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GRANITE CONSTRUCTION POSTS 1992 RESULTS

 WATSONVILLE, Calif., Feb. 18 /PRNewswire/ -- Granite Construction Inc. (NASDAQ-NMS: GCCO) confirmed today last week's preannouncement that net income for the fourth quarter ended Dec. 31, 1992, totaled $688,000 or 6 cents per share, compraed with $4,361,000 or 37 cents per share the year before. Fourth quarter revenue was $133,579,000 versus $149,804,000 for the same period in 1991. The decline in fourth quarter results reflects unusually wet weather and costs incurred sooner than anticipated in transforming the Sourthern California acquisition into a Granite branch.
 For the year ended Dec. 31, 1992, net income was $3,924,000 or 34 cents per share, as compared to last year's $17,622,000 or $1.51 per share. Revenues for the year reached $518,312,000 versus $546,060,000 in 1991. Underlying the factors stated above, the lower results reflect weak economic conditions that continue to depress the private construction marketplace.
 Backlog at Dec. 31, 1992, was $245,234,000, a decrease of $46,783,000 or 16 percent from $292,017,000 at Dec. 31, 1991. New business awards during the fourth quarter totaled $62,118,000.
 Granite Construction is one of the largest heavy civil contractors in the United States and is engaged in the construction of highways, dams, airports, mass transit facilities and other infrastructure-related projects. The company has offices in California, Texas, Nevada, Utah and Arizona. Granite's stock is traded on the NASDAQ National Market System under the symbol GCCO.
 GRANITE CONSTRUCTION INC.
 Comparative Financial Summary
 (In thousands, except per share data)
 Three Months Ended Dec. 31, Variance
 Operations 1992 1991 Amount Percent
 (Unaudited)
 Revenue $133,579 $149,804 ($16,225) (10.8)
 Gross profit $ 15,538 $ 18,657 ($3,119) (16.7)
 Gross profit as a percent
 of revenue 11.6 pct 12.5 pct -0.9 pct ---
 General and administrative
 expenses $ 15,515 $ 12,604 $ 2,911 23.1
 G&A expenses as a percent
 of revenue 11.6 pct 8.4 pct 3.2 pct ---
 Other income (expense) $ 419 $ 705 ($286) (40.6)
 Income before income
 taxes $ 442 $ 6,758 ($6,316) (93.5)
 Net income $ 688 $ 4,361 ($3,673) (84.2)
 Net income per share $ 0.06 $ 0.37 ($0.31) (83.8)
 Weighted average shares of
 common stock 11,695 11,649 46 0.4
 Three Months Ended Dec. 31, Variance
 Operations 1992 1991 Amount Percent
 Revenue $518,312 $564,060 ($45,748) (8.1)
 Gross profit $ 50,578 $ 69,502 ($18,924) (27.2)
 Gross profit as a percent
 of revenue 9.8 pct 12.3 pct -2.5 pct ---
 General and administrative
 expenses $ 46,906 $46,541 $ 365 0.8
 G&A expenses as a percent
 of revenue 9.0 pct 8.3 pct 0.7 pct ---
 Other income (expense) $ 1,876 $ 4,029 ($2,153) (53.4)
 Income before income
 taxes $ 5,548 $ 26,990 ($21,442) (79.4)
 Net income $ 3,924 $ 17,622 ($13,698) (77.7)
 Net income per share $ 0.34 $ 1.51 ($1.17) (77.5)
 Weighted average shares of
 common stock 11,689 11,640 49 0.4
 Three Months Ended Dec. 31, Variance
 Financial Position 1992 1991 Amount Percent
 Working capital $ 53,696 $ 57,741 ($4,045) (7.0)
 Current ratio 1.49 1.55 (0.06) (3.9)
 Long-term debt $ 38,618 $ 14,816 $23,802 ---
 Total liabilities to
 equity ratio 0.91 0.77 0.14 18.2
 Stockholders' equity $161,149 $155,714 $ 5,435 3.5
 Total assets $308,372 $274,972 $33,400 12.1
 Book value per
 common share $ 13.83 $ 13.44 $ 0.39 2.9
 Backlog $245,234 $292,017 ($46,783) (16.0)
 -0- 2/18/93
 /CONTACT: Michael Lawson, media and investor relations manager of Granite Construction, 408-761-4717/
 (GCCO)


CO: Granite Construction Inc. ST: California IN: CST SU: ERN

TM-GT -- SJ005 -- 8129 02/18/93 17:14 EST
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Date:Feb 18, 1993
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