MVCO report .25 vs .01
Meadow Valley Second Quarter Net Income Increased to $0.25 Per Share Versus $0.01 Per Share; Revenue Increased 22%
Business Wire - August 08, 2005 07:30
PHOENIX, Aug 08, 2005 (BUSINESS WIRE) -- Meadow Valley Corporation (Nasdaq:MVCO) today announced financial results for the second quarter and first half of 2005, highlighted by higher revenue and net income compared to the same periods of 2004.
2005 Second Quarter Results
For the quarter ended June 30, 2005, revenue increased 22% to $53.4 million from $43.7 million for the second quarter of 2004. Net income for this year's second quarter increased to $1.0 million, or $0.25 per diluted share. This compares to net income for the second quarter of 2004 of $0.04 million, or $0.01 per diluted share.
Construction services revenue increased 25% to $36.1 million for the second quarter of 2005 compared to $28.9 million for the second quarter of 2004. Construction materials revenue increased 17% to $17.3 million for the second quarter of 2005 from $14.8 million for the second quarter of 2004.
Results for both construction services and construction materials benefited from continued strong business conditions in the Company's primary markets in Arizona and Nevada, as well as from the absence of significant weather-related disruptions during this year's second quarter compared to the weather-impacted first quarter. The Company said that production at Meadow Valley's construction materials facility in southwest Las Vegas is expected to begin in the third quarter of 2005, and announced that it has acquired a location for a materials production facility in the northwest Las Vegas area.
Backlog in the construction services segment was approximately $62.5 million at June 30, 2005, compared to backlog of approximately $67.5 million at June 30, 2004.
2005 First Half Results
For the first six months of 2005, revenue increased to $93.4 million from $82.9 million for the first half of 2004. Net income for the first six months of 2005 increased to $1.25 million, or $0.31 per diluted share. This compares to net income for the first six months of 2004 of $0.5 million, or $0.13 per diluted share, which included a pre-tax gain of $1.7 million for the settlement of claims in New Mexico.
Construction services revenue increased to $62.1 million for the first half of 2005 from $54.4 million for the same period last year, and construction materials revenue increased to $31.3 million from $28.4 million for the first half of 2004.
AI
