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GRANITE CONSTRUCTION POSTS RECORD BACKLOG; 32 PERCENT RISE IN THIRD QUARTER EARNINGS

 WATSONVILLE, Calif., Nov. 3 /PRNewswire/ -- Granite Construction Inc. (NASDAQ-NMS: GCCO) announced today that net income for the third quarter ended Sept. 30, 1993, rose 32.2 percent to $5,752,000 or $0.49 per share from $4,350,000 or $0.37 per share for the same period in 1992. The increase in third quarter net income reflects improved market conditions for both construction services and material sales. Revenue for the period was $183,637,000, 1.6 percent lower than last year's level of $186,694,000.
 For the nine months ended Sept. 30, 1993, net income was $1,547,000 or $0.13 per share versus $3,236,000 or $0.28 per share for the same period in 1992. Revenues for the nine-month period increased slightly over last year's level of $384,733,000 to $404,029,000 in 1993.
 Backlog more than doubled over the previous year's level of $316,695,000 to a record $643,418,000 at Sept. 30, 1993. New business awards of $325,199,000 in the third quarter of 1993 include the $105.5 million North Central Expressway project in Dallas and the $56 million SR91 toll road in Orange County, California. The backlog at Sept. 30, 1993, however, does not include a $53 million Nevada highway contract that was awarded in early October.
 Granite Construction is a large heavy civil contractor and aggregate- based construction materials producer focused solely on rebuilding this country's infrastructure. The company has offices in California, Texas, Nevada, Arizona and Georgia. The company's stock trades on the NASDAQ/National Market System under the symbol GCCO.
 GRANITE CONSTRUCTION INC.
 Comparative Financial Summary
 (Unaudited -- In Thousands, Except Per Share Data)
 Three Months Ended
 Sept. 30, Variance
 Operations 1993 1992 Amount Percent
 Revenue $183,637 $186,694 ($3,057) (1.6)
 Gross profit $19,422 $17,961 $1,461 8.1
 Gross profit as a
 percent of revenue 10.6 pct. 9.6 pct. 1.0 pct. --
 General and
 administrative
 expenses $11,535 $11,413 ($122) (1.1)
 G&A expenses as a percent
 of revenue 6.3 pct. 6.1 pct. 0.2 pct. --
 Other income (expense) $659 $144 $515 --
 Income before income
 taxes $8,546 $6,692 $1,854 27.7
 Income before cumulative
 effect of change in
 accounting for income
 taxes $5,752 $4,350 $1,402 32.2
 Net income $5,752 $4,350 $1,402 32.2
 Income per share before
 cumulative effect of
 change in accounting
 for income taxes $0.49 $0.37 $0.12 32.4
 Net income per share $0.49 $0.37 $0.12 32.4
 Weighted average shares
 of common stock 11,701 11,672 29 0.2
 Sept. 30, Dec. 31, Variance
 Financial Position 1993 1992 Amount Percent
 Working capital $63,551 $68,884 ($5,333) (7.7)
 Current ratio 1.51 1.69 (0.18) (10.7)
 Long-term debt $33,093 $38,618 ($5,525) (14.3)
 Total liabilities to
 equity ratio 1.07 0.95 0.12 12.6
 Stockholders' equity $160,874 $161,149 ($275) (0.2)
 Total assets $332,715 $314,524 $18,191 5.8
 Book value per common
 share $13.76 $13.83 ($0.07) (0.5)
 Backlog $643,418 $245,234 $398,184 --
 Nine Months Ended
 Sept. 30, Variance
 Operations 1993 1992 Amount Percent
 Revenue $404,029 $384,733 $19,296 5.0
 Gross profit $32,905 $35,040 ($2,135) (6.1)
 Gross profit as a
 percent of revenue 8.1 pct. 9.1 pct. -1.0 pct. --
 General and
 administrative
 expenses $32,967 $31,391 ($1,576) (5.0)
 G&A expenses as a percent
 of revenue 8.2 pct. 8.2 pct. -- --
 Other income (expense) $875 $1,457 ($582) (39.9)
 Income before income
 taxes $813 $5,106 ($4,293) (84.1)
 Income before cumulative
 effect of change in
 accounting for income
 taxes $547 $3,236 ($2,689) (83.1)
 Net income $1,547 $3,236 ($1,689) (52.2)
 Income per share before
 cumulative effect of
 change in accounting
 for income taxes $0.05 $0.28 ($0.23) (82.1)
 Net income per share $0.13 $0.28 ($0.15) (53.6)
 Weighted average shares
 of common stock 11,697 11,688 9 0.1
 Sept. 30, Variance
 Financial Position 1993 1992 Amount Percent
 Working capital $63,551 $54,932 $8,619 15.7
 Current ratio 1.51 1.39 0.12 8.6
 Long-term debt $33,093 $43,129 ($10,036) (23.3)
 Total liabilities to
 equity ratio 1.07 1.16 (0.09) (7.8)
 Stockholders' equity $160,874 $159,031 $1,843 1.2
 Total assets $332,715 $342,759 ($10,044) (2.9)
 Book value per common
 share $13.76 $13.65 $0.11 0.8
 Backlog $643,418 $316,695 $326,723 --
 -0- 11/3/93
 /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

RB-TM -- SJ003 -- 9985 11/03/93 09:01 EST
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