Granite公布2009年第二季度财务业绩
"As expected, our second quarter results reflect a very competitive bidding environment in the West," said
2009年第二季度财务业绩
-- Total revenue for the quarter ended 二零零九年六月三十日 was 4.611亿美元
compared with 6.943亿美元 in 2008. The decrease reflects a $169.2
million reduction in 十大博彩正规平台西 revenue and 5850万美元 reduction in
十大正规博彩平台东 revenue.
-- Gross profit as a percentage of revenue for the quarter was 18 percent
compared with 16 percent in 2008 reflecting improved margins from
十大正规博彩平台东.
-- Gross profit on the sale of construction materials was 800万美元 in
2009 compared with 1750万美元 in 2008. The company's third-party
construction materials business continues to be affected by lower sales
volume.
-- General and administrative expenses decreased $10.1 million to $55.7
million or 12 percent of revenue compared with 6580万美元 or 10
percent of revenue in 2008 reflecting decreases in salaries and
incentive compensation.
-- Operating income for the quarter was 3040万美元 compared with $45.4
million in the prior year due to the competitive bidding environment in
the West offset by improved operating results in the East.
-- During the second quarter 2009, the company's real estate investment
segment recorded a 100万美元 pretax impairment charge related to a
residential property located in 俄勒冈州 .
-- Other income for the quarter was 050万美元 compared with 120万美元
in 2008 due to lower investment interest income.
-- Net income attributable to noncontrolling interest in joint ventures
decreased from 800万美元 in 2008 to 470万美元 in 2009 due to the
completion of certain large projects.
-- At 二零零九年六月三十日 , cash and short-term marketable securities totaled
3.81亿美元 , including 1.209亿美元 of cash and cash equivalents
from the company's consolidated joint ventures.
-- Total contract backlog at 二零零九年六月三十日 , was 15亿美元 compared with
21亿美元 at 二零零八年六月三十日 . Not included in second quarter 2009
backlog is approximately 5亿美元 associated with three projects
the company expects to book in the third quarter of 2009.
十大正规博彩平台西
-- Revenue for the second quarter totaled 3.483亿美元 compared with
5.175亿美元 for the same period in 2008. The decrease reflects a
highly competitive bidding environment and lower demand for construction
materials.
-- Gross profit as a percentage of revenue for the quarter remained flat at
18 percent.
-- Operating income for the quarter decreased $21.9 million to $34.9
million compared with 5680万美元 for the second quarter of last year.
十大博彩正规平台东
-- Revenue for the second quarter totaled 1.122亿美元 compared with
1.708亿美元 for the same period in 2008 reflecting several large
projects nearing completion.
-- Gross profit as a percentage of revenue for the quarter was 19 percent
compared with 11 percent in the same period last year.
-- Operating income for the quarter increased to 1470万美元 compared
with 1170万美元 for the second quarter of 2008.
前景
“在西方，我们预计至少未来几个季度的竞标环境仍将保持竞争性，” Dorey表示。 “我们还预计，我们的第三方建筑材料业务将继续受到需求下降的影响。 As a result, we are forecasting 十大博彩正规平台西 revenue in 2009 to be between
十大博彩正规平台东部的前景是非常积极的，因为我们继续执行良好，并增加高质量的项目到我们的积压。 尽管我们继续预计今年的底线表现强劲，但延迟的项目授予导致我们降低了该部门的收入预测。 We now expect 十大正规博彩平台东 revenue in 2009 to be in the range of
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），十大正规博彩平台可能会为某些前瞻性陈述提供“安全港”。 诸如展望、相信、预期、出现、可能、将、应该、预期等词语及其否定词或类似术语旨在识别这些前瞻性陈述。 这些前瞻性陈述是反映Granite高级管理层最佳判断的估计，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) June 30, December 31, June 30, 2009 2008 2008 ASSETS Current assets Cash and cash $ 356,168 $ 460,843 $ 286,648 equivalents Short-term marketable securities 24,878 38,320 88,230 Accounts receivable, net 281,432 314,733 418,657 Costs and estimated earnings in 50,891 13,295 51,047 excess of billings Inventories, net 68,755 55,223 63,930 Real estate held for development and 131,169 75,089 50,308 sale Deferred income taxes 43,314 43,637 44,887 Equity in construction joint ventures 50,215 44,681 42,844 Other current assets 46,719 56,742 66,297 Total current assets 1,053,541 1,102,563 1,112,848 Property and equipment, net 529,805 517,678 526,383 Long-term marketable securities 53,328 21,239 29,706 Investment in affiliates 17,310 19,996 30,502 Other noncurrent assets 80,300 81,979 73,455 Total assets $ 1,734,284 $ 1,743,455 $ 1,772,894 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 64,848 $ 39,692 $ 35,039 Accounts payable 177,025 174,626 237,561 Billings in excess of costs and 184,665 227,364 226,213 estimated earnings Accrued expenses and other current 168,217 184,939 211,907 liabilities Total current liabilities 594,755 626,621 710,720 Long-term debt 233,675 250,687 246,493 Other long-term liabilities 46,686 43,604 46,956 Deferred income taxes 17,917 18,261 18,228 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 in 2009 and in 2008; issued and outstanding 38,673,034 shares as of June 30, 387 383 383 2009, 38,266,791 shares as of二零零八年十二月三十一日 and 38,274,588 shares as of二零零八年六月三十日 Additional paid-in capital 89,142 85,035 81,358 Retained earnings 699,050 682,237 608,525 Accumulated other comprehensive loss - (146 ) (941 ) Total Granite 建设 Inc. 788,579 767,509 689,325 shareholders' equity Noncontrolling 52,672 36,773 61,172 interest Total equity 841,251 804,282 750,497 Total liabilities and equity $ 1,734,284 $ 1,743,455 $ 1,772,894 June 30, December 31, June 30, FINANCIAL POSITION 2009 2008 2008 Working capital $ 458,786 $ 475,942 $ 402,128 Current ratio 1.77 1.76 1.57 Debt to Granite 建设 Inc. 0.27 0.27 0.29 shareholders' equity capitalization Total liabilities to Granite 建设 Inc. shareholders' 1.13 1.22 1.48 equity ratio
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 Six Months Ended June 30, June 30, 2009 2008 2009 2008 Revenue 建设 $ 403,226 $ 580,943 $ 720,335 $ 983,516 Material 57,315 107,289 87,161 158,843 sales Real estate 534 6,100 951 6,773 Total revenue 461,075 694,332 808,447 1,149,132 Cost of revenue 建设 327,016 486,716 573,985 793,562 Material 49,280 89,835 81,463 138,891 sales Real estate 1,534 8,755 1,741 8,959 Total cost of revenue 377,830 585,306 657,189 941,412 Gross 83,245 109,026 151,258 207,720 profit General and 55,669 65,760 109,301 126,411 administrative expenses Gain on sales of 2,808 2,155 5,329 2,556 property and equipment Operating 30,384 45,421 47,286 83,865 income Other income (expense) Interest 1,109 3,593 3,170 9,648 income Interest (2,853 ) (3,058 ) (6,341 ) (7,568 ) expense Equity in income (loss) 783 528 339 (179 ) of affiliates Other income, net 1,431 184 5,216 8,647 Total other income 470 1,247 2,384 10,548 Income before provision 30,854 46,668 49,670 94,413 for income taxes Provision for income 8,187 13,081 13,016 25,208 taxes Net income 22,667 33,587 36,654 69,205 Amount attributable to (4,718 ) (7,969 ) (9,785 ) (30,464 ) noncontrolling interest Net income attributable to Granite 建设 $ 17,949 $ 25,618 $ 26,869 $ 38,741 Inc. Net income per share attributable to common shareholders: Basic $ 0.46 $ 0.67 $ 0.70 $ 1.00 (1) Diluted $ 0.46 $ 0.67 $ 0.70 $ 1.00 (1) Weighted average shares of common stock: Basic 37,584 37,426 37,530 37,782 Diluted 37,699 37,552 37,650 37,862 Note: (1) Computed using the two-class method as required by FSP EITF 03-6-1 adopted on二零零九年一月一日 .
十大博彩正规平台公司 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands) Six Months Ended June 30, 2009 2008 Operating activities Net income $ 36,654 $ 69,205 Adjustments to reconcile net income to net cash used in operating activities: Impairment of real estate held for 1,036 4,500 development and sale Depreciation, depletion and 39,670 42,428 amortization (Recovery of) provision for doubtful (3,386 ) 1,383 accounts, net Gain on sales of property and equipment (5,329 ) (2,556 ) Change in deferred income taxes (113 ) 419 Stock-based compensation 4,561 3,427 Excess tax benefit on stock-based (400 ) (746 ) compensation Gain from trading securities (187 ) - Equity in (income) loss of affiliates (339 ) 179 Acquisition of noncontrolling interest - (16,616 ) Changes in assets and liabilities, net of the effects (78,602 ) (57,827 ) of acquisition and consolidations Net cash (used in) provided by (6,435 ) 43,796 operating activities Investing activities Purchases of marketable securities (39,043 ) (28,620 ) Maturities of marketable securities 27,610 40,250 Release of funds for acquisition of - 28,332 noncontrolling interest Additions to property and equipment (55,659 ) (62,528 ) Proceeds from sales of property and 7,416 8,115 equipment Acquisition of businesses - (14,022 ) Contributions to affiliates (4,971 ) (4,420 ) Other investing activities 439 676 Net cash used in investing (64,208 ) (32,217 ) activities Financing activities Proceeds from long-term debt 4,911 2,103 Long-term debt principal payments (17,475 ) (15,032 ) Cash dividends paid (10,003 ) (10,103 ) Purchase of common stock (2,821 ) (45,468 ) Contributions from noncontrolling 203 4,744 partners Distributions to noncontrolling partners (9,283 ) (2,639 ) Acquisition of noncontrolling interest - (11,716 ) Excess tax benefit on stock-based 400 746 compensation Other financing 36 - Net cash used in financing (34,032 ) (77,365 ) activities Decrease in cash and cash equivalents (104,675 ) (65,786 ) Cash and cash equivalents at beginning of 460,843 352,434 period Cash and cash equivalents at end of $ 356,168 $ 286,648 period
十大正规博彩平台公司 Business Segment Information (Unaudited - in thousands) Three Months Ended June 30, Six Months Ended June 30, Granite Granite Land Granite Granite 十大正规博彩平台西 East 公司 West 十大博彩正规平台东 Land 公司 2009 Revenue $ 348,304 $ 112,237 $ 534 $ 545,353 $ 262,143 $ 951 Gross profit $ 62,882 $ 21,363 $ (1,000 ) $ 95,821 $ 56,227 $ (790 ) (loss) Gross profit (loss) as a 18.1% 19.0% -187.3% 17.6% 21.4% -83.1% percent of revenue Operating income $ 34,909 $ 14,688 $ (2,240 ) $ 41,774 $ 43,084 $ (2,938 ) (loss) Operating income (loss) 10.0% 13.1% -419.5% 7.7% 16.4% -308.9% as a percent of revenue 2008 Revenue $ 517,463 $ 170,769 $ 6,100 $ 757,465 $ 384,894 $ 6,773 Gross profit $ 92,924 $ 18,757 $ (2,655 ) $ 132,553 $ 77,353 $ (2,186 ) (loss) Gross profit (loss) as a 18.0% 11.0% -43.5% 17.5% 20.1% -32.3% percent of revenue Operating income $ 56,801 $ 11,691 $ (3,154 ) $ 61,114 $ 63,377 $ (3,604 ) (loss) Operating income (loss) 11.0% 6.8% -51.7% 8.1% 16.5% -53.2% as a percent of revenue十大博彩正规平台公司 Contract Backlog (Unaudited - in thousands) Contract Backlog by 二零零九年六月三十日 March 31, 2009 二零零八年六月三十日 Segment Granite $ 824,676 53.8 % $ 743,219 47.3 % $ 1,188,948 55.5 % West Granite 707,567 46.2 % 826,855 52.7 % 952,700 44.5 % East Total $ 1,532,243 100.0 % $ 1,570,074 100.0 % $ 2,141,648 100.0 %
来源: 十大博彩正规平台公司 