Meadow Valley Corp. Wins Highway Construction Contracts Valued At $59 Million; Successful 1998 Bids Exceed $180 Million; Backlog Above $250 Million

Business Wire, Sept 18, 1998

PHOENIX--(BUSINESS WIRE)--Sept. 18, 1998--Meadow Valley Corp. (Nasdaq:MVCO) Friday announced that it has been awarded two highway construction contracts, together valued at approximately $59 million.

Bradley E. Larson, chief executive officer of Meadow Valley, said, "Meadow Valley's successful bids in 1998 now exceed $180 million. Backlog is currently above $250 million, compared to backlog of $141 million at Sept. 30, 1997."

Larson noted that the first project, a $55.4 million contract for Western Sections 7, 8 & 9 of the Las Vegas Beltway, was received from Clark County, Nev. The work includes improvements over a 6.3 mile section, construction of a major bridge structure, drainage structures and extensive excavation and grading.

He added that Meadow Valley received the second award, a $3.4 million project for the Grassy Mountain Rest Area, from the Utah Department of Transportation. The contract, which involves construction of east and west bound rest areas on Interstate 80 approximately 60 miles south of Salt Lake City, requires grading, construction of comfort stations, drainage and asphalt and concrete paving.

Meadow Valley (http://www.meadowvalley.com), based in Phoenix, is a heavy construction contractor specializing in structural concrete construction of highway bridges and overpasses, and the paving of highways and airport runways. The company's current operations are concentrated in the Las Vegas, Phoenix and Salt Lake City metropolitan areas and in New Mexico.

The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, demand and competition for the company's products and services, and other risks or uncertainties detailed in the company's Securities and Exchange Commission filings.