Granite公布2009年第三季度财务业绩
-- Net income in Q309 was 3060万美元 vs. 5170万美元 a year ago
-- Revenue decreased 20% in Q309 to 7.203亿美元
-- Backlog in 十大正规博彩平台东 increased 17% year over year
-- Financial position remains strong with 3.992亿美元 in cash and
short-term marketable securities
Granite总裁兼首席执行官William G. Dorey说：“在充满挑战的经济环境中，我们仍然专注于项目执行和获得高质量的积压。” "In that regard, I am pleased to report approximately
“在西方，目前的小型项目招标环境是我们所经历过的最艰难的环境之一，承包商供过于求，公共资金也面临挑战。 虽然这对我们的短期业绩产生了影响，但我们正在寻求一系列有可能带来强劲利润的大型项目。 凭借坚实的资产负债表和经验丰富的团队，Granite有能力成功地竞争这些更大的项目机会。
“此外，正如我们上个月宣布的那样，我们目前正在十大博彩正规平台实施新的组织结构，通过利用资源和提高整个公司的效率来加强我们的业务。 我们的目标是创建一个更具可扩展性的结构，与当前的业务趋势保持一致，同时为Granite的长期盈利增长定位。”
2009年第三季度财务业绩
-- Total revenue for the quarter ended 2009年9月30日 was $720.3
million compared with 8.978亿美元 in 2008.
-- Gross profit as a percentage of revenue for the quarter was 15 percent
compared with 16 percent in 2008 driven by the competitive bidding
environment in the West offset by improved operating results in the
East.
-- Gross profit on the sale of construction materials was 700万美元 in
2009 compared with 1540万美元 in 2008 primarily as a result of lower
sales volume.
-- General and administrative expenses decreased $11.4 million to $60.5
million compared with 7190万美元 in 2008. The decrease was primarily
related to a reduction in bad debt expense of approximately 800万美元
and lower incentive compensation and salaries expense.
-- Operating income for the quarter was 4630万美元 compared with $74.4
million in the prior year.
-- During the third quarter 2009, the company's real estate investment
segment recorded a 070万美元 pre-tax impairment charge related to
residential property located in 俄勒冈州 .
-- Net income attributable to noncontrolling interests in joint ventures
increased from 060万美元 in 2008 to 590万美元 in 2009. The
increase is associated with a large project that had not reached the
profit recognition threshold in the third quarter 2008 and the effect of
changes in estimates related to certain joint venture projects.
-- At 2009年9月30日 , cash and short-term marketable securities totaled
3.992亿美元 , including 1.211亿美元 of cash and cash equivalents
associated with the company's consolidated joint ventures.
-- Total contract backlog at 2009年9月30日 , was 16亿美元 compared
with 18亿美元 at 二零零八年九月三十日 .
十大正规博彩平台西
-- Revenue for the third quarter totaled 5.641亿美元 compared with
7.495亿美元 for the same period in 2008 reflecting intense
competition for public works projects, reduced public sector funding and
lower demand for construction materials.
-- Gross profit as a percentage of revenue for the quarter decreased to 15
percent compared with 18 percent in 2008. The margin compression was
primarily a product of lower gross margins on both public sector
construction projects and construction materials sales.
-- Operating income for the quarter decreased $37.3 million to $56.3
million compared with 9360万美元 for the third quarter of last year.
十大正规博彩平台东
-- Revenue for the third quarter totaled 1.552亿美元 compared with
1.469亿美元 for the same period in 2008.
-- Gross profit as a percentage of revenue for the quarter was 13 percent
compared with 7 percent in the same period last year driven primarily by
a high quality project portfolio and improved project execution.
-- Operating income for the quarter increased 从830万美元到1210万美元
compared with 380万美元 for the third quarter of 2008.
前景
The company now expects 十大正规博彩平台西 revenue in 2009 to be between
为了成为一个更高效的组织，Granite宣布在全国范围内裁员约160个受薪职位。 Pre-tax charges associated with Granite's reorganization are estimated to be approximately
电话会议
Granite will conduct a conference call tomorrow,
对十大博彩正规平台
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”。 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正规博彩平台年度报告中“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) September 30, December 31, September 30, 2009 2008 2008 ASSETS Current assets Cash and cash equivalents $ 371,434 $ 460,843 $ 281,046 Short-term marketable securities 27,798 38,320 101,112 Accounts receivable, net 382,572 314,733 480,315 Costs and estimated earnings in 38,011 13,295 34,759 excess of billings Inventories, net 51,972 55,223 61,342 Real estate held for development 135,306 75,089 52,165 and sale Deferred income taxes 43,356 43,637 46,233 Equity in construction joint 58,450 44,681 45,219 ventures Other current assets 41,185 56,742 65,182 Total current assets 1,150,084 1,102,563 1,167,373 Property and equipment, net 530,661 517,678 522,733 Long-term marketable securities 62,612 21,239 30,209 Investment in affiliates 21,309 19,996 27,518 Other noncurrent assets 80,233 81,979 73,696 Total assets $ 1,844,899 $ 1,743,455 $ 1,821,529 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term $ 68,194 $ 39,692 $ 34,886 debt Accounts payable 211,670 174,626 234,126 Billings in excess of costs and 187,205 227,364 251,402 estimated earnings Accrued expenses and other current 209,806 184,939 227,611 liabilities Total current liabilities 676,875 626,621 748,025 Long-term debt 233,582 250,687 246,487 Other long-term liabilities 48,884 43,604 46,178 Deferred income taxes 17,917 18,261 18,733 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 38,669,447 shares as 387 383 383 of2009年9月30日 , 38,266,791 shares as of二零零八年十二月三十一日 and 38,264,058 shares as of September 30, 2008 Additional paid-in capital 92,356 85,035 83,041 Retained earnings 724,621 682,237 655,287 Accumulated other comprehensive - (146 ) (3,334 ) loss Total 十大博彩正规平台公司 817,364 767,509 735,377 shareholders' equity Noncontrolling interests 50,277 36,773 26,729 Total equity 867,641 804,282 762,106 Total liabilities and equity $ 1,844,899 $ 1,743,455 $ 1,821,529 September 30, December 31, September 30, FINANCIAL POSITION 2009 2008 2008 Working capital $ 473,209 $ 475,942 $ 419,348 Current ratio 1.70 1.76 1.56 Debt to十大正规博彩平台公司 shareholders' equity 0.27 0.27 0.28 capitalization Total liabilities to Granite 建设 Inc. shareholders' 1.20 1.22 1.44 equity ratio
十大博彩正规平台公司 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited - in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Revenue 建设 $ 647,776 $ 771,941 $ 1,368,111 $ 1,755,457 建设 materials 71,527 124,478 158,688 283,321 Real estate 981 1,369 1,932 8,142 Total revenue 720,284 897,788 1,528,731 2,046,920 Cost of revenue 建设 549,053 643,531 1,123,038 1,437,093 建设 materials 64,528 109,068 145,991 247,959 Real estate 1,531 887 3,272 9,846 Total cost of revenue 615,112 753,486 1,272,301 1,694,898 Gross profit 105,172 144,302 256,430 352,022 General and 60,465 71,933 169,766 198,344 administrative expenses Gain on sales of 1,549 2,008 6,878 4,564 property and equipment Operating income 46,256 74,377 93,542 158,242 Other income (expense) Interest income 744 5,439 3,914 15,087 Interest expense (4,245 ) (5,303 ) (10,586 ) (12,871 ) Equity in income 4,021 (1,257 ) 4,360 (1,436 ) (loss) of affiliates Other income, net 3,062 549 8,278 9,196 Total other income 3,582 (572 ) 5,966 9,976 (expense) Income before provision 49,838 73,805 99,508 168,218 for income taxes Provision for income 13,300 21,473 26,316 46,681 taxes Net income 36,538 52,332 73,192 121,537 Amount attributable to noncontrolling (5,940 ) (594 ) (15,725 ) (31,058 ) interests Net income attributable to Granite 建设 $ 30,598 $ 51,738 $ 57,467 $ 90,479 Inc. Net income per share attributable to common shareholders: Basic (1) $ 0.79 $ 1.35 $ 1.49 $ 2.35 Diluted (1) $ 0.79 $ 1.35 $ 1.49 $ 2.35 Weighted average shares of common stock: Basic 37,595 37,430 37,552 37,664 Diluted 37,709 37,557 37,670 37,760 Note: (1) Computed using the two-class method as required by the accounting standards adopted on二零零九年一月一日 .
十大正规博彩平台公司 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands) Nine Months Ended September 30, 2009 2008 Operating activities Net income $ 73,192 $ 121,537 Adjustments to reconcile net income to net cash provided by operating activities: Impairment of real estate held for development and 1,686 4,500 sale Depreciation, depletion and amortization 59,048 64,036 (Recovery of) provision for doubtful accounts, net (3,844 ) 8,914 Gain on sales of property and equipment (6,878 ) (4,564 ) Change in deferred income taxes (518 ) 1,116 Stock-based compensation 7,869 5,135 Excess tax benefit on stock-based compensation (670 ) (743 ) Gain from trading securities (431 ) - Equity in (income) loss of affiliates (4,360 ) 1,436 Acquisition of noncontrolling interest - (16,616 ) Changes in assets and liabilities, net of the (67,511 ) (79,854 ) effects of acquisition and consolidations Net cash provided by operating activities 57,583 104,897 Investing activities Purchases of marketable securities (61,974 ) (68,732 ) Maturities of marketable securities 32,610 64,090 Release of funds for acquisition of noncontrolling - 28,332 interest Additions to property and equipment (75,773 ) (76,098 ) Proceeds from sales of property and equipment 10,089 12,253 Acquisition of businesses - (14,022 ) Contributions to affiliates (4,969 ) (5,345 ) Issuance of notes receivable (4,270 ) - Other investing activities 450 626 Net cash used in investing activities (103,837 ) (58,896 ) Financing activities Proceeds from long-term debt 8,384 2,660 Long-term debt principal payments (18,139 ) (15,748 ) Cash dividends paid (15,031 ) (15,081 ) Purchase of common stock (2,840 ) (45,489 ) Contributions from noncontrolling partners 239 4,955 Distributions to noncontrolling partners (16,490 ) (37,713 ) Acquisition of noncontrolling interest - (11,716 ) Excess tax benefit on stock-based compensation 670 743 Other financing 52 - Net cash used in financing activities (43,155 ) (117,389 ) Decrease in cash and cash equivalents (89,409 ) (71,388 ) Cash and cash equivalents at beginning of period 460,843 352,434 Cash and cash equivalents at end of period $ 371,434 $ 281,046
十大正规博彩平台公司 Business Segment Information (Unaudited - in thousands) Three Months Ended September 30, Nine Months Ended September 30, Granite Granite Land Granite 十大正规博彩平台西 East 公司 十大博彩正规平台西 十大正规博彩平台东 Land 公司 2009 Revenue $ 564,089 $ 155,214 $ 981 $ 1,109,442 $ 417,357 $ 1,932 Gross profit $ 85,499 $ 20,223 $ (550 ) $ 181,320 $ 76,450 $ (1,340 ) (loss) Gross profit (loss) as 15.2 % 13.0 % -56.1 % 16.3 % 18.3 % -69.4 % a percent of revenue Operating income $ 56,299 $ 12,052 $ (1,221 ) $ 98,073 $ 55,136 $ (4,159 ) (loss) Operating income (loss) as 10.0 % 7.8 % -124.5 % 8.8 % 13.2 % -215.3 % a percent of revenue 2008 Revenue $ 749,487 $ 146,932 $ 1,369 $ 1,506,952 $ 531,826 $ 8,142 Gross profit $ 133,904 $ 9,916 $ 482 $ 266,457 $ 87,269 $ (1,704 ) (loss) Gross profit (loss) as 17.9 % 6.7 % 35.2 % 17.7 % 16.4 % -20.9 % a percent of revenue Operating income $ 93,570 $ 3,819 $ (191 ) $ 154,684 $ 67,196 $ (3,795 ) (loss) Operating income (loss) as 12.5 % 2.6 % -14.0 % 10.3 % 12.6 % -46.6 % a percent of revenue十大正规博彩平台公司 Contract Backlog (Unaudited - in thousands) Contract Backlog by 2009年9月30日 June 30, 2009 二零零八年九月三十日 Segment Granite $ 553,728 34.3 % $ 824,676 53.8 % $ 915,472 50.3 % West Granite 1,058,540 65.7 % 707,567 46.2 % 906,116 49.7 % East Total $ 1,612,268 100.0 % $ 1,532,243 100.0 % $ 1,821,588 100.0 %
来源: 十大博彩正规平台公司 