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GRANITE CONSTRUCTION POSTS FIRST QUARTER RESULTS

 GRANITE CONSTRUCTION POSTS FIRST QUARTER RESULTS
 WATSONVILLE, Calif., May 6 /PRNewswire/ -- Granite Construction


Inc. (NASDAQ, NMS: GCCO) today reported a net loss for the quarter ended March 31, 1992, of $3,881,000, or 33 cents per share compared to a loss of $955,000, or 8 cents per share for the same period last year. Revenue for the period was $68,039,000, a decrease of 25.9 percent from last year's level of $91,785,000. The decrease in first quarter results reflects primarily a substantial reduction in construction activity, due largely to increased rainfall in California and Texas, revisions to cost estimates and lower gross profit margins, due to a heightened level of competition.
 Backlog at March 31, 1992, was $286,388,000, a decrease of 1.9 percent from $292,017,000 at Dec. 31, 1991, and a 20.6 percent decline from the same period in 1991. New business awards for the quarter totaled $62,410,000 compared to the prior year's level of $84,187,000. The decrease in new awards reflects the highly competitive bidding environment the company continues to encounter.
 Granite is a heavy civil contractor engaged in the construction of highways, dams, airports, mass transit facilities and other infrastructure-related projects. The company's stock is traded in the NASDAQ National Market System under the symbol GCCO.
 GRANITE CONSTRUCTION INC.
 Comparative Financial Summary
 (In thousands, except per share data)
 Three Months Ended
 March 31, Variance
 Operations 1992 1991 Amount Percent
 Revenue $68,039 $91,785 ($23,746) (25.9)
 Gross profit margin
 (pct.) 4.9 10.1 -5.2 --
 General and
 administrative
 expenses $10,049 $11,171 ($1,122) (10.0)
 G&A expenses as a
 percent of revenue
 (pct.) 14.8 12.2 2.6 --
 Other income
 (expense) $750 $456 $294 64.5
 Loss before benefit
 from income taxes ($5,949) ($1,475) ($4,474) --
 Net loss ($3,881) ($955) ($2,926) --
 Net loss per share ($0.33) ($0.08) ($0.25) --
 Weighted average
 shares of common
 stock 11,676 11,578 98 0.8
 Financial Position March 31, Dec. 31, Variance
 1992 1991 Amount Percent
 Working capital $48,511 $57,741 ($9,230) (16.0)
 Current ratio 1.60 1.55 0.05 3.2
 Long-term debt $9,161 $14,816 ($5,655) (38.2)
 Total liabilities to
 equity ratio 0.59 0.77 (0.18) (23.4)
 Stockholders' equity $151,848 $155,714 ($3,866) (2.5)
 Total assets $241,723 $274,972 ($33,249) (12.1)
 Book value per common
 share $13.04 $13.44 ($0.40) (3.0)
 Backlog $286,388 $292,017 ($5,629) (1.9)
 -0- 5/6/92
 /CONTACT: Michael Lawson of Granite Construction Inc., 408-761-4717/
 (GCCO) CO: Granite Construction Inc. ST: California IN: CST SU: ERN


MC-RM -- SJ003 -- 6894 05/06/92 08:31 EDT
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Publication:PR Newswire
Date:May 6, 1992
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