Granite Announces Second Quarter 2008 Results

WATSONVILLE, CA/PRNewswire-FirstCall/ -- Granite Construction Incorporated (NYSE:GVA) has announced net income for the second quarter ended June 30, 2008 of $25.6 million or $0.68 per diluted share, compared with net income of $43.8 million, or $1.05 per diluted share, for the same period last year.

Operating income for the quarter was $45.4 million, compared with $66.9 million a year ago. Total revenues for the quarter were $694.3 million compared with $770.9 million a year ago.

William G. Dorey,(top right photo) Granite President and Chief Executive Officer, stated, "While we did not match last year's record setting second quarter results, I am pleased with how our business performed this quarter. We are executing well in today's highly competitive environment which is a testament to our people and the strength of our business model."

General and administrative expenses for the second quarter ended June 30, 2008 totaled $65.8 million or 9.5% of revenue compared with $65.1 million or 8.4% of revenue for the second quarter of 2007.

"We are focusing on reducing our general and administrative costs by instituting a series of cost control initiatives, improving our processes and more efficiently utilizing our staff throughout the organization. Although we are making progress on these efforts, we do not expect to see a reduction in general and administrative expenses on an absolute dollar basis until 2009," Dorey said.

For a complete copy of the release, please contact Jacque Fourchy of Granite Construction Incorporated,+1-831-761-4741