EXHIBIT 20.4

GRANITE CONSTRUCTION INCORPORATED
REVENUE AND BACKLOG ANALYSIS
(Dollars In Thousands)

BY MARKET SECTOR

	Revenue										Backlog
	Three Months Ended March 31,				Variance						March 31,				Variance
	2004		2003		Amount			Percent			2004		2003		Amount			Percent
Contracts
Federal	$	12,304	$	9,330	$	2,974			31.9		$	122,960	$	87,386	$	35,574			40.7
State		126,495		110,309		16,186			14.7			780,550		798,061		(17,511	)		(2.2	)
Local		108,204		96,391		11,813			12.3			976,396		823,067		153,329			18.6
Total public sector		247,003		216,030		30,973			14.3			1,879,906		1,708,514		171,392			10.0
Private sector		50,349		46,436		3,913			8.4			166,461		162,314		4,147			2.6
Aggregate sales		39,666		39,694		(28	)		(0.1	)		—		—		—			—
	$	337,018	$	302,160	$	34,858			11.5		$	2,046,367	$	1,870,828	$	175,539			9.4

BY GEOGRAPHIC AREA

	Revenue										Backlog
	Three Months Ended March 31,				Variance						March 31,				Variance
	2004		2003		Amount			Percent			2004		2003		Amount			Percent
California	$	114,317	$	111,002	$	3,315			3.0		$	235,753	$	264,106	$	(28,353	)		(10.7	)
West (Excl. CA)		74,453		96,034		(21,581	)		(22.5	)		369,439		463,986		(94,547	)		(20.4	)
Midwest		18,651		9,845		8,806			89.4			41,743		78,356		(36,613	)		(46.7	)
Northeast		53,315		28,187		25,128			89.1			755,936		469,449		286,487			61.0
South		76,282		57,092		19,190			33.6			643,496		594,931		48,565			8.2
	$	337,018	$	302,160	$	34,858			11.5		$	2,046,367	$	1,870,828	$	175,539			9.4