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GRANITE CONSTRUCTION REPORTS SECOND QUARTER RESULTS

 GRANITE CONSTRUCTION REPORTS SECOND QUARTER RESULTS
 WATSONVILLE, Calif., Aug. 6 /PRNewswire/ -- Granite Construction


Inc. (NASDAQ-NMS: GCCO) today announced net income of $2,767,000 or $0.24 per share for the quarter ended June 30, 1992, compared to net income of $6,228,000 or $0.53 per share for the same period in 1991. Revenue for the period was $130,000,000, a decrease of 12.5 percent from last year's level of $148,571,000. The decrease in second quarter results primarily reflects a reduction in the amount of new work booked and lower gross profit margins, both the result of an extremely competitive marketplace for construction services caused by a sluggish economy.
 For the six months ended June 30, 1992, the company reported a net loss of $1,114,000 or $0.10 per share versus net income of $5,273,000 or $0.45 per share for the same period in 1991. Revenue for the period was $198,039,000, a decrease of $42,317,000 or 17.6 percent from last year's level.
 The company's backlog at June 30, 1992 was $333,630,000, an increase of $47,242,000 from the level reported at March 31, 1992, but a decrease of $65,021,000 or 16.3 percent from the same period in the prior year. New awards for the quarter of $162,897,000 (excluding $14,345,000 assumed in the purchase of RLF Inc. and Tarmac California) were down compared to the previous year's level of $186,436,000.
 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 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 June 30, Variance
 OPERATIONS 1992 1991 Amount Percent
 Revenue $130,000 $148,571 ($18,571) (12.5)
 Gross profit $ 13,729 $ 19,729 ($ 6,000) (30.4)
 Gross profit as
 a percent of
 revenue 10.6 pct 13.3 pct -2.7 pct --
 General and
 administrative
 expenses $ 9,929 $ 11,159 ($ 1,230) (11.0)
 G&A expenses as
 a percent of
 revenue 7.6 pct 7.5 pct 0.1 pct --
 Other income
 (expense) $ 563 $ 894 ($ 331) (37.0)
 Income before
 income taxes $ 4,363 $ 9,464 ($ 5,101) (53.9)
 Net income $ 2,767 $ 6,228 ($ 3,461) (55.6)
 Net income per
 share $ 0.24 $ 0.53 ($ 0.29) (54.7)
 Weighted average
 shares of common
 stock 11,701 11,685 16 0.1
 Six Months Ended June 30, Variance
 OPERATIONS 1992 1991 Amount Percent
 Revenue $198,039 $240,356 ($42,317) (17.6)
 Gross profit $ 17,079 $ 28,969 ($11,890) (41.0)
 Gross profit as a
 percent of
 revenue 8.6 pct 12.1 pct -3.5 pct --
 General and
 administrative
 expenses $ 19,978 $ 22,330 ($ 2,352) (10.5)
 G&A expenses as
 a percent of
 revenue 10.1 pct 9.3 pct 0.8 pct --
 Other income
 (expense) $ 1,313 $ 1,350 ($ 37) ( 2.7)
 Income (loss)
 before income
 taxes ($ 1,586) $ 7,989 ($ 9,575) --
 Net income
 (loss) ($ 1,114) $ 5,273 ($ 6,387) --
 Net income
 (loss) per
 share ($ 0.10) $ 0.45 ($ 0.55) --
 Weighted average
 shares of
 common stock 11,621 11,635 (14) ( 0.1)
 June 30 Dec.31, Variance
 FINANCIAL POSITION 1992 1991 Amount Percent
 Working capital $ 49,707 $ 57,741 ($ 8,034) (13.9)
 Current ratio 1.42 1.55 (0.13) ( 8.4)
 Long-term debt $ 43,643 $ 14,816 $ 28,827 --
 Total liabilities
 to equity ratio 1.05 0.77 0.28 36.4
 Stockholders'
 equity $154,493 $155,714 ($ 1,221) ( 0.8)
 Total assets $316,569 $274,972 $ 41,597 15.1
 Book value per
 common share $13.26 $13.44 ($0.18) ( 1.3)
 Backlog $333,630 $292,017 $ 41,613 14.3
 -0- 8/6/92
 /CONTACT: Michael Lawson of Granite Construction, 408-761-4717/
 (GCCO) CO: Granite Construction Inc. ST: California IN: CST SU: ERN


MM-LM -- SJ001 -- 7406 08/06/92 08:34 EDT
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