EX-99.29 2 p71031exv99w29.htm EX-99.29 exv99w29
 

Exhibit 99.29

(MEADOW VALLEY CORP. LOGO)
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.
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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)

 

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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