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 ---------- ---------- --------- ----