Granite公布2010年第一季度财务业绩
-- Revenue down 36 percent from a year ago
-- Net loss of 4100万美元 compared with net income of 890万美元
-- Backlog increased 1.77亿到16亿美元 from year-end
-- Balance sheet remains strong, with 2.99亿美元 in cash and short-term
marketable securities
"As we previously announced, throughout the quarter we continued to experience a challenging and competitive market environment in addition to extremely poor weather across the country," said Granite President and Chief Executive Officer
2010年第一季度财务业绩
-- Revenue totaled 2.207亿美元 compared with 3.474亿美元 in 2009,
driven by weakness in demand and the impact of weather. First-quarter
2009 included approximately 4600万美元 in revenue associated with
work performed on the border fence project in the 西南 and $17.3
million related to a favorable settlement on a project in the East.
-- Gross profit margin was 3 percent, down from 20 percent in 2009, driven
primarily by a decline in revenue, no meaningful contract claim
settlements and increased competition.
-- Operating loss for the quarter was 4510万美元 compared with operating
income of 1690万美元 in the prior year.
-- Selling, general and administrative expenses for the first quarter were
5530万美元 compared with 5440万美元 for the same period last year.
The first quarter of 2010 did not contain a bad-debt recovery compared
with the first quarter of 2009, which included recovery of 290万美元
related to an account reserved in the prior year. First quarter 2010
expenses were also impacted by:
o 070万美元 increase in selling expenses, partially offset by a $2.1
million decrease in variable compensation expense
o 060万美元 related to severance costs associated with the 公司's
restructuring
-- Net income attributable to non-controlling interests in joint ventures
was 320万美元 compared with 510万美元 in 2009.
-- Total contract backlog at 2010年3月31日 , was 16亿美元 compared with
14亿美元 at 二零零九年十二月三十一日 , and 16亿美元 at 二零零九年三月三十一日 .
建设
-- 建设 revenue for the quarter totaled 8120万美元 compared with
1.68亿美元 for the same period in 2009. The decrease was affected by
overall lower demand, weather and the lack of border fence work as
compared to the prior year.
-- Gross profit margin for the first quarter was 2 percent compared with 21
percent a year ago, partially due to the decline in revenue as well as
profitability associated with border fence work.
-- 大型工程建设 revenue for the quarter totaled $106.3
million compared with 1.491亿美元 for the same period last year. The
decrease is attributable primarily to less revenue generated from
projects nearing completion and new projects getting under way. First
quarter 2009 revenue also included 1730万美元 related to a favorable
settlement on a project in the East.
-- Gross profit margin for the quarter decreased to 9 percent compared with
23 percent for the same period last year. First-quarter 2009 margin also
included 1730万美元 related to the project settlement.
-- 建筑材料 revenue for the quarter totaled 2620万美元
compared with 2980万美元 for the same period last year.
-- Gross loss on the sale of construction materials was 710万美元 in
2010 compared with 030万美元 in 2009. The decline reflects lower
sales volume during the quarter and the effects of fixed costs
associated with our materials-processing facilities.
前景
“我们预计2010年对我们的业务来说是充满挑战的一年，”Dorey说。 “对现有工作的竞争仍然很激烈，我们预计今年剩余时间里，小型项目的毛利率将继续承压。 此外，我们现在预计休斯顿地铁轻轨和皇后隧道项目将在2011年达到我们的利润确认门槛，而不是之前预计的2010年。
“尽管市场环境充满挑战，我们仍有大量的投标机会，我们预计2010年的积压订单将会增加。 从长远来看，随着私人开发市场开始出现复苏迹象，我们预计对建筑服务和材料的需求将有所改善。
"For the full-year 2010, we expect 建设 segment revenue to be
电话会议
Granite will conduct a conference call tomorrow,
对十大正规博彩平台
前瞻性陈述
本新闻稿包含的陈述并非基于历史事实，可能具有前瞻性。 根据1995年《私人证券诉讼改革法案》（Private Securities Litigation Reform Act of 1995），十大博彩正规平台可能会为某些前瞻性陈述提供“安全港”。 展望、相信、预期、似乎、可能、将、应该、预计及其否定词或类似术语旨在识别这些前瞻性陈述。 这些前瞻性陈述反映了Granite高级管理层的最佳判断，并基于其对未来事件的当前预期和预测，其中许多事件超出了Granite的控制范围，涉及许多风险和不确定性，可能导致实际结果与前瞻性陈述所建议的结果存在重大差异。 可能导致或促成此类差异的因素包括但不限于十大博彩正规平台年度报告中“项目1A”项下描述的风险。 风险因素。” 除法律要求外，Granite不承担因任何原因修改或更新任何前瞻性陈述的义务。 因此，请读者不要过分依赖这些前瞻性陈述，这些陈述仅在本新闻稿发布之日起发表。
十大正规博彩平台公司 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) March 31, December 31, March 31, 2010 2009 2009 ASSETS Current assets Cash and cash equivalents $ 222,095 $ 338,956 $ 390,483 Short-term marketable securities 76,963 42,448 22,276 Receivables, net 197,658 280,252 233,867 Costs and estimated earnings in excess 33,445 10,619 54,400 of billings Inventories 49,483 45,800 59,254 Real estate held for development and 137,183 139,449 79,409 sale Deferred income taxes 31,150 31,034 43,484 Equity in construction joint ventures 71,693 67,693 44,423 Other current assets 56,033 50,467 52,488 Total current assets 875,703 1,006,718 980,084 Property and equipment, net 519,909 520,778 526,734 Long-term marketable securities 90,440 76,937 46,387 Investments in affiliates 30,823 24,644 21,768 Other noncurrent assets 80,371 80,498 79,534 Total assets $ 1,597,246 $ 1,709,575 $ 1,654,507 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 8,350 $ 15,017 $ 15,355 Current maturities of non-recourse debt 40,565 43,961 18,863 Accounts payable 100,102 131,251 141,783 Billings in excess of costs and 142,935 156,041 190,540 estimated earnings Accrued expenses and other current 156,374 159,843 159,323 liabilities Total current liabilities 448,326 506,113 525,864 Long-term debt 225,203 225,203 233,553 Long-term non-recourse debt 16,895 19,485 17,798 Other long-term liabilities 52,471 48,998 45,836 Deferred income taxes 27,217 27,220 17,917 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 38,801,232 shares as of2010年3月31日 , 38,635,021 shares as ofDecember 31, 2009 and 38,679,123 shares as of 二零零九年三月三十一日 388 386 387 Additional paid-in capital 93,688 94,633 88,158 Retained earnings 689,634 735,632 686,129 Total 十大正规博彩平台公司 783,710 830,651 774,674 shareholders' equity Noncontrolling interests 43,424 51,905 38,865 Total equity 827,134 882,556 813,539 Total liabilities and equity $ 1,597,246 $ 1,709,575 $ 1,654,507
十大正规博彩平台公司 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited - in thousands, except per share data) Three Months Ended March 31, 2010 2009 Revenue 建设 $ 81,186 $ 168,049 Large project construction 106,325 149,060 建设 materials 26,164 29,846 Real estate 7,008 417 Total revenue 220,683 347,372 Cost of revenue 建设 79,340 132,873 Large project construction 96,842 115,396 建设 materials 33,289 30,160 Real estate 5,498 207 Total cost of revenue 214,969 278,636 Gross profit 5,714 68,736 Selling, general and administrative expenses 55,292 54,355 Gain on sales of property and equipment 4,452 2,521 Operating (loss) income (45,126 ) 16,902 Other income (expense) Interest income 939 2,061 Interest expense (3,734 ) (3,488 ) Equity in loss of affiliates (319 ) (444 ) Other income, net 2,897 3,785 Total other (expense) income (217 ) 1,914 (Loss) income before (benefit from) provision for (45,343 ) 18,816 income taxes (Benefit from) provision for income taxes (7,613 ) 4,829 Net (loss) income (37,730 ) 13,987 Amount attributable to noncontrolling interests (3,224 ) (5,067 ) Net (loss) income attributable to Granite 建设 $ (40,954 ) $ 8,920 Incorporated Net (loss) income per share attributable to common shareholders: Basic (1) $ (1.09 ) $ 0.23 Diluted (1) $ (1.09 ) $ 0.23 Weighted average shares of common stock: Basic 37,688 37,476 Diluted 37,688 37,600 Note: (1) Computed using the two-class method, except when in a net loss position
十大博彩正规平台公司 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands) Three Months Ended March 31, 2010 2009 Operating activities Net (loss) income $ (37,730 ) $ 13,987 Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation, depletion and amortization 18,662 20,623 Provision for (recovery of) doubtful accounts 508 (2,723 ) Gain on sales of property and equipment (4,452 ) (2,521 ) Stock-based compensation 3,158 2,777 Gain on company owned life insurance (1,748 ) - Changes in assets and liabilities, net of the effects (2,752 ) (46,125 ) of consolidations Net cash used in operating activities (24,354 ) (13,982 ) Investing activities Purchases of marketable securities (47,511 ) (29,258 ) Maturities of marketable securities - 15,610 Additions to property and equipment (14,712 ) (29,601 ) Proceeds from sales of property and equipment 5,674 3,741 Purchase of private preferred stock (6,400 ) - Contributions to affiliates (165 ) (2,219 ) Other investing activities, net (288 ) 148 Net cash used in investing activities (63,402 ) (41,579 ) Financing activities Proceeds from long-term debt 53 2,435 Long-term debt principal payments (8,739 ) (7,282 ) Cash dividends paid (5,023 ) (4,975 ) Purchase of common stock (3,296 ) (2,017 ) Distributions to noncontrolling partners (12,142 ) (3,153 ) Other financing activities 42 193 Net cash used in financing activities (29,105 ) (14,799 ) Decrease in cash and cash equivalents (116,861 ) (70,360 ) Cash and cash equivalents at beginning of period 338,956 460,843 Cash and cash equivalents at end of period $ 222,095 $ 390,483
十大博彩正规平台公司 Business Segment Information (Unaudited - in thousands) Three Months Ended March 建设大型项目 建设 Real Estate 31, 建设 材料 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 2009 Revenue $ 168,049 $ 149,060 $ 29,846 $ 417 Gross profit (loss) $ 35,176 $ 33,664 $ (314 ) $ 210 Gross profit (loss) as a 20.9 % 22.6 % -1.1 % 50.4 % percent of revenue
十大博彩正规平台公司 Contract Backlog by Segment (1) (Unaudited - in thousands) Period 建设 大型工程建设 Total ended December $ 641,546 37.8 % $ 1,057,850 62.2 % $ 1,699,396 100.0 % 31, 2008 March 31, 587,076 37.4 % 982,998 62.6 % 1,570,074 100.0 % 2009 June 30, 687,696 44.9 % 844,547 55.1 % 1,532,243 100.0 % 2009 September 439,225 27.2 % 1,173,043 72.8 % 1,612,268 100.0 % 30, 2009 December 359,360 25.6 % 1,042,628 74.4 % 1,401,988 100.0 % 31, 2009 March 31, 487,751 30.9 % 1,091,251 69.1 % 1,579,002 100.0 % 2010 Note: (1) For investors who may want to consider the effects of the realignment on segment contract backlog, Granite is providing contract backlog for our建筑及大型工程建设 segments beginning with year ended 2008 and as of each quarter thereafter.
来源: 十大正规博彩平台公司 