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PHOENIX, ARIZONA, November 14, 2003 . . . MEADOW VALLEY CORPORATION (NASDAQ:MVCO) announced today a net loss for the third quarter ended September 30, 2003 of $0.10 million, or $0.03 per diluted share, on revenue of $42.8 million. This compares to net income of $.04 million, or $0.01 per diluted share, for the third quarter of 2002 on revenue of $37.5 million.

For the nine months ended September 30, 2003, net income was $0.44 million, or $0.12 per diluted share, compared to $0.45 million, or $0.13 per diluted share, for the first nine months of 2002. Revenue for this year’s first nine months was $117.0 million, compared to $114.5 million for the same period last year.

Revenue from Meadow Valley’s construction materials business increased 21.7% to $11.0 million for the third quarter of 2003 compared to $9.1 million last year. Gross margin in this segment was 8.2% compared to 10.8% a year earlier. Revenue from the company’s construction services business increased 11.8% to $31.8 million from $28.5 million and gross margin was 1.6% compared to 1.8% for the same period last year. Overall gross margin for this year’s third quarter was 3.3% compared to 3.9% for last year’s third quarter.

“Construction materials continues its profitable and rapid growth. Excluding the third quarter recognition of a $1.1 million estimated loss on a poorly performing construction project in Utah, we are encouraged by Meadow Valley’s third quarter performance,” said Bradley E. Larson, chief executive officer.

The backlog of heavy construction projects at September 30, 2003 increased to $71.7 million compared to $71.3 million at September 30, 2002 and $49.5 million at June 30, 2003.

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.

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.

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


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

			2003			2002			2003			2002

Revenue:
	Construction Services		$	31,824,143		$	28,469,165		$	84,053,359		$	87,860,316
	Construction Materials			11,021,958			9,053,929			32,957,202			26,644,128

		Total revenue		42,846,101			37,523,094			117,010,561			114,504,444

Cost of revenue:
	Construction Services			31,323,580			27,972,044			81,571,237			85,392,810
	Construction Materials			10,121,591			8,073,588			29,845,344			23,872,181

		Total cost of revenue		41,445,171			36,045,632			111,416,581			109,264,991

Gross profit				1,400,930			1,477,462			5,593,980			5,239,453
General and administrative expenses				1,870,717			1,435,485			4,981,158			4,359,550

Income (loss) from operations				(469,787	)		41,977			612,822			879,903

Other income (expense):
		Interest income		13,311			46,387			46,962			100,204
		Interest expense		(120,849	)		(121,882	)		(382,622	)		(329,942	)
		Other income		421,975			98,809			433,019			76,023

				314,437			23,314			97,359			(153,715	)

Income (loss) before income taxes				(155,350	)		65,291			710,181			726,188
Income tax benefit (expense)				58,256			(24,484	)		(266,318	)		(272,320	)

Net income (loss)			$	(97,094	)	$	40,807		$	443,863		$	453,868
Net income (loss) per common share

		Basic and Diluted	$	(0.03	)	$	0.01		$	0.12		$	0.13

Weighted average common shares outstanding
		Basic and Diluted		3,601,250			3,559,938			3,590,386			3,559,938

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS


			September 30,			December 31,
			2003			2002

			(Unaudited)
Assets:
Current Assets:
	Cash and cash equivalents		$	2,826,593		$	3,289,535
	Restricted cash			1,566,561			1,681,361
	Accounts receivable, net			23,243,251			21,203,373
	Claims receivable			—			387,878
	Prepaid expenses and other			2,432,230			1,573,614
	Inventory, net			1,643,437			2,103,100
	Land held for sale			264,738			711,531
	Costs and estimated earnings in excess of billings on uncompleted contracts			1,878,757			1,543,061

		Total Current Assets		33,855,567			32,493,453
Property and equipment, net				13,342,652			14,555,646
Refundable deposits				95,612			50,604
Mineral rights and pit development, net				402,263			445,063
Claims receivable, less current portion				7,622,978			7,961,107
Other assets				—			32,223

		Total Assets	$	55,319,072		$	55,538,096

Liabilities and Stockholders’ Equity:
Current Liabilities:
	Accounts payable		$	18,935,595		$	19,912,516
	Accrued liabilities			5,335,843			3,697,111
	Notes payable			3,097,760			3,424,209
	Obligations under capital leases			909,131			921,306
	Billings in excess of costs and estimated earnings on uncompleted contracts			4,768,904			3,733,152

		Total Current Liabilities		33,047,233			31,688,294
Deferred tax liability				1,586,004			1,265,045
Notes payable, less current portion				7,514,750			9,256,598
Obligations under capital leases, less current portion				1,274,775			1,875,712

		Total Liabilities		43,422,762			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			1,748,287			1,304,424

		Total Stockholders’ Equity		11,896,310			11,452,447

		Total Liabilities and Stockholders’ Equity	$	55,319,072		$	55,538,096


		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		Bradley E. Larson
(310) 277-5162		Chief Executive Officer
info@BerkmanAssociates.com		www.MeadowValley.com