Exhibit 99.1

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

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

Meadow Valley Reports Third Quarter and Nine Months Results

     PHOENIX, ARIZONA, November 14, 2006 . . . MEADOW VALLEY CORPORATION (NASDAQ:MVCO) today announced financial results for the third quarter and first nine months of 2006.

     “The cyclical dynamics in the construction industry are evident in Meadow Valley’s third quarter results, with a slowdown in the materials segment related to the sharper-than-expected decline in residential construction in our core Phoenix and Las Vegas area markets offset by an increase in our construction services segment driven by higher contract backlog,” said Bradley Larson, Chief Executive Officer.

     “Construction services backlog at September 30, 2006 was $100.7 million, compared to $73.9 million a year earlier and $71.6 million at the end of this year’s second quarter. Because of the recent 33% increase in our bonding capacity to $200 million, a direct result of increased working capital of $6.5 million raised in our private equity sale completed on October 23, 2006, we believe we are well positioned to actively participate in the more than $500 million of new projects scheduled for bid in our target markets over the next few months,” Larson added.

Third Quarter Results

     For the three months ended September 30, 2006, consolidated revenue increased 9.8% to $51.7 million compared to $47.1 million for the third quarter of 2005. Construction services revenue increased 9.5% to $31.0 million compared to $28.3 million for last year’s third quarter. Construction materials revenue increased 9.2% to $20.5 million from $18.7 million a year ago, reflecting a 16.4% increase in average sales price and a 5% decrease in units sold. Revenue from the Company’s new construction materials testing segment, which began operations in the second quarter of 2006, was $0.2 million for this year’s third quarter.

     Consolidated gross margin declined to 7.8% for the third quarter of 2006 versus 9.6% for the third quarter of 2005. Construction services gross margin was 6.7% compared to 7.4% last year. Construction materials gross margin was 9.4% compared to 13.0%, reflecting the decrease in unit volumes and higher costs associated with capacity expansion.

     General and administrative expenses increased to $2.4 million for the third quarter of 2006 compared to $1.8 million a year earlier. The primary reason for this increase was a $0.04 million credit for bad debt expense in this year’s third quarter compared to a $0.4 million credit last year.

     Net income after minority interest for the third quarter of 2006 was $0.9 million, or $0.20 per diluted share. This compares to net income after minority interest for the third quarter of 2005 of $1.6 million, or $0.39 per share. Meadow Valley’s construction materials subsidiary, Ready Mix, Inc. (AMEX:RMX), completed an initial public offering of its common stock in August 2005. Meadow Valley currently owns approximately 2.0 million shares, or approximately 53%, of the outstanding common stock of RMI. Accordingly, RMI’s operating results are consolidated in Meadow Valley’s financial statements for financial reporting purposes.

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Meadow Valley Reports Third Quarter and Nine Months Results
November 14, 2006
Page Two

     At September 30, 2006, Meadow Valley reported working capital of $21.3 million, including cash and cash equivalents of $27.4 million. Shareholders’ equity increased to $22.8 million compared to $19.8 million at December 31, 2005.

Nine Months Results

     For the nine months ended September 30, 2006, consolidated revenue increased to $145.8 million from $140.5 million for the first nine months of 2005. Construction services revenue decreased to $80.9 million from $90.4 million for last year’s first nine months. Construction materials revenue for the nine months ended September 30, 2006 increased to $64.5 million from $50.1 million for the same period in 2005.

     Consolidated gross margin for the first nine months of 2006 increased to 9.3% compared to 7.2% for the same period of 2005.

     Net income after minority interest for the first nine months of 2006 was $2.6 million, or $0.59 per diluted share. This compares to net income after minority interest for the first nine months of 2005 of $2.9 million, or $0.71 per diluted share.

Conference Call

     Meadow Valley has scheduled a conference call today at 12:00 p.m. EST. A simultaneous webcast of the conference call may be accessed online at the Investor Information link of www.MeadowValley.com. A replay will be available after 2:00 p.m. EST at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation # 21309281 after 2:00 p.m. EST.

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 southern 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, 2005. 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) #4246

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

	Three months ended						Nine months ended
	September 30,						September 30,
	2006			2005			2006			2005
				(as restated)						(as restated)
Revenue:
Construction services	$	31,031,809		$	28,342,155		$	80,938,840		$	90,401,480
Construction materials		20,458,570			18,741,321			64,548,814			50,051,011
Construction materials testing		213,643			—			282,905			—
Total revenue		51,704,022			47,083,476			145,770,559			140,452,491
Cost of revenue:
Construction services		28,963,601			26,242,781			74,873,337			85,868,712
Construction materials		18,537,541			16,297,634			57,114,252			44,456,056
Construction materials testing		159,601			—			224,851			—
Total cost of revenue		47,660,743			42,540,415			132,212,440			130,324,768
Gross profit		4,043,279			4,543,061			13,558,119			10,127,723
General and administrative expenses		2,350,451			1,816,941			7,822,562			5,628,965
Income from operations		1,692,828			2,726,120			5,735,557			4,498,758
Other income (expense):
Interest income		267,409			115,580			625,875			352,542
Interest expense		(93,267	)		(90,362	)		(247,000	)		(273,990	)
Other income (expense)		(5,025	)		2,321			40,378			129,754
		169,117			27,539			419,253			208,306
Income before income taxes and minority interest in consolidated subsidiary		1,861,945			2,753,659			6,154,810			4,707,064
Income tax expense		(658,263	)		(991,317	)		(2,249,401	)		(1,694,543	)
Income before minority interest in consolidated subsidiary		1,203,682			1,762,342			3,905,409			3,012,521
Minority interest in consolidated subsidiary		318,416			122,933			1,282,458			122,933
Net income	$	885,266		$	1,639,409		$	2,622,951		$	2,889,588
Basic net income per common share	$	0.21		$	0.43		$	0.63		$	0.78
Diluted net income per common share	$	0.20		$	0.39		$	0.59		$	0.71
Basic weighted average common shares outstanding		4,165,760			3,808,809			4,160,646			3,688,955
Diluted weighted average common shares outstanding		4,470,241			4,198,742			4,475,994			4,066,387

MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2006			2005
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	27,398,945		$	23,565,317
Restricted cash		673,478			1,267,090
Accounts receivable, net		29,855,710			25,139,640
Prepaid expenses and other		1,261,950			3,171,670
Note receivable		105,445			—
Inventory, net		1,582,085			776,978
Costs and estimated earnings in excess of billings on uncompleted contracts		2,410,310			1,991,993
Deferred tax asset		833,616			760,724
Total current assets		64,121,539			56,673,412
Property and equipment, net		34,565,637			26,228,073
Note receivable, less current portion		562,383			—
Refundable deposits		678,080			478,965
Claims receivable		1,729,676			3,521,080
Other receivables		—			115,000
Total assets	$	101,657,315		$	87,016,530
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable	$	21,732,285		$	18,521,558
Accrued liabilities		5,040,122			5,878,595
Notes payable		4,227,543			3,518,892
Obligations under capital leases		447,089			546,801
Income tax payable		442,834			391,202
Billings in excess of costs and estimated earnings on uncompleted contracts		10,921,558			5,903,087
Total current liabilities		42,811,431			34,760,135
Notes payable, less current portion		14,080,642			11,423,044
Obligations under capital leases, less current portion		127,775			434,998
Deferred tax liability		3,177,771			3,177,771
Total liabilities		60,197,619			49,795,948
Commitments and contingencies
Minority interest in consolidated subsidiary		18,707,254			17,424,795
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, 4,165,963 and 4,136,912 issued and outstanding		4,166			4,137
Additional paid-in capital		14,152,588			13,818,913
Capital adjustments		(799,147	)		(799,147	)
Retained earnings		9,394,835			6,771,884
Total stockholders’ equity		22,752,442			19,795,787
Total liabilities and stockholders’ equity	$	101,657,315		$	87,016,530