Kenneth
R. Allen
|
972.647.6730
|
Vice
President-Finance and
|
Email: kallen@txi.com
|
Chief
Financial Officer
|
Three
months ended
November
30,
|
Six
months ended
November
30,
|
|||||||||||||||
In
thousands except per unit
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Results
|
||||||||||||||||
Total
cement sales
|
$ | 98,407 | $ | 122,586 | $ | 209,811 | $ | 246,009 | ||||||||
Total
other sales and delivery fees
|
9,641 | 8,723 | 19,600 | 16,435 | ||||||||||||
Total
segment sales
|
108,048 | 131,309 | 229,411 | 262,444 | ||||||||||||
Cost
of products sold
|
94,206 | 93,572 | 198,763 | 202,679 | ||||||||||||
Gross
profit
|
13,842 | 37,737 | 30,648 | 59,765 | ||||||||||||
Selling,
general and administrative
|
(5,338 | ) | (3,941 | ) | (10,042 | ) | (8,952 | ) | ||||||||
Other
income
|
948 | 681 | 6,151 | 1,505 | ||||||||||||
Operating
Profit
|
$ | 9,452 | $ | 34,477 | $ | 26,757 | $ | 52,318 | ||||||||
Cement
|
||||||||||||||||
Shipments
(tons)
|
1,083 | 1,319 | 2,301 | 2,609 | ||||||||||||
Prices
($/ton)
|
$ | 90.87 | $ | 92.88 | $ | 91.17 | $ | 94.27 | ||||||||
Cost
of sales ($/ton)
|
$ | 79.04 | $ | 64.41 | $ | 79.15 | $ | 71.80 |
Three
months ended
November
30,
|
Six
months ended
November
30,
|
|||||||||||||||
In
thousands except per unit
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Results
|
||||||||||||||||
Total stone,
sand and gravel sales
|
$ | 35,667 | $ | 43,324 | $ | 76,346 | $ | 83,128 | ||||||||
Total
other sales and delivery fees
|
24,838 | 30,559 | 55,956 | 60,980 | ||||||||||||
Total
segment sales
|
60,505 | 73,883 | 132,302 | 144,108 | ||||||||||||
Cost
of products sold
|
50,769 | 59,610 | 110,214 | 114,652 | ||||||||||||
Gross
profit
|
9,736 | 14,273 | 22,088 | 29,456 | ||||||||||||
Selling,
general and administrative
|
(3,506 | ) | (3,640 | ) | (7,329 | ) | (7,787 | ) | ||||||||
Other
income
|
463 | 237 | 870 | 643 | ||||||||||||
Operating
Profit
|
$ | 6,693 | $ | 10,870 | $ | 15,629 | $ | 22,312 | ||||||||
Stone,
sand and gravel
|
||||||||||||||||
Shipments
(tons)
|
4,605 | 5,863 | 9,806 | 11,414 | ||||||||||||
Prices
($/ton)
|
$ | 7.74 | $ | 7.39 | $ | 7.79 | $ | 7.28 | ||||||||
Cost
of sales ($/ton)
|
$ | 6.38 | $ | 5.76 | $ | 6.33 | $ | 5.60 |
Three
months ended
November
30,
|
Six
months ended
November
30,
|
|||||||||||||||
In
thousands except per unit
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Results
|
||||||||||||||||
Total ready-mix
concrete sales
|
$ | 64,832 | $ | 84,233 | $ | 143,726 | $ | 164,223 | ||||||||
Total
other sales and delivery fees
|
15,812 | 13,798 | 32,142 | 28,334 | ||||||||||||
Total
segment sales
|
80,644 | 98,031 | 175,868 | 192,557 | ||||||||||||
Cost
of products sold
|
76,429 | 89,839 | 168,173 | 175,559 | ||||||||||||
Gross
profit
|
4,215 | 8,192 | 7,695 | 16,998 | ||||||||||||
Selling,
general and administrative
|
(3,716 | ) | (3,931 | ) | (8,031 | ) | (8,836 | ) | ||||||||
Other
income
|
180 | 346 | 565 | 522 | ||||||||||||
Operating
Profit (Loss)
|
$ | 679 | $ | 4,607 | $ | 229 | $ | 8,684 | ||||||||
Ready-mix
concrete
|
||||||||||||||||
Shipments
(cubic yards)
|
769 | 1,050 | 1,716 | 2,048 | ||||||||||||
Prices
($/cubic yard)
|
$ | 84.37 | $ | 80.19 | $ | 83.78 | $ | 80.18 | ||||||||
Cost
of sales ($/cubic yard)
|
$ | 81.96 | $ | 75.18 | $ | 81.52 | $ | 74.55 |
Three
months ended
November
30,
|
Six
months ended
November
30,
|
|||||||||||||||
In
thousands
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Other
income
|
$ | 60 | $ | 115 | $ | 121 | $ | 287 | ||||||||
Selling,
general and administrative
|
(2,253 | ) | (2,173 | ) | (4,799 | ) | (4,484 | ) | ||||||||
$ | (2,193 | ) | $ | (2,058 | ) | $ | (4,678 | ) | $ | (4,197 | ) |
Three
months ended
November
30,
|
Six
months ended
November
30,
|
|||||||||||||||
In
thousands
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Other
income
|
$ | 560 | $ | 2,063 | $ | 2,745 | $ | 2,738 | ||||||||
Selling,
general and administrative
|
(1,051 | ) | (7,379 | ) | (3,001 | ) | (13,188 | ) | ||||||||
$ | (491 | ) | $ | (5,316 | ) | $ | (256 | ) | $ | (10,450 | ) |
(Unaudited)
November
30,
|
May
31,
|
|||||||
In
thousands
|
2008
|
2008
|
||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 62,254 | $ | 39,527 | ||||
Receivables
– net
|
124,867 | 155,676 | ||||||
Inventories
|
141,774 | 130,181 | ||||||
Deferred
income taxes and prepaid expenses
|
30,116 | 30,398 | ||||||
TOTAL
CURRENT ASSETS
|
359,011 | 355,782 | ||||||
OTHER
ASSETS
|
||||||||
Goodwill
|
60,110 | 60,110 | ||||||
Real
estate and investments
|
33,478 | 59,971 | ||||||
Deferred
charges and other
|
15,241 | 11,332 | ||||||
108,829 | 131,413 | |||||||
PROPERTY,
PLANT AND EQUIPMENT
|
||||||||
Land
and land improvements
|
154,692 | 139,544 | ||||||
Buildings
|
57,032 | 56,976 | ||||||
Machinery
and equipment
|
1,233,454 | 1,208,905 | ||||||
Construction
in progress
|
273,654 | 137,083 | ||||||
1,718,832 | 1,542,508 | |||||||
Less
depreciation and depletion
|
543,043 | 514,744 | ||||||
1,175,789 | 1,027,764 | |||||||
$ | 1,643,629 | $ | 1,514,959 | |||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 112,634 | $ | 128,497 | ||||
Accrued
interest, wages and other
|
47,626 | 47,846 | ||||||
Current
portion of long-term debt
|
234 | 7,725 | ||||||
TOTAL
CURRENT LIABILITIES
|
160,494 | 184,068 | ||||||
LONG-TERM
DEBT
|
539,978 | 401,880 | ||||||
DEFERRED
INCOME TAXES AND OTHER CREDITS
|
108,536 | 112,498 | ||||||
SHAREHOLDERS’
EQUITY
|
||||||||
Common
stock, $1 par value
|
27,663 | 27,493 | ||||||
Additional
paid-in capital
|
467,250 | 459,877 | ||||||
Retained
earnings
|
346,659 | 336,279 | ||||||
Accumulated
other comprehensive loss
|
(6,951 | ) | (7,136 | ) | ||||
834,621 | 816,513 | |||||||
$ | 1,643,629 | $ | 1,514,959 |
Three
months ended
November
30,
|
Six
months ended
November
30,
|
|||||||||||||||
In
thousands except per share
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
NET
SALES
|
$ | 221,799 | $ | 268,473 | $ | 478,191 | $ | 531,927 | ||||||||
Cost
of products sold
|
194,006 | 208,271 | 417,760 | 425,708 | ||||||||||||
GROSS
PROFIT
|
27,793 | 60,202 | 60,431 | 106,219 | ||||||||||||
Selling,
general and administrative
|
15,864 | 21,064 | 33,202 | 43,247 | ||||||||||||
Interest
|
9,296 | -- | 16,541 | -- | ||||||||||||
Loss
on debt retirements
|
-- | -- | 907 | -- | ||||||||||||
Other
income
|
(2,211 | ) | (3,442 | ) | (10,452 | ) | (5,695 | ) | ||||||||
22,949 | 17,622 | 40,198 | 37,552 | |||||||||||||
INCOME
BEFORE INCOME TAXES
|
4,844 | 42,580 | 20,233 | 68,667 | ||||||||||||
Income
taxes
|
991 | 13,265 | 5,722 | 21,438 | ||||||||||||
NET
INCOME
|
$ | 3,853 | $ | 29,315 | $ | 14,511 | $ | 47,229 | ||||||||
Net
income per share
|
||||||||||||||||
Basic
|
$ | .14 | $ | 1.07 | $ | .53 | $ | 1.73 | ||||||||
Diluted
|
$ | .14 | $ | 1.05 | $ | .52 | $ | 1.69 | ||||||||
Average
shares outstanding
|
||||||||||||||||
Basic
|
27,566 | 27,348 | 27,536 | 27,340 | ||||||||||||
Diluted
|
27,782 | 27,849 | 27,806 | 27,873 | ||||||||||||
Cash
dividends per share
|
$ | .075 | $ | .075 | $ | .15 | $ | .15 |
Six
months ended
November
30,
|
||||||||
In
thousands
|
2008
|
2007
|
||||||
OPERATING
ACTIVITIES
|
||||||||
Net
income
|
$ | 14,511 | $ | 47,229 | ||||
Adjustments
to reconcile net income to cash provided by operating
activities
|
||||||||
Depreciation,
depletion and amortization
|
34,016 | 27,164 | ||||||
Gains
on asset disposals
|
(427 | ) | (917 | ) | ||||
Deferred
income taxes
|
4,052 | 1,127 | ||||||
Stock-based
compensation expense (credit)
|
(7,829 | ) | (1,325 | ) | ||||
Excess
tax benefits from stock-based compensation
|
(1,766 | ) | (3,383 | ) | ||||
Loss
on debt retirements
|
907 | -- | ||||||
Other
– net
|
(1,067 | ) | (945 | ) | ||||
Changes
in operating assets and liabilities
|
||||||||
Receivables
– net
|
30,074 | (21,357 | ) | |||||
Inventories
|
(11,593 | ) | 8,643 | |||||
Prepaid
expenses
|
914 | 1,920 | ||||||
Accounts
payable and accrued liabilities
|
(23,454 | ) | 2,320 | |||||
Net
cash provided by operating activities
|
38,338 | 60,476 | ||||||
INVESTING
ACTIVITIES
|
||||||||
Capital
expenditures – expansions
|
(123,420 | ) | (138,364 | ) | ||||
Capital
expenditures – other
|
(51,911 | ) | (36,724 | ) | ||||
Cash
designated for property acquisitions
|
28,733 | -- | ||||||
Proceeds
from asset disposals
|
865 | 2,366 | ||||||
Investments
in life insurance contracts
|
2,263 | 65,529 | ||||||
Other
– net
|
175 | 55 | ||||||
Net
cash used by investing activities
|
(143,295 | ) | (107,138 | ) | ||||
FINANCING
ACTIVITIES
|
||||||||
Long-term
borrowings
|
327,250 | 189,000 | ||||||
Debt
retirements
|
(197,610 | ) | (130,237 | ) | ||||
Debt
issuance costs
|
(3,476 | ) | (1,033 | ) | ||||
Stock
option exercises
|
3,885 | 730 | ||||||
Excess
tax benefits from stock-based compensation
|
1,766 | 3,383 | ||||||
Common
dividends paid
|
(4,131 | ) | (4,103 | ) | ||||
Net
cash provided by financing activities
|
127,684 | 57,740 | ||||||
Increase
in cash and cash equivalents
|
22,727 | 11,078 | ||||||
Cash
and cash equivalents at beginning of period
|
39,527 | 15,138 | ||||||
Cash
and cash equivalents at end of period
|
$ | 62,254 | $ | 26,216 |
FY2003
|
FY2004
|
FY2005
|
FY2006
|
FY2007
|
FY2008
|
FY2009
|
|||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
||||||
Shipments
|
|||||||||||||||
Cement
(Thousands of Tons)
|
4,900
|
5,298
|
5,394
|
5,136
|
5,074
|
1,290
|
1,319
|
1,142
|
1,284
|
5,035
|
1,218
|
1,083
|
2,301
|
||
Aggregates
(Thousands of Tons)
|
19,003
|
22,282
|
23,616
|
25,246
|
22,114
|
5,551
|
5,863
|
5,010
|
5,427
|
21,851
|
5,201
|
4,605
|
9,806
|
||
Ready-mix
(Thousands of Cubic Yards)
|
3,513
|
3,562
|
3,678
|
3,830
|
3,665
|
998
|
1,050
|
857
|
939
|
3,844
|
947
|
769
|
1,716
|
||
Price
|
|||||||||||||||
Cement
($ per Ton)
|
68.90
|
68.48
|
75.05
|
87.14
|
95.06
|
95.69
|
92.88
|
91.01
|
92.49
|
93.07
|
91.43
|
90.87
|
91.17
|
||
Aggregates
($ per Ton)
|
5.55
|
5.43
|
5.68
|
6.08
|
7.03
|
7.17
|
7.39
|
7.52
|
7.69
|
7.44
|
7.82
|
7.74
|
7.79
|
||
Ready-mix
($ per Cubic Yard)
|
57.88
|
57.94
|
60.54
|
69.25
|
75.87
|
80.17
|
80.19
|
81.26
|
81.71
|
80.83
|
83.30
|
84.37
|
83.78
|
||
Net
Sales
|
-
|
||||||||||||||
Cement
|
337,624
|
362,824
|
404,823
|
447,594
|
482,379
|
123,423
|
122,586
|
103,891
|
118,773
|
468,673
|
111,404
|
98,407
|
209,811
|
||
Aggregates
|
105,521
|
120,997
|
134,220
|
153,480
|
155,562
|
39,804
|
43,324
|
37,699
|
41,755
|
162,582
|
40,679
|
35,667
|
76,346
|
||
Ready-mix
|
203,349
|
206,394
|
222,680
|
265,254
|
278,067
|
79,990
|
84,233
|
69,699
|
76,730
|
310,652
|
78,894
|
64,832
|
143,726
|
||
Other
|
117,810
|
116,108
|
104,847
|
118,555
|
119,798
|
32,175
|
31,375
|
30,155
|
38,901
|
132,606
|
32,275
|
28,498
|
60,773
|
||
Interplant
|
(100,478)
|
(98,353)
|
(105,576)
|
(121,127)
|
(118,406)
|
(32,432)
|
(34,750)
|
(30,488)
|
(32,791)
|
(130,461)
|
(31,992)
|
(27,398)
|
(59,390)
|
||
Delivery
Fees
|
54,292
|
59,209
|
73,809
|
80,166
|
78,850
|
20,494
|
21,705
|
19,579
|
23,024
|
84,802
|
25,132
|
21,793
|
46,925
|
||
Net
Sales
|
718,118
|
767,179
|
834,803
|
943,922
|
996,250
|
263,454
|
268,473
|
230,535
|
266,392
|
1,028,854
|
256,392
|
221,799
|
478,191
|
||
Costs
and Expenses (Income)
|
|||||||||||||||
Cost
of Products Sold
|
596,737
|
637,347
|
692,414
|
766,941
|
760,160
|
217,437
|
208,271
|
190,980
|
218,331
|
835,019
|
223,754
|
194,006
|
417,760
|
||
Selling,
General and Administrative
|
70,666
|
74,814
|
78,434
|
88,663
|
108,106
|
22,183
|
21,064
|
20,717
|
32,256
|
96,220
|
17,338
|
15,864
|
33,202
|
||
Interest
|
14,827
|
24,102
|
23,533
|
31,155
|
14,074
|
-
|
-
|
-
|
2,505
|
2,505
|
7,245
|
9,296
|
16,541
|
||
Loss
on Debt Retirements and Spin-off Charges
|
12,302
|
894
|
113,247
|
48
|
-
|
-
|
-
|
-
|
907
|
907
|
|||||
Other
Income
|
(4,762)
|
(40,482)
|
(22,727)
|
(47,270)
|
(36,629)
|
(2,253)
|
(3,442)
|
(2,086)
|
(23,782)
|
(31,563)
|
(8,241)
|
(2,211)
|
(10,452)
|
||
677,468
|
708,083
|
772,548
|
952,736
|
845,759
|
237,367
|
225,893
|
209,611
|
229,310
|
902,181
|
241,003
|
216,955
|
-
|
-
|
457,958
|
|
Income
from Continuing Operations Before Income Taxes
|
40,650
|
59,096
|
62,255
|
(8,814)
|
150,491
|
26,087
|
42,580
|
20,924
|
37,082
|
126,673
|
15,389
|
4,844
|
-
|
-
|
20,233
|
Income
Taxes
|
13,485
|
16,819
|
16,811
|
(8,225)
|
49,584
|
8,173
|
13,265
|
6,300
|
11,521
|
39,259
|
4,731
|
991
|
5,722
|
||
Income
from Continuing Operations
|
27,165
|
42,277
|
45,444
|
(589)
|
100,907
|
17,914
|
29,315
|
14,624
|
25,561
|
87,414
|
10,658
|
3,853
|
-
|
-
|
14,511
|
Income
(Loss) from Discontinued Operations - net of Income Taxes
|
(51,362)
|
(4,378)
|
79,079
|
8,691
|
-
|
-
|
-
|
||||||||
Income
(Loss) before Accounting Change
|
(24,197)
|
37,899
|
124,523
|
8,102
|
100,907
|
17,914
|
29,315
|
14,624
|
25,561
|
87,414
|
10,658
|
3,853
|
-
|
-
|
14,511
|
Cumulative
Effect of Accounting Change - net of Income Taxes
|
-
|
(1,551)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net
Income
|
(24,197)
|
36,348
|
124,523
|
8,102
|
100,907
|
17,914
|
29,315
|
14,624
|
25,561
|
87,414
|
10,658
|
3,853
|
-
|
-
|
14,511
|
5/31/2004
|
5/31/2005
|
5/31/2006
|
5/31/2007
|
8/31/2007
|
11/30/2007
|
2/29/2008
|
5/31/2008
|
8/31/2008
|
11/30/2008
|
2/28/2009
|
5/31/2009
|
||
Cash
|
133,053
|
251,600
|
84,139
|
15,138
|
5,165
|
26,216
|
9,632
|
39,527
|
118,548
|
62,254
|
|||
Short-term
Investments
|
-
|
-
|
50,606
|
-
|
-
|
-
|
|||||||
Accounts
Receivable
|
108,364
|
117,363
|
132,849
|
142,610
|
160,079
|
163,990
|
151,708
|
155,676
|
140,703
|
124,867
|
|||
Inventories
|
89,373
|
83,291
|
102,052
|
121,467
|
112,517
|
112,824
|
123,735
|
130,181
|
142,695
|
141,774
|
|||
Deferred
Income Taxes and Prepaid Expenses
|
31,553
|
28,754
|
33,599
|
17,621
|
13,047
|
19,785
|
22,482
|
30,398
|
28,449
|
30,116
|
|||
Total
Current Assets
|
362,343
|
481,008
|
403,245
|
296,836
|
290,808
|
322,815
|
307,557
|
355,782
|
430,395
|
359,011
|
-
|
-
|
|
Goodwill
|
61,307
|
61,307
|
58,395
|
58,395
|
58,395
|
60,110
|
60,110
|
60,110
|
60,110
|
60,110
|
|||
Real
Estate and Investments
|
42,430
|
100,200
|
125,913
|
111,414
|
112,217
|
48,037
|
23,834
|
59,971
|
34,720
|
33,478
|
|||
Deferred
Income Taxes, Intangibles and Other Charges
|
39,259
|
27,571
|
22,706
|
11,369
|
12,031
|
12,097
|
11,376
|
11,332
|
13,907
|
15,241
|
|||
Net
Assets of Discontinued Operations
|
798,353
|
836,100
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||
941,349
|
1,025,178
|
207,014
|
181,178
|
182,643
|
120,244
|
95,320
|
131,413
|
108,737
|
108,829
|
-
|
-
|
||
Property,
Plant and Equipment
|
865,133
|
882,816
|
953,474
|
1,289,654
|
1,366,431
|
1,442,445
|
1,484,417
|
1,542,508
|
1,624,749
|
1,718,832
|
|||
Accumulated
Depreciation
|
452,324
|
470,163
|
483,163
|
505,432
|
510,881
|
517,557
|
525,274
|
514,744
|
527,243
|
543,043
|
|||
Net
Property, Plant and Equipment
|
412,809
|
412,653
|
470,311
|
784,222
|
855,550
|
924,888
|
959,143
|
1,027,764
|
1,097,506
|
1,175,789
|
-
|
-
|
|
Total
Assets
|
1,716,501
|
1,918,839
|
1,080,570
|
1,262,236
|
1,329,001
|
1,367,947
|
1,362,020
|
1,514,959
|
1,636,638
|
1,643,629
|
-
|
-
|
|
Accounts
Payable
|
53,497
|
58,022
|
63,581
|
109,749
|
94,516
|
115,408
|
89,895
|
128,497
|
123,221
|
112,634
|
|||
Accrued
Interest, Wages and Other Items
|
38,833
|
49,449
|
55,059
|
57,891
|
41,710
|
50,568
|
42,754
|
47,846
|
33,881
|
47,626
|
|||
Current
Portion of Long Term Debt
|
699
|
688
|
681
|
1,340
|
213
|
217
|
221
|
7,725
|
229
|
234
|
|||
Total
Current Liabilities
|
93,029
|
108,159
|
119,321
|
168,980
|
136,439
|
166,193
|
132,870
|
184,068
|
157,331
|
160,494
|
-
|
-
|
|
Long
Term Debt
|
598,412
|
603,126
|
251,505
|
274,416
|
353,585
|
334,517
|
344,438
|
401,880
|
539,195
|
539,978
|
|||
Convertible
Subordinated Debentures
|
199,937
|
199,937
|
159,725
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Deferred
Income Taxes and Other Credits
|
63,139
|
80,050
|
76,955
|
90,358
|
89,400
|
89,014
|
90,274
|
112,498
|
111,187
|
108,536
|
|||
Shareholders
Equity
|
761,984
|
927,567
|
473,064
|
728,482
|
749,577
|
778,223
|
794,438
|
816,513
|
828,925
|
834,621
|
|||
Total
Liabilities and Shareholders Equity
|
1,716,501
|
1,918,839
|
1,080,570
|
1,262,236
|
1,329,001
|
1,367,947
|
1,362,020
|
1,514,959
|
1,636,638
|
1,643,629
|
-
|
-
|
FY2003
|
FY2004
|
FY2005
|
FY2006
|
FY2007
|
FY2008
|
FY2009
|
|||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
||||||
CONTINUING
OPERATIONS
|
|||||||||||||||
Operating
Activities
|
|||||||||||||||
Income
from Continuing Operations
|
27,165
|
42,277
|
45,444
|
(589)
|
100,907
|
17,914
|
29,315
|
14,624
|
25,561
|
87,414
|
10,658
|
3,853
|
-
|
-
|
14,511
|
Adjustments
to Reconcile Income from Continuing Operations to Cash Provided (Used) by
Continuing Operating Activities
|
|||||||||||||||
Loss
on Debt Retirements
|
-
|
12,302
|
-
|
107,006
|
48
|
-
|
-
|
907
|
907
|
||||||
Loss
(Gain) on Asset Disposals
|
687
|
(37,997)
|
(6,582)
|
(34,768)
|
(2,917)
|
(455)
|
(462)
|
(279)
|
(18,214)
|
(19,410)
|
(280)
|
(147)
|
(427)
|
||
Depreciation,
Depletion and Amortization
|
49,196
|
47,409
|
46,474
|
44,955
|
46,356
|
13,318
|
13,846
|
13,816
|
14,597
|
55,577
|
16,865
|
17,151
|
34,016
|
||
Deferred
Income Taxes (Benefit)
|
(27,726)
|
319
|
33,811
|
6,581
|
11,354
|
513
|
614
|
3,527
|
14,913
|
19,567
|
2,543
|
1,509
|
4,052
|
||
Other
- Net
|
6,000
|
5,391
|
8,889
|
7,570
|
15,406
|
(5,146)
|
(507)
|
753
|
6,471
|
1,571
|
(6,278)
|
(4,384)
|
(10,662)
|
||
Changes
in Operating Assets and Liabilities
|
-
|
-
|
-
|
-
|
|||||||||||
Receivables
Sold
|
(7,321)
|
(72,032)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||
Accounts
Receivable - Net
|
(1,258)
|
1,052
|
(8,873)
|
(5,060)
|
846
|
(17,458)
|
(3,899)
|
12,312
|
(20,462)
|
(29,507)
|
14,269
|
15,805
|
30,074
|
||
Inventories
|
(1,635)
|
1,664
|
6,082
|
(18,761)
|
(18,975)
|
8,950
|
(307)
|
(10,911)
|
(6,446)
|
(8,714)
|
(12,515)
|
922
|
(11,593)
|
||
Prepaid
Expenses
|
2,099
|
(5,744)
|
(1,680)
|
63
|
1,392
|
1,735
|
185
|
286
|
(4,239)
|
(2,033)
|
1,366
|
(452)
|
914
|
||
Accounts
Payable and Accrued Liabilities
|
3,889
|
(3,011)
|
17,017
|
(12,155)
|
31,541
|
(5,319)
|
7,639
|
(18,287)
|
13,057
|
(2,910)
|
(16,920)
|
(6,534)
|
(23,454)
|
||
Other
Credits
|
2,819
|
7,375
|
3,838
|
2,527
|
-
|
-
|
-
|
-
|
-
|
||||||
Cash
Provided (Used) by Continuing Operations
|
53,915
|
(995)
|
144,420
|
97,369
|
185,958
|
14,052
|
46,424
|
15,841
|
25,238
|
101,555
|
10,615
|
27,723
|
-
|
-
|
38,338
|
Investing
Activities
|
|||||||||||||||
Capital
Expenditures
|
(32,327)
|
(15,887)
|
(46,178)
|
(110,245)
|
(317,658)
|
(103,592)
|
(71,496)
|
(66,592)
|
(70,845)
|
(312,525)
|
(88,736)
|
(86,595)
|
(175,331)
|
||
Proceeds
from Asset Disposals
|
11,258
|
47,243
|
7,136
|
23,107
|
5,552
|
1,288
|
1,078
|
1,562
|
30,994
|
34,922
|
512
|
353
|
865
|
||
Purchases
of Short-term Investments - net
|
(50,500)
|
50,500
|
-
|
-
|
-
|
-
|
|||||||||
Investments
in Insurance Contracts
|
(713)
|
(1,162)
|
(58,798)
|
(4,366)
|
(6,061)
|
(415)
|
65,944
|
22,611
|
11,063
|
99,203
|
1,464
|
799
|
2,263
|
||
Other
- Net
|
2,961
|
(2,875)
|
(677)
|
612
|
(336)
|
(24)
|
79
|
163
|
(28,850)
|
(28,632)
|
27,150
|
1,758
|
28,908
|
||
Cash
Provided (Used) by Investing Activities
|
(18,821)
|
27,319
|
(98,517)
|
(141,392)
|
(268,003)
|
(102,743)
|
(4,395)
|
(42,256)
|
(57,638)
|
(207,032)
|
(59,610)
|
(83,685)
|
-
|
-
|
(143,295)
|
Financing
Activities
|
|||||||||||||||
Long
Term Borrowings
|
366,640
|
718,097
|
-
|
250,000
|
38,000
|
124,000
|
65,000
|
24,000
|
153,000
|
366,000
|
327,250
|
327,250
|
|||
Debt
Retirements
|
(371,344)
|
(592,398)
|
(699)
|
(600,700)
|
(25,521)
|
(46,173)
|
(84,064)
|
(14,076)
|
(88,053)
|
(232,366)
|
(197,555)
|
(55)
|
(197,610)
|
||
Debt
Issuance Costs
|
(1,458)
|
(16,378)
|
(39)
|
(7,363)
|
-
|
(944)
|
(89)
|
(119)
|
(1,008)
|
(2,160)
|
(2,306)
|
(1,170)
|
(3,476)
|
||
Debt
Retirement Costs
|
(8,605)
|
-
|
(96,029)
|
(6)
|
-
|
-
|
-
|
||||||||
Interest
Rate Swap Terminations
|
8,358
|
(6,315)
|
-
|
-
|
-
|
-
|
-
|
||||||||
Stock
Option Exercises
|
512
|
2,541
|
41,399
|
7,510
|
6,394
|
599
|
131
|
1,948
|
637
|
3,315
|
1,480
|
2,405
|
3,885
|
||
Common
Dividends Paid
|
(6,315)
|
(6,336)
|
(6,643)
|
(6,908)
|
(7,517)
|
(2,051)
|
(2,052)
|
(2,058)
|
(2,061)
|
(8,222)
|
(2,065)
|
(2,066)
|
(4,131)
|
||
Other
- Net
|
(1,961)
|
(26)
|
-
|
-
|
1,694
|
3,287
|
96
|
136
|
(220)
|
3,299
|
1,212
|
554
|
1,766
|
||
Cash
Provided (Used) by Financing Activities
|
(13,926)
|
105,253
|
27,703
|
(453,490)
|
13,044
|
78,718
|
(20,978)
|
9,831
|
62,295
|
129,866
|
128,016
|
(332)
|
-
|
-
|
127,684
|
Net
Cash Provided (Used) by Continuing Operations
|
21,168
|
131,577
|
73,606
|
(497,513)
|
(69,001)
|
(9,973)
|
21,051
|
(16,584)
|
29,895
|
24,389
|
79,021
|
(56,294)
|
-
|
-
|
22,727
|
DISCONTINUED
OPERATIONS
|
|||||||||||||||
Cash
Provided (Used) by Discontinued Operating Activities
|
(5,797)
|
12,668
|
73,104
|
(7,778)
|
-
|
-
|
-
|
||||||||
Cash
Used by Discontinued Investing Activities
|
(23,265)
|
(14,068)
|
(28,163)
|
(2,757)
|
-
|
-
|
-
|
||||||||
Cash
Used by Discontinued Financing Activities
|
(2,117)
|
-
|
-
|
340,587
|
-
|
-
|
-
|
||||||||
Net
Cash Provided (Used) by Discontinued Operations
|
(31,179)
|
(1,400)
|
44,941
|
330,052
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Increase
(Decrease) in Cash and Cash Equivalents
|
(10,011)
|
130,177
|
118,547
|
(167,461)
|
(69,001)
|
(9,973)
|
21,051
|
(16,584)
|
29,895
|
24,389
|
79,021
|
(56,294)
|
-
|
-
|
22,727
|
Beginning
Cash and Cash Equivalents
|
12,887
|
2,876
|
133,053
|
251,600
|
84,139
|
15,138
|
5,165
|
26,216
|
9,632
|
15,138
|
39,527
|
118,548
|
39,527
|
||
Ending
Cash and Cash Equivalents
|
2,876
|
133,053
|
251,600
|
84,139
|
15,138
|
5,165
|
26,216
|
9,632
|
39,527
|
39,527
|
118,548
|
62,254
|
-
|
-
|
62,254
|
FY2003
|
FY2004
|
FY2005
|
FY2006
|
FY2007
|
FY2008
|
FY2009
|
|||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
||||||
EBITDA
Defined
|
|||||||||||||||
Net
Income (Loss) from Continuing Operations
|
27,165
|
42,277
|
45,444
|
(589)
|
100,907
|
17,914
|
29,315
|
14,624
|
25,561
|
87,414
|
10,658
|
3,853
|
-
|
-
|
14,511
|
Plus
(minus):
|
|||||||||||||||
Interest
|
14,827
|
24,102
|
23,533
|
31,155
|
14,074
|
-
|
-
|
-
|
2,505
|
2,505
|
7,245
|
9,296
|
-
|
-
|
16,541
|
Income
Taxes (Benefit)
|
13,485
|
16,819
|
16,811
|
(8,225)
|
49,584
|
8,173
|
13,265
|
6,300
|
11,521
|
39,259
|
4,731
|
991
|
-
|
-
|
5,722
|
Depreciation,
Depletion & Amortization
|
49,196
|
47,409
|
46,474
|
44,955
|
46,356
|
13,318
|
13,846
|
13,816
|
14,597
|
55,577
|
16,865
|
17,151
|
-
|
-
|
34,016
|
Loss
on Early Retirement of Debt and Spin-off Charges
|
-
|
12,302
|
894
|
113,247
|
48
|
-
|
-
|
-
|
-
|
-
|
907
|
-
|
-
|
-
|
907
|
EBITDA
|
104,673
|
142,909
|
133,156
|
180,543
|
210,969
|
39,405
|
56,426
|
34,740
|
54,184
|
184,755
|
40,406
|
31,291
|
-
|
-
|
71,697
|
EBITDA
represents income from continuing operations before interest, income
taxes, depreciation and amortization, and loss on early retirement of
debt
|
|||||||||||||||
EBITDA
is presented because we believe it is a useful indicator of our
performance and our ability to meet debt service and capital expenditure
requirements.
|
|||||||||||||||
It
is not, however, intended as an alternative measure of operating results
or cash flow from operations as determined in accordance with generally
accepted accounting principles.
|
|||||||||||||||
EBITDA
is not necessarily comparable to similarly titled measures used by other
companies.
|
|||||||||||||||
EBITDA
Reconciliation
|
|||||||||||||||
Cash
from Continuing Operating Activities
|
53,915
|
(995)
|
144,420
|
97,369
|
185,958
|
14,052
|
46,424
|
15,841
|
25,238
|
101,555
|
10,615
|
27,723
|
-
|
-
|
38,338
|
Plus
(minus):
|
|||||||||||||||
Changes
in Operating Assets and Liabilities
|
1,407
|
70,696
|
(16,384)
|
33,386
|
(14,804)
|
12,092
|
(3,618)
|
16,600
|
18,090
|
43,164
|
13,800
|
(9,741)
|
-
|
-
|
4,059
|
Deferred
Taxes (Benefit)
|
27,726
|
(319)
|
(33,811)
|
(6,581)
|
(11,354)
|
(513)
|
(614)
|
(3,527)
|
(14,913)
|
(19,567)
|
(2,543)
|
(1,509)
|
-
|
-
|
(4,052)
|
Income
Taxes (Benefit)
|
13,485
|
16,819
|
16,811
|
(8,225)
|
49,584
|
8,173
|
13,265
|
6,300
|
11,521
|
39,259
|
4,731
|
991
|
-
|
-
|
5,722
|
Loss
(Gain) on Disposal of Assets
|
(687)
|
37,997
|
6,582
|
34,768
|
2,917
|
455
|
462
|
279
|
18,214
|
19,410
|
280
|
147
|
-
|
-
|
427
|
Interest
|
14,827
|
24,102
|
23,533
|
31,155
|
14,074
|
-
|
-
|
-
|
2,505
|
2,505
|
7,245
|
9,296
|
-
|
-
|
16,541
|
Spin-off
Charges
|
-
|
-
|
894
|
6,241
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other
- net
|
(6,000)
|
(5,391)
|
(8,889)
|
(7,570)
|
(15,406)
|
5,146
|
507
|
(753)
|
(6,471)
|
(1,571)
|
6,278
|
4,384
|
-
|
-
|
10,662
|
EBITDA
|
104,673
|
142,909
|
133,156
|
180,543
|
210,969
|
39,405
|
56,426
|
34,740
|
54,184
|
184,755
|
40,406
|
31,291
|
-
|
-
|
71,697
|
FY2004
|
FY2005
|
FY2006
|
FY2007
|
FY2008
|
FY2009
|
|||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|||||
Segment
Net Sales (Including Delivery Fees)
|
||||||||||||||
Cement
|
383,623
|
431,895
|
471,482
|
504,923
|
129,497
|
129,234
|
110,797
|
126,457
|
495,985
|
121,363
|
108,048
|
229,411
|
||
Aggregates
|
206,970
|
225,972
|
256,109
|
273,958
|
71,863
|
75,958
|
68,166
|
78,110
|
294,097
|
71,797
|
60,505
|
132,302
|
||
Consumer
Products
|
274,939
|
282,512
|
337,458
|
335,775
|
94,526
|
98,031
|
82,060
|
94,616
|
369,233
|
95,224
|
80,644
|
175,868
|
||
Eliminations
|
(98,353)
|
(105,576)
|
(121,127)
|
(118,406)
|
(32,432)
|
(34,750)
|
(30,488)
|
(32,791)
|
(130,461)
|
(31,992)
|
(27,398)
|
(59,390)
|
||
Total
Net Sales
|
767,179
|
834,803
|
943,922
|
996,250
|
263,454
|
268,473
|
230,535
|
266,392
|
1,028,854
|
256,392
|
221,799
|
-
|
-
|
478,191
|
Operating
Profit
|
||||||||||||||
Cement
|
66,069
|
82,719
|
110,953
|
172,331
|
17,218
|
33,950
|
24,299
|
26,031
|
101,498
|
17,305
|
9,452
|
26,757
|
||
Aggregtates
|
19,047
|
29,902
|
48,339
|
31,251
|
11,660
|
11,085
|
5,304
|
28,043
|
56,092
|
8,936
|
6,693
|
15,629
|
||
Consumer
Products
|
11,013
|
5,259
|
10,349
|
9,846
|
4,077
|
4,607
|
(481)
|
3,380
|
11,583
|
(450)
|
679
|
229
|
||
Unallocated
Overhead and Other Income-Net
|
26,680
|
(4,307)
|
(10,181)
|
(11,728)
|
(1,734)
|
(1,746)
|
(2,624)
|
(3,863)
|
(9,967)
|
(2,485)
|
(2,193)
|
(4,678)
|
||
Total
Operating Profit
|
122,809
|
113,573
|
159,460
|
201,700
|
31,221
|
47,896
|
26,498
|
53,591
|
159,206
|
23,306
|
14,631
|
-
|
-
|
37,937
|
Corporate
|
||||||||||||||
Selling,
General and Administrative
|
(28,658)
|
(33,272)
|
(39,110)
|
(45,194)
|
(5,809)
|
(7,379)
|
(6,119)
|
(14,585)
|
(33,892)
|
(1,950)
|
(1,051)
|
(3,001)
|
||
Interest
|
(24,102)
|
(23,533)
|
(31,155)
|
(14,074)
|
-
|
(2,505)
|
(2,505)
|
(7,245)
|
(9,296)
|
(16,541)
|
||||
Loss
on Debt Retirements and Spin-off Charges
|
(12,302)
|
(894)
|
(113,247)
|
(48)
|
-
|
-
|
(907)
|
(907)
|
||||||
Other
Income
|
1,349
|
6,381
|
15,238
|
8,107
|
675
|
2,063
|
545
|
581
|
3,864
|
2,185
|
560
|
2,745
|
||
Income
(loss) from Continuing Operations before Income Taxes
|
59,096
|
62,255
|
(8,814)
|
150,491
|
26,087
|
42,580
|
20,924
|
37,082
|
126,673
|
15,389
|
4,844
|
-
|
-
|
20,233
|
Major
Gains (Losses) in Other Income
|
||||||||||||||
Unallocated
Overhead - Sale of Brick Assets
|
34,710
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Aggregates
- Sale of Emissions Credits
|
-
|
6,225
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Aggregates
- Sale of Real Estate
|
-
|
-
|
23,987
|
-
|
-
|
-
|
-
|
5,146
|
5,146
|
-
|
||||
Cement
- Cement Antidumping Settlement
|
-
|
-
|
-
|
19,803
|
-
|
-
|
-
|
-
|
-
|
-
|
||||
Sale
of Southern Louisiana Aggregates Operation
|
10,093
|
10,093
|
-
|
|||||||||||
Cement
- Sale of Emissions Credits
|
3,879
|
3,879
|
-
|
|||||||||||
Corporate
- Oil and Gas Bonus Payment
|
1,636
|
|||||||||||||
Cement
- Oil and Gas Bonus Payment
|
2,781
|
FY2008
|
FY2009
|
|||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
|
Segment
Net Sales (Including Delivery Fees) as Reclassified August
2008
|
||||||||||
Cement
|
131,135
|
131,309
|
262,444
|
121,363
|
108,048
|
229,411
|
||||
Aggregates
|
70,225
|
73,883
|
144,108
|
71,797
|
60,505
|
132,302
|
||||
Operating
Profit as Reclassified August 2008
|
||||||||||
Cement
|
17,841
|
34,477
|
52,318
|
17,305
|
9,452
|
26,757
|
||||
Aggregates
|
11,442
|
10,870
|
22,312
|
8,936
|
6,693
|
15,629
|
||||
Unallocated
Overhead and Other Income-Net
|
(2,139)
|
(2,058)
|
(4,197)
|
(2,485)
|
(2,193)
|
(4,678)
|