EXHIBIT 20.2

GRANITE CONSTRUCTION INCORPORATED
COMPARATIVE FINANCIAL SUMMARY
(Unaudited — in Thousands, Except Per Share Data)

	Three Months Ended
	March 31,						Variance
Operations	2004			2003			Amount			Percent
Revenue	$	337,018		$	302,160		$	34,858			11.5
Gross profit	$	10,684		$	33,017		$	(22,333	)		(67.6	)
Gross profit as a percent of revenue		3.2	%		10.9	%		(7.7	%)		—
General and administrative expenses	$	(36,544	)	$	(36,550	)	$	6			—
G&A expenses as a percent of revenue		-10.8	%		-12.1	%		1.3	%		—
Gain on sales of property and equipment	$	13,330		$	296		$	13,034			4403.4
Other income (expense) Interest income	$	1,398		$	1,486		$	(88	)		(5.9	)
Interest expense	$	(1,740	)	$	(2,109	)	$	369			17.5
Equity in income of affiliates	$	107		$	18,015		$	(17,908	)		(99.4	)
Other, net	$	102		$	327		$	(225	)		(68.8	)
Total other income (expense)	$	(133	)	$	17,719		$	(17,852	)		(100.8	)
Income(loss) before income taxes and minority interest	$	(12,663	)	$	14,482		$	(27,145	)		(187.4	)
Minority interest	$	(830	)	$	777		$	(1,607	)		(206.8	)
Net income (loss)	$	(9,109	)	$	10,018		$	(19,127	)		(190.9	)
Net income (loss) per share:
Basic	$	(0.23	)	$	0.25		$	(0.48	)		(192.0	)
Diluted	$	(0.23	)	$	0.25		$	(0.48	)		(192.0	)
Weighted average shares of common stock:
Basic		40,266			40,048			218			0.5
Diluted		40,266			40,510			(244	)		(0.6	)

	March 31,		Dec. 31,		Variance
Financial Position	2004		2003		Amount			Percent
Working capital	$	266,026	$	269,947	$	(3,921	)		(1.5	)
Current ratio		1.74		1.77		(0.03	)		(1.7	)
Long-term debt	$	126,154	$	126,708	$	(554	)		(0.4	)
Total liabilities to equity ratio		1.20		1.10		0.10			9.1
Stockholders’ equity	$	490,843	$	504,891	$	(14,048	)		(2.8	)
Total assets	$	1,079,139	$	1,060,410	$	18,729			1.8
Book value per common share	$	11.80	$	12.16	$	(0.36	)		(3.0	)
Backlog	$	2,046,367	$	1,985,788	$	60,579			3.1