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GRANITE CONSTRUCTION REPORTS THIRD QUARTER RESULTS

 GRANITE CONSTRUCTION REPORTS THIRD QUARTER RESULTS
 WATSONVILLE, Calif., Nov. 5 /PRNewswire/ -- Granite Construction


Inc. (NASDAQ-NMS: GCCO) today announced net income of $4,350,000 or 37 cents per share for the quarter ended Sept. 30, 1992, compared to net income of $7,988,000 or 68 cents per share for the same period in 1991. Revenue for the period was $186,694,000, an increase of $12,794,000 or 7.4 percent from last year's level of $173,900,000. The decrease in third quarter earnings primarily reflects an extremely competitive marketplace for construction services caused by a sluggish economy. The increase in third quarter revenues is attributable to the additional revenues provided by the new branch offices in Palm Springs and San Diego.
 For the nine months ended Sept. 30, 1992, the company reported net income of $3,236,000 or 28 cents per share versus net income of $13,261,000 or $1.14 per share for the same period in 1991. Revenue for the period was $384,733,000, a decrease of $29,523,000 or 7.1 percent from last year's level.
 The company's backlog at Sept. 30, 1992, was $316,695,000, an increase of $24,678,000 or 8.5 percent from Dec. 31, 1991, but down $23,297,000 or 6.9 percent from the same period in the prior year. New awards for the quarter totaled $169,759,000, and increase of $54,518,000 or 47.3 percent over the previous year's level of $115,241,000.
 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 Sept. 30, Variance
 OPERATIONS 1992 1991 Amount Percent
 Revenue $186,694 $173,900 $12,794 7.4
 Gross profit $ 17,961 $ 21,876 ($ 3,915) (17.9)
 Gross profit as
 a percent of
 revenue 9.6 pct. 12.6 pct. -3.0 pct. ---
 General and adminis-
 trative expenses $ 11,413 $ 11,607 ($ 194) (1.7)
 G&A expenses as a
 percent of revenue 6.1 pct. 6.7 pct. -0.6 pct. ---
 Other income
 (expense) $ 144 $ 1,974 ($ 1,830) (92.7)
 Income before
 income taxes $ 6,692 $ 12,243 ($ 5,551) (45.3)
 Net income $ 4,350 $ 7,988 ($ 3,638) (45.5)
 Net income per
 share $ 0.37 $ 0.68 ($ 0.31) (45.6)
 Weighted average
 shares of common
 stock 11,672 11,663 9 0.1
 Nine Months
 Ended Sept. 30, Variance
 OPERATIONS 1992 1991 Amount Percent
 Revenue $384,733 $414,256 ($29,523) ( 7.1)
 Gross profit $ 35,040 $ 50,845 ($15,805) (31.1)
 Gross profit as a
 percent of
 revenue 9.1 pct. 12.3 pct. -3.2 pct. ---
 General and adminis-
 trative expenses $ 31,391 $ 33,937 ($ 2,546) ( 7.5)
 G&A expenses as a
 percent of revenue 8.2 pct. 8.2 pct. --- ---
 Other income
 (expense) $ 1,457 $ 3,324 ($ 1,867) (56.2)
 Income before
 income taxes $ 5,106 $ 20,232 ($15,126) (74.8)
 Net income $ 3,236 $ 13,261 ($10,025) (75.6)
 Net income per
 share $ 0.28 $ 1.14 ($ 0.86) (75.4)
 Weighted average
 shares of common
 stock 11,688 11,642 46 0.4
 Sept. 30, Dec. 31, Variance
 FINANCIAL POSITION 1992 1991 Amount Percent
 Working capital $ 54,932 $ 57,741 ($ 2,809) ( 4.9)
 Current ratio 1.39 1.55 (0.16) (10.3)
 Long-term debt $ 43,129 $ 14,816 $28,313 ---
 Total liabilities
 to equity ratio 1.16 0.77 0.39 50.6
 Stockholders'
 equity $159,031 $155,714 $ 3,317 2.1
 Total assets $342,759 $274,972 $67,787 24.7
 Book value per
 common share $ 13.65 $ 13.44 $0.21 1.6
 Backlog $316,695 $292,017 $24,678 8.5
 -0- 11/5/92
 /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


ML-TM -- SJ001 -- 2850 11/05/92 08:36 EST
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Date:Nov 5, 1992
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