8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 6, 2003

GRANITE CONSTRUCTION INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware	1-12911	77-0239383
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

585 West Beach Street
Watsonville, California 95076

(Address of principal executive offices) (Zip Code)

(831) 724-1011

Registrant’s telephone number, including area code

1

TABLE OF CONTENTS

	Item 12. Earnings Forecast Revision
	Item 7. Financial Statement, Pro Forma Financial Information and Exhibits
INDEX TO EXHIBITS
Exhibit 20.1
Exhibit 20.2
Exhibit 20.3

Item 12. Earnings Forecast Revision

       On August 6, 2003, Granite Construction Incorporated released its second quarter 2003 financial results. Granite announced today that net income for the second quarter ended June 30, 2003 was $10.8 million or $0.26 per diluted share versus $16.6 million or $0.41 per diluted share for the same period last year. Revenue for the quarter totaled $469.4 million compared with $459.0 million a year ago.

       As was stated in a prior release dated July 25, 2003, the Company’s decrease in net income for the second quarter is largely a result of unseasonably wet weather in the Wet early in the quarter causing a late start to the construction season, continued slowdowns in both public and private sector construction spending and lower than expected profit from several large Heavy Construction Division (HCD) projects.

       David H. Watts, Chairman and Chief Executive Officer, said, “Our second quarter results clearly illustrate the challenging market in which the Branch Division has been operating. As a result, Branch Division new awards, revenue and gross margins are down for the quarter. On the other hand, while we were disappointed in HCD’s results for the quarter, we are encouraged that new awards and revenues are both up over 20% with backlog for the division totaling nearly $1.4 billion, a 37% increase from a year ago. This demonstrates HCD’s long-term growth potential that we believe will be realized with improved revenues and margins over the next few years. We also expect that the effects of the lower HCD profit recognition in the quarter will be substantially offset by the positive results related to the resolution of contract change orders. The Company’s policy is to record change order revenue only when final agreements are executed.”

       Backlog at June 30, 2003 totaled $1.9 billion compared with $1.6 billion at June 30, 2002. New awards for the second quarter were $530.0 million and include an $18.3 million airport project in Alaska, a $66.6 million highway contract in North Carolina, a $53.4 million dam project in Arkansas and a $91.2 million share of a joint venture contract in Virginia.

       For the six-month period ended June 30, 2003, net income was $20.8 million or $0.51 per share on a diluted basis compared with $14.9 million or $0.37 per share for the same period in 2002. Revenue for the six-month period totaled $771.6 million compared with $728.2 million for the same period last year.

Item 7. Financial Statement, Pro Forma Financial Information and Exhibits

(a)	Not applicable.
(b)	Not applicable.
(c)	Exhibits. The following exhibit is attached hereto and filed herewith:

Exhibit Number
20.1	Press Release of Registrant, dated August 6, 2003, its second quarter financial results
20.2	Comparative Financial Summary
20.3	Revenue and Backlog Analysis

SIGNATURES

       Pursuant to the requirements of the Securities Exchange Act or 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GRANITE CONSTRUCTION INCORPORATED
Date: August 6, 2003	By:	/s/ William E. Barton William E. Barton Senior Vice President and Chief Financial Officer

2

INDEX TO EXHIBITS

Exhibit
Number	Document
20.1	Press Release of Registrant, dated August 6, 2003, its second quarter financial results
20.2	Comparative Financial Summary
20.3	Revenue and Backlog Analysis

3 EX-20.1 3 f92136exv20w1.txt EXHIBIT 20.1 FOR MORE INFORMATION CONTACT: Jacque Underdown (831) 761-4741 FOR IMMEDIATE RELEASE GRANITE CONSTRUCTION REPORTS SECOND QUARTER 2003 RESULTS Watsonville, California (August 6, 2003) - Granite Construction Incorporated (NYSE:GVA) announced today that net income for the second quarter ended June 30, 2003 was $10.8 million or $0.26 per diluted share versus $16.6 million or $0.41 per diluted share for the same period last year. Revenue for the quarter totaled $469.4 million compared with $459.0 million a year ago. As was stated in a prior release dated July 25, 2003, the Company's decrease in net income for the second quarter is largely a result of unseasonably wet weather in the West early in the quarter causing a late start to the construction season, continued slowdowns in both public and private sector construction spending and lower than expected profit from several large Heavy Construction Division (HCD) projects. David H. Watts, Chairman and Chief Executive Officer, said, "Our second quarter results clearly illustrate the challenging market in which the Branch Division has been operating. As a result, Branch Division new awards, revenue and gross margins are down for the quarter. On the other hand, while we were disappointed in HCD's results for the quarter, we are encouraged that new awards and revenues are both up over 20% with backlog for the division totaling nearly $1.4 billion, a 37% increase from a year ago. This demonstrates HCD's long-term growth potential that we believe will be realized with improved revenues and margins over the next few years. We also expect that the effects of the lower HCD profit recognition in the quarter will be substantially offset by the positive results related to the resolution of contract change orders. The Company's policy is to record change order revenue only when final agreements are executed." Backlog at June 30, 2003 totaled $1.9 billion compared with $1.6 billion at June 30, 2002. New awards for the second quarter were $530.0 million and include an $18.3 million airport project in Alaska, a $66.6 million highway contract in North Carolina, a $53.4 million dam project in Arkansas and a $91.2 million share of a joint venture contract in Virginia. For the six-month period ended June 30, 2003, net income was $20.8 million or $0.51 per share on a diluted basis compared with $14.9 million or $0.37 per share for the same period in 2002. Revenue for the six-month period totaled $771.6 million compared with $728.2 million for the same period last year. Granite is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction serves public and private sector clients through its offices nationwide. For more information about the company, please visit their website at www.graniteconstruction.com. This press release contains " forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995 regarding future events and the future results of Granite that are based on current expectations, estimates, forecasts, and projects as well as the beliefs and assumptions of Granite's management. Words such as "outlook", "believes", "expects", "appears", "may", "will", "should", "anticipates" or the negative thereof or comparable terminology, are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K under the section entitled "Risk Factors". You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Report. Granite undertakes no obligation to revise or update publicly any forward-looking statements for any reason. EX-20.2 4 f92136exv20w2.txt EXHIBIT 20.2 EXHIBIT 20.2 GRANITE CONSTRUCTION INCORPORATED COMPARATIVE FINANCIAL SUMMARY (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)

THREE MONTHS ENDED JUNE 30, VARIANCE ----------------------- -------------------- OPERATIONS 2003 2002 AMOUNT PERCENT - ---------- ---- ---- ------ ------- Revenue $ 469,405 $ 459,010 $ 10,395 2.3 Gross profit $ 53,183 $ 63,859 $(10,676) (16.7) Gross profit as a percent of revenue 11.3% 13.9% (2.6%) -- General and administrative expenses $ 36,395 $ 35,531 $ 864 2.4 G&A expenses as a percent of revenue 7.8% 7.7% 0.1% -- --------- --------- -------- --- Other income (expense) Interest income $ 2,002 $ 1,902 $ 100 5.3 Interest expense $ (2,529) $ (2,531) $ 2 0.1 Gain on sales of property and equipment $ 232 $ 415 $ (183) (44.1) Other, net $ 2,061 $ (395) $ 2,456 621.8 --------- --------- -------- --- Total other income (expense) $ 1,766 $ (609) $ 2,375 390.0 --------- --------- -------- --- Income before provision for income taxes and $ 18,554 $ 27,719 $ (9,165) (33.1) minority interest Minority interest $ (1,042) $ (767) $ (275) (35.9) Net income $ 10,794 $ 16,558 $ (5,764) (34.8) ========= ========= ======== ===== Net income per share: Basic $ 0.27 $ 0.41 $ (0.14) (34.1) Diluted $ 0.26 $ 0.41 $ (0.15) (36.6) Weighted average shares of common stock: Basic 40,212 40,006 206 0.5 Diluted 40,802 40,818 (16) -- --------- --------- -------- ---

SIX MONTHS ENDED JUNE 30, VARIANCE ---------------------- ---------------------- OPERATIONS 2003 2002 AMOUNT PERCENT - ---------- ---- ---- ------ ------- Revenue $ 771,565 $ 728,155 $ 43,410 6.0 Gross profit $ 86,200 $ 90,771 $ (4,571) (5.0) Gross profit as a percent of revenue 11.2% 12.5% (1.3%) -- General and administrative expenses $ 72,945 $ 65,986 $ 6,959 10.5 G&A expenses as a percent of revenue 9.5% 9.1% 0.4% -- --------- --------- -------- ---- Other income (expense) Interest income $ 3,488 $ 3,892 $ (404) (10.4) Interest expense $ (4,638) $ (4,176) $ (462) (11.1) Gain on sales of property and equipment $ 528 $ 631 $ (103) (16.3) Other, net $ 20,403 $ (41) $ 20,444 49,863.4 --------- --------- -------- ---- Total other income (expense) $ 19,781 $ 306 $ 19,475 6,364.4 --------- --------- -------- ---- Income before provision for income taxes and $ 33,036 $ 25,091 $ 7,945 31.7 minority interest Minority interest $ (265) $ (767) $ 502 65.5 Net income $ 20,812 $ 14,915 $ 5,897 39.5 ========= ========= ======== ==== Net income per share: Basic $ 0.52 $ 0.37 $ 0.15 40.5 Diluted $ 0.51 $ 0.37 $ 0.14 37.8 Weighted average shares of common stock: Basic 40,130 39,964 166 0.4 Diluted 40,657 40,726 (69) (0.2) --------- --------- -------- ----

JUNE 30, DEC. 31, VARIANCE FINANCIAL POSITION 2003 2002 AMOUNT PERCENT - ------------------ ---- ---- ------ ------- Working capital $ 216,846 $ 220,396 $ (3,550) (1.6) Current ratio 1.59 1.67 (0.08) (4.8) Long-term debt $ 131,177 $ 132,380 $ (1,203) (0.9) Total liabilities to equity ratio 1.21 1.16 0.05 4.3 Stockholders' equity $ 469,655 $ 454,869 $ 14,786 3.3 Total assets $1,038,065 $ 983,819 $ 54,246 5.5 Book value per common share $ 11.31 $ 11.03 $ 0.28 2.5 Backlog $1,931,394 $1,856,451 $ 74,943 4.0 ---------- ---------- -------- ----

JUNE 30, VARIANCE FINANCIAL POSITION 2003 2002 AMOUNT PERCENT - ------------------ ---- ---- ------ ------- Working capital $ 216,846 $ 231,206 $ (14,360) (6.2) Current ratio 1.59 1.64 (0.05) (3.0) Long-term debt $ 131,177 $ 134,516 $ (3,339) (2.5) Total liabilities to equity ratio 1.21 1.31 (0.10) (7.6) Stockholders' equity $ 469,655 $ 427,102 $ 42,553 10.0 Total assets $1,038,065 $ 987,462 $ 50,603 5.1 Book value per common share $ 11.31 $ 10.34 $ 0.97 9.4 Backlog $1,931,394 $1,587,967 $ 343,427 21.6 ---------- ---------- --------- ----

EX-20.3 5 f92136exv20w3.txt EXHIBIT 20.3 EXHIBIT 20.3 GRANITE CONSTRUCTION INCORPORATED REVENUE AND BACKLOG ANALYSIS (DOLLARS IN THOUSANDS) BY MARKET SECTOR

REVENUE BACKLOG THREE MONTHS ENDED JUNE 30, VARIANCE JUNE 30, VARIANCE 2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT CONTRACTS Federal $ 12,882 $ 14,182 $ (1,300) (9.2) $ 88,997 $ 41,095 $ 47,902 116.6 State 193,043 181,126 11,917 6.6 847,726 783,030 64,696 8.3 Local 142,557 126,673 15,884 12.5 817,399 649,104 168,295 25.9 -------- -------- -------- ---- ---------- ---------- -------- ---- Total public sector 348,482 321,981 26,501 8.2 1,754,122 1,473,229 280,893 19.1 Private sector 54,917 75,345 (20,428) (27.1) 177,272 114,738 62,534 54.5 AGGREGATE SALES 66,006 61,684 4,322 7.0 -- -- -- -- -------- -------- -------- ---- ---------- ---------- -------- ---- $469,405 $459,010 $ 10,395 2.3 $1,931,394 $1,587,967 $343,427 21.6 ======== ======== ======== ==== ========== ========== ======== ====

BY GEOGRAPHIC AREA

REVENUE BACKLOG THREE MONTHS ENDED JUNE 30, VARIANCE JUNE 30, VARIANCE 2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT ---- ---- ------ ------- ---- ---- ------ ------- CALIFORNIA $151,702 $190,140 $(38,438) (20.2) $ 296,469 $ 373,402 $ (76,933) (20.6) WEST (EXCL. CA) 166,621 157,940 8,681 5.5 401,387 338,254 63,133 18.7 MIDWEST 14,830 18,831 (4,001) (21.2) 65,186 126,326 (61,140) (48.4) NORTHEAST 42,139 26,439 15,700 59.4 426,987 243,302 183,685 75.5 SOUTH 94,113 65,660 28,453 43.3 741,365 506,683 234,682 46.3 -------- -------- -------- ---- ---------- ---------- --------- ---- $469,405 $459,010 $ 10,395 2.3 $1,931,394 $1,587,967 $ 343,427 21.6 ======== ======== ======== ==== ========== ========== ========= ====

-----END PRIVACY-ENHANCED MESSAGE-----

EX-20.1

FOR MORE INFORMATION CONTACT:
Jacque Underdown (831) 761-4741


FOR IMMEDIATE RELEASE


GRANITE CONSTRUCTION REPORTS SECOND QUARTER 2003 RESULTS


Watsonville, California (August 6, 2003) - Granite Construction Incorporated
(NYSE:GVA) announced today that net income for the second quarter ended June
30, 2003 was $10.8 million or $0.26 per diluted share versus $16.6 million or
$0.41 per diluted share for the same period last year.  Revenue for the quarter
totaled $469.4 million compared with $459.0 million a year ago.

As was stated in a prior release dated July 25, 2003, the Company's decrease in
net income for the second quarter is largely a result of unseasonably wet
weather in the West early in the quarter causing a late start to the
construction season, continued slowdowns in both public and private sector
construction spending and lower than expected profit from several large Heavy
Construction Division (HCD) projects.

David H. Watts, Chairman and Chief Executive Officer, said, "Our second quarter
results clearly illustrate the challenging market in which the Branch Division
has been operating.  As a result, Branch Division new awards, revenue and gross
margins are down for the quarter.  On the other hand, while we were
disappointed in HCD's results for the quarter, we are encouraged that new
awards and revenues are both up over 20% with backlog for the division totaling
nearly $1.4 billion, a 37% increase from a year ago.  This demonstrates HCD's
long-term growth potential that we believe will be realized with improved
revenues and margins over the next few years.  We also expect that the effects
of the lower HCD profit recognition in the quarter will be substantially offset
by the positive results related to the resolution of contract change orders.
The Company's policy is to record change order revenue only when final
agreements are executed."

Backlog at June 30, 2003 totaled $1.9 billion compared with $1.6 billion at
June 30, 2002.  New awards for the second quarter were $530.0 million and
include an $18.3 million airport project in Alaska, a $66.6 million highway
contract in North Carolina, a $53.4 million dam project in Arkansas and a $91.2
million share of a joint venture contract in Virginia.

For the six-month period ended June 30, 2003, net income was $20.8 million or
$0.51 per share on a diluted basis compared with $14.9 million or $0.37 per
share for the same period in 2002.  Revenue for the six-month period totaled
$771.6 million compared with $728.2 million for the same period last year.

Granite is one of the nation's largest diversified heavy civil contractors and
construction materials producers.  Granite Construction serves public and
private sector clients through its offices nationwide.  For more information
about the company, please visit their website at www.graniteconstruction.com.

This press release contains " forward-looking statements" within the meaning of
the Private Litigation Reform Act of 1995 regarding future events and the
future results of Granite that are based on current expectations, estimates,
forecasts, and projects as well as the beliefs and assumptions of Granite's
management.  Words such as "outlook", "believes", "expects", "appears", "may",
"will", "should", "anticipates" or the negative thereof or comparable
terminology, are intended to identify such forward-looking statements.  These
forward-looking statements are only predictions and are subject to risks,
uncertainties and assumptions that are difficult to predict.  Therefore actual
results may differ materially and adversely from those expressed in any
forward-looking statements.  Factors that might cause or contribute to such
differences include, but are not limited to, those discussed in our Annual
Report on Form 10-K under the section entitled "Risk Factors".  You should not
place undue reliance on these forward-looking statements, which speak only as
of the date of this Report.  Granite undertakes no obligation to revise or
update publicly any forward-looking statements for any reason.

EX-20.2

                                                                    EXHIBIT 20.2

                        GRANITE CONSTRUCTION INCORPORATED

                          COMPARATIVE FINANCIAL SUMMARY

                (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)



                                                    THREE MONTHS ENDED
                                                         JUNE 30,                VARIANCE
                                               -----------------------     --------------------
OPERATIONS                                          2003          2002       AMOUNT      PERCENT
- ----------                                          ----          ----       ------      -------

                                                                             
Revenue                                        $ 469,405     $ 459,010     $ 10,395          2.3
Gross profit                                   $  53,183     $  63,859     $(10,676)       (16.7)
    Gross profit as a percent of revenue            11.3%         13.9%        (2.6%)       --
General and administrative expenses            $  36,395     $  35,531     $    864          2.4
    G&A expenses as a percent of revenue             7.8%          7.7%         0.1%        --
                                               ---------     ---------     --------          ---
Other income (expense)
    Interest income                            $   2,002     $   1,902     $    100          5.3
    Interest expense                           $  (2,529)    $  (2,531)    $      2          0.1
    Gain on sales of property and equipment    $     232     $     415     $   (183)       (44.1)
    Other, net                                 $   2,061     $    (395)    $  2,456        621.8
                                               ---------     ---------     --------          ---
        Total other income (expense)           $   1,766     $    (609)    $  2,375        390.0
                                               ---------     ---------     --------          ---
Income before provision for income taxes and   $  18,554     $  27,719     $ (9,165)       (33.1)
      minority interest
Minority interest                              $  (1,042)    $    (767)    $   (275)       (35.9)
Net income                                     $  10,794     $  16,558     $ (5,764)       (34.8)
                                               =========     =========     ========        =====
Net income per share:
    Basic                                      $    0.27     $    0.41     $  (0.14)       (34.1)
    Diluted                                    $    0.26     $    0.41     $  (0.15)       (36.6)
Weighted average shares of common stock:
    Basic                                         40,212        40,006          206          0.5
    Diluted                                       40,802        40,818          (16)        --
                                               ---------     ---------     --------          ---





                                                       SIX MONTHS ENDED
                                                            JUNE 30,                 VARIANCE
                                                  ----------------------      ----------------------
OPERATIONS                                             2003          2002       AMOUNT      PERCENT
- ----------                                             ----          ----       ------      -------

                                                                               
Revenue                                           $ 771,565     $ 728,155     $ 43,410          6.0
Gross profit                                      $  86,200     $  90,771     $ (4,571)        (5.0)
    Gross profit as a percent of revenue               11.2%         12.5%        (1.3%)       --
General and administrative expenses               $  72,945     $  65,986     $  6,959         10.5
    G&A expenses as a percent of revenue                9.5%          9.1%         0.4%        --
                                                  ---------     ---------     --------         ----
Other income (expense)
    Interest income                               $   3,488     $   3,892     $   (404)       (10.4)
    Interest expense                              $  (4,638)    $  (4,176)    $   (462)       (11.1)
    Gain on sales of property and equipment       $     528     $     631     $   (103)       (16.3)
    Other, net                                    $  20,403     $     (41)    $ 20,444     49,863.4
                                                  ---------     ---------     --------         ----
        Total other income (expense)              $  19,781     $     306     $ 19,475      6,364.4
                                                  ---------     ---------     --------         ----
Income before provision for income taxes and      $  33,036     $  25,091     $  7,945         31.7
      minority interest
Minority interest                                 $    (265)    $    (767)    $    502         65.5
Net income                                        $  20,812     $  14,915     $  5,897         39.5
                                                  =========     =========     ========         ====
Net income per share:
    Basic                                         $    0.52     $    0.37     $   0.15         40.5
    Diluted                                       $    0.51     $    0.37     $   0.14         37.8
Weighted average shares of common stock:
    Basic                                            40,130        39,964          166          0.4
    Diluted                                          40,657        40,726          (69)        (0.2)
                                                  ---------     ---------     --------         ----





                                        JUNE 30,     DEC. 31,             VARIANCE
FINANCIAL POSITION                       2003           2002       AMOUNT        PERCENT
- ------------------                       ----           ----       ------        -------

                                                                       
Working capital                       $  216,846     $  220,396     $ (3,550)      (1.6)
Current ratio                               1.59           1.67        (0.08)      (4.8)
Long-term debt                        $  131,177     $  132,380     $ (1,203)      (0.9)
Total liabilities to equity ratio           1.21           1.16         0.05        4.3
Stockholders' equity                  $  469,655     $  454,869     $ 14,786        3.3
Total assets                          $1,038,065     $  983,819     $ 54,246        5.5
Book value per common share           $    11.31     $    11.03     $   0.28        2.5
Backlog                               $1,931,394     $1,856,451     $ 74,943        4.0
                                      ----------     ----------     --------       ----





                                           JUNE 30,                   VARIANCE
FINANCIAL POSITION                     2003           2002        AMOUNT      PERCENT
- ------------------                     ----           ----        ------      -------

                                                                       
Working capital                     $  216,846     $  231,206     $ (14,360)       (6.2)
Current ratio                             1.59           1.64         (0.05)       (3.0)
Long-term debt                      $  131,177     $  134,516     $  (3,339)       (2.5)
Total liabilities to equity ratio         1.21           1.31         (0.10)       (7.6)
Stockholders' equity                $  469,655     $  427,102     $  42,553        10.0
Total assets                        $1,038,065     $  987,462     $  50,603         5.1
Book value per common share         $    11.31     $    10.34     $    0.97         9.4
Backlog                             $1,931,394     $1,587,967     $ 343,427        21.6
                                    ----------     ----------     ---------        ----

EX-20.3

                                                                    EXHIBIT 20.3
                        GRANITE CONSTRUCTION INCORPORATED
                          REVENUE AND BACKLOG ANALYSIS
                             (DOLLARS IN THOUSANDS)

                                BY MARKET SECTOR



                                              REVENUE                                           BACKLOG
                              THREE MONTHS
                              ENDED JUNE 30,             VARIANCE                  JUNE 30,                    VARIANCE
                          2003          2002        AMOUNT      PERCENT      2003           2002        AMOUNT        PERCENT

CONTRACTS

                                                                                               
Federal                 $ 12,882     $ 14,182     $ (1,300)       (9.2)   $   88,997     $   41,095     $ 47,902       116.6
State                    193,043      181,126       11,917         6.6       847,726        783,030       64,696         8.3
Local                    142,557      126,673       15,884        12.5       817,399        649,104      168,295        25.9
                        --------     --------     --------        ----    ----------     ----------     --------        ----
Total public sector      348,482      321,981       26,501         8.2     1,754,122      1,473,229      280,893        19.1
Private sector            54,917       75,345      (20,428)      (27.1)      177,272        114,738       62,534        54.5
AGGREGATE SALES           66,006       61,684        4,322         7.0          --             --           --           --
                        --------     --------     --------        ----    ----------     ----------     --------        ----
                        $469,405     $459,010     $ 10,395         2.3    $1,931,394     $1,587,967     $343,427        21.6
                        ========     ========     ========        ====    ==========     ==========     ========        ====


                               BY GEOGRAPHIC AREA



                                      REVENUE                                                 BACKLOG
                        THREE MONTHS
                         ENDED JUNE 30,            VARIANCE                    JUNE 30,                   VARIANCE
                      2003         2002       AMOUNT      PERCENT         2003           2002        AMOUNT      PERCENT
                      ----         ----       ------      -------         ----           ----        ------      -------

                                                                                            
CALIFORNIA          $151,702     $190,140     $(38,438)      (20.2)   $  296,469     $  373,402     $ (76,933)      (20.6)
WEST (EXCL. CA)      166,621      157,940        8,681         5.5       401,387        338,254        63,133        18.7
MIDWEST               14,830       18,831       (4,001)      (21.2)       65,186        126,326       (61,140)      (48.4)
NORTHEAST             42,139       26,439       15,700        59.4       426,987        243,302       183,685        75.5
SOUTH                 94,113       65,660       28,453        43.3       741,365        506,683       234,682        46.3
                    --------     --------     --------        ----    ----------     ----------     ---------        ----
                    $469,405     $459,010     $ 10,395         2.3    $1,931,394     $1,587,967     $ 343,427        21.6
                    ========     ========     ========        ====    ==========     ==========     =========        ====