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ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
State of Incorporation:
|
I.R.S. Employer Identification Number:
|
Delaware
|
77-0239383
|
Large accelerated filer
ý
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Class
|
Outstanding
|
|
Common Stock, $0.01 par value
|
38,774,374 shares
|
EXHIBIT 101.INS | |||
EXHIBIT 101.SCH | |||
EXHIBIT 101.CAL | |||
EXHIBIT 101.LAB | |||
EXHIBIT 101.PRE |
GRANITE
CONSTRUCTION
INCORPORATED
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Unaudited - in thousands, except share and per share data)
|
||||||||||||
September 30,
|
December 31,
|
September 30,
|
||||||||||
2010
|
2009
|
2009
|
||||||||||
ASSETS
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
$ | 257,854 | $ |
338,956
|
$ |
371,434
|
||||||
Short-term marketable securities
|
80,962 |
42,448
|
27,798
|
|||||||||
Receivables, net
|
375,914 |
280,252
|
382,572
|
|||||||||
Costs and estimated earnings in excess of billings
|
34,448 |
10,619
|
38,011
|
|||||||||
Inventories
|
45,224 |
45,800
|
51,972
|
|||||||||
Real estate held for development and sale
|
151,638 |
139,449
|
135,306
|
|||||||||
Deferred income taxes
|
31,035 |
31,034
|
43,356
|
|||||||||
Equity in construction joint ventures
|
80,496 |
67,693
|
58,450
|
|||||||||
Other current assets
|
42,409 |
50,467
|
41,185
|
|||||||||
Total current assets
|
1,099,980 |
1,006,718
|
1,150,084
|
|||||||||
Property and equipment, net
|
491,363 |
520,778
|
530,661
|
|||||||||
Long-term marketable securities
|
49,502 |
76,937
|
62,612
|
|||||||||
Investments in affiliates
|
32,515 |
24,644
|
21,309
|
|||||||||
Other noncurrent assets
|
78,611 |
80,498
|
80,233
|
|||||||||
Total assets
|
$ | 1,751,971 | $ |
1,709,575
|
$ |
1,844,899
|
||||||
LIABILITIES AND EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long-term debt
|
$ | 8,444 | $ |
15,017
|
$ | 15,017 | ||||||
Current maturities of non-recourse debt
|
39,157 |
43,961
|
53,177 | |||||||||
Accounts payable
|
206,993 |
131,251
|
211,670
|
|||||||||
Billings in excess of costs and estimated earnings
|
157,233 |
156,041
|
187,205
|
|||||||||
Accrued expenses and other current liabilities
|
173,547 |
159,843
|
209,806
|
|||||||||
Total current liabilities
|
585,374 |
506,113
|
676,875
|
|||||||||
Long-term debt
|
216,870 |
225,203
|
225,219 | |||||||||
Long-term non-recourse debt | 16,420 |
19,485
|
8,363 | |||||||||
Other long-term liabilities
|
48,764 |
48,998
|
48,884
|
|||||||||
Deferred income taxes
|
27,883 |
27,220
|
17,917
|
|||||||||
Commitments and contingencies | ||||||||||||
Equity
|
||||||||||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding
|
- | - | - | |||||||||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding
38,769,787
shares as of September 30, 2010,
38,635,021
shares as of December 31, 2009 and 38,669,447
shares as of September 30, 2009
|
388 |
386
|
387
|
|||||||||
Additional paid-in capital
|
101,567 |
94,633
|
92,356
|
|||||||||
Retained earnings
|
711,497 |
735,632
|
724,621
|
|||||||||
Total Granite Construction Incorporated shareholders’ equity
|
813,452 |
830,651
|
817,364
|
|||||||||
Noncontrolling interests
|
43,208 |
51,905
|
50,277
|
|||||||||
Total equity
|
856,660 |
882,556
|
867,641
|
|||||||||
Total liabilities and equity
|
$ | 1,751,971 | $ |
1,709,575
|
$ |
1,844,899
|
GRANITE
CONSTRUCTION
INCORPORATED
|
|||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||
(Unaudited - in thousands, except per share data)
|
|||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30,
|
||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||
Revenue
|
|||||||||||||
Construction
|
$ | 409,989 | $ | 466,605 | $ |
729,118
|
$ |
912,110
|
|||||
Large project construction
|
169,972 | 181,171 | 429,625 | 456,001 | |||||||||
Construction materials
|
88,128 | 71,527 |
175,381
|
158,688
|
|||||||||
Real estate
|
2,761 | 981 |
11,613
|
1,932
|
|||||||||
Total revenue
|
670,850 | 720,284 |
1,345,737
|
1,528,731
|
|||||||||
Cost of revenue
|
|||||||||||||
Construction
|
365,323 | 393,970 |
659,705
|
751,498
|
|||||||||
Large project construction
|
151,656 | 155,950 | 379,991 | 374,605 | |||||||||
Construction materials
|
75,991 | 63,176 |
165,889
|
141,068
|
|||||||||
Real estate
|
1,725 | 1,531 |
8,585
|
3,272
|
|||||||||
Total cost of revenue
|
594,695 | 614,627 |
1,214,170
|
1,270,443
|
|||||||||
Gross profit
|
76,155 | 105,657 |
131,567
|
258,288
|
|||||||||
Selling, general and administrative expenses
|
47,160 | 60,950 |
153,809
|
171,624
|
|||||||||
Gain on sales of property and equipment
|
3,165 | 1,549 |
11,417
|
6,878
|
|||||||||
Operating income (loss)
|
32,160 | 46,256 |
(10,825
|
) |
93,542
|
||||||||
Other income
|
|||||||||||||
Interest income
|
2,110 | 744 |
4,147
|
3,914
|
|||||||||
Interest expense
|
(547 | ) | (4,245 | ) |
(7,294
|
) |
(10,586
|
) | |||||
Equity
in i
ncome
(loss)
of affiliates
|
529 | 4,021 |
(177
|
) |
4,360
|
||||||||
Other income, net
|
1,023 | 3,062 |
5,854
|
8,278
|
|||||||||
Total other
income
|
3,115 | 3,582 |
2,530
|
5,966
|
|||||||||
Income (loss) before (benefit from) provision for income taxes
|
35,275 | 49,838 |
(8,295
|
) |
99,508
|
||||||||
(Benefit from) provision for income taxes
|
(8,026 | ) | 13,300 |
(11,233
|
) |
26,316
|
|||||||
Net income
|
43,301 | 36,538 |
2,938
|
73,192
|
|||||||||
Amount attributable to noncontrolling interests
|
(4,620 | ) | (5,940 | ) |
(11,902
|
) |
(15,725
|
) | |||||
Net income (loss) attributable to Granite Construction Incorporated
|
$ | 38,681 | $ | 30,598 | $ |
(8,964
|
) | $ |
57,467
|
||||
Net income (loss) per share attributable to common shareholders
(see Note 13
)
|
|||||||||||||
Basic
|
$ | 1.00 | $ |
0.79
|
$ |
(0.24
|
) | $ |
1.49
|
||||
Diluted
|
$ | 0.99 | $ |
0.79
|
$ |
(0.24
|
) | $ |
1.49
|
||||
Weighted average shares of common stock
|
|||||||||||||
Basic
|
37,865 |
37,595
|
37,802
|
37,552
|
|||||||||
Diluted
|
38,071 |
37,709
|
37,802
|
37,670
|
|||||||||
Dividends per common share
|
$ | 0.13 | $ | 0.13 | $ |
0.39
|
$ |
0.39
|
GRANITE
CONSTRUCTION
INCORPORATED
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(
Unaudited - in thousands
)
|
||||||||
Nine Months Ended September 30,
|
2010
|
2009
|
||||||
Operating activities
|
||||||||
Net income
|
$ | 2,938 | $ | 73,192 | ||||
Adjustments to reconcile net income to net cash
provided by
operating activities:
|
||||||||
Impairment of real estate held for development and sale
|
107 | 1,686 | ||||||
Depreciation, depletion and amortization
|
54,169 | 59,048 | ||||||
Provision for (recovery of) doubtful accounts
|
136 | (3,844 | ) | |||||
Gain on sales of property and equipment
|
(11,417 | ) | (6,878 | ) | ||||
Stock-based compensation
|
10,241 | 7,869 | ||||||
Gain on company owned life insurance
|
(2,655 | ) | (2,013 | ) | ||||
Equity in loss (income) of affiliates
|
177 | (4,360 | ) | |||||
Changes in assets and liabilities, net of the effects of consolidations:
|
||||||||
Receivables
|
(90,900 | ) | (61,943 | ) | ||||
Inventories
|
576 | 3,251 | ||||||
Real estate held for development and sale
|
(10,089 | ) | (13,359 | ) | ||||
Equity in construction joint ventures
|
(14,010 | ) | (13,769 | ) | ||||
Other assets, net
|
6,959 | 14,694 | ||||||
Accounts payable
|
75,422 | 36,939 | ||||||
Accrued expenses and other current liabilities, net
|
11,549 | 32,615 | ||||||
Billings in excess of costs and estimated earnings, net
|
(22,637 | ) | (64,875 | ) | ||||
Net cash
provided by
operating activities
|
10,566 | 58,253 | ||||||
Investing activities
|
||||||||
Purchases of marketable securities
|
(78,355 | ) | (61,974 | ) | ||||
Maturities of marketable securities
|
60,900 | 32,610 | ||||||
Proceeds from company owned life insurance
|
2,078 | - | ||||||
Additions to property and equipment
|
(30,182 | ) | (75,773 | ) | ||||
Proceeds from sales of property and equipment
|
17,225 | 10,089 | ||||||
Purchase of private preferred stock
|
(6,400 | ) | - | |||||
Contributions to affiliates, net
|
(1,233 | ) | (4,969 | ) | ||||
Issuance of notes receivable
|
(1,314 | ) | (4,270 | ) | ||||
Collection of notes receivable
|
2,799 | 385 | ||||||
Other investing activities, net
|
77 | 65 | ||||||
Net cash
used in
investing activities
|
(34,405 | ) | (103,837 | ) | ||||
Financing activities
|
||||||||
Proceeds from long-term debt
|
619 | 8,384 | ||||||
Long-term debt principal payments
|
(18,472 | ) | (18,139 | ) | ||||
Cash dividends paid
|
(15,110 | ) | (15,031 | ) | ||||
Purchase of common stock
|
(3,374 | ) | (2,840 | ) | ||||
Distributions to noncontrolling partners, net
|
(20,940 | ) | (16,251 | ) | ||||
Other financing activities
|
14 | 52 | ||||||
Net cash
used in
financing activities
|
(57,263 | ) | (43,825 | ) | ||||
Decrease
in cash and cash equivalents
|
(81,102 | ) | (89,409 | ) | ||||
Cash and cash equivalents at beginning of period
|
338,956 | 460,843 | ||||||
Cash and cash equivalents at end of period
|
$ | 257,854 | $ | 371,434 |
Supplementary Information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 8,196 | $ | 11,883 | ||||
Income taxes
|
469 | 13,964 | ||||||
Non-cash investing and financing activities:
|
||||||||
Stock issued for services, net of forfeitures
|
$ | 6,763 | $ | 19,164 | ||||
Accrued cash dividends
|
5,040 | 5,027 | ||||||
Debt payments from sale of assets
|
5,487 | - |
1.
|
Basis of Presentation
|
·
|
determination of the VIE’s primary beneficiary using a qualitative approach based on:
|
i)
|
the power to direct the activities that most significantly impact the economic performance of the VIE; and
|
ii)
|
the obligation to absorb losses or right to receive benefits of the VIE that could be significant.
|
·
|
ongoing evaluation of the VIE’s primary beneficiary; and
|
·
|
disclosures about a company’s involvement with the VIE including separate presentation on the condensed consolidated balance sheets
of a consolidated VIE’s non-recourse debt.
|
2.
|
Recently Issued Accounting Pronouncement
|
3.
|
Revisions in Estimates
|
|
Three Months Ended September 30, |
Nine Months Ended September 30,
|
|||||||||||
(dollars in millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
Number of projects with upward estimate changes
|
|
2 |
|
2 |
3
|
16
|
|||||||
Range of increase in gross profit from each project, net
|
$ | 2.2 - 2.9 | $ | 1.5 - 3.8 | $ |
1.0 - 2.9
|
$ |
1.0 - 5.6
|
|||||
Increase on project profitability
|
$ | 5.1 | $ | 5.3 | $ |
6.5
|
$ |
32.0
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||
(dollars in millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
Number of projects with downward estimate changes
|
|
2 |
|
1 |
3
|
2
|
|||||||
Range of reduction in gross profit from each project, net
|
$ | 2.2 - 2.2 | $ | 6.1 | $ |
1.9 - 2.7
|
$ |
1.7 - 6.1
|
|||||
Decrease on project profitability
|
$ | 4.4 | $ | 6.1 | $ |
6.9
|
$ |
7.8
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||
(dollars in millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
Number of projects with upward estimate changes
|
|
2 |
|
3 | 6 |
9
|
|||||||
Range of increase in gross profit from each project, net
|
$ | 1.4 - 2.8 | $ | 1.4 - 2.4 | $ |
1.0 - 4.2
|
$ |
1.5 - 18.0
|
|||||
Increase on project profitability
|
$ | 4.2 | $ | 6.1 | $ |
11.6
|
$ |
37.2
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||
(dollars in millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
Number of projects with downward estimate changes
|
|
2 |
|
1 |
2
|
2
|
|||||||
Range of reduction in gross profit from each project, net
|
$ | 1.9 - 2.4 | $ | 2.0 | $ |
2.2 - 2.9
|
$ |
1.9 - 2.0
|
|||||
Decrease on project profitability
|
$ | 4.3 | $ | 2.0 | $ |
5.1
|
$ |
3.9
|
4.
|
Marketable Securities
|
September 30, 2010
|
Held-to-Maturity
|
Trading
|
Total
|
|||||||||
U.S. Government and agency obligations
|
$
|
44,407
|
$
|
-
|
$
|
44,407
|
||||||
Commercial paper
|
19,971
|
-
|
19,971
|
|||||||||
Municipal bonds
|
11,204
|
-
|
11,204
|
|||||||||
Mutual funds
|
-
|
5,380
|
5,380
|
|||||||||
Total short-term marketable securities
|
75,582
|
5,380
|
80,962
|
|||||||||
U.S. Government and agency obligations
|
45,844
|
-
|
45,844
|
|||||||||
Municipal bonds
|
3,658
|
-
|
3,658
|
|||||||||
Total long-term marketable securities
|
49,502
|
-
|
49,502
|
|||||||||
Total marketable securities
|
$
|
125,084
|
$
|
5,380
|
$
|
130,464
|
December 31, 2009
|
||||||||||||
U.S. Government and agency obligations
|
$
|
14,508
|
$
|
-
|
$
|
14,508
|
||||||
Commercial paper
|
4,993
|
-
|
4,993
|
|||||||||
Municipal bonds
|
21,019
|
-
|
21,019
|
|||||||||
Mutual funds
|
-
|
1,928
|
1,928
|
|||||||||
Total short-term marketable securities
|
40,520
|
1,928
|
42,448
|
|||||||||
U.S. Government and agency obligations
|
71,254
|
-
|
71,254
|
|||||||||
Municipal bonds
|
5,683
|
-
|
5,683
|
|||||||||
Total long-term marketable securities
|
76,937
|
-
|
76,937
|
|||||||||
Total marketable securities
|
$
|
117,457
|
$
|
1,928
|
$
|
119,385
|
September 30, 2009
|
||||||||||||
Municipal bonds
|
$ |
18,371
|
$ |
-
|
$ |
18,371
|
||||||
Mutual funds
|
- | 9,427 | 9,427 | |||||||||
Total short-term marketable securities
|
18,371
|
9,427
|
27,798
|
|||||||||
U.S. Government and agency obligations
|
50,877
|
-
|
50,877
|
|||||||||
Municipal bonds
|
11,735
|
-
|
11,735
|
|||||||||
Total long-term marketable securities
|
62,612
|
-
|
62,612
|
|||||||||
Total marketable securities
|
$
|
80,983
|
$
|
9,427
|
$
|
90,410
|
September 30, 2010
|
||||
Due within one year
|
$
|
75,582
|
||
Due in one to five years
|
49,502
|
|||
Total
|
$
|
125,084
|
5.
|
Fair Value Measurement
|
September 30, 2010 |
Fair Value Measurement at Reporting Date Using
|
|||||||||||
(in thousands)
|
Level 1
1
|
Level 2
2
|
Level 3
3
|
Total
|
||||||||
Cash equivalents
|
||||||||||||
Money market funds
|
$
|
210,189
|
$
|
-
|
$
|
-
|
$
|
210,189
|
||||
Trading securities
|
||||||||||||
Debt securities - mutual funds
|
5,380 | - | - | 5,380 | ||||||||
Total
|
$ | 215,569 |
$
|
- | $ | - | $ | 215,569 |
December 31, 2009 |
Fair Value Measurement at Reporting Date Using
|
|||||||||||
(in thousands)
|
Level 1
1
|
Level 2
2
|
Level 3
3
|
Total
|
||||||||
Cash equivalents
|
||||||||||||
Money market funds
|
$ |
337,817
|
$ | - | $ | - | $ |
337,817
|
||||
Trading securities
|
||||||||||||
Debt securities - mutual funds
|
|
1,928
|
|
-
|
|
-
|
|
1,928
|
||||
Total
|
$ |
339,745
|
$ | - | $ | - | $ |
339,745
|
September 30, 2009 |
Fair Value Measurement at Reporting Date Using
|
|||||||||||
(in thousands)
|
Level 1
1
|
Level 2
2
|
Level 3
3
|
Total
|
||||||||
Cash equivalents
|
||||||||||||
Money market funds
|
$ |
214,312
|
$ | - | $ | - | $ |
214,312
|
||||
Trading securities
|
||||||||||||
Debt securities - mutual funds
|
|
9,427 |
|
-
|
|
-
|
|
9,427
|
||||
Total
|
$ | 223,739 | $ | - | $ | - | $ | 223,739 |
|
September 30,
|
December 31,
|
September 30,
|
||||||||
(in thousands) |
2010
|
2009
|
2009
|
||||||||
Carrying amount:
|
|||||||||||
Senior notes payable (including current maturities)
|
$ | 225,000 | $ | 240,000 | $ | 240,000 | |||||
Fair value:
|
|||||||||||
Senior notes payable (including current maturities)
|
$ | 256,556 | $ | 249,159 | $ | 254,423 |
6.
|
Receivables, Net
|
September 30,
|
December 31,
|
September 30,
|
||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||
Construction contracts:
|
||||||||||
Completed and in progress
|
$
|
226,192
|
$
|
121,083
|
$
|
238,362
|
||||
Retentions
|
92,614
|
96,887
|
93,170
|
|||||||
Total construction contracts
|
318,806
|
217,970
|
331,532
|
|||||||
Construction material sales
|
51,114
|
22,817
|
37,440
|
|||||||
Other
|
9,325
|
43,382
|
17,948
|
|||||||
Total gross receivables
|
379,245
|
284,169
|
386,920
|
|||||||
Less: allowance for doubtful accounts
|
3,331
|
|
3,917
|
|
4,348
|
|
||||
Total net receivables
|
$
|
375,914
|
$
|
280,252
|
$
|
382,572
|
7.
|
Construction and Line Item Joint Ventures
|
September 30,
|
December 31,
|
September 30,
|
||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||
Cash and cash equivalents
|
$
|
103,367
|
$
|
122,438
|
$
|
121,136
|
||||
Other current assets
|
19,006
|
3,220
|
20,928
|
|||||||
Total current assets
|
|
122,373
|
|
125,658
|
|
142,064
|
||||
Noncurrent assets
|
894
|
1,443
|
2,099
|
|||||||
Total assets
1
|
$
|
123,267
|
$
|
127,101
|
$
|
144,163
|
||||
Accounts payable
|
$
|
33,934
|
$
|
23,057
|
$
|
27,355
|
||||
Billings in excess of costs and estimated earnings
|
63,783
|
69,354
|
83,983
|
|||||||
Accrued expenses and other current liabilities
|
11,195
|
11,834
|
12,508
|
|||||||
Total current liabilities
|
|
108,912
|
|
104,245
|
|
123,846
|
||||
Noncurrent liabilities
|
5
|
3
|
1
|
|||||||
Total liabilities
1
|
$
|
108,917
|
$
|
104,248
|
$
|
123,847
|
September 30,
|
December 31,
|
September 30,
|
||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||
Assets:
|
||||||||||
Total
|
$
|
465,779
|
$
|
337,959
|
$
|
303,345
|
||||
Less partners’ interest
|
287,616
|
219,777
|
200,797
|
|||||||
Granite’s interest
|
178,163
|
118,182
|
102,548
|
|||||||
Liabilities:
|
||||||||||
Total
|
275,426
|
168,114
|
155,569
|
|||||||
Less partners’ interest
|
177,759
|
117,625
|
111,471
|
|||||||
Granite’s interest
|
97,667
|
50,489
|
44,098
|
|||||||
Equity in construction joint ventures
|
$
|
80,496
|
$
|
67,693
|
$
|
58,450
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2010
|
2009
|
2010 |
2009
|
|||||||||
Revenue:
|
|||||||||||||
Total
|
$
|
168,981
|
$
|
118,995
|
$ | 427,379 | $ | 311,270 | |||||
Less partners’ interest
|
120,790
|
90,378
|
300,425 | 242,602 | |||||||||
Granite’s interest
|
48,191
|
28,617
|
126,954 | 68,668 | |||||||||
Cost of revenue:
|
|||||||||||||
Total
|
157,932
|
99,827
|
386,316 | 272,051 | |||||||||
Less partners’ interest
|
111,578
|
75,498
|
261,508 | 210,166 | |||||||||
Granite’s interest
|
46,354
|
24,329
|
124,808 | 61,885 | |||||||||
Granite’s interest in gross profit
|
$
|
1,837
|
|
$
|
4,288
|
$ | 2,146 | $ | 6,783 |
8.
|
Real Estate Entities and Investments in Affiliates
|
September 30,
|
December 31,
|
September 30,
|
||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||
Real estate held for development and sale | $ | 151,638 | $ | 139,449 | $ | 135,306 | ||||
Other current assets
|
|
2,858
|
|
5,477
|
|
5,234
|
||||
Total current assets
|
154,496
|
144,926
|
140,540
|
|||||||
Property and equipment, net
|
8,156
|
14,905
|
14,795
|
|||||||
Other noncurrent assets
|
2,005
|
11,989
|
12,008
|
|||||||
Total assets
|
$
|
164,657
|
$
|
171,820
|
$
|
167,343
|
||||
Current maturities of non-recourse debt
|
$
|
39,157
|
$
|
43,961
|
$
|
53,177
|
||||
Other current liabilities
|
3,083
|
5,845
|
6,678
|
|||||||
Total current liabilities
|
42,240
|
49,806
|
59,855
|
|||||||
Long-term non-recourse debt
|
16,420
|
19,485
|
8,363
|
|||||||
Other noncurrent liabilities
|
443
|
553
|
551
|
|||||||
Total liabilities
|
$
|
59,103
|
$
|
69,844
|
$
|
68,769
|
September 30, 2010
|
December 31, 2009
|
September 30, 2009
|
||||||||||||||
(dollars in thousands) | Amount |
Number of Projects
|
Amount |
Number of Projects
|
Amount |
Number of Projects
|
||||||||||
Residential
|
$
|
129,618 | 6 |
$
|
121,101
|
6 |
$
|
117,888 | 6 | |||||||
Commercial
|
22,020 | 5 |
18,348
|
3 | 17,418 | 3 | ||||||||||
Total
|
$
|
151,638 | 11 |
$
|
139,449
|
9 |
$
|
135,306 | 9 | |||||||
Washington
|
$
|
87,194 | 2 |
$
|
80,703
|
2 |
$
|
78,803 | 2 | |||||||
Oregon | 29,913 | 1 |
29,280
|
1 | 28,456 | 1 | ||||||||||
California
|
25,815 | 7 |
20,848
|
5 | 19,589 | 5 | ||||||||||
Texas | 8,716 | 1 |
8,618
|
1 | 8,458 | 1 | ||||||||||
Total
|
$
|
151,638 | 11 |
$
|
139,449
|
9 |
$
|
135,306 | 9 |
September 30, | December 31, | September 30, | ||||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||||
Equity method investments in real estate affiliates
1
|
$
|
14,290
|
$
|
13,701
|
$ |
13,740
|
||||||
Equity method investments in other affiliates
1
|
11,825
|
10,943
|
7,569
|
|||||||||
Total equity method investments
|
26,115
|
24,644
|
21,309
|
|||||||||
Cost method investments
|
6,400 |
-
|
-
|
|||||||||
Total investments in affiliates
|
$
|
32,515
|
$
|
24,644
|
$
|
21,309
|
September 30,
2010
|
December 31,
2009
|
September 30,
2009
|
||||||||||||||
(dollars in thousands) | Amount | Number of Projects | Amount | Number of Projects | Amount | Number of Projects | ||||||||||
Residential
|
$ | 8,893 | 2 | $ |
8,759
|
2 | $ | 8,779 | 2 | |||||||
Commercial
|
5,397 | 3 |
4,942
|
3 | 4,961 | 3 | ||||||||||
Total
|
$ | 14,290 | 5 | $ |
13,701
|
5 | $ | 13,740 | 5 | |||||||
Texas
|
$ | 14,290 | 5 | $ |
13,701
|
5 | $ | 13,740 | 5 | |||||||
Total
|
$ | 14,290 | 5 | $ |
13,701
|
5 | $ | 13,740 | 5 |
September 30,
|
December 31,
|
September 30,
|
||||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||||
Total assets
|
$
|
165,653
|
$
|
169,325
|
$
|
169,134
|
||||||
Net assets
|
88,530
|
84,939
|
78,572
|
|||||||||
Granite
’
s share of net assets
|
26,115
|
24,644
|
21,309
|
9.
|
Property and Equipment, Net
|
September 30,
|
December 31,
|
September 30,
|
||||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||||
Land and land improvements
|
$ | 123,278 | $ |
126,162
|
$ | 134,389 | ||||||
Quarry property
|
175,048 |
160,618
|
146,529 | |||||||||
Buildings and leasehold improvements
|
89,401 |
96,725
|
95,630 | |||||||||
Equipment and vehicles
|
791,449 |
829,195
|
850,114 | |||||||||
Office furniture and equipment
|
41,354 |
38,096
|
38,287 | |||||||||
Property and equipment
|
1,220,530 |
1,250,796
|
1,264,949 | |||||||||
Less: accumulated depreciation and depletion
|
729,167 | 730,018 | 734,288 | |||||||||
Property and equipment, net
|
$ | 491,363 | $ |
520,778
|
$ | 530,661 |
10.
|
Intangible Assets
|
September 30,
|
December 31,
|
September 30,
|
||||||||||
(in thousands)
|
2010
|
2009
|
2009
|
|||||||||
Goodwill
1
|
$ | 9,900 | $ | 9,900 | $ | 9,900 | ||||||
Use rights and other
|
1,319 | 1,319 | 2,954 | |||||||||
Total unamortized intangible assets
|
$ | 11,219 | $ | 11,219 | $ | 12,854 |
September 30, 2010 |
Accumulated
|
|||||||||||
(in thousands)
|
Gross Value
|
Amortization
|
Net Value
|
|||||||||
Permits
|
$ | 33,582 | $ | (6,401 | ) | $ | 27,181 | |||||
Customer lists
|
2,198 | (1,658 | ) | 540 | ||||||||
Covenants not to compete
|
1,588 | (1,286 | ) | 302 | ||||||||
Other
|
1,082 | (606 | ) | 476 | ||||||||
Total amortized intangible assets
|
$ | 38,450 | $ | (9,951 | ) | $ | 28,499 |
December 31, 2009 |
|
|||||||||||
(in thousands)
|
|
|
|
|||||||||
Permits
|
$ |
33,582
|
$ | ( 5,151 | ) | $ |
28,431
|
|||||
Customer lists
|
2,198 | (1,399 | ) | 799 | ||||||||
Covenants not to compete
|
1,588 | ( 1,106 | ) | 482 | ||||||||
Other
|
1,082 | ( 478 | ) |
604
|
||||||||
Total amortized intangible assets
|
$ |
38,450
|
$ | ( 8,134 | ) | $ |
30,316
|
September 30, 2009 |
|
|||||||||||
(in thousands)
|
|
|
|
|||||||||
Permits
|
$ | 36,070 | $ | (5,041 | ) | $ | 31,029 | |||||
Customer lists
|
2,198 | (1,254 | ) | 944 | ||||||||
Covenants not to compete
|
1,588 | (1,003 | ) | 585 | ||||||||
Other
|
1,082 | (433 | ) | 649 | ||||||||
Total amortized intangible assets
|
$ | 40,938 | $ | (7,731 | ) | $ | 33,207 |
11.
|
Line of Credit
|
12.
|
Weighted Average Shares Outstanding
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
||||
Weighted average shares outstanding:
|
||||||||
Weighted average common stock outstanding
|
38,773
|
38,672
|
38,747
|
38,560
|
||||
Less: weighted average unvested restricted stock outstanding
|
908 |
1,077
|
945
|
1,008
|
||||
Total basic weighted average shares outstanding
|
37,865
|
37,595
|
37,802
|
37,552
|
||||
Diluted weighted average shares outstanding:
|
||||||||
Weighted average common stock outstanding, basic
|
37,865
|
37,595
|
37,802
|
37,552
|
||||
Effect of dilutive securities:
|
||||||||
Common stock options and units
1
|
206
|
114
|
-
|
118
|
||||
Total weighted average shares outstanding assuming dilution
|
38,071
|
37,709
|
37,802
|
37,670
|
13.
|
Earnings Per Share
|
Three Months Ended September 30,
|
Nine Months
Ended September 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2010
|
2009
|
2010
|
2009
|
Basic | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to Granite
|
$ |
38,681
|
$ |
30,598
|
$ |
(8,964
|
) | $ |
57,467
|
||||
Less: net income allocated to participating securities
|
903
|
849
|
- |
1,487
|
|||||||||
Net income (loss) allocated to common shareholders
for basic
calculation
|
$ |
37,778
|
$ |
29,749
|
$ |
(8,964
|
) | $ |
55,980
|
Denominator: | |||||||||||||
Weighted average common shares outstanding, basic
|
37,865
|
37,595
|
37,802
|
37,552
|
|||||||||
Net income (loss) per share, basic
|
$ |
1.00
|
$ |
0.79
|
$ |
(0.24
|
) | $ |
1.49
|
Diluted | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to Granite
|
$ |
38,681
|
$ |
30,598
|
$ |
(8,964
|
) | $ |
57,467
|
||||
Less: net income allocated to participating securities
|
898
|
846
|
-
|
1,482
|
|||||||||
Net income (loss) allocated to common shareholders
for diluted
calculation
|
$ |
37,783
|
$ |
29,752
|
$ |
(8,964
|
) | $ |
55,985
|
Denominator: | |||||||||||||
Weighted average common shares outstanding, diluted
|
38,071
|
37,709
|
37,802
|
37,670
|
|||||||||
Net income (loss) per share, diluted
|
$ |
0.99
|
$ |
0.79
|
$ |
(0.24
|
) | $ |
1.49
|
14.
|
Income Taxes
|
15.
|
Equity and Other Comprehensive (Loss) Income
|
The following tables summarize our equity activity for the periods presented:
|
(in thousands)
|
Granite Construction Inc.
|
Noncontrolling Interests
|
Total Equity
|
||||||||
Balance at December 31, 2009
|
$ | 830,651 | $ | 51,905 | $ | 882,556 | |||||
Purchase of common stock
1
|
(3,374 | ) |
-
|
(3,374 | ) | ||||||
Other transactions with shareholders
|
10,266 | - | 10,266 | ||||||||
Transactions with noncontrolling interests, net
3
|
- | (20,599 |
)
|
(20,599 | ) | ||||||
Comprehensive (loss) income:
|
|||||||||||
Net (loss) income
|
(8,964 | ) | 11,902 | 2,938 | |||||||
Total comprehensive (loss) income
|
(8,964 | ) | 11,902 | 2,938 | |||||||
Dividends on common stock | (15,127 | ) | - | (15,127 | ) | ||||||
Balance at September 30, 2010
|
$ | 813,452 | $ | 43,208 | $ | 856,660 |
(in thousands)
|
|
|
|||||||||
Balance at December 31, 2008
|
$
|
767,509
|
$ |
36,773
|
$
|
804,282
|
|||||
Purchase of common stock
2
|
(2,840
|
)
|
-
|
(2,840
|
)
|
||||||
Other transactions with shareholders
|
10,165
|
-
|
10,165
|
||||||||
Transactions with noncontrolling interests, net
3
|
-
|
(2,221
|
) |
(2,221
|
) | ||||||
Comprehensive income:
|
|||||||||||
Net income
|
57,467
|
15,725
|
73,192
|
||||||||
Other comprehensive income
|
146
|
|
-
|
146
|
|
||||||
Total comprehensive income
|
57,613
|
15,725
|
73,338
|
||||||||
Dividends on common stock
|
(15,083
|
)
|
-
|
(15,083
|
)
|
||||||
Balance at September 30, 2009
|
$
|
817,364
|
$ |
50,277
|
$
|
867,641
|
The components of other comprehensive income are as follows:
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
||||||||||
Changes in unrealized gain on investments
|
$ | - | $ |
-
|
|
$ | - | $ | 238 |
|
||||
Tax provision on unrealized
gain
|
- |
-
|
|
- |
|
(92 |
)
|
|||||||
Total other comprehensive income
|
$ | - | $ |
-
|
|
$ | - | $ | 146 |
|
16.
|
Legal Proceedings
|
17.
|
Business Segment Information
|
Three Months Ended September 30,
|
||||||||||||||||||||
(in thousands)
|
Construction
|
Large Project Construction
|
Construction Materials
|
Real Estate
|
Total | |||||||||||||||
2010
|
||||||||||||||||||||
Total revenue from reportable segments
|
$ | 409,989 | $ | 169,972 | $ | 193,578 | $ | 2,761 | $ | 776,300 | ||||||||||
Elimination of intersegment revenue
|
- | - | (105,450 | ) | - | (105,450 | ) | |||||||||||||
Revenue from external customers
|
409,989 | 169,972 | 88,128 | 2,761 | 670,850 | |||||||||||||||
Gross profit
|
44,666 | 18,316 | 12,137 | 1,036 | 76,155 | |||||||||||||||
Depreciation, depletion and amortization
|
3,432 | 678 | 9,433 | 82 | 13,625 | |||||||||||||||
2009
|
||||||||||||||||||||
Total revenue from reportable segments
|
$ | 466,605 | $ | 181,171 | $ | 160,389 | $ | 981 | $ | 809,146 | ||||||||||
Elimination of intersegment revenue
|
- | - | (88,862 | ) | - | (88,862 | ) | |||||||||||||
Revenue from external customers
|
466,605 | 181,171 | 71,527 | 981 | 720,284 | |||||||||||||||
Gross profit (loss)
|
72,635 | 25,221 | 8,351 | (550 | ) | 105,657 | ||||||||||||||
Depreciation, depletion and amortization
|
6,018 | 1,221 | 7,970 | 68 | 15,277 |
Nine Months Ended September 30,
|
||||||||||||||||||||
(in thousands)
|
Construction
|
Large Project Construction
|
Construction Materials
|
Real Estate
|
Total
|
|||||||||||||||
2010
|
||||||||||||||||||||
Total revenue from reportable segments
|
$ | 729,118 | $ | 429,625 | $ | 335,896 | $ | 11,613 | $ | 1,506,252 | ||||||||||
Elimination of intersegment revenue
|
- | - | (160,515 | ) | - | (160,515 | ) | |||||||||||||
Revenue from external customers
|
729,118 | 429,625 | 175,381 | 11,613 | 1,345,737 | |||||||||||||||
Gross profit
|
69,413 | 49,634 | 9,492 | 3,028 | 131,567 | |||||||||||||||
Depreciation, depletion and amortization
|
14,058 | 2,147 | 24,985 | 412 | 41,602 | |||||||||||||||
Segment assets
|
127,445 | 88,752 | 376,312 | 168,041 | 760,550 | |||||||||||||||
2009
|
||||||||||||||||||||
Total revenue from reportable segments
|
$ | 912,110 | $ | 456,001 | $ | 303,212 | $ | 1,932 | $ | 1,673,255 | ||||||||||
Elimination of intersegment revenue
|
- | - | (144,524 | ) | - | (144,524 | ) | |||||||||||||
Revenue from external customers
|
912,110 | 456,001 | 158,688 | 1,932 | 1,528,731 | |||||||||||||||
Gross profit (loss)
|
160,612 | 81,396 | 17,620 | (1,340 | ) | 258,288 | ||||||||||||||
Depreciation, depletion and amortization
|
20,113 | 4,197 | 23,584 | 369 | 48,263 | |||||||||||||||
Segment assets
|
146,718 | 70,461 | 406,235 | 150,163 | 773,577 |
Three Months Ended September 30,
|
Nine Months Ended September 30, |
|
||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009 |
|
|||||||||
Total gross profit from reportable segments
|
$ | 76,155 | $ |
105,657
|
$ |
131,567
|
$ |
258,288
|
||||||
Selling, general and administrative expenses
|
47,160 |
60,950
|
153,809
|
171,624
|
||||||||||
Gain on sales of property and equipment
|
3,165 |
1,549
|
11,417
|
6,878
|
||||||||||
Other income, net
|
3,115 |
3,582
|
2,530
|
5,966
|
||||||||||
Income (loss) before (benefit from) provision for
income taxes
|
$ | 35,275 | $ |
49,838
|
$ |
(8,295
|
) | $ |
99,508
|
18.
|
Subsequent Events
|
Comparative Financial Summary
|
Three Months Ended September 30, | Nine Months Ended September 30, |
|
||||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Total revenue
|
$ | 670,850 | $ |
720,284
|
$ |
1,345,737
|
$ |
1,528,731
|
|||||||||
Gross profit
|
76,155 |
105,657
|
131,567
|
258,288 | |||||||||||||
Operating income (loss)
|
32,160 |
46,256
|
(10,825
|
) |
93,542
|
||||||||||||
Other income, net
|
3,115 |
3,582
|
2,530
|
5,966
|
|||||||||||||
(Benefit from) provision for income taxes | (8,026 | ) |
13,300
|
(11,233
|
) |
26,316
|
|||||||||||
Amount attributable to noncontrolling interests
|
(4,620 | ) |
(5,940
|
)
|
(11,902
|
) |
(15,725
|
) | |||||||||
Net income (loss) attributable to Granite
|
38,681 |
30,598
|
(8,964
|
) |
57
,467
|
Total Revenue by Segment |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
(dollars in thousands)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||||||||||
Construction
|
$ | 409,989 | 61.1 | % | $ |
466,605
|
64.8
|
% | $ |
729,118
|
54.2
|
% | $ |
912,110
|
59.7
|
% | ||||||||
Large Project Construction
|
169,972 | 25.4 |
181,171
|
25.2
|
429,625 | 31.9 |
456,001
|
29.8
|
||||||||||||||||
Construction Materials
|
88,128 | 13.1 |
71,527
|
9.9
|
175,381 | 13.0 |
158,688
|
10.4
|
||||||||||||||||
Real Estate | 2,761 | 0.4 | 981 | 0.1 | 11,613 | 0.9 | 1,932 | 0.1 | ||||||||||||||||
Total
|
$ | 670,850 | 100.0 | % | $ |
720,284
|
100.0
|
% | $ |
1,345,737
|
100
.0
|
% | $ |
1,528,731
|
100.0
|
% |
Construction Revenue |
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
(dollars in thousands)
|
2010
|
|
2009
|
|
2010
|
2009
|
||||||||||||||||||
California:
|
||||||||||||||||||||||||
Public sector
|
$ |
163,272
|
39.9 | % | $ | 157,906 | 33.8 |
%
|
$ |
272,553
|
37.3 | % | $ | 342,495 | 37.5 | % | ||||||||
Private sector
|
7,864
|
1.9 | 8,659 | 1.9 |
24,887
|
3.4 | 29,042 | 3.2 | ||||||||||||||||
West, excluding California:
|
||||||||||||||||||||||||
Public sector
|
199,711
|
48.7
|
255,012 | 54.7 | 339,419 | 46.6 | 417,100 | 45.7 | ||||||||||||||||
Private sector
|
10,005
|
2.4 | 9,443 | 2.0 | 17,419 | 2.4 | 25,114 | 2.8 | ||||||||||||||||
East:
|
||||||||||||||||||||||||
Public sector
|
28,603
|
7.0
|
34,503 | 7.4 | 72,963 | 10.0 | 94,771 | 10.4 | ||||||||||||||||
Private sector
|
534
|
0.1 | 1,082 | 0.2 | 1,877 | 0.3 | 3,588 | 0.4 | ||||||||||||||||
Total
|
$ |
409,989
|
100.0
|
% | $ |
466,605
|
100.0 | % | $ | 729,118 | 100 .0 | % | $ |
912,110
|
100 .0 | % |
Large Project Construction Revenue
1
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
(dollars in thousands)
|
2010
|
|
2009
|
2010
|
2009
|
|||||||||||||||||||
California
|
$
|
11,305
|
|
6.7 | % |
$
|
13,933
|
7.7
|
% |
$
|
38,103
|
8.9
|
% | $ |
39,797
|
8.7
|
% | |||||||
West, excluding California
|
17,940
|
|
10.6 |
|
26,958
|
14.9
|
37,928
|
8.8
|
44,131
|
9.7
|
||||||||||||||
East
|
140,727
|
|
82.7 |
|
140,280
|
77.4
|
353,594
|
82.3
|
372,073
|
81.6
|
||||||||||||||
Total
|
$ |
169,972
|
|
100.0
|
% |
|
$ |
181,171
|
100.0
|
% |
$
|
429,625
|
100.0
|
% | $ |
456,001
|
100.0
|
% |
Construction Materials Revenue
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||||||||||||||||||
(dollars in thousands)
|
2010
|
|
2009
|
2010
|
2009
|
|||||||||||||||||||
California
|
$
|
45,491
|
|
51.6 | % |
$
|
40,477
|
56.6
|
% |
$
|
105,737
|
60.3
|
% | $ |
97,214
|
61.3
|
% | |||||||
West, excluding California
|
35,440
|
|
40.2 |
|
28,379
|
39.7
|
53,581
|
30.5
|
50,140
|
31.6
|
||||||||||||||
East
|
7,197
|
|
8.2 |
|
2,671
|
3.7
|
16,063
|
9.2
|
11,334
|
7.1
|
||||||||||||||
Total
|
$ |
88,128
|
|
100.0
|
% |
|
$ |
71,527
|
100.0
|
% |
$
|
175,381
|
100.0
|
% | $ |
158,688
|
100.0
|
% |
Total Contract Backlog by Segment
|
|
|
||||||||||||||||||||||
(dollars in thousands)
|
September 30, 2010
|
June 30, 2010
|
September 30, 2009
|
|||||||||||||||||||||
Construction
|
$ | 497,089 | 30.3 | % | $ |
594,214
|
38.3 | % | $ | 439,226 | 27.2 | % | ||||||||||||
Large Project Construction
|
1,141,453 | 69.7 |
957,080
|
61.7 | 1,173,042 | 72.8 | ||||||||||||||||||
Total
|
$ | 1,638,542 | 100.0 | % | $ |
1,551,294
|
100.0 | % | $ | 1,612,268 | 100.0 | % |
Construction Contract Backlog
|
|
|
|
|||||||||||||||||||||
(dollars in thousands)
|
September 30, 2010
|
June 30, 2010
|
September 30, 2009
|
|||||||||||||||||||||
California:
|
||||||||||||||||||||||||
Public sector
|
$ | 194,889 | 39.2 | % | $ | 241,761 | 40.7 | % | $ | 162,659 | 37.0 | % | ||||||||||||
Private sector
|
9,488 | 1.9 | 10,043 | 1.7 | 10,219 | 2.3 | ||||||||||||||||||
West, excluding California:
|
||||||||||||||||||||||||
Public sector
|
205,992 | 41.5 | 272,565 | 45.9 | 217,084 | 49.4 | ||||||||||||||||||
Private sector
|
9,611 | 1.9 | 6,465 | 1.1 | 7,220 | 1.7 | ||||||||||||||||||
East:
|
||||||||||||||||||||||||
Public sector
|
75,416 | 15.2 | 61,922 | 10.4 | 39,850 | 9.1 | ||||||||||||||||||
Private sector
|
1,693 | 0.3 | 1,458 | 0.2 | 2,194 | 0.5 | ||||||||||||||||||
Total
|
$ | 497,089 | 100.0 | % | $ | 594,214 | 100.0 | % | $ | 439,226 | 100.0 | % |
Large Project Contract Backlog
1
|
|
|
|||||||||||||||||||||||
(dollars in thousands)
|
September 30, 2010
|
June 30, 2010
|
September 30, 2009
|
||||||||||||||||||||||
California
|
$ | 176,189 | 15.4 | % | $ | 32,568 | 3.4 | % | $ | 60,747 | 5.2 | % | |||||||||||||
West, excluding California
|
138,138 | 12.1 | 53,868 | 5.6 | 72,068 | 6.1 | |||||||||||||||||||
East
|
827,126 | 72.5 | 870,644 | 91.0 | 1,040,227 | 88.7 | |||||||||||||||||||
Total
|
$ | 1,141,453 | 100.0 | % | $ | 957,080 | 100.0 | % | $ | 1,173,042 | 100.0 | % |
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
(dollars in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Construction
|
$
|
44,666
|
$
|
72,635
|
$ |
69,413
|
$ |
160,612
|
|||||||||
Percent of segment revenue
|
10.9 |
%
|
15.6
|
%
|
9.5 | % |
17.6
|
% | |||||||||
Large Project Construction
|
|
18,316
|
|
25,221
|
49,634
|
81,396
|
|||||||||||
Percent of segment revenue
|
10.8
|
|
13.9 |
|
11.6 |
17.8
|
|||||||||||
Construction Materials
|
|
12,137
|
|
8,351
|
9,492
|
17,620
|
|||||||||||
Percent of segment revenue
|
13.8 |
|
11.7
|
|
5.4
|
11.1
|
|||||||||||
Real Estate
|
1,036 | (550 | ) | 3,028 | (1,340 | ) | |||||||||||
Percent of segment revenue
|
37.5 | -56.1 | 26.1 | -69.4 | |||||||||||||
Total gross profit
|
$
|
76,155
|
$
|
105,657
|
$ |
131,567
|
$ |
258,288
|
|||||||||
Percent of total revenue
|
11.4 |
%
|
14.7
|
%
|
9.8
|
% |
16.9
|
% |
|
Three Months Ended September 30, | Nine Months Ended September 30, |
|
||||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Construction
|
$ | 20,434 | $ | 13,018 | $ |
21,176
|
$ |
14,804
|
|||||||||
Large Project Construction
|
44,069 | 20,817 |
105,589
|
31,883
|
|||||||||||||
Total revenue from contracts with deferred profit
|
$ | 64,503 | $ | 33,835 | $ |
126,765
|
$ | 46,687 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Selling
|
|
|
|||||||||||||||
Salaries and related expenses
|
$ | 9,671 | $ | 11,823 | $ | 35,925 | $ | 36,603 | |||||||||
Other selling expenses
|
3,428 | 6,290 | 8,850 | 13,534 | |||||||||||||
Total selling
|
13,099 | 18,113 | 44,775 | 50,137 | |||||||||||||
General and administrative | |||||||||||||||||
Salaries and related expenses
|
13,556 | 17,357 | 51,090 | 57,231 | |||||||||||||
Incentive compensation and discretionary profit sharing
|
2,701 | 8,436 | 5,985 | 16,153 | |||||||||||||
Restricted stock amortization
|
3,210 | 3,148 | 9,589 | 7,577 | |||||||||||||
(Recovery of) provision for doubtful accounts, net
|
(270 | ) | (458 | ) | 136 | (3,844 | ) | ||||||||||
Other general and administrative expenses
|
14,864 | 14,354 |
42,234
|
44,370
|
|||||||||||||
Total general and administrative
|
34,061 | 42,837 | 109,034 | 121,487 | |||||||||||||
Total selling, general and administrative
|
$ | 47,160 | $ | 60,950 | $ |
153,809
|
$ |
171,624
|
|||||||||
Percent of revenue
|
7.0 | % | 8.5 | % |
11.4
|
% |
11.
2
|
% |
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Interest income
|
$ | 2,110 | $ | 744 | $ | 4,147 | $ | 3,914 | |||||||||
Interest expense
|
(547 | ) | (4,245 | ) |
(7,294)
|
(10,586
|
) | ||||||||||
Equity in income (loss) of affiliates
|
529 | 4,021 | (177 | ) |
4,360
|
||||||||||||
Other income, net
|
1,023 | 3,062 | 5,854 | 8,278 | |||||||||||||
Total other income
|
$ | 3,115 | $ | 3,582 | $ | 2,530 | $ | 5,966 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(dollars in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(Benefit from) provision for income taxes
|
$
|
(8,026
|
) |
$
|
13,300
|
|
$ |
(11,233
|
) |
$
|
26,316
|
||||||
Effective tax rate
|
(22.8 |
)%
|
26.7
|
%
|
135.4
|
%
|
26.4
|
%
|
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Amount attributable to noncontrolling interests
|
$ | (4,620 | ) | $ | (5,940 | ) | $ | (11,902 |
)
|
$ | (15,725 |
)
|
|
September 30, | December 31, |
|
September 30, | ||||||||
(in thousands)
|
2010
|
2009
|
|
2009
|
||||||||
Cash and cash equivalents excluding consolidated joint ventures
|
$ | 154,487 | $ | 216,518 | $ | 250,298 | ||||||
Consolidated joint venture cash and cash equivalents
|
103,367 | 122,438 | 121,136 | |||||||||
Total consolidated cash and cash equivalents
|
257,854 | 338,956 | 371,434 | |||||||||
Short-term and long-term marketable securities
1
|
130,464 | 119,385 | 90,410 | |||||||||
Total cash, cash equivalents and marketable securities
|
$ | 388,318 | $ | 458,341 | $ | 461,844 |
Cash Flows
(in thousands)
|
Nine Months Ended
September 30,
|
||||||||
|
2010
|
2009
|
|||||||
Net cash provided by (
used in)
:
|
|||||||||
Operating activities
|
$ | 10,566 | $ | 58,253 | |||||
Investing activities
|
(34,405 | ) | (103,837 | ) | |||||
Financing activities
|
(57,263 | ) | (43,825 | ) |
Item 3.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 4.
|
CONTROLS
AND PROCEDURES
|
Item 1.
|
LEGAL
PROCEEDINGS
|
Item
1
A
.
|
RISK
FACTORS
|
Item 2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Item 3.
|
DEFAULTS
UPON SENIOR SECURITIES
|
Item 4.
|
Item 5.
|
OTHER
INFORMATION
|
Name of Mine
|
Section 104
1
|
Section 104(d)
2
|
Proposed Assessments
3
|
|||||||
Bradshaw Pit
|
2 | - | $ | 1 | ||||||
Felton Quarry
|
2 | - | - | |||||||
Fountain Springs
|
3 | - | 1 | |||||||
Highway 175 Aggregate
|
2 | - | - | |||||||
Lockwood Quarry
|
1 | 1 | 2 | |||||||
Alaska Portable Crusher #1
|
2 | - | - | |||||||
Sacramento Portable Crusher #1
|
1 | - | 1 | |||||||
Wade Sand Pit
|
1 | - | - | |||||||
Total
|
14 | 1 | $ | 5 |
Item 6.
|
31.1
|
†
|
|
31.2
|
†
|
|
32
|
††
|
|
101.INS |
††
|
XBRL Instance Document
|
101.SCH |
††
|
XBRL Taxonomy Extension Schema
|
101.CAL |
††
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.LAB |
††
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE |
††
|
XBRL Taxonomy Extension Presentation Linkbase
|
†
|
Filed herewith
|
|
††
|
Furnished herewith
|
GRANITE CONSTRUCTION INCORPORATED
|
|||||
Date:
|
November
9
, 2010
|
By:
|
/s/ Laurel J. Krzeminski
|
||
Laurel J. Krzeminski
|
|||||
Vice President and Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
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General Electric Company | GE |
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Bank of America Corporation | BAC |
Citigroup Inc. | C |
JPMorgan Chase & Co. | JPM |
Wells Fargo & Company | WFC |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
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