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4411 South 40th St., Ste. D11 Phoenix, Arizona 85040 | |
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| Telephone: (602) 437-5400 | ||
| FOR IMMEDIATE RELEASE | Fax: (602) 437-1681 | |
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Investor Contact: |
Company Contact: | |
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Neil Berkman Associates |
Bradley E. Larson | |
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(310) 277-5162 |
Chief Executive Officer | |
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info@BerkmanAssociates.com |
www.MeadowValley.com |
Meadow Valley Reports First Quarter Results
Provides Updated Claims Data
PHOENIX, ARIZONA, May 14, 2004 . . . MEADOW VALLEY CORPORATION (NASDAQ:MVCO) today announced its financial results for the first quarter of 2004.
First Quarter Results
For the three months ended March 31, 2004, revenue increased to $39.2 million from $32.2 million for the first quarter of 2003. Net income for the first quarter of 2004 was $0.44 million, or $0.12 per diluted share. This compares to net income of $0.02 million, or $0.01 per diluted share, for the same period a year earlier.
Segment Information
Revenue from Meadow Valleys construction materials business increased 38% to $13.6 million for this years first quarter compared to $9.8 million for the first quarter of 2003. Gross margin in this segment improved to 10% compared to 8.7% for the prior year. The addition of 10 ready-mix trucks to our fleet during this years first quarter contributed significantly to the gains in revenue and gross margin. The growth reflected increases in both unit volumes and prices for our construction materials, which is an encouraging sign of strong economic conditions in our Phoenix and Las Vegas markets, said Bradley E. Larson, chief executive officer.
Revenue from the Companys construction services business increased to $25.6 million for this years first quarter from $22.4 million for the same period last year. Gross margin in this segment was approximately 4.3% compared to 3.8% for the prior year. During January 2004, the Company reached a $7 million settlement agreement with the New Mexico State Highway and Transportation Department (NMSHTD) on three of five disputed heavy construction projects it has completed in New Mexico. The settlement resulted in a net gain of approximately $1.7 million, which was recorded in construction services revenue for this years first quarter.
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