8-K

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): May 15, 2003

MEADOW VALLEY CORPORATION

(Exact Name of Registrant as Specified in Charter)

Nevada	0-252428	88-0328443
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4411 South 40th Street, Suite D-11, Phoenix, Arizona	85040
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (602) 437-5400

Not Applicable
(Former name or former address, if changed since last report.)

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

(c) Exhibits

99.17 Press Release dated May 15, 2003

Item 9. Regulation FD Disclosure (including Disclosure of Results of Operations and Financial Condition provided under Item 12).

     The information in this report is furnished pursuant to Item 9, “Regulation FD Disclosure” and Item 12, “Disclosure of Results of Operations and Financial Condition.”

     On May 15, 2003, Meadow Valley Corporation issued a press release announcing its financial results for the fiscal quarter ended March 31, 2003. A copy of the press release is attached hereto as Exhibit 99.17 and hereby incorporated by reference. The information in this Form 8-K is being furnished under Item 9 and Item 12 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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.

	Meadow Valley Corporation
Date: May 16, 2003	By  /s/  Bradley E. Larson Bradley E. Larson Chief Executive Officer

INDEX TO EXHIBITS

Exhibit
99.17	Press Release dated May 15, 2003

EX-99.17 3 p67871exv99w17.htm EX-99.17

Exhibit 99.17

4411 South 40th St., Ste. D11
Phoenix, Arizona 85040

FOR IMMEDIATE RELEASE	Telephone: (602) 437-5400 Fax: (602) 437-1681
Investor Contact:	Company Contact:
Neil Berkman Associates (310) 277-5162 info@BerkmanAssociates.com	Bradley E. Larson Chief Executive Officer www.MeadowValley.com

Meadow Valley Reports First Quarter Results

     PHOENIX, ARIZONA, May 15, 2003 . . . MEADOW VALLEY CORPORATION (NASDAQ:MVCO) announced today that net income for the first quarter of 2003 was $0.02 million, or $0.01 per diluted share, on revenue of $32.2 million. This compares to net income for the first quarter of 2002 of $0.02 million, or $0.01 per share, on revenue of $35.0 million.

     Revenue from Meadow Valley’s construction materials business increased 17% to $9.8 million for this year’s first quarter compared to $8.4 million for the first quarter of 2002, and gross margin was 8.7% compared to 9.7% for the same period last year. Revenue from the Company’s construction services business decreased to $22.4 million for the first quarter of 2003 compared to $26.6 million a year earlier, and gross margin was 3.8% compared to 3.1% for the same period last year. Overall gross margin for this year’s first quarter was 5.3% compared to 4.7% for the same period last year.

Backlog

     The backlog of heavy construction projects at March 31, 2003 was $73.4 million. This compares to backlog at March 31, 2002 of $63.5 million and to backlog at December 31, 2002 of $68.7 million.

About Meadow Valley

     Meadow Valley Corporation, based in Phoenix, Arizona, is engaged in the construction industry as both a contractor and a supplier of construction materials. The Company’s contracting services specialize in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways while the Company’s materials operations provide concrete, gravel products and asphalt to itself and to other contractors. The Company’s current operations are concentrated in the Las Vegas, Phoenix, and Salt Lake City metropolitan areas.

Forward-Looking Statements

     Certain statements in this release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: changes in demand for the Company’s products and services, product mix, the timing of new orders and contract awards, the impact of competitive products and pricing, excess or shortage of production capacity, and other risks discussed from time to time in the Company’s Securities and Exchange Commission filings and reports, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

(tables attached)

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

		Three Months Ended
		March 31,
		2003			2002
Revenue		$	32,194,111		$	35,005,133
Cost of revenue			30,487,943			33,362,759
Gross profit			1,706,168			1,642,374
General and administrative expenses			1,579,666			1,528,277
Income from operations			126,502			114,097
Other income (expense):
	Interest income		17,751			25,652
	Interest expense		(107,852	)		(101,338	)
	Other expense		(4,955	)		(5,920	)
			(95,056	)		(81,606	)
Income before income taxes			31,446			32,491
Income tax expense			(11,792	)		(12,184	)
Net income		$	19,654		$	20,307
Basic net income per common share		$	0.01		$	0.01
Diluted net income per common share		$	0.01		$	0.01
Basic weighted average common shares outstanding			3,568,659			3,559,938
Diluted weighted average common shares outstanding			3,568,659			3,559,938

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

					March 31,			December 31,
					2003			2002
					(Unaudited)
Assets:
Current Assets:
	Cash and cash equivalents				$	4,194,696		$	3,289,535
	Restricted cash					1,008,070			1,681,361
	Accounts receivable, net					21,671,947			21,203,373
	Claims receivable					—			387,878
	Prepaid expenses and other					1,183,430			1,573,614
	Inventory, net					2,204,020			2,103,100
	Land held for sale					711,531			711,531
	Costs and estimated earnings in excess of billings on uncompleted contracts					1,390,678			1,543,061
		Total Current Assets				32,364,372			32,493,453
Property and equipment, net						13,996,095			14,555,646
Refundable deposits						67,854			50,604
Mineral rights and pit development, net						430,796			445,063
Claims receivable, less current portion						7,496,118			7,961,107
Other assets						—			32,223
		Total Assets			$	54,355,235		$	55,538,096
Liabilities and Stockholders’ Equity:
Current Liabilities:
	Accounts payable				$	18,078,765		$	19,912,516
	Accrued liabilities					4,162,260			3,697,111
	Notes payable					3,391,826			3,424,209
	Obligations under capital leases					880,725			921,306
	Billings in excess of costs and estimated earnings on uncompleted contracts					4,940,206			3,733,152
		Total Current Liabilities				31,453,782			31,668,294
Deferred tax liability						1,276,837			1,265,045
Notes payable, less current portion						8,493,156			9,256,598
Obligations under capital leases, less current portion						1,659,359			1,875,712
		Total Liabilities				42,883,134			44,085,649
Commitments and contingencies
Stockholders’ Equity:
			Preferred stock-$.001 par value; 1,000,000 shares authorized, none issued and outstanding			—			—
			Common stock-$.001 par value; 15,000,000 shares authorized, 3,601,250 and 3,559,938 issued and outstanding			3,601			3,601
			Additional paid-in capital			10,943,569			10,943,569
			Capital adjustments			(799,147	)		(799,147	)
			Retained earnings			1,324,078			1,304,424
				Total Stockholders’ Equity		11,472,101			11,452,447
				Total Liabilities and Stockholders’ Equity	$	54,355,235		$	55,538,096

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EX-99.17

exv99w17