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Financial condition report In accounting, a financial condition report (FCR) is a report on the solvency condition of an insurance company that takes into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios. Risk assessment in an FCR involves dynamic solvency testing, a type of dynamic financial analysis that simulates management response to risk scenarios, to test whether a company could remain solvent in the face of deteriorating economic conditions or major disasters.
Financial ratio A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Trustmark (bank) Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank's initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889.
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operation Mincemeat Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Operations management Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Special operations Special operations (S.O.) are military activities conducted, according to NATO, by "specially designated, organized, selected, trained, and equipped forces using unconventional techniques and modes of employment". Special operations may include reconnaissance, unconventional warfare, and counter-terrorism actions, and are typically conducted by small groups of highly-trained personnel, emphasizing sufficiency, stealth, speed, and tactical coordination, commonly known as "special forces".
Liability insurance Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.\nOriginally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement).
Construction foreman A construction foreman or construction forewoman is the worker or skilled tradesperson who is in charge of a construction crew. This role is generally assumed by a senior worker.
Parallel construction Parallel construction is a law enforcement process of building a parallel, or separate, evidentiary basis for a criminal investigation in order to conceal how an investigation actually began.In the US, a particular form is evidence laundering, where one police officer obtains evidence via means that are in violation of the Fourth Amendment's protection against unreasonable searches and seizures, and then passes it on to another officer, who builds on it and gets it accepted by the court under the good-faith exception as applied to the second officer. This practice gained support after the Supreme Court's 2009 Herring v.
Grammatical construction In linguistics, a grammatical construction is any syntactic string of words ranging from sentences over phrasal structures to certain complex lexemes, such as phrasal verbs.\nGrammatical constructions form the primary unit of study in construction grammar theories.
General contractor A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project.\n\n\n== Description ==\nA general contractor is a construction manager employed by a client, usually upon the advice of the project's architect or engineer.
Altay (main battle tank) Altay is a Turkish modern main battle tank based on South Korean K2 Black Panther to be produced by BMC under design assistance and technology transfer by Hyundai Rotem. It is named in honor of Army General Fahrettin Altay who commanded the 5th Cavalry Corps in the final stage of the Turkish War of Independence.
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a sovereign country in Europe, off the north-western coast of the continental mainland. It comprises England, Wales, Scotland, and Northern Ireland.
Fatshark Fatshark is a Swedish video game development studio based in Stockholm, Sweden. The studio is located in Stockholm close to the Southern Station.
Ghent University Ghent University (Dutch: Universiteit Gent, abbreviated as UGent) is a public research university located in Ghent, Belgium. \nEstablished before the state of Belgium itself, the university was founded by the Dutch King William I in 1817, when the region was incorporated into the United Kingdom of the Netherlands after the fall of First French Empire.
Vicarious liability Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator. It can be distinguished from contributory liability, another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability.
Hazardous waste Hazardous waste is waste that has substantial or potential threats to public health or the environment. Hazardous waste is a type of dangerous goods.
Hazardous energy Hazardous energy in occupational safety and health is any source of energy (including electrical, mechanical, thermal, chemical, hydraulic, and pneumatic sources of energy) that "can be hazardous to workers", such as from discharge of stored energy. Failure to control the unexpected release of energy can lead to machine-related injuries or fatalities.
Biophysical environment A biophysical environment is a biotic and abiotic surrounding of an organism or population, and consequently includes the factors that have an influence in their survival, development, and evolution. A biophysical environment can vary in scale from microscopic to global in extent.
Regulation A In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Regulation of therapeutic goods The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
Non-functional requirement In systems engineering and requirements engineering, a non-functional requirement (NFR) is a requirement that specifies criteria that can be used to judge the operation of a system, rather than specific behaviours. They are contrasted with functional requirements that define specific behavior or functions.
Visa requirements for United States citizens As of 25 February 2022, Holders of a United States passport could travel to 186 countries and territories without a travel visa, or with a visa on arrival. The United States passport currently ranks 6th in terms of travel freedom (tied with the passports of Czech Republic, Greece, Malta, Norway, and the UK) according to the Henley Passport Index.
Requirements engineering Requirements engineering (RE) is the process of defining, documenting, and maintaining requirements in the engineering design process. It is a common role in systems engineering and software engineering.
Visa requirements for British citizens Visa requirements for British citizens are administrative entry restrictions by the authorities of other states placed on citizens of the United Kingdom. As of 30 April 2022, British citizens had visa-free or visa on arrival access to 187 countries and territories, ranking their passport 5th in terms of travel freedom (tied with France, Ireland and Portugal) according to the Henley Passport Index.
Natural environment The natural environment or natural world encompasses all living and non-living things occurring naturally, meaning in this case not artificial. The term is most often applied to the Earth or some parts of Earth.
Market environment Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making behaviour of individuals in the organisation."The three levels of the environment are as follows:\n\nInternal environment – the internal elements of the organisation used to create, communicate and deliver market offerings.
Internet In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Program executive officer A program executive officer, or PEO, is one of a few key individuals in the United States military acquisition process. As can be seen from the examples below, a program executive officer may be responsible for a specific program (e.g., the Joint Strike Fighter), or for an entire portfolio of similar programs (e.g., the Navy PEO for aircraft carriers).
Significant other The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
Bit numbering In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Significant Others The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
The Simpsons The Simpsons is an American animated sitcom created by Matt Groening for the Fox Broadcasting Company. The series is a satirical depiction of American life, epitomized by the Simpson family, which consists of Homer, Marge, Bart, Lisa, and Maggie.
Risk Factors
MEADOW VALLEY CORP Item 1A Risk Factors The risk factors listed in this section and other factors noted herein or incorporated by reference could cause our actual results to differ materially from those contained in any forward-looking statements
The following risk factors, in addition to the information discussed elsewhere herein, should be carefully considered in evaluating us and our business: Dependence on Public Sector Customers
Substantially all of our revenue is generated from projects sponsored by federal, state and local governmental authorities
Consequently, any reduction in demand for our services by these governmental authorities for whatever reason, including a general economic slowdown or a continuation of the current trend toward reducing governmental spending, would have a material adverse effect on our business, financial condition and results of operations
Furthermore, government contracts are generally terminable at will, subject to a relatively small cancellation payment
Liability for Subcontractor Performance
We act as prime contractor on most of our construction projects and are therefore responsible for performance of the entire contract, including work assigned to subcontractors
Accordingly, we may be subject to substantial liability if a subcontractor fails to perform as required under the prime contract
Fixed Unit Price Risks
A substantial portion of our revenue is derived from “fixed unit price” contracts under which we are committed to provide materials or services at fixed unit prices (such as dollars per cubic yard of earth or concrete)
While fixed unit price contracts generally shift the risk of estimating the quantity of units required for a particular project to our customers, any increase in our unit cost over our unit bid price, whether due to inefficiency, faulty estimates, weather, inflation or other factors, must be borne by us and may have a material adverse effect on our business, financial condition and results of operations
Variations in Quarterly Operating Results
The construction industry is seasonal, generally due to inclement weather occurring in the winter months
Accordingly, we generally experience a seasonal pattern in our operating results with lower revenue in the first and fourth quarters of each calendar year than other quarters
Quarterly results may also be affected by the timing of bid solicitations by governmental authorities and the stage of completion of major projects
Results for any one quarter, therefore, may not be indicative of results for other quarters or for the entire year
The construction industry is subject to significant risks of statutory, contractual and common law liability for environmental damages and personal injury
We may be liable for claims arising from our on-site or off-site services, including mishandling of hazardous or non-hazardous waste materials, or environmental contamination caused by us or our subcontractors, the costs for which could be substantial, even if we exercised due care and complied with all relevant laws and regulations
We 10 _________________________________________________________________ [61]Table of Contents are also subject to worker and third party claims for personal injury resulting in substantial liability for which we may be uninsured
We carry insurance which we consider sufficient to meet regulatory and customer requirements and to protect our assets and operations
Nevertheless, an uninsured claim against us could have a material adverse effect on our business, financial condition and results of operations
Moreover, any inability to obtain insurance of the type and in the amounts required in connection with specific projects could impair our ability to bid on or complete such projects
Tighter regulations for the protection of the environment and the finite nature of property containing suitable aggregate reserves are making it increasingly challenging and costly to secure and permit aggregate reserves
Although we have thus far been able to secure and permit reserves to support our business, it is likely to become increasingly difficult to do so, and there is no assurance that we will be able to secure and permit reserves in the future
We Are Subject to Significant Bonding Requirements
We are required to provide bid and/or performance bonds in connection with governmental construction projects
Our current bonding limits are approximately dlra120 million in the aggregate and dlra30 million per project, but there can be no assurance that we will be able to maintain these bonding limits
In addition, new or proposed legislation in various jurisdictions may require the posting of substantial additional bonds or require other financial assurances for particular projects
As a result of our bonding limits, we are restricted in the number and size of projects we may concurrently bid on, which may affect our results of operations
We Are Subject to Regulation
Our operations are subject to compliance with regulatory requirements of federal, state and municipal authorities, including regulations covering labor relations, safety standards, affirmative action and the protection of the environment, including requirements in connection with water discharge, air emissions and hazardous and toxic substance discharge
We believe that we are in substantial compliance with all applicable laws and regulations
However, amendments to current laws and regulations imposing more stringent requirements could have a material adverse effect on us
There Are Risks Associated with Concentration of Construction Projects and Customers
Our operations are primarily situated in the states of Arizona and Nevada and our customers are primarily the Departments of Transportation in these two states
The discontinuance of any projects in these states, a general economic downturn or a reduction, as a result of market conditions, in the number of projects let out for bid in these two states, could have a material adverse effect on our business, financial condition and results of operations
We Face Intense Competition
Our business and industry are intensely competitive
We compete with a large number of small owner/operator contractors that tend to dominate smaller highway projects, together with larger, well capitalized regional and national contractors, when bidding on larger infrastructure projects
Moreover, due to currently favorable market conditions in our market areas, additional competition for projects continues to develop
Such additional competition could reduce our profit margins on our projects
Our Success Depends on Attracting and Retaining Qualified Personnel in a Competitive Environment
The single largest factor in our ability to profitably execute our work is our ability to attract, develop and retain qualified personnel
Our success in attracting qualified people is dependent on the resources available in the individual geographic areas in which we operate and the impact on the labor supply due to general economic conditions as well as our ability to provide a competitive compensation package and work environment
Dependence Upon Executive Officers
Our operations are dependent upon the continued services of our executive officers
The loss of services of any of our executive officers, whether as a result of death, disability or otherwise, could have a material adverse effect upon our operations
We have employment agreements with some of our executive officers and carry key person insurance on their lives
Strikes or work stoppages by labor unions or attempts to unionize our workers could have a significant negative impact on our operations
11 _________________________________________________________________ [62]Table of Contents Unavailability of Insurance Coverage Could Have A Negative Impact on Our Operations and Results
We maintain insurance coverage as part of our overall risk management strategy and due to requirements to maintain specific coverage in our financing agreements and in most of our construction contracts
Although we have been able to obtain insurance coverage to meet our requirements in the past, there is no assurance that such insurance coverage will be available in the future
These materials are used to run our equipment and are a significant part of the asphalt paving materials that are used in many of our construction projects
Although we can be partially protected by asphalt or fuel escalation clauses in some of our contracts, not all contracts provide such protection