Granite公布2010年第三季度财务业绩，并启动2011年企业改善计划
-- Revenue in Q310 was 6.71亿美元 vs. 7.2亿美元 a year ago
-- SG&A expenses decreased 1400万美元 during the quarter compared with a
year ago
-- Total company backlog in line with a year ago; 6.67亿美元 in new
awards in Q310
-- Financial position remains strong, with 3.88亿美元 in cash, cash
equivalents and marketable securities
“在本季度，建筑部门继续感受到西方对我们服务需求下降的影响，由于预算不确定性和竞争激烈的市场环境导致的资金延迟。 We did, however, see a slight pickup in demand for our construction materials as work that had been delayed due to weather in the first half of the year carried over into the third quarter," said
“我也很高兴地说，我们在努力降低成本和加强业务以实现长期盈利增长方面取得了稳步进展，”罗伯茨继续说道。 “作为我们上个月宣布的企业改进计划的一部分，我们完成了对业务和相关成本结构的全面审查。 经过严格的评估，我们已经确定了一些固定资产和房地产投资，现在计划关闭或剥离。 此外，我们做出了一个非常艰难的决定，裁减大约13%的受薪员工。 虽然这些行动将对我们的业务产生短期影响，但它们是我们提高盈利能力和竞争力计划的重要组成部分，并显著改善我们的长期财务业绩。”
2010年第三季度财务业绩
-- Revenue totaled 6.709亿美元 compared with 7.203亿美元 in 2009.
-- Gross profit margin was 11 percent compared with 15 percent in 2009,
driven primarily by lower margins in the 建设 segment as well as
the impact of Large Projects that have yet to reach the profit
recognition threshold.
-- Operating income for the quarter was 3220万美元 compared with $46.3
million in the prior year.
-- SG&A expenses for the third quarter were 4720万美元 compared with
6100万美元 for the same period last year, driven by ongoing efforts
to reduce the company's overall cost structure.
-- Net income attributable to non-controlling interests was 460万美元
compared with 590万美元 in 2009.
-- Total contract backlog at 2010年9月30日 , was 16亿美元 ,
essentially flat compared with the backlog at 2009年9月30日 .
-- New awards during the quarter include a 1.259亿美元 auxiliary
spillway control structure in 加州 , a 7770万美元 rail project
in 加州 and 4770万美元 for our share of a freeway
reconstruction project in 犹他州 .
-- The effective tax rate for the third quarter was a negative 22.8 percent
due to the adjustment of the year-to-date tax rate to 135.4 percent. The
unusually high year-to-date rate is due primarily to the ratio of
non-controlling interest of 1190万美元 to pre-tax loss of $8.3
million . Non-controlling interest is generally not subject to income
taxes on a stand-alone basis and is deducted from income before
provision for income taxes in arriving at our effective tax rate.
建设
-- 建设 revenue for the quarter totaled 4.1亿美元 compared
with 4.666亿美元 for the same period in 2009, reflecting reductions
in available work out to bid as well as a highly competitive bidding
environment.
-- Gross profit margin for the third quarter was 11 percent compared with
16 percent for the same period in 2009, driven by a competitive bidding
environment and lower margins in backlog as compared with a year ago.
-- 大型工程建设 revenue for the quarter totaled $170.0
million compared with 1.812亿美元 for the same period last year.
-- Gross profit margin for the quarter decreased to 11 percent compared
with 14 percent for the same period last year, reflecting an increase in
revenue on projects that have yet to reach the profit recognition
threshold.
-- 建筑材料 revenue for the quarter totaled 8810万美元
compared with 7150万美元 for the same period last year, as wet
weather in the first part of the year led to increased demand for
construction materials in the third quarter of 2010.
-- Gross profit on the sale of construction materials was 1210万美元 in
2010 compared with 840万美元 in 2009. The increase in gross profit is
due primarily to higher sales volume for construction materials as a
result of weather in the first half of 2010 that shifted demand into the
third quarter.
公司近期行动
Granite announced on
此外，作为企业改进计划的一部分，公司正计划有序剥离某些固定资产及其房地产投资业务。 这一决定与公司专注于其核心竞争力和提高运营效率的业务战略是一致的。
The combination of these actions is estimated to result in a pre-tax charge of approximately
2010年全年指引
Market conditions remain very challenging, as funding uncertainties coupled with the competitive climate continue to have an impact on revenue and gross margins for the 建设 and
Revenue for the
电话会议
Granite will conduct a conference call today,
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），十大正规博彩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。
十大博彩正规平台公司 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) September 30, December 31, September 30, 2010 2009 2009 ASSETS Current assets Cash and cash equivalents $ 257,854 $ 338,956 $ 371,434 Short-term marketable securities 80,962 42,448 27,798 Receivables, net 375,914 280,252 382,572 Costs and estimated earnings in 34,448 10,619 38,011 excess of billings Inventories 45,224 45,800 51,972 Real estate held for development 151,638 139,449 135,306 and sale Deferred income taxes 31,035 31,034 43,356 Equity in construction joint 80,496 67,693 58,450 ventures Other current assets 42,409 50,467 41,185 Total current assets 1,099,980 1,006,718 1,150,084 Property and equipment, net 491,363 520,778 530,661 Long-term marketable securities 49,502 76,937 62,612 Investments in affiliates 32,515 24,644 21,309 Other noncurrent assets 78,611 80,498 80,233 Total assets $ 1,751,971 $ 1,709,575 $ 1,844,899 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term $ 8,444 $ 15,017 $ 15,017 debt Current maturities of non-recourse 39,157 43,961 53,177 debt Accounts payable 206,993 131,251 211,670 Billings in excess of costs and 157,233 156,041 187,205 estimated earnings Accrued expenses and other current 173,547 159,843 209,806 liabilities Total current liabilities 585,374 506,113 676,875 Long-term debt 216,870 225,203 225,219 Long-term non-recourse debt 16,420 19,485 8,363 Other long-term liabilities 48,764 48,998 48,884 Deferred income taxes 27,883 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 38,769,787 shares as of September 388 386 387 30, 2010, 38,635,021 shares as of December 31, 2009 and 38,669,447 shares as of 2009年9月30日 Additional paid-in capital 101,567 94,633 92,356 Retained earnings 711,497 735,632 724,621 Total 十大博彩正规平台 813,452 830,651 817,364 Incorporated shareholders' equity Noncontrolling interests 43,208 51,905 50,277 Total equity 856,660 882,556 867,641 Total liabilities and equity $ 1,751,971 $ 1,709,575 $ 1,844,899
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 Nine Months Ended September 30, September 30, 2010 2009 2010 2009 Revenue 建设 $ 409,989 $ 466,605 $ 729,118 $ 912,110 Large project 169,972 181,171 429,625 456,001 construction 建设 88,128 71,527 175,381 158,688 materials Real estate 2,761 981 11,613 1,932 Total revenue 670,850 720,284 1,345,737 1,528,731 Cost of revenue 建设 365,323 393,970 659,705 751,498 Large project 151,656 155,950 379,991 374,605 construction 建设 75,991 63,176 165,889 141,068 materials Real 1,725 1,531 8,585 3,272 estate Total cost of revenue 594,695 614,627 1,214,170 1,270,443 Gross profit 76,155 105,657 131,567 258,288 Selling, general and administrative 47,160 60,950 153,809 171,624 expenses Gain on sales of 3,165 1,549 11,417 6,878 property and equipment Operating income 32,160 46,256 (10,825 ) 93,542 (loss) Other income Interest 2,110 744 4,147 3,914 income Interest (547 ) (4,245 ) (7,294 ) (10,586 ) expense Equity in income 529 4,021 (177 ) 4,360 (loss) of affiliates Other income, 1,023 3,062 5,854 8,278 net Total other income 3,115 3,582 2,530 5,966 Income (loss) before (benefit from) 35,275 49,838 (8,295 ) 99,508 provision for income taxes (Benefit from) provision for income (8,026 ) 13,300 (11,233 ) 26,316 taxes Net 43,301 36,538 2,938 73,192 income Amount attributable to noncontrolling (4,620 ) (5,940 ) (11,902 ) (15,725 ) interests Net income (loss) attributable to $ 38,681 $ 30,598 $ (8,964 ) $ 57,467十大博彩正规平台 Incorporated Net income (loss) per share attributable to common shareholders: Basic $ 1.00 $ 0.79 $ (0.24 ) $ 1.49 (1) Diluted $ 0.99 $ 0.79 $ (0.24 ) $ 1.49 (1) Weighted average shares of common stock: Basic 37,865 37,595 37,802 37,552 Diluted 38,071 37,709 37,802 37,670 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) Nine Months Ended September 30, 2010 2009 Operating activities Net income $ 2,938 $ 73,192 Adjustments to reconcile net income to net cash provided by operating activities: Impairment of real estate held for development and 107 1,686 sale Depreciation, depletion and amortization 54,169 59,048 Provision for (recovery of) doubtful accounts 136 (3,844 ) Gain on sales of property and equipment (11,417 ) (6,878 ) Stock-based compensation 10,241 7,869 Gain on company owned life insurance (2,655 ) (2,013 ) Equity in loss (income) of affiliates 177 (4,360 ) Changes in assets and liabilities, net of the (43,130 ) (66,447 ) effects of consolidations Net cash provided by operating 10,566 58,253 activities Investing activities Purchases of marketable securities (78,355 ) (61,974 ) Maturities of marketable securities 60,900 32,610 Proceeds from company owned life insurance 2,078 - Additions to property and equipment (30,182 ) (75,773 ) Proceeds from sales of property and equipment 17,225 10,089 Purchase of private preferred stock (6,400 ) - Contributions to affiliates, net (1,233 ) (4,969 ) Issuance of notes receivable (1,314 ) (4,270 ) Collection of notes receivable 2,799 385 Other investing activities, net 77 65 Net cash used in investing (34,405 ) (103,837 ) activities Financing activities Proceeds from long-term debt 619 8,384 Long-term debt principal payments (18,472 ) (18,139 ) Cash dividends paid (15,110 ) (15,031 ) Purchase of common stock (3,374 ) (2,840 ) Distributions to noncontrolling partners, net (20,940 ) (16,251 ) Other financing activities 14 52 Net cash used in financing (57,263 ) (43,825 ) activities Decrease in cash and cash equivalents (81,102 ) (89,409 ) Cash and cash equivalents at beginning of period 338,956 460,843 Cash and cash equivalents at end of period $ 257,854 $ 371,434
十大博彩正规平台公司 Business Segment Information (Unaudited - in thousands) Three Months Ended September 30, Nine Months Ended September 30, Large 建设 Real Large 建设 Real 建设 Project 材料 Estate 建设 Project 材料 Estate 建设 建设 2010 Revenue $ 409,989 $ 169,972 $ 88,128 $ 2,761 $ 729,118 $ 429,625 $ 175,381 $ 11,613 Gross $ 44,666 $ 18,316 $ 12,137 $ 1,036 $ 69,413 $ 49,634 $ 9,492 $ 3,028 profit Gross profit as 10.9 % 10.8 % 13.8 % 37.5 % 9.5 % 11.6 % 5.4 % 26.1 % a percent of revenue 2009 Revenue $ 466,605 $ 181,171 $ 71,527 $ 981 $ 912,110 $ 456,001 $ 158,688 $ 1,932 Gross profit $ 72,635 $ 25,221 $ 8,351 $ (550 ) $ 160,612 $ 81,396 $ 17,620 $ (1,340 ) (loss) Gross profit (loss) as 15.6 % 13.9 % 11.7 % -56.1 % 17.6 % 17.8 % 11.1 % -69.4 % a percent of revenue
十大博彩正规平台公司 Contract Backlog by Segment (Unaudited - in thousands) 2010年9月30日 June 30, 2010 2009年9月30日 建设 $ 497,089 30.3 % $ 594,214 38.3 % $ 439,226 27.2 % Large Project 1,141,453 69.7 % 957,080 61.7 % 1,173,042 72.8 % 建设 Total $ 1,638,542 100.0 % $ 1,551,294 100.0 % $ 1,612,268 100.0 %
来源: 十大正规博彩平台公司 