Granite Construction Incorporated (NYSE: GVA) today reported a net loss
of $36.4 million for the year ended December 31, 2013, compared with net
income of $45.3 million in the prior year. Diluted earnings per share
(EPS) for the year was a loss of $0.94 compared to $1.15 in 2012.
Granite reported a net loss of $28.9 million for the quarter ended
December 31, 2013, compared to net income of $18.0 million in the fourth
quarter of 2012. Diluted EPS in the quarter was a loss of $0.74 compared
to $0.46 in the prior-year period.
Fourth quarter and full-year 2013 results include the impact of the 2010
EIP charges. Excluding the impact of these charges, Granite’s diluted
EPS was $0.02 and a loss of $0.17 respectively, for the fourth quarter
and year ended December 31, 2013.
“Our teams finished the year with a continued focus on improving
execution across all of our businesses. Our backlog entering 2014 is
excellent, and the bidding pipeline is as large and robust as we have
ever seen,” said James H. Roberts, President and CEO of Granite
Construction Incorporated. “Our business leaders are tasked with
managing operations in varied cyclical environments, and we are focused
on driving the improvements necessary to generate the returns we expect
for our shareholders.”
Fiscal Year 2013 Highlights:
Total Company
-
Revenues for the year increased 8.8 percent to $2.3 billion, compared
with $2.1 billion in 2012.
-
Gross profit margin was 8.2 percent compared with 11.3 percent in 2012
due primarily to decreased gross profit in the Large Project segment,
which offset an increase in Construction segment margins.
-
Selling, general and administrative (SG&A) expenses for the year were
$199.9 million, compared with $185.1 million last year. The increase
reflects the addition of Kenny. SG&A expenses as a percentage of
revenue were 8.8% in 2013, down slightly from 8.9% in 2012.
-
Total contract backlog at December 31, 2013, was $2.5 billion compared
with $1.7 billion a year ago. The increase in contract backlog in 2013
reflects the addition of the Tappan Zee Bridge project in New York,
the IH-35E highway reconstruction project in Texas, the I-40/440
project in North Carolina, as well as an overall increase in
Construction segment backlog.
Construction
-
Construction revenues in 2013 increased 27.1% to nearly $1.3 billion,
up from nearly $1.0 billion in 2012, driven primarily by the addition
of Kenny, improved performance in some Western markets, and partially
offset by a revenue decline in California.
-
Gross profit margin was 8.5 percent compared with 7.9 percent a year
ago. Kenny accounted for the majority of the increase.
Large Project Construction
-
Large Project Construction revenue for the year decreased 9.9 percent
to $777.8 million from $863.2 million in 2012, driven primarily by the
timing of new projects.
-
Gross profit margin was 9.2 percent compared with 17.2 percent in 2012
primarily reflecting negative revisions in estimates on a project in
Washington State, and by timing of overall project portfolio
progression.
Construction Materials
-
Construction Materials revenue in 2013 was $237.8 million compared
with $230.6 million last year. The 3.1 percent increase is due
primarily to improved volume from 2012.
-
Gross profit margin in 2013 was 2.9 percent, compared with 3.3 percent
in 2012, reflecting product mix and varied market conditions across
the West.
Fourth Quarter 2013 Highlights
Total Company
-
Revenue for the fourth quarter of 2013 increased 18.5 percent to
$598.1 million compared with $504.8 million last year.
-
Gross profit margin in the fourth quarter was 8.3 percent compared
with 11.3 percent in 2012, as decreased gross profit in the Large
Project Construction and Construction segments more than offset an
increase in Construction Materials segment gross profit.
-
SG&A expenses for the fourth quarter of 2013 decreased about $6.9
million to $50.5 million reflecting a decrease in pre-bid costs,
incentive compensation, and as a result of non-recurring fourth
quarter 2012 Kenny-related acquisition costs.
-
Operating loss was $48.4 million in the quarter, compared to operating
income of $21.7 million in the fourth quarter of 2012. Fourth quarter
2013 operating income includes the impact of $52.2 million in
restructuring and impairment charges related to the EIP.
Construction
-
Construction revenue for the fourth quarter 2013 increased 25.3
percent to $294.9 million, compared with $235.3 million last year.
-
Gross profit margin was 6.2 percent, compared with 7.7 percent a year
ago as weaker performance in certain Western markets outweighed a
positive impact from Kenny.
Large Project Construction
-
Large Project Construction revenue in the fourth quarter of 2013
increased 11.2 percent to $238.5 million, compared with $214.6 million
last year.
-
Gross profit margin for the quarter was 12.4 percent, compared with
18.7 percent in 2012. The decrease reflects timing of overall project
portfolio progression.
Construction Materials
-
Construction Materials revenue in the fourth quarter of 2013 increased
17.8 percent to $64.6 million, compared with $54.9 million last year.
-
Gross profit margin was 2.6 percent, compared with a loss of 2.7
percent in 2012, as a result of overall improved performance.
Outlook
“Trends in company backlog, project funding and financing, and private
construction all have improved since last year, and diversification
opportunities in power, tunnel, and underground also are providing
Granite with solid footing for growth. Our more than $2.5 billion of
backlog at the end of 2013 reflects a diverse, healthy portfolio of
projects, which we will look to grow further in 2014,” Roberts said.
“This year, we expect to bid on more than $13 billion of large projects,
and, beyond 2014, we are tracking an additional $20 billion in large
projects. Funding and financing stability is critical to improve
progress on important infrastructure investment, at federal, state and
local levels.
“Many of our traditional Western markets continue to operate in a highly
competitive environment. We continue to recover in these markets, but at
a slower pace than anticipated over the past couple years. In regions
showing signs of broad economic improvement, signs of private
construction recovery are evident. Our Construction and Construction
Materials businesses are expected to perform substantially better in
2014 than 2013, in line with overall economic improvement in the states
we serve,” said Roberts.
1 The Company completed its 2010 Enterprise Improvement Plan
in the fourth quarter of 2013, which resulted in $52.1 million of
restructuring and impairment charges related to assets in the Real
Estate and Construction Materials segments. Please refer to the
description and non-GAAP reconciliation of these charges in the attached
table. For additional information, please refer to, Note 11 of “Notes to
the Consolidated Financial Statements” and “Restructuring and Impairment
Charges (Gains), Net” under “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Granite Construction Incorporated 10-K, which is expected to be filed
with the Securities and Exchange Commission in early March.
Conference Call
Granite will conduct a conference call today, February 27, 2013, at 8
a.m. Pacific Time/11 a.m. Eastern Time to discuss the results of the
quarter ended December 30, 2013. Access to a live audio webcast is
available at http://investor.graniteconstruction.com/index.cfm.
The live conference call may be accessed by calling (877) 643-7158;
international callers may dial (914) 495-8565. The conference ID for the
live call is 66604841. The call will be recorded and available for
replay approximately two hours after the live audio webcast through
March 6, 2014 by calling (855) 859-2056. The conference ID for the
replay is also 66604841; international callers may dial (404) 537-3406.
About Granite
Through its offices and subsidiaries nationwide, Granite Construction
Incorporated (NYSE: GVA) is one of the nation’s largest infrastructure
contractors and construction materials producers. Incorporated in 1922,
Granite serves public- and private-sector clients on projects both small
and large. Granite’s project teams represent some of the best in the
industry serving owners in the transportation, power, federal,
tunneling, underground, and industrial/mining and water resources
markets. In 2013, the Company was recognized by the Ethisphere Institute
as one of the World’s Most Ethical Companies for the fourth year in a
row. For more information please visit www.graniteconstruction.com.
Forward-looking Statements
Any statements contained in this news release that are not based on
historical facts, including statements regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results, constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are identified by words such as “future,” “outlook,”
“assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,”
“plans,” “appears,” “may,” “will,” “should,” “could,” “would,”
“continue,” and the negatives thereof or other comparable terminology or
by the context in which they are made. These forward-looking statements
are estimates reflecting the best judgment of senior management and
reflect our current expectations regarding future events, occurrences,
circumstances, activities, performance, outcomes and results. These
expectations may or may not be realized. Some of these expectations may
be based on beliefs, assumptions or estimates that may prove to be
incorrect. In addition, our business and operations involve numerous
risks and uncertainties, many of which are beyond our control, which
could result in our expectations not being realized or otherwise
materially affect our business, financial condition, results of
operations, cash flows and liquidity. Such risks and uncertainties
include, but are not limited to, those described in greater detail in
our filings with the Securities and Exchange Commission, particularly
those specifically described in our Annual Report on Form 10-K and
quarterly reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our
forward-looking statements, the reader is cautioned not to place undue
reliance on them. The reader is also cautioned that the forward-looking
statements contained herein speak only as of the date of this news
release and, except as required by law; we undertake no obligation to
revise or update any forward-looking statements for any reason.
|
GRANITE CONSTRUCTION INCORPORATED
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited - in thousands, except share and per share data)
|
|
|
|
|
|
|
|
December 31,
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
229,121
|
|
$
|
321,990
|
|
Short-term marketable securities
|
|
|
49,968
|
|
|
56,088
|
|
Receivables, net
|
|
|
313,598
|
|
|
325,529
|
|
Costs and estimated earnings in excess of billings
|
|
|
33,306
|
|
|
34,116
|
|
Inventories
|
|
|
62,474
|
|
|
59,785
|
|
Real estate held for development and sale
|
|
|
12,478
|
|
|
50,223
|
|
Deferred income taxes
|
|
|
55,874
|
|
|
36,687
|
|
Equity in construction joint ventures
|
|
|
162,673
|
|
|
105,805
|
|
Other current assets
|
|
|
30,711
|
|
|
31,834
|
|
Total current assets
|
|
|
950,203
|
|
|
1,022,057
|
|
Property and equipment, net
|
|
|
436,859
|
|
|
481,478
|
|
Long-term marketable securities
|
|
|
67,234
|
|
|
55,342
|
|
Investments in affiliates
|
|
|
32,480
|
|
|
30,799
|
|
Goodwill
|
|
|
53,799
|
|
|
55,419
|
|
Other noncurrent assets
|
|
|
76,580
|
|
|
84,392
|
|
Total assets
|
|
$
|
1,617,155
|
|
$
|
1,729,487
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
21
|
|
$
|
8,353
|
|
Current maturities of non-recourse debt
|
|
|
1,226
|
|
|
10,707
|
|
Accounts payable
|
|
|
160,706
|
|
|
202,541
|
|
Billings in excess of costs and estimated earnings
|
|
|
138,375
|
|
|
139,692
|
|
Accrued expenses and other current liabilities
|
|
|
197,242
|
|
|
169,979
|
|
Total current liabilities
|
|
|
497,570
|
|
|
531,272
|
|
Long-term debt
|
|
|
270,127
|
|
|
270,148
|
|
Long-term non-recourse debt
|
|
|
6,741
|
|
|
922
|
|
Other long-term liabilities
|
|
|
48,580
|
|
|
47,124
|
|
Deferred income taxes
|
|
|
7,793
|
|
|
8,163
|
|
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 38,917,728 shares as of December 31, 2013 and
38,730,665 shares as of December 31, 2012
|
|
|
389
|
|
|
387
|
|
Additional paid-in capital
|
|
|
126,449
|
|
|
117,422
|
|
Retained earnings
|
|
|
655,102
|
|
|
712,144
|
|
Total Granite Construction Incorporated shareholders’ equity
|
|
|
781,940
|
|
|
829,953
|
|
Non-controlling interests
|
|
|
4,404
|
|
|
41,905
|
|
Total equity
|
|
|
786,344
|
|
|
871,858
|
|
Total liabilities and equity
|
|
$
|
1,617,155
|
|
$
|
1,729,487
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited - in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Years Ended December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Construction
|
|
$
|
294,910
|
|
|
$
|
235,303
|
|
|
$
|
1,251,197
|
|
|
$
|
984,106
|
|
|
Large project construction
|
|
|
238,544
|
|
|
|
214,572
|
|
|
|
777,811
|
|
|
|
863,217
|
|
|
Construction materials
|
|
|
64,645
|
|
|
|
54,888
|
|
|
|
237,752
|
|
|
|
230,642
|
|
|
Real estate
|
|
|
—
|
|
|
|
18
|
|
|
|
141
|
|
|
|
5,072
|
|
|
Total revenue
|
|
|
598,099
|
|
|
|
504,781
|
|
|
|
2,266,901
|
|
|
|
2,083,037
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
276,523
|
|
|
|
217,155
|
|
|
|
1,144,823
|
|
|
|
906,143
|
|
|
Large project construction
|
|
|
208,865
|
|
|
|
174,456
|
|
|
|
706,003
|
|
|
|
714,799
|
|
|
Construction materials
|
|
|
62,960
|
|
|
|
56,349
|
|
|
|
230,799
|
|
|
|
223,070
|
|
|
Real estate
|
|
|
—
|
|
|
|
13
|
|
|
|
13
|
|
|
|
4,266
|
|
|
Total cost of revenue
|
|
|
548,348
|
|
|
|
447,973
|
|
|
|
2,081,638
|
|
|
|
1,848,278
|
|
|
Gross Profit
|
|
|
49,751
|
|
|
|
56,808
|
|
|
|
185,263
|
|
|
|
234,759
|
|
|
Selling, general and administrative expenses
|
|
|
50,447
|
|
|
|
57,298
|
|
|
|
199,946
|
|
|
|
185,099
|
|
|
Restructuring and impairment charges (gains), net
|
|
|
52,162
|
|
|
|
(1,200
|
)
|
|
|
52,139
|
|
|
|
(3,728
|
)
|
|
Gain on sales of property and equipment
|
|
|
4,477
|
|
|
|
20,954
|
|
|
|
12,130
|
|
|
|
27,447
|
|
|
Operating (loss) income
|
|
|
(48,381
|
)
|
|
|
21,664
|
|
|
|
(54,692
|
)
|
|
|
80,835
|
|
|
Other (expense) income
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
675
|
|
|
|
486
|
|
|
|
1,785
|
|
|
|
2,626
|
|
|
Interest expense
|
|
|
(3,306
|
)
|
|
|
(2,033
|
)
|
|
|
(14,386
|
)
|
|
|
(10,603
|
)
|
|
Equity in income of affiliates
|
|
|
1,031
|
|
|
|
1,608
|
|
|
|
1,304
|
|
|
|
1,988
|
|
|
Other income, net
|
|
|
330
|
|
|
|
2,316
|
|
|
|
1,960
|
|
|
|
6,183
|
|
|
Total other (expense) income
|
|
|
(1,270
|
)
|
|
|
2,377
|
|
|
|
(9,337
|
)
|
|
|
194
|
|
|
(Loss) income before (benefit from) provision for income taxes
|
|
|
(49,651
|
)
|
|
|
24,041
|
|
|
|
(64,029
|
)
|
|
|
81,029
|
|
|
(Benefit from) provision for income taxes
|
|
|
(16,396
|
)
|
|
|
5,667
|
|
|
|
(19,263
|
)
|
|
|
21,109
|
|
|
Net (loss) income
|
|
|
(33,255
|
)
|
|
|
18,374
|
|
|
|
(44,766
|
)
|
|
|
59,920
|
|
|
Amount attributable to non-controlling interests
|
|
|
4,357
|
|
|
|
(387
|
)
|
|
|
8,343
|
|
|
|
(14,637
|
)
|
|
Net (loss) income attributable to Granite Construction Incorporated
|
|
$
|
(28,898
|
)
|
|
$
|
17,987
|
|
|
$
|
(36,423
|
)
|
|
$
|
45,283
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share attributable to common shareholders:
|
|
|
|
|
|
|
|
Basic(1)
|
|
$
|
(0.74
|
)
|
|
$
|
0.46
|
|
|
$
|
(0.94
|
)
|
|
$
|
1.17
|
|
|
Diluted(1)
|
|
$
|
(0.74
|
)
|
|
$
|
0.46
|
|
|
$
|
(0.94
|
)
|
|
$
|
1.15
|
|
|
Weighted average shares of common stock:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
38,894
|
|
|
|
38,534
|
|
|
|
38,803
|
|
|
|
38,447
|
|
|
Diluted
|
|
|
38,894
|
|
|
|
39,207
|
|
|
|
38,803
|
|
|
|
39,076
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1) Computed using the two-class method, except when in a net loss
position
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited - in thousands)
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
2013
|
|
2012
|
|
Operating activities
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(44,766
|
)
|
|
$
|
59,920
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
Non-cash restructuring and impairment charges, net
|
|
|
44,734
|
|
|
|
145
|
|
|
Depreciation, depletion and amortization
|
|
|
72,899
|
|
|
|
56,101
|
|
|
Gain on sales of property and equipment
|
|
|
(12,130
|
)
|
|
|
(27,447
|
)
|
|
Change in deferred income tax
|
|
|
(19,557
|
)
|
|
|
6,013
|
|
|
Stock-based compensation
|
|
|
13,443
|
|
|
|
11,475
|
|
|
Equity in net income from unconsolidated joint ventures
|
|
|
(72,764
|
)
|
|
|
(101,747
|
)
|
|
Changes in assets and liabilities, net of the effects of acquisition
in 2012
|
|
|
23,521
|
|
|
|
87,330
|
|
|
Net cash provided by operating activities
|
|
|
5,380
|
|
|
|
91,790
|
|
|
Investing activities
|
|
|
|
|
|
Purchases of marketable securities
|
|
|
(74,924
|
)
|
|
|
(124,596
|
)
|
|
Maturities of marketable securities
|
|
|
63,650
|
|
|
|
90,100
|
|
|
Proceeds from sale of marketable securities
|
|
|
5,000
|
|
|
|
75,000
|
|
|
Purchases of property and equipment
|
|
|
(43,682
|
)
|
|
|
(37,622
|
)
|
|
Proceeds from sales of property and equipment
|
|
|
25,759
|
|
|
|
34,392
|
|
|
Acquisition of Kenny, net of cash acquired
|
|
|
(8,382
|
)
|
|
|
(79,640
|
)
|
|
Other investing activities, net
|
|
|
931
|
|
|
|
(188
|
)
|
|
Net cash used in investing activities
|
|
|
(31,648
|
)
|
|
|
(42,554
|
)
|
|
Financing activities
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
—
|
|
|
|
70,495
|
|
|
Long-term debt principal payments
|
|
|
(12,148
|
)
|
|
|
(11,751
|
)
|
|
Cash dividends paid
|
|
|
(20,210
|
)
|
|
|
(20,117
|
)
|
|
Purchase of common stock
|
|
|
(5,896
|
)
|
|
|
(4,853
|
)
|
|
Contributions from non-controlling partners
|
|
|
5,117
|
|
|
|
107
|
|
|
Distributions to noncontrolling partners
|
|
|
(34,600
|
)
|
|
|
(16,095
|
)
|
|
Other financing activities, net
|
|
|
1,136
|
|
|
|
(2,022
|
)
|
|
Net cash (used in) provided by financing activities
|
|
|
(66,601
|
)
|
|
|
15,764
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
|
(92,869
|
)
|
|
|
65,000
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
321,990
|
|
|
|
256,990
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
229,121
|
|
|
$
|
321,990
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
Business Segment Information
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Years Ended December 31,
|
|
|
|
Construction
|
|
Large Project
Construction
|
|
Construction
Materials
|
|
Real Estate
|
|
Construction
|
|
Large Project
Construction
|
|
Construction
Materials
|
|
Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
294,910
|
|
|
$
|
238,544
|
|
|
$
|
64,645
|
|
|
$
|
—
|
|
|
$
|
1,251,197
|
|
|
$
|
777,811
|
|
|
$
|
237,752
|
|
|
$
|
141
|
|
|
Gross profit
|
|
|
18,387
|
|
|
|
29,679
|
|
|
|
1,685
|
|
|
|
—
|
|
|
|
106,374
|
|
|
|
71,808
|
|
|
|
6,953
|
|
|
|
128
|
|
|
Gross profit as a percent of revenue
|
|
|
6.2
|
%
|
|
|
12.4
|
%
|
|
|
2.6
|
%
|
|
|
—
|
%
|
|
|
8.5
|
%
|
|
|
9.2
|
%
|
|
|
2.9
|
%
|
|
|
90.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
235,303
|
|
|
$
|
214,572
|
|
|
$
|
54,888
|
|
|
$
|
18
|
|
|
$
|
984,106
|
|
|
$
|
863,217
|
|
|
$
|
230,642
|
|
|
$
|
5,072
|
|
|
Gross profit (loss)
|
|
|
18,148
|
|
|
|
40,116
|
|
|
|
(1,461
|
)
|
|
|
5
|
|
|
|
77,963
|
|
|
|
148,418
|
|
|
|
7,572
|
|
|
|
806
|
|
|
Gross profit (loss) as a percent of revenue
|
|
|
7.7
|
%
|
|
|
18.7
|
%
|
|
|
(2.7
|
)%
|
|
|
27.8
|
%
|
|
|
7.9
|
%
|
|
|
17.2
|
%
|
|
|
3.3
|
%
|
|
|
15.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
Contract Backlog by Segment
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Contract Backlog by Segment
|
|
December 31, 2013
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
$
|
681,415
|
|
27.0
|
%
|
|
$
|
632,420
|
|
37.0
|
%
|
|
Large project construction
|
|
|
1,845,336
|
|
73.0
|
%
|
|
|
1,076,341
|
|
63.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
2,526,751
|
|
100.0
|
%
|
|
$
|
1,708,761
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
Non-GAAP Information(1)
|
|
(Unaudited - dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Q4 2013
|
|
YTD 2013
|
|
Net Loss attributable to Granite Construction Incorporated
|
|
$
|
(28,898
|
)
|
|
$
|
(36,423
|
)
|
|
Restructuring and impairment charges
|
|
|
|
|
|
Real Estate
|
|
|
31,113
|
|
|
|
31,090
|
|
|
Construction Materials
|
|
|
21,049
|
|
|
|
21,049
|
|
|
Total restructuring and impairment charges
|
|
|
52,162
|
|
|
|
52,139
|
|
|
Amount attributable to non-controlling interests (Real Estate
Impairments)
|
|
|
(3,919
|
)
|
|
|
(3,919
|
)
|
|
Benefit from impairment taxes
|
|
|
(18,452
|
)
|
|
|
(18,452
|
)
|
|
|
|
|
|
|
|
Non-GAAP adjustment for impairment
|
|
|
29,791
|
|
|
|
29,768
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) before restructuring and impairment
charges
|
|
$
|
893
|
|
|
$
|
(6,655
|
)
|
|
|
|
|
|
|
|
EPS
|
|
|
|
|
|
GAAP Net loss per share attributable to common shareholders:
|
|
|
|
|
|
Basic
|
|
$
|
(0.74
|
)
|
|
$
|
(0.94
|
)
|
|
Diluted
|
|
$
|
(0.74
|
)
|
|
$
|
(0.94
|
)
|
|
|
|
|
|
|
|
Non-GAAP impact - Restructuring and impairment charges:
|
|
|
|
|
|
Basic
|
|
$
|
(0.77
|
)
|
|
$
|
(0.77
|
)
|
|
Diluted
|
|
$
|
(0.74
|
)
|
|
$
|
(0.77
|
)
|
|
|
|
|
|
|
|
Non-GAAP EPS - Excluding restructuring and impairment charges:
|
|
|
|
|
|
Basic
|
|
$
|
0.02
|
|
|
$
|
(0.17
|
)
|
|
Diluted
|
|
$
|
0.02
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
Weighted average shares of common stock:
|
|
|
|
|
|
Basic
|
|
|
38,894
|
|
|
|
38,803
|
|
|
Diluted
|
|
|
40,119
|
|
|
|
38,803
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
(1) The table on this page contains the non-GAAP financial measure
of diluted earnings per share excluding restructuring and impairment
charges associated with the 2010 Enterprise Improvement Plan.
Management believes that diluted earnings per share excluding these
charges provides a useful measure in evaluating the Company's
ability to generate earnings from operations and that providing such
measure will allow investors to more readily compare the earnings
(loss) referred to in the press release to the earnings (losses)
experienced by the Company in past and future periods. Management
believes that excluding these charges is particularly useful where
the amounts of such charges are not consistent in the periods
presented. However, the reader is cautioned that any non-GAAP
financial measures provided by the Company are provided in addition
to, and not as alternatives for, the Company's reported results
prepared in accordance with GAAP. Items that may have a significant
impact on the Company's financial position, results of operations
and cash flows must be considered when assessing the Company's
actual financial condition and performance regardless of whether
these items are included in non-GAAP financial measures. The methods
used by the Company to calculate its non-GAAP financial measures may
differ significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures
provided by the Company may not be comparable to similar measures
provided by other companies.
|
Copyright Business Wire 2014