Meadow Valley Corp. Authorizes Stock- Repurchase Program

Business Wire, March 4, 1999

PHOENIX--(BUSINESS WIRE)--March 4, 1999--Meadow Valley Corp. (Nasdaq:MVCO) Thursday announced that its board of directors has authorized the repurchase of up to 100,000 shares of the company's common stock in open-market or private transactions at times and prices to be determined by management.

"Following Meadow Valley's strong 1998 performance, highlighted by record revenue of $187.0 million and earnings from continuing operations of 60 cents per diluted share, we enter the new year with backlog of approximately $220 million and a full calendar of attractive jobs to bid over the next few months nearly everywhere we compete," said Bradley E. Larson, chief executive officer.

"New project funding associated with the recently enacted highway bill is expected to expand our opportunities even further later this year. We expect revenue and earnings to increase in 1999. We believe that this positive outlook for Meadow Valley is not reflected in the company's current stock price. This buyback program is a sign of our confidence in Meadow Valley's continued growth."

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 the 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.