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GRANITE CONSTRUCTION POSTS PRELIMINARY RESULTS

 WATSONVILLE, Calif., Feb. 11 /PRNewswire/ -- Granite Construction Inc. (NASDAQ-NMS: GCCO) announced today that revenue and net income for the quarter and the year ended Dec. 31, 1992, will be lower than expected, due to unusually wet weather and costs incurred sooner than anticipated in transforming the Southern California acquisition into a Granite branch.
 According to preliminary figures, net income for the quarter will be between $117,000 or 1 cent per share and $585,000 or 5 cents per share compared to year-ago earnings of $4.4 million or 37 cents per share. For the year, the company expects net income will be between $3.3 million or 28 cents per share and $3.8 million or 32 cents per share, down from 1991's earnings of $17.6 million or $1.51 per share. Underlying the factors stated above, the lower results reflect weak economic conditions that continue to depress the private construction marketplace.
 "We've made a conscious decision to get the costs associated with getting our new Palm Springs Branch up to Granite standards behind us as quickly as possible to position this operation for profitability in the near future," said President and Chief Executive Officer David H. Watts.
 Revenues for the quarter are expected to range between $125 million and $135 million, and for the year between $510 million and $520 million compared to $564 million in 1991. Backlog at Dec. 31, 1992, is anticipated to be slightly below $250 million compared to $292 million in 1991.
 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, Arizona, Georgia, Utah and Nevada. Granite's stock is traded on the NASDAQ/National Market System under the symbol GCCO.
 -0- 2/11/93
 /CONTACT: Michael Lawson, media and investor relations manager for Granite Construction, 408-761-4717/
 (GCCO)


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

TM-GT -- SJ001 -- 5842 02/11/93 16:05 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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