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585 West Beach Street
Watsonville, California 95076
(Address of principal executive offices) (Zip Code)

Item 12. Disclosure of Updated Results of Operations and Financial Condition.

On November 12, 2003, Granite Construction Incorporated announced that on November 7, 2003 the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. 150-3, Effective Date, Disclosures, and Transition for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests under FASB Statement No. 150 “Accounting for Certain financial Instruments with Characteristics of Both Liabilities and Equity” (“FSP 150-3”). FSP 150-3 defers the implementation of certain aspects of FASB Statement No. 150 (“SFAS 150”) indefinitely, including the measurement provision of SFAS 150 related to certain redeemable securities of our majority owned subsidiary, Wilder Construction Company.

In our earnings press release dated November 5, 2003 we had included in our financial information for the third quarter ended September 30, 2003 a cumulative effect of a change in accounting principle in the amount of $5.1 million and other expenses related to the implementation of SFAS 150. Due to the deferral that is required by FSP 150-3, this cumulative effect and the related expenses will not be recorded in the financial statements in our Quarterly Report on Form 10Q for the quarter ended September 30, 2003 to be filed on or about November 14, 2003.

Commenting on this change, William E. Barton, Senior Vice President and Chief Financial Officer said, “At the time of our earnings release it was required by the FASB that we reflect this accounting change in our financials. FASB subsequently issued a change that, although positively impacting our net income per share, does not reflect any changes in the quality of our operating financial results.”

The table below illustrates the impact of this change on our diluted earnings per share for the quarter ended September 30, 2003:

(c)

Exhibits. The following exhibits are attached hereto and furnished herewith:

Pursuant to the requirements of the Securities Exchange Act of 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 UPDATES THIRD QUARTER
RESULTS DUE TO SFAS 150 ACCOUNTING RULE CHANGE

Watsonville, California (November 12, 2003) Granite Construction Incorporated (NYSE:GVA) announced today that on November 7, 2003 the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. 150-3, Effective Date, Disclosures, and Transition for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests under FASB Statement No. 150 “Accounting for Certain financial Instruments with Characteristics of Both Liabilities and Equity” (“FSP 150-3”). FSP 150-3 defers the implementation of certain aspects of FASB Statement No. 150 (“SFAS 150”) indefinitely, including the measurement provision of SFAS 150 related to certain redeemable securities of our majority owned subsidiary, Wilder Construction Company.

The table below illustrates the impact of this change on our diluted earnings per share for the quarter ended September 30, 2003:

Attached is a revised Comparative Financial Summary for the quarter and nine months ended September 30, 2003.

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.

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


			Three Months Ended												Nine Months Ended
			September 30,						Variance						September 30,						Variance

Operations			2003			2002			Amount			Percent			2003			2002			Amount			Percent

Revenue			$	580,200		$	583,728		$	(3,528	)		(0.6	)	$	1,351,765		$	1,311,883		$	39,882			3.0
Gross profit			$	82,059		$	77,221		$	4,838			6.3		$	168,259		$	167,992		$	267			0.2
	Gross profit as a percent of revenue			14.1	%		13.2	%		0.9	%		—			12.4	%		12.8	%		(0.4	%)		—
General and administrative expenses			$	42,533		$	40,182		$	2,351			5.9		$	115,478		$	106,168		$	9,310			8.8
	G&A expenses as a percent of revenue			7.3	%		6.9	%		0.4	%		—			8.5	%		8.1	%		0.4	%		—
Other income (expense) Interest income			$	1,145		$	2,122		$	(977	)		(46.0	)	$	4,633		$	6,014		$	(1,381	)		(23.0	)
	Interest expense		$	(1,939	)	$	(2,527	)	$	588			23.3		$	(6,577	)	$	(6,703	)	$	126			1.9
	Gain on sales of property and equipment		$	3,018		$	939		$	2,079			221.4		$	3,546		$	1,570		$	1,976			125.9
	Other, net		$	49		$	1,118		$	(1,069	)		(95.6	)	$	20,452		$	1,077		$	19,375			1799.0

		Total other income	$	2,273		$	1,652		$	621			37.6		$	22,054		$	1,958		$	20,096			1026.4

Income before provision for income taxes and minority interest			$	41,799		$	38,691		$	3,108			8.0		$	74,835		$	63,782		$	11,053			17.3
Minority interest			$	(834	)	$	(1,927	)	$	1,093			56.7		$	(1,099	)	$	(2,694	)	$	1,595			59.2

Net income			$	25,834		$	23,069		$	2,765			12.0		$	46,646		$	37,984		$	8,662			22.8

Net income per share:
	Basic		$	0.64		$	0.57		$	0.07			12.3		$	1.16		$	0.95		$	0.21			22.1
	Diluted		$	0.63		$	0.57		$	0.06			10.5		$	1.14		$	0.94		$	0.20			21.3
Weighted average shares of common stock:
	Basic			40,217			40,188			29			0.1			40,160			40,039			121			0.3
	Diluted			40,908			40,788			120			0.3			40,741			40,615			126			0.3


					Variance						September 30,				Variance
	September 30,		Dec. 31,
Financial Position	2003		2002		Amount			Percent			2003		2002		Amount			Percent

Working capital	$	238,158	$	220,396	$	17,762			8.1		$	238,158	$	223,443	$	14,715			6.6
Current ratio		1.59		1.67		(0.08	)		(4.8	)		1.59		1.54		0.05			3.2
Long-term debt	$	127,473	$	132,380	$	(4,907	)		(3.7	)	$	127,473	$	131,264	$	(3,791	)		(2.9	)
Total liabilities to equity ratio		1.22		1.16		0.06			5.2			1.22		1.37		(0.15	)		(10.9	)
Stockholders’ equity	$	493,024	$	454,869	$	38,155			8.4		$	493,024	$	446,587	$	46,437			10.4
Total assets	$	1,094,794	$	983,819	$	110,975			11.3		$	1,094,794	$	1,056,977	$	37,817			3.6
Book value per common share	$	11.87	$	11.03	$	0.84			7.6		$	11.87	$	10.79	$	1.08			10.0
Backlog	$	1,900,115	$	1,856,451	$	43,664			2.4		$	1,900,115	$	1,743,502	$	156,613			9.0


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


	Item 12. Disclosure of Updated Results of Operations and Financial Condition.
	Item 7. Financial Statement, Pro Forma Financial Information and Exhibits
SIGNATURES
INDEX TO EXHIBITS
Exhibit 20.1
Exhibit 20.2


	Current		Previously Reported

Income per share before the cumulative effect of a change in accounting principle	$	0.63	$	0.60
Cumulative effect of a change in accounting principle		—	$	0.13
Net income per share	$	0.63	$	0.47


Exhibit
Number

20.1		Press Release of Registrant, dated November 12, 2003, update to third quarter financial results.

20.2		Comparative Financial Summary


Exhibit
Number		Document

20.1		Press Release of Registrant, dated November 12, 2003, update to third quarter financial results
20.2		Comparative Financial Summary

Table of Contents

Table of Contents

Table of Contents

Table of Contents


	GRANITE CONSTRUCTION INCORPORATED


Date: November 13, 2003	By:	/s/ William E. Barton

		William E. Barton
		Senior Vice President and Chief Financial Officer