EXHIBIT 20.3

GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Data)

	March 31,			December 31,
	2004			2003
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	102,006		$	69,919
Short-term marketable securities		80,299			90,869
Accounts receivable, net		276,486			288,210
Costs and estimated earnings in excess of billings		41,392			31,189
Inventories		30,400			29,878
Deferred income taxes		22,173			22,421
Equity in construction joint ventures		21,005			42,250
Other current assets		53,553			43,915
Total current assets		627,314			618,651
Property and equipment, net		349,883			344,734
Long-term marketable securities		37,611			41,197
Investments in affiliates		18,273			18,295
Other assets		46,058			37,533
	$	1,079,139		$	1,060,410
Liabilities and Stockholders’ Equity
Current liabilities
Current maturities of long-term debt	$	8,788		$	8,182
Accounts payable		135,134			135,468
Billings in excess of costs and estimated earnings		116,965			99,337
Accrued expenses and other current liabilities		100,401			105,717
Total current liabilities		361,288			348,704
Long-term debt		126,154			126,708
Other long-term liabilities		26,851			24,938
Deferred income taxes		45,775			44,297
Commitments and contingencies
Minority interest in consolidated subsidiaries		28,228			10,872
Stockholders’ equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding		—			—
Common stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 41,601,622 shares in 2004 and 41,528,317 in 2003		416			415
Additional paid-in capital		75,732			73,651
Retained earnings		429,003			442,272
Accumulated other comprehensive income		512			76
		505,663			516,414
Unearned compensation		(14,820	)		(11,523	)
		490,843			504,891
	$	1,079,139		$	1,060,410