Exhibit 20.3

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

	Three Months Ended												Six Months Ended
	June 30,						Variance						June 30,						Variance
Operations	2004			2003			Amount			Percent			2004			2003			Amount			Percent
Revenue	$	558,754		$	469,405		$	89,349			19.0		$	895,772		$	771,565		$	124,207			16.1
Gross profit	$	59,744		$	53,183		$	6,561			12.3		$	70,428		$	86,200		$	(15,772	)		(18.3	)
Gross profit as a percent of revenue		10.7	%		11.3	%		(0.6	%)		—			7.9	%		11.2	%		(3.3	%)		—
General and administrative expenses	$	35,914		$	36,395		$	481			1.3		$	72,458		$	72,945		$	487			0.7
G&A expenses as a percent of revenue		6.4	%		7.8	%		1.4	%		—			8.1	%		9.5	%		1.4	%		—
Gain on sales of property and equipment	$	1,109		$	232		$	877			*	***	$	14,439		$	528		$	13,911			*	***
Other income (expense)
Interest income	$	1,317		$	2,002		$	(685	)		(34.2	)	$	2,715		$	3,488		$	(773	)		(22.2	)
Interest expense	$	(1,859	)	$	(2,529	)	$	670			26.5		$	(3,599	)	$	(4,638	)	$	1,039			22.4
Equity in income of affiliates	$	2,766		$	110		$	2,656			*	***	$	2,873		$	18,125		$	(15,252	)		(84.1	)
Other, net	$	(7	)	$	1,951		$	(1,958	)		*	***	$	95		$	2,278		$	(2,183	)		(95.8	)
Total other income	$	2,217		$	1,534		$	683			(44.5	)	$	2,084		$	19,253		$	(17,169	)		(89.2	)
Income before provision for income taxes and minority interest	$	27,156		$	18,554		$	8,602			46.4		$	14,493		$	33,036		$	(18,543	)		(56.1	)
Minority interest	$	(4,111	)	$	(1,042	)	$	(3,069	)		*	***	$	(4,941	)	$	(265	)	$	(4,676	)		*	***
Net income	$	13,806		$	10,794		$	3,012			27.9		$	4,697		$	20,812		$	(16,115	)		(77.4	)
Net income per share:
Basic	$	0.34		$	0.27		$	0.07			25.9		$	0.12		$	0.52		$	(0.40	)		(76.9	)
Diluted	$	0.34		$	0.26		$	0.08			30.8		$	0.11		$	0.51		$	(0.40	)		(78.4	)
Weighted average shares of common stock:
Basic		40,417			40,212			205			0.5			40,341			40,130			211			0.5
Diluted		41,018			40,802			216			0.5			40,919			40,657			262			0.6

	June 30,		Dec. 31,		Variance						June 30,				Variance
Financial Position	2004		2003		Amount			Percent			2004		2003		Amount		Percent
Working capital	$	283,164	$	269,947	$	13,217			4.9		$	283,164	$	216,846	$	66,318		30.6
Current ratio		1.62		1.77		(0.15	)		(8.5	)		1.62		1.59		0.03		1.9
Long-term debt	$	131,592	$	126,708	$	4,884			3.9		$	131,592	$	131,177	$	415		0.3
Total liabilities to equity ratio		1.37		1.10		0.27			24.5			1.37		1.21		0.16		13.2
Stockholders’ equity	$	501,733	$	504,891	$	(3,158	)		(0.6	)	$	501,733	$	469,655	$	32,078		6.8
Total assets	$	1,190,510	$	1,060,410	$	130,100			12.3		$	1,190,510	$	1,038,065	$	152,445		14.7
Book value per common share	$	12.06	$	12.16	$	(0.10	)		(0.8	)	$	12.06	$	11.30	$	0.76		6.7
Backlog	$	2,038,169	$	1,985,788	$	52,381			2.6		$	2,038,169	$	1,931,394	$	106,775		5.5

**** Represents percentages greater than 100%