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): August 8, 2005

MEADOW VALLEY CORPORATION

(Exact name of registrant as specified in charter)

Nevada
(State or other jurisdiction of incorporation)

0-25428
(Commission File Number) 88-0328443
(IRS Employer Identification Number)

4411 South 40^th Street D-11, Phoenix, AZ
(Address of principal executive offices) 85040
(Zip Code)

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

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

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 August 8, 2005, Meadow Valley Corporation (the “Company”) issued a press release with respect to its earnings for the quarter and six months ended June 30, 2005, a copy of which is attached as Exhibit 99.29.

     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

(c) Exhibits. The following exhibit is attached hereto and furnished herewith:

Exhibit
Number	Exhibit Description
99.29	Press Release of Registrant, dated August 8, 2005, its quarter ended June 30, 2005 financial results

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: August 8, 2005	By:	/s/ Clint Tryon
		Clint Tryon
		Secretary, Treasurer and Principal Accounting Officer

EX-99.29 2 p71031exv99w29.htm EX-99.29

Exhibit 99.29

4411 South 40th St., Ste. D11
Phoenix, Arizona 85040
Telephone: (602) 437-5400
Fax: (602) 437-1681

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

Meadow Valley Second Quarter Net Income
Increased to $0.25 Per Share Versus $0.01 Per Share
Revenue Increased 22%

     PHOENIX, ARIZONA, August 8, 2005 . . . MEADOW VALLEY CORPORATION (NASDAQ:MVCO) today announced financial results for the second quarter and first half of 2005, highlighted by higher revenue and net income compared to the same periods of 2004.

2005 Second Quarter Results

     For the quarter ended June 30, 2005, revenue increased 22% to $53.4 million from $43.7 million for the second quarter of 2004. Net income for this year’s second quarter increased to $1.0 million, or $0.25 per diluted share. This compares to net income for the second quarter of 2004 of $0.04 million, or $0.01 per diluted share.

     Construction services revenue increased 25% to $36.1 million for the second quarter of 2005 compared to $28.9 million for the second quarter of 2004. Construction materials revenue increased 17% to $17.3 million for the second quarter of 2005 from $14.8 million for the second quarter of 2004.

     Results for both construction services and construction materials benefited from continued strong business conditions in the Company’s primary markets in Arizona and Nevada, as well as from the absence of significant weather-related disruptions during this year’s second quarter compared to the weather-impacted first quarter. The Company said that production at Meadow Valley’s construction materials facility in southwest Las Vegas is expected to begin in the third quarter of 2005, and announced that it has acquired a location for a materials production facility in the northwest Las Vegas area.

     Backlog in the construction services segment was approximately $62.5 million at June 30, 2005, compared to backlog of approximately $67.5 million at June 30, 2004.

2005 First Half Results

     For the first six months of 2005, revenue increased to $93.4 million from $82.9 million for the first half of 2004. Net income for the first six months of 2005 increased to $1.25 million, or $0.31 per diluted share. This compares to net income for the first six months of 2004 of $0.5 million, or $0.13 per diluted share, which included a pre-tax gain of $1.7 million for the settlement of claims in New Mexico.

(more)

Meadow Valley Second Quarter Net Income Increased to $0.25 Per Share Versus $0.01 Per Share Revenue Increased 22%
August 8, 2005
Page Two

     Construction services revenue increased to $62.1 million for the first half of 2005 from $54.4 million for the same period last year, and construction materials revenue increased to $31.3 million from $28.4 million for the first half of 2004.

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 construction services segment specializes in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways, primarily in Nevada and Arizona. The Company’s construction materials operations provide concrete and gravel products primarily to other contractors. The Company’s materials operations are concentrated in the Las Vegas and Phoenix 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, 2004. 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)

#392x

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Revenue:
Construction Services	$	36,112,492		$	28,858,151		$	62,059,325		$	54,435,737
Construction Materials		17,330,510			14,849,968			31,309,690			28,441,115
Total revenue		53,443,002			43,708,119			93,369,015			82,876,852
Cost of revenue:
Construction Services		34,543,158			28,757,428			59,625,931			53,223,454
Construction Materials		15,261,292			13,348,169			28,158,422			25,586,901
Total cost of revenue		49,804,450			42,105,597			87,784,353			78,810,355
Gross profit		3,638,552			1,602,522			5,584,662			4,066,497
General and administrative expenses		2,156,410			1,419,537			3,812,024			3,092,056
Income from operations		1,482,142			182,985			1,772,638			974,441
Other income (expense):
Interest income		59,199			34,032			236,962			45,979
Interest expense		(91,832	)		(111,028	)		(183,628	)		(195,314	)
Other income (expense)		109,373			(46,108	)		127,433			(66,564	)
		76,740			(123,104	)		180,767			(215,899	)
Income before income taxes		1,558,882			59,881			1,953,405			758,542
Income tax expense		(561,198	)		(21,444	)		(703,226	)		(283,442	)
Net income	$	997,684		$	38,437		$	1,250,179		$	475,100
Net income per common share
Basic	$	0.27		$	0.01		$	0.34		$	0.13
Diluted	$	0.25		$	0.01		$	0.31		$	0.13
Weighted average common shares outstanding
Basic		3,653,501			3,601,250			3,629,028			3,601,250
Diluted		4,040,282			3,742,934			4,000,210			3,739,844

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2005			2004
	(Unaudited)
Assets
Current Assets:
Cash and cash equivalents	$	5,297,657		$	10,164,218
Restricted cash		1,560,751			1,268,449
Accounts receivable, net		26,935,297			22,163,719
Prepaid expenses and other		2,236,771			2,818,395
Inventory, net		961,147			871,112
Costs and estimated earnings in excess of billings on uncompleted contracts		1,793,978			449,358
Deferred tax asset		894,201			1,597,627
Total Current Assets		39,679,802			39,332,878
Property and equipment, net		21,614,623			21,541,946
Refundable deposits		56,228			21,780
Mineral rights and pit development, net		263,122			252,044
Claims receivable		3,521,080			3,521,080
Other receivables		115,000			115,000
Total Assets	$	65,249,855		$	64,784,728
Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts payable	$	18,526,441		$	19,711,571
Accrued liabilities		4,699,148			4,907,554
Notes payable		4,911,702			5,212,187
Obligations under capital leases		530,259			531,746
Billings in excess of costs and estimated earnings on uncompleted contracts		9,993,535			7,219,762
Total Current Liabilities		38,661,085			37,582,820
Notes payable, less current portion		9,063,221			10,804,017
Obligations under capital leases, less current portion		712,598			981,799
Deferred tax liability		3,243,268			3,243,268
Total Liabilities		51,680,172			52,611,904
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, 3,665,697 and 3,601,250 issued and outstanding		3,666			3,601
Additional paid-in capital		11,090,184			10,943,569
Capital adjustments		(799,147	)		(799,147	)
Retained earnings		3,274,980			2,024,801
Total Stockholders’ Equity		13,569,683			12,172,824
Total Liabilities and Stockholders’ Equity	$	65,249,855		$	64,784,728

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EX-99.29

Exhibit 99.29

4411 South 40th St., Ste. D11
Phoenix, Arizona 85040
Telephone: (602) 437-5400
Fax: (602) 437-1681

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

Meadow Valley Second Quarter Net Income
Increased to $0.25 Per Share Versus $0.01 Per Share
Revenue Increased 22%

     PHOENIX, ARIZONA, August 8, 2005 . . . MEADOW VALLEY CORPORATION (NASDAQ:MVCO) today announced financial results for the second quarter and first half of 2005, highlighted by higher revenue and net income compared to the same periods of 2004.

2005 Second Quarter Results

     For the quarter ended June 30, 2005, revenue increased 22% to $53.4 million from $43.7 million for the second quarter of 2004. Net income for this year’s second quarter increased to $1.0 million, or $0.25 per diluted share. This compares to net income for the second quarter of 2004 of $0.04 million, or $0.01 per diluted share.

     Construction services revenue increased 25% to $36.1 million for the second quarter of 2005 compared to $28.9 million for the second quarter of 2004. Construction materials revenue increased 17% to $17.3 million for the second quarter of 2005 from $14.8 million for the second quarter of 2004.

     Results for both construction services and construction materials benefited from continued strong business conditions in the Company’s primary markets in Arizona and Nevada, as well as from the absence of significant weather-related disruptions during this year’s second quarter compared to the weather-impacted first quarter. The Company said that production at Meadow Valley’s construction materials facility in southwest Las Vegas is expected to begin in the third quarter of 2005, and announced that it has acquired a location for a materials production facility in the northwest Las Vegas area.

     Backlog in the construction services segment was approximately $62.5 million at June 30, 2005, compared to backlog of approximately $67.5 million at June 30, 2004.

2005 First Half Results

     For the first six months of 2005, revenue increased to $93.4 million from $82.9 million for the first half of 2004. Net income for the first six months of 2005 increased to $1.25 million, or $0.31 per diluted share. This compares to net income for the first six months of 2004 of $0.5 million, or $0.13 per diluted share, which included a pre-tax gain of $1.7 million for the settlement of claims in New Mexico.

(more)

Meadow Valley Second Quarter Net Income Increased to $0.25 Per Share Versus $0.01 Per Share Revenue Increased 22%
August 8, 2005
Page Two

     Construction services revenue increased to $62.1 million for the first half of 2005 from $54.4 million for the same period last year, and construction materials revenue increased to $31.3 million from $28.4 million for the first half of 2004.

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 construction services segment specializes in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways, primarily in Nevada and Arizona. The Company’s construction materials operations provide concrete and gravel products primarily to other contractors. The Company’s materials operations are concentrated in the Las Vegas and Phoenix 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, 2004. 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)

#392x

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Revenue:
Construction Services	$	36,112,492		$	28,858,151		$	62,059,325		$	54,435,737
Construction Materials		17,330,510			14,849,968			31,309,690			28,441,115
Total revenue		53,443,002			43,708,119			93,369,015			82,876,852
Cost of revenue:
Construction Services		34,543,158			28,757,428			59,625,931			53,223,454
Construction Materials		15,261,292			13,348,169			28,158,422			25,586,901
Total cost of revenue		49,804,450			42,105,597			87,784,353			78,810,355
Gross profit		3,638,552			1,602,522			5,584,662			4,066,497
General and administrative expenses		2,156,410			1,419,537			3,812,024			3,092,056
Income from operations		1,482,142			182,985			1,772,638			974,441
Other income (expense):
Interest income		59,199			34,032			236,962			45,979
Interest expense		(91,832	)		(111,028	)		(183,628	)		(195,314	)
Other income (expense)		109,373			(46,108	)		127,433			(66,564	)
		76,740			(123,104	)		180,767			(215,899	)
Income before income taxes		1,558,882			59,881			1,953,405			758,542
Income tax expense		(561,198	)		(21,444	)		(703,226	)		(283,442	)
Net income	$	997,684		$	38,437		$	1,250,179		$	475,100
Net income per common share
Basic	$	0.27		$	0.01		$	0.34		$	0.13
Diluted	$	0.25		$	0.01		$	0.31		$	0.13
Weighted average common shares outstanding
Basic		3,653,501			3,601,250			3,629,028			3,601,250
Diluted		4,040,282			3,742,934			4,000,210			3,739,844

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2005			2004
	(Unaudited)
Assets
Current Assets:
Cash and cash equivalents	$	5,297,657		$	10,164,218
Restricted cash		1,560,751			1,268,449
Accounts receivable, net		26,935,297			22,163,719
Prepaid expenses and other		2,236,771			2,818,395
Inventory, net		961,147			871,112
Costs and estimated earnings in excess of billings on uncompleted contracts		1,793,978			449,358
Deferred tax asset		894,201			1,597,627
Total Current Assets		39,679,802			39,332,878
Property and equipment, net		21,614,623			21,541,946
Refundable deposits		56,228			21,780
Mineral rights and pit development, net		263,122			252,044
Claims receivable		3,521,080			3,521,080
Other receivables		115,000			115,000
Total Assets	$	65,249,855		$	64,784,728
Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts payable	$	18,526,441		$	19,711,571
Accrued liabilities		4,699,148			4,907,554
Notes payable		4,911,702			5,212,187
Obligations under capital leases		530,259			531,746
Billings in excess of costs and estimated earnings on uncompleted contracts		9,993,535			7,219,762
Total Current Liabilities		38,661,085			37,582,820
Notes payable, less current portion		9,063,221			10,804,017
Obligations under capital leases, less current portion		712,598			981,799
Deferred tax liability		3,243,268			3,243,268
Total Liabilities		51,680,172			52,611,904
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, 3,665,697 and 3,601,250 issued and outstanding		3,666			3,601
Additional paid-in capital		11,090,184			10,943,569
Capital adjustments		(799,147	)		(799,147	)
Retained earnings		3,274,980			2,024,801
Total Stockholders’ Equity		13,569,683			12,172,824
Total Liabilities and Stockholders’ Equity	$	65,249,855		$	64,784,728