Exhibit 20.4

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

BY MARKET SECTOR

	Revenue									Backlog
	Three Months Ended June 30,				Variance					June 30,				Variance
	2004		2003		Amount		Percent			2004		2003		Amount			Percent
Contracts
Federal	$	37,801	$	12,882	$	24,919		*	***	$	113,384	$	88,997	$	24,387			27.4
State		201,802		193,043		8,759		4.5			711,242		847,726		(136,484	)		(16.1	)
Local		171,594		142,557		29,037		20.4			1,002,397		817,399		184,998			22.6
Total public sector		411,197		348,482		62,715		18.0			1,827,023		1,754,122		72,901			4.2
Private sector		76,521		54,917		21,604		39.3			211,146		177,272		33,874			19.1
Aggregate sales		71,036		66,006		5,030		7.6			—		—		—			—
	$	558,754	$	469,405	$	89,349		19.0		$	2,038,169	$	1,931,394	$	106,775			5.5

BY GEOGRAPHIC AREA

	Revenue								Backlog
	Three Months Ended June 30,				Variance				June 30,				Variance
	2004		2003		Amount		Percent		2004		2003		Amount			Percent
California	$	188,737	$	151,702	$	37,035		24.4	$	322,591	$	296,469	$	26,122			8.8
West (Excl. CA)		173,713		166,621		7,092		4.3		442,695		401,387		41,308			10.3
Midwest		17,457		14,830		2,627		17.7		32,507		65,186		(32,679	)		(50.1	)
Northeast		80,243		42,139		38,104		90.4		683,054		426,987		256,067			60.0
South		98,604		94,113		4,491		4.8		557,322		741,365		(184,043	)		(24.8	)
	$	558,754	$	469,405	$	89,349		19.0	$	2,038,169	$	1,931,394	$	106,775			5.5

**** Represents percentages greater than 100%