Meadow Valley Third Quarter Net Income Increases to $0.60 Per Share Versus A Loss Of $0.11 Per Share.PHOENIX -- Meadow meadow grassland, used for grazing and/or haying. meadow buttercup ranunculusacris. meadow crowfoot ranunculusacris. meadow rue see thalictrum. Valley Corporation (Nasdaq:MVCO MVCO Martha's Vineyard Coastal Observatory ) today announced higher revenue and net income for the third quarter and first nine months of 2005 compared to the same periods of 2004. "Meadow Valley's improved financial performance is an encouraging sign of the progress we have made in re-establishing positive momentum at the Company. Our management team is confident and energized, our balance sheet has been substantially strengthened, and we look forward to taking advantage of the opportunities we see in both our construction services and construction materials businesses," said Chief Executive Officer Brad Larson Larson may refer to: People with the surname Larson:
Third Quarter Results For the three months ended September September: see month. 30, 2005, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenue increased 12% to $47.1 million from $42.1 million for the third quarter of 2004. Consolidated gross margin increased to 9.6% of revenue for this year's third quarter from 2.2% for the same period a year ago. Income from operations rose to $2.7 million for this year's third quarter compared to a loss from operations of $0.7 million for the third quarter of 2004. Net income for the third quarter of 2005 increased to $2.5 million, or $0.60 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This compares to a net loss for the third quarter of 2004 of $0.4 million, or $0.11 per share. Construction services revenue increased 9% to $28.3 million for the third quarter of 2005 compared to $25.9 million for the third quarter of 2004. Construction materials revenue increased 16% to $18.7 million for the third quarter of 2005 from $16.2 million for the third quarter of 2004. On August 24, 2005, Meadow Valley's construction materials subsidiary, Ready Mix, Inc. (RMI (Remote Method Invocation) A standard from Sun for distributed objects written in Java. RMI is a remote procedure call (RPC), which allows Java objects (software components) stored in the network to be run remotely. ) (AMEX AMEX See: American Stock Exchange :RMX RMX Remix (music) RMX RockMan X (video game) RMX RetailersMarketXchange RMX Reverse Mail eXchange RMX Remote Mail Exchange RMX Realtime Multitasking Executive RMX Reverse Mx RMX Real Music Jukebox ), completed an initial public offering of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1.8 million shares of its common stock at a price of $11.00 per share, including approximately 0.23 million shares to cover over-allotments. 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. At September 30, 2005, Meadow Valley reported working capital of approximately $20.4 million, including cash and cash equivalents of $25.8 million. This compares to working capital at December December: see month. 31, 2004, of $1.8 million, including cash and cash equivalents of $10.2 million. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at September 30, 2005, was $17.4 million, compared to $12.2 million at December 31, 2004. Nine Month Results For the first nine months of 2005, consolidated revenue increased to $140.5 million from $125.0 million for the first nine months of 2004. Net income for the first nine months of 2005 increased to $3.8 million, or $0.93 per diluted share. This compares to net income for the first nine months of 2004 of $0.05 million, or $0.01 per diluted share, which included a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain of $1.7 million for the settlement of claims in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . Construction services revenue increased to $90.4 million for the first nine months of 2005 from $80.3 million for the same period last year, and construction materials revenue increased to $50.1 million from $44.7 million for the first nine months of 2004. Operations Review "In our construction services segment, we are clearly seeing the positive impact of our decisions to focus our activities in the Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). and Southern Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). regions, to increase the amount of work we do for private customers and to be increasingly selective in the nature of the projects we bid," Larson said. "Meadow Valley recently announced a new bonding relationship with Arch Insurance that provides us with sufficient bonding capacity to maintain our planned bidding activity. We hope to earn additional bonding capacity as we demonstrate further improvement in our financial and operational performance." Contract backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. in the construction services segment was approximately $73.9 million at September 30, 2005, compared to $62.5 million at June June: see month. 30, 2005, and $103.6 million at September 30, 2004. In addition, Meadow Valley was the apparent low bidder on an additional $12.8 million of contracts that have yet to be awarded. "We believe that our backlog can support construction services revenue consistent with recent history. With ample bidding opportunities scheduled in both of our target markets, and the highway bill that was passed by Congress earlier this year that should help ensure funding going forward, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about continued solid performance by our construction services business," Larson said. For construction materials, Larson said, "With the capital raised in RMI's recent public offering, we are pressing forward with our plans to add ready-mix concrete Ready-mix concrete is a type of concrete that is manufactured in a factory according to a set recipe, and then delivered to a worksite, often by truck. This results in a precise mixture, allowing specialty concrete mixtures to be developed and implemented on construction sites. manufacturing and delivery capacity and expand our sand and gravel gravel, particles of rock, i.e., stones and pebbles, usually round in form and intermediate in size between sand grains and boulders. Gravel is composed of various kinds of rock, the most common constituent being the mineral quartz. reserves." He noted that RMI currently operates three batch plants in the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. , one in Moapa Moapa may mean:
Conference Call Meadow Valley has scheduled a conference call at 12:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. today. A simultaneous webcast of the conference call may be accessed online at the Investor Information link of www.MeadowValley.com or at www.earnings.com. A replay will be available after 2:00 p.m. EST at these same Internet addresses There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. . For a telephone replay, dial 800-633-8284, reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. # 21266929 after 2:00 p.m. EST. About Meadow Valley Meadow Valley Corporation, based in Phoenix, Ariz., 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements in this release are forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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 Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release.
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
------------------------- -------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Revenue:
Construction
services $90,401,480 $80,320,938 $28,342,155 $25,885,201
Construction
materials 50,051,011 44,659,716 18,741,321 16,218,601
------------ ------------ ------------ ------------
Total revenue 140,452,491 124,980,654 47,083,476 42,103,802
------------ ------------ ------------ ------------
Cost of revenue:
Construction
services 85,868,712 80,194,016 26,242,781 26,970,562
Construction
materials 44,456,056 39,783,334 16,297,634 14,196,433
------------ ------------ ------------ ------------
Total cost of
revenue 130,324,768 119,977,350 42,540,415 41,166,995
------------ ------------ ------------ ------------
Gross profit 10,127,723 5,003,304 4,543,061 936,807
General and
administrative
expenses 5,628,965 4,686,023 1,816,941 1,593,967
------------ ------------ ------------ ------------
Income (loss) from
operations 4,498,758 317,281 2,726,120 (657,160)
------------ ------------ ------------ ------------
Other income
(expense):
Interest income 352,542 48,038 115,580 2,059
Interest expense (273,990) (259,700) (90,362) (64,386)
Other income
(expense) 129,754 (28,795) 2,321 37,769
------------ ------------ ------------ ------------
208,306 (240,457) 27,539 (24,558)
------------ ------------ ------------ ------------
Income before
income taxes and
minority interest
in consolidated
subsidiary 4,707,064 76,824 2,753,659 (681,718)
Income tax benefit
(expense) (815,705) (28,809) (112,479) 254,633
------------ ------------ ------------ ------------
Income before
minority
interest in
consolidated
subsidiary 3,891,359 48,015 2,641,180 (427,085)
Minority interest
in consolidated
subsidiary 122,933 -- 122,933 --
------------ ------------ ------------ ------------
Net income (loss) $3,768,426 $48,015 $2,518,247 $(427,085)
============ ============ ============ ============
Net income (loss)
per common share
Basic $1.02 $0.01 $0.66 $(0.12)
============ ============ ============ ============
Diluted $0.93 $0.01 $0.60 $(0.12)
============ ============ ============ ============
Weighted average
common shares
outstanding
Basic 3,688,955 3,601,250 3,808,809 3,601,250
============ ============ ============ ============
Diluted 4,066,387 3,744,830 4,198,742 3,601,250
============ ============ ============ ============
MEADOW VALLEY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2005 2004
------------ ------------
Assets: (Unaudited)
Current Assets:
Cash and cash equivalents $25,822,825 $10,164,218
Restricted cash 1,870,344 1,268,449
Accounts receivable, net 23,751,685 22,163,719
Prepaid expenses and other 3,397,216 2,818,395
Inventory, net 835,035 871,112
Costs and estimated earnings in excess
of billings on uncompleted contracts 2,095,085 449,358
Deferred tax asset, net 782,852 1,597,627
------------ ------------
Total Current Assets 58,555,042 39,332,878
Property and equipment, net 24,283,331 21,541,946
Refundable deposits 155,502 21,780
Mineral rights and pit development, net 333,651 252,044
Claims receivable 3,521,080 3,521,080
Other receivables 115,000 115,000
------------ ------------
Total Assets $86,963,606 $64,784,728
============ ============
Liabilities and stockholders' equity:
Current Liabilities:
Accounts payable $17,034,273 $19,711,571
Accrued liabilities 5,612,934 4,907,554
Notes payable 5,494,022 5,212,187
Obligations under capital leases 538,466 531,746
Billings in excess of costs and
estimated earnings on uncompleted
contracts 9,515,301 7,219,762
------------ ------------
Total Current Liabilities 38,194,996 37,582,820
Notes payable, less current portion 10,273,228 10,804,017
Obligations under capital leases, less
current portion 574,864 981,799
Deferred tax liability 3,243,268 3,243,268
------------ ------------
Total Liabilities 52,286,356 52,611,904
------------ ------------
Commitments and contingencies
Minority interest in consolidated subsidiary 17,273,752 --
------------ ------------
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, 3,989,611
and 3,601,250 issued and outstanding 3,990 3,601
Additional paid-in capital 12,405,428 10,943,569
Capital adjustments (799,147) (799,147)
Retained earnings 5,793,227 2,024,801
------------ ------------
Total Stockholders' Equity 17,403,498 12,172,824
------------ ------------
Total Liabilities and Stockholders'
Equity $86,963,606 $64,784,728
============ ============
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