WATSONVILLE, Calif., Feb 22, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Granite Construction Incorporated (NYSE: GVA) today announced an upward revision to its fourth quarter and year-to-date 2006 earnings in the amount of approximately $2.3 million or $0.05 per diluted share. The revision reflects management's evaluation of a subsequent event involving a partial settlement of an unresolved revenue issue on its Heavy Construction Division State Route 22 project in Southern California which occurred after its earnings release on February 14, 2007.
The revised year-to-date 2006 net income is $80.5 million or $1.94 per diluted share, versus $78.2 million, or $1.89 per diluted share originally reported on February 14, 2007.
A reconciliation between the results originally reported in our earnings release on February 14, 2007 and the revised results for the year ended December 31, 2006 is as follows (in thousands except per share amounts):
As Originally Adjustment As Revised Reported Total revenue $2,964,904 $4,700 $2,969,604 Gross profit 290,420 5,300 295,720 Income before provision for income taxes and minority interest 107,717 5,300 113,017 Minority interest 7,720 (1,550) 6,170 Net income 78,220 2,289 80,509 Net income per share: Basic 1.91 0.06 1.97 Diluted 1.89 0.05 1.94
Audited financial results will appear in Granite's Form 10-K, which will be filed on or before March 1, 2007.
Granite, a member of the S&P 400 Midcap Index, the Domini 400 Social Index and the Russell 2000, is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction serves public and private sector clients through its offices nationwide. For the 4th straight year, Granite was named to FORTUNE'S List of 100 Best Companies to Work For. For more information about the company, please visit their website at www.graniteconstruction.com.
SOURCE Granite Construction Incorporated
Jacque Underdown of Granite Construction Incorporated, +1-831-761-4741
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