Exhibit 20.2

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

	June 30,			December 31,
	2004			2003
Assets
Current assets
Cash and cash equivalents	$	112,555		$	69,919
Short-term marketable securities		62,535			90,869
Accounts receivable, net		389,479			288,210
Costs and estimated earnings in excess of billings		55,682			31,189
Inventories		33,222			29,878
Deferred income taxes		22,144			22,421
Equity in construction joint ventures		19,901			42,250
Other current assets		45,601			43,915
Total current assets		741,119			618,651
Property and equipment, net		356,377			344,734
Long-term marketable securities		32,949			41,197
Investment in affiliates		12,974			18,295
Other assets		47,091			37,533
	$	1,190,510		$	1,060,410
Liabilities and Stockholders’ Equity
Current liabilities
Current maturities of long-term debt	$	10,482		$	8,182
Accounts payable		213,989			135,468
Billings in excess of costs and estimated earnings		128,257			99,337
Accrued expenses and other current liabilities		105,227			105,717
Total current liabilities		457,955			348,704
Long-term debt		131,592			126,708
Other long-term liabilities		27,550			24,938
Deferred income taxes		45,775			44,297
Minority interest in consolidated subsidiaries		25,905			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 41,609,521 shares in 2004 and 41,528,317 shares in 2003		416			415
Additional paid-in capital		75,812			73,651
Retained earnings		438,648			442,272
Accumulated other comprehensive income		604			76
		515,480			516,414
Unearned compensation		(13,747	)		(11,523	)
		501,733			504,891
	$	1,190,510		$	1,060,410