-----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, QLyHMn9Swo6q5WvZ8+Ks27Q3z7Mjjj0tfDsaZkDXb4B2IA/bcruTd2ZEPy2JMHVZ fzRGKzP9fKlCL7JgEvb33Q== 0000950149-03-001062.txt : 20030507 0000950149-03-001062.hdr.sgml : 20030507 20030507165441 ACCESSION NUMBER: 0000950149-03-001062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20030507 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030507 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: 03686662 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 f89935e8vk.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) May 7, 2003 GRANITE CONSTRUCTION INCORPORATED (Exact name of registrant as specified in its charter) --------------------- ================================================================================ Delaware 1-12911 77-0239383 (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation)
================================================================================ 585 West Beach Street Watsonville, California 95076 (Address of principal executive offices) (Zip Code) ================================================================================ (831) 724-1011 Registrant's telephone number, including area code 1 ITEM 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On May 6, 2003, Granite Construction Incorporated released its first quarter 2003 financial results. Granite today announced net income of $10.0 million, or $0.25 per diluted share for the first quarter ended March 31, 2003 versus a net loss of $1.6 million or ($0.04) per share for the same period last year. Revenue for the quarter totaled $302.2 million, an increase of 12.3% over the same period in 2002, including revenue from the newly consolidated Wilder Construction Company (Wilder), which became a majority-owned subsidiary on April 30, 2002. Non-operating income for the quarter was $18.0 million compared to $0.9 million for the same quarter in 2002. Included in non-operating income is $18.4 million related to the sale of the State Route 91 Tollroad Franchise by the California Private Transportation Corporation, of which Granite is a 22.2% limited partner. Granite completed construction of the $60.4 million project in 1995 and has maintained an equity interest in the limited partnership since its inception. Backlog at March 31, 2003 totaled a record $1.9 billion, a 39.7 percent increase over the backlog at March 31, 2002, including backlog from Wilder. New awards for the quarter totaled $316.5 million, an increase of $85.3 million over the same period last year. Awards for the quarter include a $75.6 million toll road project in Texas, a $12.3 million highway project in Arizona and an $18.3 million airport project in Anchorage from our Wilder subsidiary. General and administrative expenses for the quarter ended March 31, 2003 totaled $36.6 million, an increase of $6.1 million compared to the quarter ended March 31, 2002. The increase in general and administrative expenses primarily resulted from the inclusion of Wilder and our geographic expansion into Northern California. ITEM 7. FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Not applicable. (b) Not applicable. (c) Exhibits. The following exhibits are attached hereto and filed herewith:
Exhibit Number ------ 20.1 Press Release of Registrant, dated May 7, 2003, its first quarter 2003 financial results. 20.2 Comparative Financial Summary 20.3 Revenue and Backlog Analysis
2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GRANITE CONSTRUCTION INCORPORATED Date: May 7, 2003 By: /s/ William E. Barton -------------------------------------- William E. Barton Senior Vice President and Chief Financial Officer 3 INDEX TO EXHIBITS
Exhibit Number Document - ------ -------- 20.1 Press Release of Registrant, dated May 7, 2003, its first quarter 2003 financial results. 20.2 Comparative Financial Summary 20.3 Revenue and Backlog Analysis
4 EX-20.1 3 f89935exv20w1.txt EXHIBIT 20.1 Exhibit 20.1 FOR FURTHER INFORMATION CONTACT: Jacque Underdown (831) 761-4741 FOR IMMEDIATE RELEASE GRANITE CONSTRUCTION POSTS FIRST QUARTER 2003 RESULTS WATSONVILLE, CALIFORNIA (May 7, 2003) Granite Construction Incorporated (NYSE:GVA) today announced net income of $10.0 million, or $0.25 per diluted share for the first quarter ended March 31, 2003 versus a net loss of $1.6 million or ($0.04) per share for the same period last year. Revenue for the quarter totaled $302.2 million, an increase of 12.3% over the same period in 2002, including revenue from the newly consolidated Wilder Construction Company (Wilder), which became a majority-owned subsidiary on April 30, 2002. Non-operating income for the quarter was $18.0 million compared to $0.9 million for the same quarter in 2002. Included in non-operating income is $18.4 million related to the sale of the State Route 91 Tollroad Franchise by the California Private Transportation Corporation, of which Granite is a 22.2% limited partner. Granite completed construction of the $60.4 million project in 1995 and has maintained an equity interest in the limited partnership since its inception. Backlog at March 31, 2003 totaled a record $1.9 billion, a 39.7 percent increase over the backlog at March 31, 2002, including backlog from Wilder. New awards for the quarter totaled $316.5 million, an increase of $85.3 million over the same period last year. Awards for the quarter include a $75.6 million toll road project in Texas, a $12.3 million highway project in Arizona and an $18.3 million airport project in Anchorage from our Wilder subsidiary. Commenting on the results, Granite's President and Chief Operating Officer William G. Dorey stated, "Overall, we are pleased with our performance during the first quarter of the year. The Company's results are essentially in line with our expectations, with the Heavy Construction Division (HCD) being our primary first quarter contributor. The Branch Division, which also now includes Wilder, continues to operate in a challenging market environment." "While our short-term outlook for the Branch Division continues to be difficult to predict due to the economic uncertainty, both in California and in the U.S., our outlook for HCD remains very positive driven by the quality backlog and the on-going bidding opportunities from coast to coast," Dorey said. He added, "The State Route 91 Tollroad project is a great example of Granite's ability to leverage our strong financial resources by investing in transportation-related ventures that provide an above average return on our investment as well as stimulating our construction activities." General and administrative expenses for the quarter ended March 31, 2003 totaled $36.6 million, an increase of $6.1 million compared to the quarter ended March 31, 2002. The increase in general and administrative expenses primarily resulted from the inclusion of Wilder and our geographic expansion into Northern California. First Quarter Conference Call Information: Granite will host a conference call at 2:00 p.m. Pacific Time on Wednesday, May 7, which will be live on the internet, and can be accessed by logging onto http://www.graniteconstruction.com or by dialing (913) 981-5537. A playback of the call can be accessed on the Company's website or by calling (719) 457-0820, Passcode: 421085 from 5:00 p.m. (PDT) on May 7th through 5:00 p.m. (PDT) on May 23rd. Granite Construction is one of the nation's largest heavy civil contractors and construction materials producers. The Company serves both public and private sector clients through its offices nationwide. For more information about the Company, please visit its website at www.graniteconstruction.com. This press release contains forward-looking statements, such as statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Granite that are based on current expectations, estimates, forecasts, and projects as well as the beliefs and assumptions of Granite's management. Words such as "outlook", "believes," "expects," "appears," "may," "will," "should," "or "anticipates," or the negative thereof or comparable terminology, are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any 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 to the date of this news release. Granite undertakes no obligation to revise or update publicly any forward-looking statements for any reason. ### EX-20.2 4 f89935exv20w2.txt EXHIBIT 20.2 Exhibit 20.2 GRANITE CONSTRUCTION INCORPORATED COMPARATIVE FINANCIAL SUMMARY (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31, VARIANCE ---------------------------- ------------------------- OPERATIONS 2003 2002 AMOUNT PERCENT - ------------------------------------------------------ --------- --------- -------- ------- Revenue $ 302,160 $ 269,145 $ 33,015 12.3 Gross profit $ 33,017 $ 26,912 $ 6,105 22.7 Gross profit as a percent of revenue 10.9% 10.0% 0.9% -- General and administrative expenses $ 36,550 $ 30,455 $ 6,095 20.0 G&A expenses as a percent of revenue 12.1% 11.3% 0.8% -- --------- --------- -------- ------- Other income (expense) Interest income $ 1,486 $ 1,990 $ (504) (25.3) Interest expense $ (2,109) $ (1,645) $ (464) (28.2) Gain on sales of property and equipment $ 296 $ 216 $ 80 37.0 Other, net $ 18,342 $ 354 $ 17,988 5081.4 --------- --------- -------- ------- Total other income (expense) $ 18,015 $ 915 $ 17,100 1868.9 --------- --------- -------- ------- Income(loss) before income taxes $ 14,482 $ (2,628) $ 17,110 651.1 Minority interest $ 777 -- $ 777 -- Net income (loss) $ 10,018 $ (1,643) $ 11,661 709.7 --------- --------- -------- ------- Net income (loss) per share: Basic $ 0.25 $ (0.04) $ 0.29 725.0 Diluted $ 0.25 $ (0.04) $ 0.29 725.0 Weighted average shares of common stock: Basic 40,048 39,920 128 0.3 Diluted 40,510 39,920 590 1.5
VARIANCE MARCH 31, DEC. 31, ----------------------- FINANCIAL POSITION 2003 2002 AMOUNT PERCENT - --------------------------------- ---------- ---------- -------- ------- Working capital $ 203,605 $ 220,396 $(16,791) (7.6) Current ratio 1.71 1.67 0.04 2.4 Long-term debt $ 129,289 $ 132,380 $ (3,091) (2.3) Total liabilities to equity ratio 1.06 1.16 (0.10) (8.6) Stockholders' equity $ 460,779 $ 454,869 $ 5,910 1.3 Total assets $ 947,533 $ 983,819 $(36,286) (3.7) Book value per common share $ 11.09 $ 11.03 $ 0.06 0.5 Backlog $1,870,828 $1,856,451 $ 14,377 0.8
EX-20.3 5 f89935exv20w3.txt EXHIBIT 20.3 Exhibit 20.3 GRANITE CONSTRUCTION INCORPORATED REVENUE AND BACKLOG ANALYSIS (DOLLARS IN THOUSANDS) BY MARKET SECTOR
REVENUE BACKLOG -------------------------------------------- ---------------------------------------------- THREE MONTHS ENDED MARCH 31, VARIANCE MARCH 31, VARIANCE -------------------- -------------------- ------------------------ ------------------ 2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT -------- -------- -------- ------- ---------- ---------- -------- ------- CONTRACTS Federal $ 9,330 $ 11,284 $ (1,954) (17.3) $ 87,386 $ 40,761 $ 46,625 114.4 State 110,309 121,217 (10,908) (9.0) 798,061 668,151 129,910 19.4 Local 96,391 57,311 39,080 68.2 823,067 515,760 307,307 59.6 -------- -------- -------- ----- ---------- ---------- -------- ------ Total public sector 216,030 189,812 26,218 13.8 1,708,514 1,224,672 483,842 39.5 Private sector 46,436 48,050 (1,614) (3.4) 162,314 114,543 47,771 41.7 AGGREGATE SALES 39,694 31,283 8,411 26.9 -- -- -- -- -------- -------- -------- ----- ---------- ---------- -------- ------ $302,160 $269,145 $ 33,015 12.3 $1,870,828 $1,339,215 $531,613 39.7 ======== ======== ======== ===== ========== ========== ======== ======
BY GEOGRAPHIC AREA
REVENUE BACKLOG -------------------------------------------- ---------------------------------------------- THREE MONTHS ENDED MARCH 31, VARIANCE MARCH 31, VARIANCE -------------------- -------------------- ------------------------ ------------------ 2003 2002 AMOUNT PERCENT 2003 2002 AMOUNT PERCENT -------- -------- -------- ------- ---------- ---------- -------- ------- CALIFORNIA $111,002 $103,059 $ 7,943 7.7 $ 264,106 $ 283,830 $ (19,724) (6.9) WEST (EXCL. CA) 96,034 71,809 24,225 33.7 463,986 262,599 201,387 76.7 MIDWEST 9,845 16,603 (6,758) (40.7) 78,356 144,931 (66,575) (45.9) NORTHEAST 28,187 20,054 8,133 40.6 469,449 212,106 257,343 121.3 SOUTH 57,092 57,620 (528) (0.9) 594,931 435,749 159,182 36.5 -------- -------- -------- ----- ---------- ---------- --------- ----- $302,160 $269,145 $ 33,015 12.3 $1,870,828 $1,339,215 $ 531,613 39.7 ======== ======== ======== ===== ========== ========== ========= =====
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