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Granite Construction Subsidiary Awarded $162 Million MTA New York City Transit Project in the Boroug
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01/16/2005
WATSONVILLE, Calif., Jan. 8 Granite Construction Incorporated (NYSE: GVA) announced today that Granite Halmar, a wholly owned subsidiary, has been awarded a $162 million contract by MTA New York City Transit. The award is for the installation/rehabilitation of new signal equipment on approximately 20 track miles on the Concourse Line from 205th Street in the Bronx to 145th Street in Manhattan, reverse signaling on the middle track, construction of various enclosures at stations and on the wayside and the construction of a new Master Tower at the Concourse Yard. Commenting on the award, Granite Construction Executive Vice President and Chief Operating Officer William G. Dorey said, "With the award of this MTA NYC Transit Signalization Project, Granite Halmar is carrying approximately $450 million of what we believe to be quality backlog into 2003. While we hit a few bumps in the road early last year related to acquired backlog our Granite Halmar employees have done a terrific job of getting their arms around their business and positioning it to succeed." As part of MTA NYC Transit's signal modernization initiative, this project will upgrade safety standards and improve operational reliability and service to the riding public of New York City. The signal equipment in this subway area was originally installed in 1931 and is almost 20 years past its useful life. The new signal system will also comprise new field equipment such as LED signals, automatic trip stops, track switches, communication subsystems and code systems. This 52-month project will complete the last leg of the modernization of the 8th Avenue line one of the highest capacity lines in the system. This press release contains forward-looking statements; such as statements related to the existence of bidding opportunities and economic conditions on the Company's future results. Additionally, forward-looking statements include statements that can be identified by the use of forward-looking terminology such as "believes," "expects," "appears," "may," "will," "should," or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. All such forward-looking statements are subject to risks and uncertainties that could cause actual results of operations and financial condition and other events to differ materially from those expressed or implied in such forward-looking statements. Specific risk factors include, without limitation, changes in the composition of applicable federal and state legislation appropriation committees; federal and state appropriation changes for infrastructure spending; the general state of the economy; job productivity; accuracy of project estimates; weather conditions; competition and pricing pressures; and state referendums and initiatives. Granite Construction is one of the largest heavy civil contractors and construction materials producers in the United States. For more information, please visit their website at http://www.graniteconstruction.com.
