The combination of these actions is estimated to result in a pre-tax charge of approximately $99 million to $145 million, nearly all of which will be recognized in the fourth quarter of fiscal 2010. Of the total, approximately $89 million to $133 million is related primarily to impairments on real estate and fixed assets. The balance is associated with severance-related costs.

Full-Year 2010 Guidance

Market conditions remain very challenging, as funding uncertainties coupled with the competitive climate continue to have an impact on revenue and gross margins for the Construction and Construction Materials segments. As a result, Granite now expects revenue for the Construction segment to be between $925 million and $1.125 billion, with a corresponding gross profit margin between 9 and 10 percent. Revenue for the Construction Materials segment is expected to be between $200 million and $250 million, with a corresponding gross profit margin between 6 and 7 percent.

Revenue for the Large Project Construction segment is now expected to be between $600 million and $650 million. Correspondingly, the company is raising the gross profit margin range for the segment to between 12 and 13 percent. Net income attributable to non-controlling interests is expected to be approximately $20 million for the year, excluding the impact of restructuring charges.