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| Granite reports the highest net income in its history Headquartered in Central California, Granite Construction announced a record net income for the fiscal year 2007 of $112.1 million or $2.71 per share, compared with $80.5 million, or $1.94 per share, for the same period last year. Operating income for 2007 nearly doubled to $174.9 million, compared with $88.6 million a year ago, primarily as a result of the Company's improved execution on large projects. Total revenues for 2007 decreased 8% to $2.74 billion, compared with $2.97 billion for 2006, largely driven by lower revenues from the Company's Granite East division as well as lower revenues from the sale of construction materials to third-parties. "Today we are reporting the highest net income in our company's 85-year history, " said William G. Dorey, President and Chief Executive Officer. For the fourth quarter 2007, total revenue was $633.1 million, compared with $719.9 million for the fourth quarter of 2006. Operating income for the quarter was $37.7 million, compared with an operating loss of $4.4 million for the same period last year. Fourth quarter 2006 operating results were negatively affected by large write-downs on the SR-22 project in Southern California and the US-20 project in Oregon as well as an $18.0 million goodwill impairment charge related to our Granite Northeast operation in New York. Net income for the fourth quarter 2007 was $17.2 million, or $0.42 per share, compared with $2.9 million, or $0.07 per share, for the fourth quarter last year. write your comments about the article :: © 2008 Construction News :: home page |