Meadow Valley Corp. Wins $36.4 Million in New Contracts

Business Wire, July 23, 1999

PHOENIX--(BUSINESS WIRE)--July 23, 1999--

Meadow Valley Corp. (NASDAQ:MVCO) Friday announced that it has won new contracts with a total value of $36.4 million.

The contracts include the $17.5 million Cherry Hills project in Salt Lake City awarded by the Utah Department of Transportation; approximately $7.4 million in subcontracts and materials purchase commitments for Meadow Valley's expanding aggregates, asphalt and ready mix concrete operations; and several smaller construction contracts in Arizona and Nevada together valued at approximately $11.5 million.

Chief Executive Officer Bradley E. Larson said: "Our tenacity in working to establish Meadow Valley in the Utah market area is beginning to pay off with the attractive Cherry Hills job win. In addition, the aggregates, asphalt and ready mix concrete awards are further evidence that we are making good progress in our plan to increase revenue from the sale of construction materials for our growing portfolio of strategic aggregate reserve sites.

"Meadow Valley continues to enjoy a healthy backlog even at our current high revenue run rate, and we have a full schedule of additional jobs to bid in the next couple of months. Market conditions remain very strong, and we are optimistic about Meadow Valley's continued growth."

The Cherry Hills project involves the widening and reconfiguration of Highway 89 through Farmington, Utah. It includes structural concrete, drainage and new roadway surfacing.

About Meadow Valley

Meadow Valley, 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 Las Vegas, Phoenix, and Salt Lake City metropolitan areas and in New Mexico.

The statements contained in this release that 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.