-----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, Dm1O2TG1Yq87JZCDqDWtYYxKpcp0P7izNkAqTShsF8gRhVv5PdNwxyEG+W0CIES/ coLcpKWfXE/U8Dyd01/nYQ== 0001275287-07-000759.txt : 20070214 0001275287-07-000759.hdr.sgml : 20070214 20070214173235 ACCESSION NUMBER: 0001275287-07-000759 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070214 DATE AS OF CHANGE: 20070214 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12911 FILM NUMBER: 07623233 BUSINESS ADDRESS: STREET 1: 585 WEST BEACH ST CITY: WATSONVILLE STATE: CA ZIP: 95076 BUSINESS PHONE: 8317241011 MAIL ADDRESS: STREET 1: 585 WEST BEACH ST CITY: WATSONVILLE STATE: CA ZIP: 95076 8-K 1 gc8986.txt FORM 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) February 14, 2007 GRANITE CONSTRUCTION INCORPORATED (Exact name of registrant as specified in its charter) ---------- Delaware 1-12911 77-0239383 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 14, 2007, Granite Construction Incorporated (the "Company") issued a press release with respect to its earnings for the quarter ended December 31, 2006, a copy of which is attached as Exhibit 99.1. The information set forth is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and shall not be deemed "filed" for purpose of Section 18 of the Securities Exchange Act of 1934, nor shall the information, including the Exhibit, be deemed incorporated by reference in any filing of the Company, except as shall be expressly set forth by specific reference in such filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. The following exhibits are attached hereto and furnished herewith: Exhibit Number Exhibit Title - ------- ---------------------------------------------------------------------- 99.1 Press Release of Registrant, dated February 14, 2007, its fourth quarter financial results 2 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 hereunto duly authorized. GRANITE CONSTRUCTION INCORPORATED Date: February 14, 2007 By: /s/ William E. Barton ----------------------------- William E. Barton Senior Vice President and Chief Financial Officer 3 INDEX TO EXHIBITS Exhibit Number Document - ------- ---------------------------------------------------------------------- 99.1 Press Release of Registrant, dated February 14, 2007, its fourth quarter financial results 4 EX-99.1 2 gc8986ex991.txt EXHIBIT 99.1 Exhibit 99.1 GRANITE CONSTRUCTION INCORPORATED REPORTS FOURTH QUARTER AND FULL YEAR 2006 RESULTS - Total Company FY06 revenue a record $2.96 billion - Branch Division posts record FY06 operating income of $264.5 million - Branch Division backlog up 11% year over year - Heavy Construction Division reports operating loss in the quarter of $76.5 million - Heavy Construction Division operating loss includes $18.0 million goodwill write-down - Heavy Construction Division backlog down 10% year over year WATSONVILLE, Calif., Feb. 14 /PRNewswire-FirstCall/ -- Granite Construction Incorporated (NYSE: GVA) today announced financial results for the fourth quarter and full year ended December 31, 2006. Revenue for the quarter totaled $715.2 million compared with $679.6 million for the fourth quarter ended December 31, 2005. Revenue for the year totaled $2.96 billion compared with $2.64 billion in 2005. The Company reported net income for the quarter of $0.6 million, or $0.02 per diluted share, including $18.0 million for a write down of goodwill related to the Heavy Construction Division's Granite Northeast operation. On a pro forma non-GAAP basis, excluding this goodwill charge and the related tax benefits, net income for the fourth quarter 2006 was $11.6 million, or $0.28 per diluted share, compared with $35.8 million, or $0.86 per diluted share for the same period last year. Pro forma non-GAAP net income for fiscal year 2006 was $89.2 million, or $2.15 per diluted share, compared with $83.2 million, or $2.02 per diluted share in the prior year. The following table reconciles GAAP net income to net income on a pro forma non-GAAP basis (in thousands): Three months ended Years ended December 31, December 31, ----------------------- ----------------------- 2006 2005 2006 2005 ---------- ---------- ---------- ---------- GAAP net income $ 628 $ 35,812 $ 78,220 $ 83,150 Goodwill impairment charge 18,011 -- 18,011 -- Tax benefit of goodwill impairment charge (7,006) -- (7,006) -- Non-GAAP net income $ 11,633 $ 35,812 $ 89,225 $ 83,150 Non-GAAP diluted earnings per share 0.28 0.86 2.15 2.02 "I am very pleased to report that 2006 was another record-breaking year for the Branch Division," said William G. Dorey, President and Chief Executive Officer. "I am extremely proud of what our team was able to accomplish this year in both our construction and aggregate materials businesses. Thanks to mild weather in the West, we were able to work late into the season and have a strong finish to the year. More importantly, we are successfully capitalizing on what we consider to be one of the best construction markets in our history." "Unfortunately, our fourth quarter and full-year 2006 financial results for HCD were considerably below our expectations. As outlined in our operational realignment announcement made today, we are implementing key strategic changes in our operating structure that will allow us to more effectively and profitably manage our large, complex projects. We are committed to doubling our efforts in all aspects of this business so that we can successfully capture the profit potential on this work." He added, "As our financial results reflect, we are writing down the $18.0 million of goodwill from the 2001 acquisition of Halmar Builders of New York, Inc. While our performance to date does not support our original investment, we remain confident in our new management team and believe that the New York market will continue to present profitable opportunities for us going forward." Operating Results -- Quarter and Year-To-Date Total gross profit as a percent of revenue for the fourth quarter 2006 decreased to 7.2% compared with 15.6% for the same period last year. Other income for the quarter ended December 31, 2006 was positively impacted primarily by interest income which increased $2.6 million to $7.4 million as a result of higher average yield on a higher level of interest- bearing investments. Total gross profit as a percent of revenue for the year ended December 31, 2006 decreased to 9.8% compared with 12.1% last year. Operating income for the year decreased to $83.3 million compared with $134.9 million for the same period in 2005. Total company backlog at December 31, 2006 was essentially flat at $2.3 billion. Results by Segment Branch Division revenue for the quarter totaled $472.3 million, an increase of $70.4 million or 18% over the same period in 2005. Backlog for the Branch Division increased to $807.6 million compared with $728.3 million for the fourth quarter 2005. Gross profit as a percent of revenue increased for the fourth quarter 2006 to 21.6% compared with 19.1% for the fourth quarter 2005 due to record levels of profitability on our construction work and the sales of our construction materials. Branch Division operating income increased $27.5 million for the quarter to a record $79.4 million compared with $51.8 million for the fourth quarter last year. The increase includes approximately $4.8 million for the partial reversal of a previously recorded legal provision related to settlement of a civil lawsuit in Nevada. For the year ended December 31, 2006, Branch Division revenue totaled $1.8 billion compared with $1.6 billion for the same period last year. Gross profit as a percent of revenue for the year ended December 31, 2006 increased to 19.7% compared with 16.0% last year. Operating income for the division increased to a record $264.5 million for the same period compared with $153.7 million in 2005. HCD revenue for the quarter totaled $242.6 million versus $260.7 million for the same period last year. HCD backlog decreased to $1.4 billion compared with $1.6 billion as of year end 2005. Gross margin as a percent of revenue was a loss of 21.0% compared with a profit of 6.8% in the prior period. This decrease reflects a net reduction in gross profit of approximately $70.0 million resulting from changes in estimates of project profitability compared with a net increase of $1.5 million from such changes in the fourth quarter last year. Largely as a product of these estimate changes in the fourth quarter 2006, operating loss for HCD totaled $76.5 million compared with operating income of $4.3 million for the same period in 2005. The two largest downward forecast adjustments affecting the fourth quarter were on the State Route 22 Design-Build project in Southern California and the US-20 Design-Build project in Oregon. The Company believes it has strong contractual support for additional revenue on both projects and is hopeful that it will recover these costs through negotiations with the owners. However, there is no guarantee of recovery and no additional revenue recognition is reflected in our financial results. For the year ended December 31, 2006, HCD revenue totaled $1.1 billion compared with $1.0 billion for the same period last year. Gross margin as a percent of revenue for the year ended December 31, 2006 was a loss of 8.5% compared with a profit of 4.9% last year. Operating loss for HCD totaled $142.6 million in 2006 compared with operating income of $12.5 million in 2005. Business Outlook The outlook for the Branch Division in 2007 is extremely positive. Driven by healthy funding levels and strong local economies, the branches continue to experience one of the best public sector construction markets they have witnessed in many years. Pricing for construction materials is expected to be healthy in 2007 as demand for aggregates from both the public and private sector remains strong. The Company is currently forecasting HCD to break even in 2007 followed by a return to acceptable operating margins as the existing backlog is worked off and the benefits of the organizational realignment are realized. Financial Results The financial information in this announcement reflects the Company's preliminary results subject to completion of the annual audit. Audited financial results will appear in Granite's Form 10-K, which will be filed on or before March 1, 2007. Use of Non-GAAP Financials In addition, to supplement the GAAP financial information, we have provided non-GAAP net income and earnings per share information that exclude the $18.0 million ($11.0 million net of tax) non-cash write down of goodwill. The goodwill impairment was primarily due to our recent reevaluation of our strategy in New York, which was largely driven by continuing losses. We are providing this information because we believe doing so provides a more meaningful and consistent comparison of our ongoing operating results compared with historical results. A table reconciling the GAAP financial information to non-GAAP information is included in today's release. Conference Call Granite will conduct a conference call today at 2:30 p.m. PT/ 5:30 p.m. ET to discuss its financial results and organizational realignment. The conference call will be webcast live and can be accessed at http://www.graniteconstruction.com/investor-relations. The live conference call may also be accessed by calling (877) 864-2735 in the U.S. and Canada and (706) 634-7039 for international listeners. A replay will be available approximately two hours after the live call through Friday, March 2nd by calling (800) 642-1687 or (706) 645-9291. The conference ID for both the live call and the replay is 6555946. Company Description Granite, a member of the S&P 400 Midcap Index, the Domini 400 Social Index and the Russell 2000, 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 the 4th straight year, Granite was named to FORTUNE'S List of 100 Best Companies to Work For. 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represents our management's beliefs and assumptions concerning future events such as statements related to the existence of bidding opportunities and economic conditions on the Company's future results. Additionally, forward-looking statements include statements that can be identified by the use of forward- looking terminology such as "believes," "expects," "appears," "may," "will," "should," "look for," or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. All such forward-looking statements are subject to risks and uncertainties that could cause actual results of operations and financial condition and other events, as well as the timing thereof, to differ materially from those expressed or implied in such forward-looking statements. Specific risk factors include, 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; job productivity; accuracy of project estimates; weather conditions; competition and pricing pressures; and state referendums and initiatives. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. You should also understand that many important factors in addition to those discussed, referred to or incorporated by reference in this press release, could cause our results to differ materially from those expressed in the forward-looking statements. In light of these risks and uncertainties, it is important to be aware that the forward-looking events discussed in this release may not occur. We undertake no obligation to revise or update publicly any forward-looking statements to conform the statement to actual results or changes in the Company's expectations. For further information regarding risks and uncertainties associated with Granite's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operation" and "Risk Factors" sections of Granite's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Granite's investor relations department at (831) 724-1011 or at Granite's website at http://www.graniteconstruction.com. GRANITE CONSTRUCTION INCORPORATED COMPARATIVE FINANCIAL SUMMARY (Unaudited - In Thousands, Except Per Share Data)
THREE MONTHS ENDED DECEMBER 31, VARIANCE ---------------------------- ---------------------------- OPERATIONS 2006 2005 AMOUNT PERCENT - ------------------------------------------------- ------------ ------------ ------------ ------------ Revenue Construction $ 608,624 $ 583,831 $ 24,793 4.2 Material sales $ 106,603 $ 95,721 $ 10,882 11.4 ------------ ------------ ------------ ------------ Total revenue $ 715,227 $ 679,552 $ 35,675 5.2 ------------ ------------ ------------ ------------ Cost of revenue Construction $ 581,661 $ 501,690 $ (79,971) (15.9) Material sales $ 82,423 $ 71,838 $ (10,585) (14.7) ------------ ------------ ------------ ------------ Total cost of revenue $ 664,084 $ 573,528 $ (90,556) (15.8) ------------ ------------ ------------ ------------ Gross profit $ 51,143 $ 106,024 $ (54,881) (51.8) Gross profit as a percent of revenue 7.2% 15.6% (8.4)% - General and administrative expenses $ 48,530 $ 53,767 $ 5,237 9.7 G&A expenses as a percent of revenue 6.8% 7.9% 1.1% - Provision for legal judgment $ (4,800) - $ 4,800 - Impairment of goodwill $ 18,011 - $ (18,011) - Gain on sales of property and equipment $ 891 $ 3,579 $ (2,688) (75.1) ------------ ------------ ------------ ------------ Other income (expense) Interest income $ 7,380 $ 4,753 $ 2,627 55.3 Interest expense $ (387) $ (1,531) $ 1,144 74.7 Equity in income of affiliates $ 636 $ 1,489 $ (853) (57.3) Other, net $ (96) $ 1,806 $ (1,902) **** ------------ ------------ ------------ ------------ Total other income $ 7,533 $ 6,517 $ 1,016 15.6 ------------ ------------ ------------ ------------ Income (loss) before provision for (benefit from) income taxes and minority interest $ (2,174) $ 62,353 $ (64,527) **** Minority interest $ 951 $ (8,447) $ 9,398 **** Net income $ 628 $ 35,812 $ (35,184) (98.2) ============ ============ ============ ============ Net income per share: Basic $ 0.02 $ 0.88 $ (0.86) (97.7) Diluted $ 0.02 $ 0.86 $ (0.84) (97.7) Weighted average shares of common stock: Basic 40,935 40,676 259 0.6 Diluted 41,581 41,417 164 0.4
YEAR ENDED DECEMBER 31, VARIANCE ---------------------------- ---------------------------- OPERATIONS 2006 2005 AMOUNT PERCENT - ------------------------------------------------- ------------ ------------ ------------ ------------ Revenue Construction $ 2,554,745 $ 2,307,062 $ 247,683 10.7 Material sales $ 410,159 $ 334,290 $ 75,869 22.7 ------------ ------------ ------------ ------------ Total revenue $ 2,964,904 $ 2,641,352 $ 323,552 12.2 ------------ ------------ ------------ ------------ Cost of revenue Construction $ 2,361,155 $ 2,060,680 $ (300,475) (14.6) Material sales $ 313,329 $ 261,300 $ (52,029) (19.9) ------------ ------------ ------------ ------------ Total cost of revenue $ 2,674,484 $ 2,321,980 $ (352,504) (15.2) ------------ ------------ ------------ ------------ Gross profit $ 290,420 $ 319,372 $ (28,952) (9.1) Gross profit as a percent of revenue 9.8% 12.1% (2.3)% - General and administrative expenses $ 204,281 $ 183,392 $ (20,889) (11.4) G&A expenses as a percent of revenue 6.9% 6.9% - - Provision for legal judgment $ (4,800) $ 9,300 $ 14,100 **** Impairment of goodwill $ 18,011 - $ (18,011) - Gain on sales of property and equipment $ 10,408 $ 8,235 $ 2,173 26.4 ------------ ------------ ------------ ------------ Other income (expense) Interest income $ 24,112 $ 11,573 $ 12,539 **** Interest expense $ (4,492) $ (6,932) $ 2,440 35.2 Equity in income of affiliates $ 2,157 $ 1,497 $ 660 44.1 Other, net $ 2,604 $ 1,258 $ 1,346 **** ------------ ------------ ------------ ------------ Total other income $ 24,381 $ 7,396 $ 16,985 **** ------------ ------------ ------------ ------------ Income (loss) before provision for (benefit from) income taxes and minority interest $ 107,717 $ 142,311 $ (34,594) (24.3) Minority interest $ 7,720 $ (17,748) $ 25,468 **** Net income $ 78,220 $ 83,150 $ (4,930) (5.9) ============ ============ ============ ============ Net income per share: Basic $ 1.91 $ 2.05 $ (0.14) (6.8) Diluted $ 1.89 $ 2.02 $ (0.13) (6.4) Weighted average shares of common stock: Basic 40,874 40,614 260 0.6 Diluted 41,471 41,249 222 0.5
**** Represents percentages greater than 100% GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - In thousands, except share and per share data)
DECEMBER 31, DECEMBER 31, 2006 2005 ------------ ------------ ASSETS Current assets Cash and cash equivalents $ 204,893 $ 199,881 Short-term marketable securities 141,037 68,540 Accounts receivable, net 492,229 476,453 Costs and estimated earnings in excess of billings 15,797 43,660 Inventories 41,529 33,161 Real estate held for sale 55,888 46,889 Deferred income taxes 38,237 22,996 Equity in construction joint ventures 31,912 27,408 Other current assets 63,144 57,960 ------------ ------------ Total current assets 1,084,666 976,948 ------------ ------------ Property and equipment, net 429,966 397,111 ------------ ------------ Long-term marketable securities 48,948 32,960 ------------ ------------ Investment in affiliates 21,471 15,855 ------------ ------------ Other assets 50,798 49,356 ------------ ------------ Total assets $ 1,635,849 $ 1,472,230 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 28,660 $ 26,888 Accounts payable 257,612 232,807 Billings in excess of costs and estimated earnings 292,543 208,883 Accrued expenses and other current liabilities 189,928 140,569 ------------ ------------ Total current liabilities 768,743 609,147 ------------ ------------ Long-term debt 78,576 124,415 ------------ ------------ Other long-term liabilities 58,419 46,556 ------------ ------------ Deferred income taxes 22,324 37,325 ------------ ------------ Minority interest in consolidated subsidiaries 15,532 33,227 ------------ ------------ Shareholders' equity Preferred stock, $0.01 par value, authorized 3,000,000 shares; none outstanding - - Common stock, $0.01 par value, authorized 150,000,000 shares in 2006 and 100,000,000 shares in 2005; issued and outstanding 41,833,559 shares in 2006 and 41,682,010 shares in 2005 418 417 Additional paid-in capital 78,620 80,619 Retained earnings 610,586 549,101 Accumulated other comprehensive income 2,631 1,602 Unearned compensation - (10,179) ------------ ------------ Total shareholders' equity 692,255 621,560 ------------ ------------ Total liabilities and shareholders' equity $ 1,635,849 $ 1,472,230 ============ ============
DECEMBER 31, DECEMBER 31, FINANCIAL POSITION 2006 2005 - ---------------------------------------------------------- ------------ ------------ Working capital $ 315,923 $ 367,801 Current ratio 1.41 1.60 Debt to total capitalization 0.13 0.20 Total liabilities to equity ratio 1.36 1.37
GRANITE CONSTRUCTION INCORPORATED REVENUE AND BACKLOG ANALYSIS (Unaudited - Dollars In Thousands) BY MARKET SECTOR
REVENUE BACKLOG ------------------------------------------------------ ------------------------------------------------------ YEAR ENDED DECEMBER 31, VARIANCE DECEMBER 31, VARIANCE -------------------------- -------------------------- -------------------------- -------------------------- 2006 2005 AMOUNT PERCENT 2006 2005 AMOUNT PERCENT ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Public Sector $ 2,021,301 $ 1,808,026 $ 213,275 11.8 $ 2,066,950 $ 2,083,824 $ (16,874) (0.8) Private Sector 533,444 499,036 34,408 6.9 189,037 247,716 (58,679) (23.7) Aggregate sales 410,159 334,290 75,869 22.7 - - - - ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ $ 2,964,904 $ 2,641,352 $ 323,552 12.2 $ 2,255,987 $ 2,331,540 $ (75,553) (3.2) ============ ============ ============ ============ ============ ============ ============ ============
BY GEOGRAPHIC AREA
REVENUE BACKLOG ------------------------------------------------------ ------------------------------------------------------ YEAR ENDED DECEMBER 31, VARIANCE DECEMBER 31, VARIANCE -------------------------- -------------------------- -------------------------- -------------------------- 2006 2005 AMOUNT PERCENT 2006 2005 AMOUNT PERCENT ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ California $ 1,294,323 $ 1,028,041 $ 266,282 25.9 $ 559,169 $ 598,914 $ (39,745) (6.6) West (Excl. CA) 866,092 788,682 77,410 9.8 516,614 585,269 (68,655) (11.7) Midwest 58,726 92,931 (34,205) (36.8) 443,909 76,464 367,445 **** Northeast 281,552 324,477 (42,925) (13.2) 248,605 491,944 (243,339) (49.5) Southeast 244,233 176,088 68,145 38.7 272,881 224,549 48,332 21.5 South 219,978 231,133 (11,155) (4.8) 214,809 354,400 (139,591) (39.4) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ $ 2,964,904 $ 2,641,352 $ 323,552 12.2 $ 2,255,987 $ 2,331,540 $ (75,553) (3.2) ============ ============ ============ ============ ============ ============ ============ ============
**** Represents percentages greater than 100% SOURCE Granite Construction Incorporated -0- 02/14/2007 /CONTACT: Jacque Underdown, +1-831-761-4741/ /Web site: http://www.graniteconstruction.com/ (GVA) -----END PRIVACY-ENHANCED MESSAGE-----