Granite宣布2011年第一季度财务业绩有所改善
-- Revenue increased 16 percent from a year ago
-- SG&A decreased 22 percent in the quarter to 4340万美元
-- Net loss of 900万美元 compared with net loss in Q1 2010 of $41.0
million
-- 3.35亿美元 in new awards through 2011年3月31日
-- Balance sheet remains strong, with 3.701亿美元 in cash and marketable
securities
"During the first quarter, we began to see the progress we have made on our cost savings initiatives related to our Enterprise Improvement Plan," said Granite President and Chief Executive Officer
2011年第一季度财务业绩
-- Revenue totaled 2.567亿美元 compared with 2.207亿美元 in 2010,
driven largely by an increase in 大型项目 revenue.
-- Gross profit margin was 12 percent compared with 3 percent in 2010,
driven primarily by a large project in the East reaching the profit
recognition threshold.
-- Operating loss for the quarter was 1070万美元 compared with $45.1
million in the prior year.
-- Selling, general and administrative expenses for the first quarter were
4340万美元 compared with 5530万美元 for the same period last year
as a result of the 公司企业改进项目 implemented
in late 2010.
-- Net income attributable to noncontrolling interests in joint ventures
was 180万美元 compared with 320万美元 in 2010.
-- Total contract backlog at 2011年3月31日 , was 20亿美元 compared with
19亿美元 at 2010年12月31日 , and 16亿美元 at 2010年3月31日 .
建设
-- 建设 revenue for the quarter increased $11.5 million to $92.7
million due to a higher volume of work completed in the quarter compared
to a year ago.
-- Gross profit margin for the first quarter was 6 percent compared with 2
percent a year ago.
-- 大型工程建设 revenue for the quarter increased $31.5
million to $137.8 million reflecting continued progress on several
projects including the Queens Bored Tunnels and Structures project in
the East, the SR 520 project in 华盛顿 and the 山景城
Corridor project in 犹他州 .
-- Gross profit margin for the quarter increased to 23 percent compared
with 9 percent for the same period last year. The increase reflects
profitability associated with the Queens Bored Tunnel and Structures
project reaching the percentage of completion threshold.
-- 建筑材料 revenue for the quarter totaled 2380万美元
compared with 2620万美元 for the same period last year as the 公司
experienced reduced demand for asphalt materials.
-- Gross loss on the sale of construction materials was 730万美元 in
2011 compared with 710万美元 in 2010.
前景
罗伯茨说：“尽管竞争环境持续存在，但我们对第一季度的投标结果以及即将到来的全国范围内的投标机会感到满意。” “另一方面，联邦高速公路法案的持续拖延，以及州和地方各级的预算压力，给我们的未来带来了一些不确定性。”
For 2011, Granite expects 建设 segment revenue to be
电话会议
Granite will conduct a conference call tomorrow,
对十大博彩正规平台
Granite is one of the nation's leading infrastructure contractors and is member of the
前瞻性陈述
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由于与我们的前瞻性陈述相关的固有风险和不确定性，请读者不要过分依赖它们。 读者还需注意，本文中包含的前瞻性陈述仅在本新闻稿发布之日发表，除法律要求外，我们不承担因任何原因修改或更新任何前瞻性陈述的义务。
十大博彩正规平台公司 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) March 31, December 31, March 31, 2011 2010 2010 ASSETS Current assets Cash and cash equivalents $ 240,768 $ 252,022 $ 222,095 Short-term marketable securities 83,084 109,447 76,963 Receivables, net 170,441 243,986 197,658 Costs and estimated earnings in excess 33,302 10,519 33,445 of billings Inventories 56,899 51,018 49,483 Real estate held for development and 77,128 75,716 137,183 sale Deferred income taxes 52,583 53,877 31,150 Equity in construction joint ventures 78,773 74,716 71,693 Other current assets 44,059 42,555 56,033 Total current assets 837,037 913,856 875,703 Property and equipment, net 468,929 473,607 519,909 Long-term marketable securities 46,251 34,259 90,440 Investments in affiliates 28,893 31,410 30,823 Other noncurrent assets 83,478 82,401 80,371 Total assets $ 1,464,588 $ 1,535,533 $ 1,597,246 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 8,351 $ 8,359 $ 8,350 Current maturities of non-recourse debt 17,740 29,760 40,565 Accounts payable 94,688 129,700 100,102 Billings in excess of costs and 113,347 120,185 142,935 estimated earnings Accrued expenses and other current 144,584 150,773 156,374 liabilities Total current liabilities 378,710 438,777 448,326 Long-term debt 216,852 217,014 225,203 Long-term non-recourse debt 30,454 25,337 16,895 Other long-term liabilities 47,943 47,996 52,471 Deferred income taxes 11,048 10,774 27,217 Equity Preferred stock,0.01美元 par value, authorized 3,000,000 shares, none - - - outstanding Common stock,0.01美元 par value, authorized 150,000,000 shares; issued and outstanding 38,634,470 shares as of 386 387 388 2011年3月31日, 38,745,542 shares as of2010年12月31日 and 38,801,232 shares as of2010年3月31日 Additional paid-in capital 102,548 104,232 93,688 Retained earnings 642,354 656,412 689,634 Total 十大博彩正规平台公司 745,288 761,031 783,710 shareholders' equity Noncontrolling interests 34,293 34,604 43,424 Total equity 779,581 795,635 827,134 Total liabilities and equity $ 1,464,588 $ 1,535,533 $ 1,597,246
十大正规博彩平台公司 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Three Months Ended March 31, 2011 2010 Revenue 建设 $ 92,692 $ 81,186 Large project construction 137,820 106,325 建设 materials 23,798 26,164 Real estate 2,421 7,008 Total revenue 256,731 220,683 Cost of revenue 建设 87,139 79,340 Large project construction 106,522 96,842 建设 materials 31,068 33,289 Real estate 2,014 5,498 Total cost of revenue 226,743 214,969 Gross profit 29,988 5,714 Selling, general and administrative expenses 43,372 55,292 Gain on sales of property and equipment 2,704 4,452 Operating loss (10,680 ) (45,126 ) Other income (expense) Interest income 1,244 939 Interest expense (3,356 ) (3,734 ) Equity in loss of affiliates (257 ) (319 ) Other income, net 570 2,897 Total other expense (1,799 ) (217 ) Loss before benefit from income taxes (12,479 ) (45,343 ) Benefit from income taxes (5,223 ) (7,613 ) Net loss (7,256 ) (37,730 ) Amount attributable to noncontrolling interests (1,751 ) (3,224 ) Net loss attributable to Granite 建设 $ (9,007 ) $ (40,954 ) Incorporated Net loss per share attributable to common shareholders: Basic (1) $ (0.24 ) $ (1.09 ) Diluted (1) $ (0.24 ) $ (1.09 ) Weighted average shares of common stock: Basic 37,963 37,688 Diluted 37,963 37,688 Note: (1) Computed using the two-class method, except when in a net loss position
十大正规博彩平台公司 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands) Three Months Ended March 31, 2011 2010 Operating activities Net loss $ (7,256 ) $ (37,730 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion and amortization 15,291 18,662 Gain on sales of property and equipment (2,704 ) (4,452 ) Change in deferred income taxes 1,568 (119 ) Stock-based compensation 3,149 3,158 Gain on company owned life insurance (550 ) (1,829 ) Changes in assets and liabilities, net of the effects (8,822 ) (2,044 ) of consolidations Net cash provided by (used in) operating activities 676 (24,354 ) Investing activities Purchases of marketable securities (27,341 ) (47,511 ) Maturities of marketable securities 24,000 - Proceeds from sale of marketable securities 14,268 - Additions to property and equipment (11,760 ) (14,712 ) Proceeds from sales of property and equipment 4,623 5,674 Purchase of private preferred stock - (6,400 ) Distributions from affiliates 1,325 - Other investing activities, net (104 ) (453 ) Net cash provided by (used in) investing activities 5,011 (63,402 ) Financing activities Proceeds from long-term debt 906 53 Long-term debt principal payments (7,235 ) (8,739 ) Cash dividends paid (5,038 ) (5,023 ) Purchase of common stock (3,515 ) (3,296 ) Distributions to noncontrolling partners, net (2,062 ) (12,103 ) Other financing activities 3 3 Net cash used in financing activities (16,941 ) (29,105 ) Decrease in cash and cash equivalents (11,254 ) (116,861 ) Cash and cash equivalents at beginning of period 252,022 338,956 Cash and cash equivalents at end of period $ 240,768 $ 222,095
十大博彩正规平台公司 Business Segment Information (Unaudited - dollars in thousands) Three Months Ended March 31, 建设 大型项目 建设 Real Estate 建设 材料 2011 Revenue $ 92,692 $ 137,820 $ 23,798 $ 2,421 Gross profit (loss) $ 5,553 $ 31,298 $ (7,270 ) $ 407 Gross profit (loss) as a 6.0 % 22.7 % -30.5 % 16.8 % percent of revenue 2010 Revenue $ 81,186 $ 106,325 $ 26,164 $ 7,008 Gross profit (loss) $ 1,846 $ 9,483 $ (7,125 ) $ 1,510 Gross profit (loss) as a 2.3 % 8.9 % -27.2 % 21.5 % percent of revenue
十大正规博彩平台公司 Contract Backlog by Segment (Unaudited - dollars in thousands) 2011年3月31日 2010年12月31日 2010年3月31日 建设 $ 696,055 34.7 % $ 465,271 24.5 % $ 487,751 30.9 % 大型项目 1,307,622 65.3 % 1,433,899 75.5 % 1,091,251 69.1 % 建设 Total $ 2,003,677 100.0 % $ 1,899,170 100.0 % $ 1,579,002 100.0 %
来源: 十大博彩正规平台公司 