accrued expenses and other current liabilities |
|
|
150,773 |
|
|
|
159,843 |
|
|
Total current liabilities |
|
|
438,777 |
|
|
|
506,113 |
|
|
Long-term debt |
|
|
217,014 |
|
|
|
225,203 |
|
|
Long-term non-recourse debt |
|
|
25,337 |
|
|
|
19,485 |
|
|
Other long-term liabilities |
|
|
47,996 |
|
|
|
48,998 |
|
|
Deferred income taxes |
|
|
10,774 |
|
|
|
27,220 |
|
|
Equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized
3,000,000 shares, none outstanding |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 150,000,000 shares in 2010 and 2009;
issued and outstanding 38,745,542 shares as of December 31, 2010 and
38,635,021 shares as of December 31, 2009 |
|
|
387 |
|
|
|
386 |
|
Additional paid-in capital |
|
|
104,232 |
|
|
|
94,633 |
|
Retained earnings |
|
|
656,412 |
|
|
|
735,632 |
|
|
Total Granite Construction Incorporated shareholders equity |
|
|
761,031 |
|
|
|
830,651 |
|
Noncontrolling interests |
|
|
34,604 |
|
|
|
51,905 |
|
|
Total equity |
|
|
795,635 |
|
|
|
882,556 |
|
|
Total liabilities and equity |
|
$ |
1,535,533 |
|
|
$ |
1,709,575 |
|
|
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
|
December 31, |
|
December 31, |
|
|
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
214,127 |
|
|
$ |
239,633 |
|
|
$ |
943,245 |
|
|
$ |
1,151,743 |
|
Large project construction |
|
|
154,781 |
|
|
|
147,516 |
|
|
|
584,406 |
|
|
|
603,517 |
|
Construction materials |
|
|
46,677 |
|
|
|
47,257 |
|
|
|
222,058 |
|
|
|
205,945 |
|
Real estate |
|
|
1,643 |
|
|
|
342 |
|
|
|
13,256 |
|
|
|
2,274 |
|
|
Total revenue |
|
|
417,228 |
|
|
|
434,748 |
|
|
|
1,762,965 |
|
|
|
1,963,479 |
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
187,831 |
|
|
|
190,758 |
|
|
|
847,536 |
|
|
|
942,256 |
|
Large project construction |
|
|
137,108 |
|
|
|
108,812 |
|
|
|
517,099 |
|
|
|
483,417 |
|
Construction materials |
|
|
44,151 |
|
|
|
43,637 |
|
|
|
210,040 |
|
|
|
184,705 |
|
Real estate |
|
|
1,921 |
|
|
|
320 |
|
|
|
10,506 |
|
|
|
3,592 |
|
|
Total cost of revenue |
|
|
371,011 |
|
|
|
343,527 |
|
|
|
1,585,181 |
|
|
|
1,613,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
46,217 |
|
|
|
91,221 |
|
|
|
177,784 |
|
|
|
349,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
39,766 |
|
|
|
56,422 |
|
|
|
191,593 |
|
|
|
228,046 |
|
Restructuring charges |
|
|
107,297 |
|
|
|
9,453 |
|
|
|
109,279 |
|
|
|
9,453 |
|
Gain on sales of property and equipment |
|
|
2,331 |
|
|
|
10,291 |
|
|
|
13,748 |
|
|
|
17,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(98,515 |
) |
|
|
35,637 |
|
|
|
(109,340 |
) |
|
|
129,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
833 |
|
|
|
1,135 |
|
|
|
4,980 |
|
|
|
5,049 |
|
Interest expense |
|
|
(2,446 |
) |
|
|
(5,170 |
) |
|
|
(9,740 |
) |
|
|
(15,756 |
) |
Equity in income of affiliates |
|
|
933 |
|
|
|
3,336 |
|
|
|
756 |
|
|
|
7,696 |
|
Other income, net |
|
|
1,114 |
|
|
|
4,405 |
|
|
|
6,968 |
|
|
|
12,683 |
|
|
Total other income |
|
|
434 |
|
|
|
3,706 |
|
|
|
2,964 |
|
|
|
9,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before (benefit from) provision for income taxes |
|
|
(98,081 |
) |
|
|
39,343 |
|
|
|
(106,376 |
) |
|
|
138,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from) provision for income taxes |
|
|
(32,695 |
) |
|
|
12,334 |
|
|
|
(43,928 |
) |
|
|
38,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
(65,386 |
) |
|
|
27,009 |
|
|
|
(62,448 |
) |
|
|
100,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount attributable to noncontrolling interests |
|
|
15,367 |
|
|
|
(10,976 |
) |
|
|
3,465 |
|
|
|
(26,701 |
) |
|
Net (loss) income attributable to Granite Construction Incorporated |
|
$ |
(50,019 |
) |
|
$ |
16,033 |
|
|
$ |
(58,983 |
) |
|
$ |
73,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (1) |
|
$ |
(1.32 |
) |
|
$ |
0.41 |
|
|
$ |
(1.56 |
) |
|
$ |
1.91 |
|
Diluted (1) |
|
$ |
(1.32 |
) |
|
$ |
0.41 |
|
|
$ |
(1.56 |
) |
|
$ |
1.90 |
|
Weighted average shares of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
37,875 |
|
|
|
37,608 |
|
|
|
37,820 |
|
|
|
37,566 |
|
Diluted |
|
|
37,875 |
|
|
|
37,723 |
|
|
|
37,820 |
|
|
|
37,683 |
|
|
|
|
Note: |
|
(1) |
|
Computed using the two-class method, except when in a net loss position |
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited in thousands)
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2010 |
|
2009 |
|
Operating activities |
|
$ |
(62,448 |
) |
|
$ |
100,201 |
|
Net (loss) income |
|
|
|
|
|
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Restructuring impairment charges |
|
|
93,862 |
|
|
|
1,449 |
|
Other impairment charges |
|
|
821 |
|
|
|
4,110 |
|
Inventory written down |
|
|
2,846 |
|
|
|
3,097 |
|
Depreciation, depletion and amortization |
|
|
74,435 |
|
|
|
80,195 |
|
Provision for (recovery of) doubtful accounts |
|
|
368 |
|
|
|
(4,404 |
) |
Gain on sales of property and equipment |
|
|
(13,748 |
) |
|
|
(17,169 |
) |
Change in deferred income taxes |
|
|
(39,289 |
) |
|
|
21,107 |
|
Stock-based compensation |
|
|
13,040 |
|
|
|
10,765 |
|
Loss (gain) from marketable securities |
|
|
680 |
|
|
|
(485 |
) |
Gain on company owned life insurance |
|
|
(3,321 |
) |
|
|
(2,551 |
) |
Equity in income of affiliates |
|
|
(756 |
) |
|
|
(7,696 |
) |
Changes in assets and liabilities, net of the effects of consolidations |
|
|
(37,172 |
) |
|
|
(124,318 |
) |
|
Net cash provided by operating activities |
|
|
29,318 |
|
|
|
64,301 |
|
|
Investing activities |
|
|
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(121,626 |
) |
|
|
(99,011 |
) |
Maturities of marketable securities |
|
|
74,000 |
|
|
|
36,970 |
|
Proceeds from marketable securities |
|
|
15,000 |
|
|
|
7,966 |
|
Purchase of company owned life insurance |
|
|
(8,195 |
) |
|
|
(8,000 |
) |
Proceeds from company owned life insurance |
|
|
2,078 |
|
|
|
|
|
Additions to property and equipment |
|
|
(37,004 |
) |
|
|
(87,645 |
) |
Proceeds from sales of property and equipment |
|
|
21,148 |
|
|
|
23,020 |
|
Purchase of private preferred stock |
|
|
(6,400 |
) |
|
|
|
|
Contributions to affiliates, net |
|
|
(1,658 |
) |
|
|
(4,969 |
) |
Issuance of notes receivable |
|
|
(1,313 |
) |
|
|
(11,314 |
) |
Collection of notes receivable |
|
|
3,126 |
|
|
|
13,104 |
|
Other investing activities |
|
|
409 |
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(60,435 |
) |
|
|
(129,879 |
) |
|
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from long-term debt |
|
|
1,918 |
|
|
|
10,750 |
|
Long-term debt principal payments |
|
|
(19,829 |
) |
|
|
(18,856 |
) |
Cash dividends paid |
|
|
(20,150 |
) |
|
|
(20,057 |
) |
Purchase of common stock |
|
|
(3,641 |
) |
|
|
(3,431 |
) |
Contributions from noncontrolling partners |
|
|
7,321 |
|
|
|
420 |
|
Distributions to noncontrolling partners |
|
|
(21,498 |
) |
|
|
(26,019 |
) |
Other financing activities, net |
|
|
62 |
|
|
|
884 |
|
|
Net cash used in financing activities |
|
|
(55,817 |
) |
|
|
(56,309 |
) |
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents |
|
|
(86,934 |
) |
|
|
(121,887 |
) |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of year |
|
|
338,956 |
|
|
|
460,843 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at end of year |
|
$ |
252,022 |
|
|
$ |
338,956 |
|
|
GRANITE CONSTRUCTION INCORPORATED
Business Segment Information
(Unaudited in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
|
|
|
Large Project |
|
Construction |
|
|
|
|
|
|
|
|
|
Large Project |
|
Construction |
|
|
|
|
Construction |
|
Construction |
|
Materials |
|
Real Estate |
|
Construction |
|
Construction |
|
Materials |
|
Real Estate |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
214,127 |
|
|
$ |
154,781 |
|
|
$ |
46,677 |
|
|
$ |
1,643 |
|
|
$ |
943,245 |
|
|
$ |
584,406 |
|
|
$ |
222,058 |
|
|
$ |
13,256 |
|
Gross profit (loss) |
|
$ |
26,296 |
|
|
$ |
17,673 |
|
|
$ |
2,526 |
|
|
$ |
(278 |
) |
|
$ |
95,709 |
|
|
$ |
67,307 |
|
|
$ |
12,018 |
|
|
$ |
2,750 |
|
Gross profit (loss) as a percent of revenue |
|
|
12.3 |
% |
|
|
11.4 |
% |
|
|
5.4 |
% |
|
|
-16.9 |
% |
|
|
10.1 |
% |
|
|
11.5 |
% |
|
|
5.4 |
% |
|
|
20.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
239,633 |
|
|
$ |
147,516 |
|
|
$ |
47,257 |
|
|
$ |
342 |
|
|
$ |
1,151,743 |
|
|
$ |
603,517 |
|
|
$ |
205,945 |
|
|
$ |
2,274 |
|
Gross profit (loss) |
|
$ |
48,875 |
|
|
$ |
38,704 |
|
|
$ |
3,620 |
|
|
$ |
22 |
|
|
$ |
209,487 |
|
|
$ |
120,100 |
|
|
$ |
21,240 |
|
|
$ |
(1,318 |
) |
Gross profit (loss) as a percent of revenue |
|
|
20.4 |
% |
|
|
26.2 |
% |
|
|
7.7 |
% |
|
|
6.4 |
% |
|
|
18.2 |
% |
|
|
19.9 |
% |
|
|
10.3 |
% |
|
|
-58.0 |
% |
GRANITE CONSTRUCTION INCORPORATED
Contract Backlog by Segment
(Unaudited in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2010 |
|
December 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
465,271 |
|
|
|
24.5 |
% |
|
$ |
359,359 |
|
|
|
25.6 |
% |
Large Project Construction |
|
|
1,433,899 |
|
|
|
75.5 |
% |
|
|
1,042,629 |
|
|
|
74.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,899,170 |
|
|
|
100.0 |
% |
|
$ |
1,401,988 |
|
|
|
100.0 |
% |
|
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end
-----END PRIVACY-ENHANCED MESSAGE-----