-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TsQ4Pc/4ZGAjCDjFIGeZY7Ogd9YnNAV57H+kxQN4amXT9ixHnvfGsODbyPLD15Il vVbggUMIRSzQLS1Wjj3jjg== 0000950149-98-000992.txt : 19980515 0000950149-98-000992.hdr.sgml : 19980515 ACCESSION NUMBER: 0000950149-98-000992 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRANITE CONSTRUCTION INC CENTRAL INDEX KEY: 0000861459 STANDARD INDUSTRIAL CLASSIFICATION: HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600] IRS NUMBER: 770239383 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12911 FILM NUMBER: 98621173 BUSINESS ADDRESS: STREET 1: 585 WEST BEACH ST CITY: WATSONVILLE STATE: CA ZIP: 95076 BUSINESS PHONE: 4087241011 MAIL ADDRESS: STREET 1: 585 WEST BEACH ST CITY: WATSONVILLE STATE: CA ZIP: 95076 10-Q 1 REPORT ON FORM 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) (X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE QUARTER ENDED MARCH 31, 1998 ( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ___________ to ____________ Commission File No. 0-18350 GRANITE CONSTRUCTION INCORPORATED State of Incorporation: I.R.S. Employer Identification Number: Delaware 77-0239383 Corporate Administration: 585 West Beach Street Watsonville, California 95076 (408) 724-1011 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes[X] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of May 7, 1998.
Class Outstanding ----------------------------- ----------------- Common Stock, $0.01 par value 18,412,526 shares
This report on Form 10-Q, including all exhibits, contains 17 pages. The exhibit index is located on page 16 of this report. 2 GRANITE CONSTRUCTION INCORPORATED INDEX
Page ----------- > PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 1998 and December 31, 1997 .............................................. 4 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 1998 and 1997 .................................. 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 1998 and 1997 .................................. 6 Notes to the Condensed Consolidated Financial Statements ........................................... 7 - 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .................................................. 9 - 12 PART II. OTHER INFORMATION Item 1. Legal Proceedings .............................................. none Item 2. Changes in Securities .......................................... none Item 3. Defaults upon Senior Securities ................................ none Item 4. Submission of Matters to a Vote of Security Holders ............................................ none Item 5. Other Information .............................................. none Item 6. Exhibits and Reports on Form 8-K ............................... 14 Exhibit Index .................................................. 16
2 3 PART I. FINANCIAL INFORMATION 3 4 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA)
===================================================================================================== MARCH 31, December 31, 1998 1997 - ----------------------------------------------------------------------------------------------------- (UNAUDITED) ASSETS Current assets Cash and cash equivalents $ 34,487 $ 54,359 Short-term investments 38,489 18,410 Accounts receivable 134,063 168,968 Costs and estimated earnings in excess of billings 27,634 22,585 Inventories 14,719 12,251 Deferred income taxes 13,365 13,365 Equity in joint ventures 10,199 12,951 Other current assets 13,319 11,394 ----------------------------- Total current assets 286,275 314,283 - ----------------------------------------------------------------------------------------------------- Property and equipment 197,844 194,339 - ----------------------------------------------------------------------------------------------------- Other assets 45,657 43,187 - ----------------------------------------------------------------------------------------------------- $ 529,776 $ 551,809 ===================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 11,321 $ 12,921 Accounts payable 58,479 80,809 Billings in excess of costs and estimated earnings 40,952 51,573 Accrued expenses and other current liabilities 57,149 65,070 ----------------------------- Total current liabilities 167,901 210,373 - ----------------------------------------------------------------------------------------------------- Long-term debt 79,341 58,396 - ----------------------------------------------------------------------------------------------------- Deferred income taxes 25,606 25,606 - ----------------------------------------------------------------------------------------------------- Stockholders' equity Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding -- -- Common stock, $0.01 par value, authorized 27,000,000 shares; 1998- issued and outstanding 18,409,224 shares; 1997- issued and outstanding 18,266,375 shares 185 183 Additional paid-in capital 44,193 39,836 Retained earnings 221,291 223,498 ----------------------------- 265,669 263,517 Unearned compensation (8,741) (6,083) ----------------------------- 256,928 257,434 - ----------------------------------------------------------------------------------------------------- $ 529,776 $ 551,809 =====================================================================================================
The accompanying notes are an integral part of these condensed consolidated financial statements. 4 5 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
================================================================================ THREE MONTHS ENDED MARCH 31, 1998 1997 - -------------------------------------------------------------------------------- Revenue $ 183,322 $ 146,821 Cost of revenue 164,148 130,971 ----------------------------- GROSS PROFIT 19,174 15,850 General and administrative expenses 18,232 16,643 ----------------------------- OPERATING PROFIT (LOSS) 942 (793) - -------------------------------------------------------------------------------- Other income (expense) Interest income 2,500 1,480 Interest expense (1,902) (1,433) Gain on sales of property and equipment 609 620 Other, net 80 511 ----------------------------- 1,287 1,178 - -------------------------------------------------------------------------------- INCOME BEFORE PROVISION FOR INCOME TAXES 2,229 385 Provision for income taxes 847 142 - -------------------------------------------------------------------------------- NET INCOME $ 1,382 $ 243 ================================================================================ Net income per share Basic $ 0.08 $ 0.01 Diluted $ 0.08 $ 0.01 Weighted average shares of common stock Basic 17,636 17,547 Diluted 17,932 17,721 Dividends per share $ 0.195 $ 0.18 ================================================================================
The accompanying notes are an integral part of these condensed consolidated financial statements. 5 6 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED- IN THOUSANDS, EXCEPT PER SHARE DATA)
=============================================================================================================== THREE MONTHS ENDED MARCH 31, 1998 1997 - --------------------------------------------------------------------------------------------------------------- Operating Activities Net income $ 1,382 $ 243 Add (deduct) noncash items included in net income: Depreciation, depletion and amortization 9,193 9,386 Gain on sales of property and equipment (609) (620) Decrease in unearned compensation 720 583 Equity in loss of affiliates 357 114 Cash provided by (used in): Accounts and notes receivable 33,694 8,328 Inventories (2,468) (813) Equity in construction joint ventures 2,752 (15,470) Other assets (1,644) 2,228 Accounts payable (22,330) (5,253) Billings in excess of costs and estimated earnings, net (15,670) (880) Accrued expenses (10,403) (13,217) ------------------------- Net cash used by operating activities (5,026) (15,371) - --------------------------------------------------------------------------------------------------------------- Investing Activities Additions to property and equipment (13,004) (21,558) Proceeds from sales of property and equipment 1,129 740 Investment in affiliates (289) (733) Additions to notes receivable -- (92) Repayments of notes receivable 128 456 Additions to investments and other assets (961) (1,240) Purchases of short-term investments (27,543) (3,794) Maturities of short-term investments 7,464 13,160 ------------------------- Net cash used by investing activities (33,076) (13,061) - --------------------------------------------------------------------------------------------------------------- Financing Activities Additions to long-term debt 60,000 -- Repayments of long-term debt (40,655) (429) Employee stock options exercised 266 93 Repurchase of common stock (285) (464) Dividends paid (1,096) (1,088) ------------------------- Net cash provided (used) by financing activities 18,230 (1,888) - --------------------------------------------------------------------------------------------------------------- Decrease in cash and cash equivalents (19,872) (30,320) Cash and cash equivalents at beginning of period 54,359 38,663 ------------------------- Cash and cash equivalents at end of period $ 34,487 $ 8,343 =============================================================================================================== Supplementary Information Cash paid during the period for: Interest $ 1,902 $ 1,435 Income taxes 3,921 32 Noncash investing and financing activity: Restricted stock issued for services $ 3,795 $ 3,498 ===============================================================================================================
The accompanying notes are an integral part of these condensed consolidated financial statements. 6 7 GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION: The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although the Company believes the disclosures which are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to present fairly the financial position at March 31, 1998 and the results of operations and cash flows for the periods presented. The December 31, 1997 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. Interim results are subject to significant seasonal variations and the results of operations for the three months ended March 31, 1998 are not necessarily indicative of the results to be expected for the full year. 2. INVENTORIES: Inventories consist primarily of quarry products valued at the lower of average cost or market. 3. PROPERTY AND EQUIPMENT:
MARCH 31, December 31, 1998 1997 -------------------------- (UNAUDITED) Land $ 20,880 $ 20,654 Quarry property 35,863 35,862 Buildings and leasehold improvements 17,175 17,175 Equipment and vehicles 426,192 416,073 Office furniture and equipment 4,288 5,467 ------------------------ 504,398 495,231 Less accumulated depreciation, depletion and amortization 306,554 300,892 ------------------------ $197,844 $194,339 ========================
4. LONG-TERM DEBT: In March 1998 the Company issued long-term debt in the amount of $60.0 million to a group of institutional holders. The notes are due in nine equal annual installments beginning in 2002 and bear interest at 6.54% per annum. Of the proceeds of the notes, $39.0 million was used to retire the Company's outstanding bank revolving credit notes. 7 8 GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------- 5. EARNINGS PER SHARE: In accordance with the disclosure requirements of SFAS 128, a reconciliation of the numerator and denominator of basic and diluted earnings per share is provided as follows:
- -------------------------------------------------------------------------------- THREE MONTHS ENDED MARCH 31, 1998 1997 - -------------------------------------------------------------------------------- NUMERATOR - BASIC AND DILUTED EARNINGS PER SHARE Net income $ 1,382 $ 243 ================================================================================ DENOMINATOR - BASIC EARNINGS PER SHARE Common stock outstanding 18,332 18,199 Less restricted stock outstanding 696 652 -------------------- TOTAL 17,636 17,547 -------------------- Basic earnings per share $ 0.08 $ 0.01 ================================================================================ DENOMINATOR - DILUTED EARNINGS PER SHARE Denominator - Basic Earnings per Share 17,636 17,547 Effect of Dilutive Securities: Common stock options 46 54 Warrants 62 -- Restricted stock 188 120 -------------------- TOTAL 17,932 17,721 -------------------- Diluted earnings per share $ 0.08 $ 0.01 ================================================================================
6. CONTINGENCIES: The Company is currently a party to various claims and legal proceedings, none of which is considered by management to be material to the Company's financial position. 7. RECLASSIFICATIONS: Certain prior year financial statement items have been reclassified to conform to the current year's presentation. 8. RECENT ACCOUNTING PRONOUNCEMENTS: In June 1997, the Financial Accounting Standards Board issued Statement of financial Accounting Standards No. 130, (SFAS 130), "Reporting Comprehensive Income", which specifies the computation, presentation and disclosure requirements for comprehensive income. The Company implemented SFAS 130 during the first quarter of 1998. There was no impact on the Company's financial position, results of operations or cash flows. Comprehensive income and net income are the same. In June 1997 the FASB issued Statement of Financial Accounting Standards No. 131 ("SFAS 131"), "Disclosures about Segments of an Enterprise and Related Information". SFAS 131 requires publicly-held companies to report financial and other information about key revenue-producing segments of the entity for which such information is available and is utilized by the chief operations decision maker. Specific information to be reported for individual segments includes profit or loss, certain revenue and expense items and total assets. A reconciliation of segment financial information to amounts reported in the financial statements would be provided. SFAS 131 is effective for the Company at year-end 1998 and the impact of adoption has not been determined. 8 9 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Revenue for the quarter ended March 31, 1998 was $183.3 million, an increase of $36.5 million, or 24.9%, from last year. The increase was primarily attributable to a strong backlog and the successful execution of work from both operating divisions. The increase also reflects unanticipated contributions made from emergency work on the West Coast caused by severe weather conditions. For the three months ended March 31, 1998, revenue from public sector contracts increased $33.4 million to $136.3 million, or 74.3% of total revenue, from $102.8 million, or 70.0% of total revenue in 1997. Revenue in the Company's primary geographical area, California, increased to $94.5 million of total revenue in 1998 from $84.2 million in 1997, but decreased as a percentage of total revenue from 57.4% of total revenue in 1997 to 51.6% of total revenue in 1998. REVENUE BY MARKET SECTOR THREE MONTHS ENDED MARCH 31, (IN MILLIONS)
1998 1997 ------------------ ------------------ $ % $ % ------ ------ ------ ------ Public 136.3 74.3% 102.8 70.0% Private 28.1 15.4% 26.0 17.7% Materials 18.9 10.3% 18.0 12.3% ------ ------ ------ ------ 183.3 100.0% 146.8 100.0% ====== ====== ====== ======
Backlog at March 31, 1998 was $917.4 million, a $16.7 million decrease from March 31, 1997 and a $7.6 million increase from December 31, 1997. New awards for the first quarter of 1998 totaled $191.0 million versus $483.0 million for the same period in 1997. New awards in 1998 were consistent with those in the first quarter of 1997 after adjusting for the Company's $303.1 million portion of the Utah I-15 contract which was awarded in the first quarter of 1997. The public sector backlog increased to 93.9% of total backlog from 93.4% at December 31, 1997 and 92.6% at March 31,1997. AWARDS AND BACKLOG END OF PERIOD (IN MILLIONS)
AWARDS BACKLOG ------ ------- 1994 ---- Q1 112 665 Q2 149 640 Q3 195 595 Q4 128 550 1995 ---- Q1 200 644 Q2 303 721 Q3 143 557 Q4 289 590 1996 ---- Q1 188 624 Q2 260 636 Q3 383 716 Q4 106 598 1997 ---- Q1 483 934 Q2 318 1,009 Q3 370 1,050 Q4 170 910 1998 ---- Q1 191 917
Gross profit for the quarter ended March 31, 1998 was $19.2 million, or 10.5% of revenue, as compared to $15.9 million, or 10.8% of revenue, for the first quarter of 1997. The slight decrease in gross profit margin percent relates to an increase in revenue from work that had not met the 25% completion threshold for profit recognition. General and administrative expenses for the three months ended March 31, 1998 were $18.2 million, or 9.9% of revenue versus $16.6 million, or 11.3% of revenue in the same period last year. The increase reflects higher variable compensation due to higher profit levels and the impact of increased business development and estimating activities with offices in Florida, Maryland and Nevada opened after the first quarter of 1997. 9 10 Net income for the quarter ended March 31, 1998, was $1.4 million, or $0.08 per diluted share, an increase of $1.2 million or $0.07 per diluted share from the net income of $0.2 million, or $0.01 per diluted share for the same period in 1997. OUTLOOK (1) With respect to the federal transportation funding, congressional conferees continue to iron out the differences between the House and Senate versions of the federal surface transportation reauthorization bill. The major issues being debated at this time include the levels of funding for highways and transit and identifying where the necessary budget off-sets will come from. Also still unknown is what the Republican leadership's response will be to President Clinton's request that $18 billion be pared from the highway portion of the six-year bill. There is a chance the President could decide to veto the bill, primarily because the current funding levels exceed the amounts previously set in the budget resolution. According to our industry trade association lobbyists, Congress is hopeful of having a bill on the President's desk before the Memorial Day recess. The short-term extension to the previous authorization expired May 1, 1998. However, at this time, we do not anticipate any major delays or cancellations of projects in the states where we are actively bidding and building work. BACKLOG BY MARKET SECTOR (IN MILLIONS)
MARCH 31, 1998 DECEMBER 31, 1997 ------------------- ------------------- $ % $ % ------ ------ ------ ------ Public 861.7 93.9% 849.5 93.4% Private 55.7 6.1% 60.3 6.6% ------ ------ ------ ------ 917.4 100.0% 909.8 100.0% ====== ====== ====== ======
(1) Meanwhile, a strong economy in California is producing larger-than-anticipated gasoline tax revenues, according to a recent California Department of Transportation (Caltrans) report. Caltrans forecasts the state highway account will have a $2 billion cash reserve by December 1999. Presumably, this money will be spent on projects in the State Transportation Improvement Program, California's long-term transportation plan and on maintenance of the state's highway and transit systems. In the meantime, there is the worry that the money in the highway account could be siphoned for other non-highway programs and purposes. To prevent this, Granite and other transportation interests are supporting Assembly Constitutional Amendment 30, a bill that would place an initiative on the November ballot to tighten the current constitution limiting the borrowing of gas tax funds and local transit revenues for general purposes. ACA 30 has cleared various Assembly committees. The bill must pass the full Assembly and Senate by mid-June to appear on the November 1998 ballot. SEASONALITY OF BUSINESS REVENUE AND NET INCOME BY QUARTER (IN MILLIONS)
NET REVENUE INCOME ------- ------ 1994 ---- Q1 107 (2) Q2 174 5 Q3 240 14 Q4 173 3 1995 ---- Q1 105 1 Q2 227 8 Q3 307 13 Q4 256 6 1996 ---- Q1 154 0 Q2 249 9 Q3 303 15 Q4 224 3 1997 ---- Q1 147 0 Q2 243 8 Q3 329 14 Q4 310 6 1998 ---- Q1 183 1
10 11 (1) Also on the political front, we are working with a broad coalition to defeat Proposition 224, the so-called "Competitive Bidding" initiative. This measure is an attempt by a state employees union to effectively prevent Caltrans and other public agencies from contracting out design work to private engineering and architectural companies. If Proposition 224 should pass, the design for all state projects--highways, schools and other state facilities--would be limited to state employees. This would create a significant bottleneck, affecting between $4 billion and $6 billion worth of projects annually and prompting projects to be delayed by at least 18 months, according to Taxpayers Against 224, a broad coalition opposing the measure. We strongly urge our California stockholders and employees to vote against Proposition 224. (1) Our continued concern is the growing shortage of craft workers in all of the areas where we work--a common problem in our industry. The lack of skilled workers could inhibit our ability to take on new work. It also could have a negative impact on our business through higher job costs associated with decreased productivity. We are addressing this problem by expanding our training and development programs to the field and by broadening our recruiting efforts in both divisions. We are also examining ways in which technology can play a role in helping us to mitigate this problem. (1) Looking ahead, our Heavy Construction Division has some excellent opportunities to bid over the next six months, including the $1.0 billion Alameda Corridor project in Southern California, several large highway projects in the Southeastern U.S., and the San Francisco Bay Area bridge retrofit projects. As a result of a mild Utah winter, our Interstate 15 rebuild joint venture project in Utah is currently ahead of schedule, and we now expect it could reach the 25% completion threshold, at which our company recognizes earnings on a job, in the second quarter of 1998. (1) Our Branch Division is off to a good start in 1998, buoyed by emergency work created by El Nino-related flood damage. We have some concern that the very wet weather has forced the delay of construction of our sizeable Branch backlog creating a relatively short work season. The Branch Division should continue to benefit this year from healthy transportation budgets and strong economies in California, Utah and Nevada. (1) This "Outlook" section contains forward-looking statements which are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, changes in the composition of applicable federal and state legislation appropriation committees; federal and state appropriation changes for infrastructure spending; the general state of the economy; competition and pricing pressures; state referendums and initiatives; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. 11 12 LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------------------------------------------------------- DOLLARS IN THOUSANDS 1998 1997 ================================================================================ Cash and cash equivalents, March 31 $ 34,487 $ 8,343 Net cash provided (used) by: Operating activities (5,026) (15,371) Investing activities (33,076) (13,061) Financing activities 18,230 (1,888) Capital expenditures 13,004 21,558 Working capital 118,374 75,451 - --------------------------------------------------------------------------------
Cash used by operating activities of $5.0 million for the three months ended March 31, 1998 represents an $10.3 million decrease from the 1997 amount for the same period. The decrease primarily reflects the higher profit level and collection of the Company's accounts and notes receivable. Changes in cash provided from operations reflect seasonal variations based on the amount and progress of work being performed. Cash used by investing activities in 1998 increased $20.0 million primarily due to an increase in short-term investments offset by a decrease in property and equipment purchases. Cash provided by financing activities for the three months ended March 31, 1998 increased considerably due to the issuance of long-term debt in March 1998 in the amount of $60 million to a group of institutional holders. The notes are due in nine equal annual installments beginning in 2002 and bear interest at 6.54% per annum. Of the proceeds of the debt, $39.0 million was used to retire existing debt. The Company's current borrowing capacity under its revolving line of credit is $75 million of which $71.4 was available on March 31, 1998. The Company believes that its current cash balances combined with cash flows from operations and cash available under its revolving credit agreements will be sufficient to meet its operating needs, anticipated capital expenditure plans and other financial commitments at least through 1998. 12 13 PART II. OTHER INFORMATION 13 14 ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits Exhibit 27 - Financial Data Schedule b) Reports on Form 8-K None 14 15 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GRANITE CONSTRUCTION INCORPORATED By: /s/ William E. Barton ------------------------------------------ Date: May 12, 1998 William E. Barton ------------ Vice President and Chief Financial Officer 15 16 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GRANITE CONSTRUCTION INCORPORATED By: ------------------------------------------ Date: May 12, 1998 William E. Barton ------------ Vice President and Chief Financial Officer 15 17 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION PAGE - ------- ----------- ---- 27 Financial Data Schedule 17
16 EX-27 2 FINANCIAL DATA SCHEDULES
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONDENSED CONSOLIDATED BALANCE SHEETS, CONDENSED CONSOLIDATED STATEMENTS OF INCOME, AND NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q, MARCH 31, 1998. 1,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 34,487 38,489 134,953 890 14,719 286,275 504,398 306,554 529,776 167,901 0 79,341 0 185 256,743 529,776 183,322 183,322 164,148 182,380 0 0 1,902 2,229 847 1,382 0 0 0 1,382 0.08 0.08
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