EX-99 2 exh_991.htm EXHIBIT 99.1 TXI Reports Second Quarter Results

EXHIBIT 99.1

TXI Reports Second Quarter Results

DALLAS, Jan. 7, 2010 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended November 30, 2009. Net income was a loss of $3.7 million (<$.13> per share) and included after tax gains from sales of emission credits of $2.1 million ($.08 per share). Net income for the quarter ended November 30, 2008 was $3.1 million ($.11 per share).

General Comments

"We were able to maintain our gross profit margin compared to last year despite sales being down 36%," stated Mel Brekhus, President and Chief Executive Officer. "Abnormally inclement weather in our Texas market and the continuing impact of the recession led to cement, aggregate and ready-mix concrete volumes being down 32%, 43% and 35%, respectively."

"The ability to maintain our gross profit margin reflects our continued successful focus on cost management. I believe our operational focus of managing costs and generating cash along with our strong liquidity position have us well positioned to take advantage of the recovery that is expected to begin sometime during 2010," added Brekhus.

A teleconference will be held today, January 7, 2010 at 1:00 p.m. Central Standard Time to further discuss quarter results. A real-time webcast of the conference is available by logging on to TXI's website at www.txi.com.

The following is a summary of operating results for our business segments and certain other information related to our principal products and non-operating income and expenses.

Cement Operations


                            Three months ended      Six months ended
                               November 30,           November 30,
 ---------------------------------------------------------------------
 In thousands except per
  unit                        2009       2008       2009       2008
 ---------------------------------------------------------------------

 Operating Results
  Total cement sales       $  61,726  $  98,407  $ 140,186  $ 209,811
  Total other sales and
   delivery fees               6,457      9,641     13,193     19,600
                           ---------  ---------  ---------  ---------
   Total segment sales        68,183    108,048    153,379    229,411
  Cost of products sold       58,359     94,206    128,218    198,763
                           ---------  ---------  ---------  ---------
   Gross profit                9,824     13,842     25,161     30,648
  Selling, general and
   administrative             (4,359)    (6,082)    (9,033)   (11,487)
  Other income                 4,670      1,008      6,413      6,272
                           ---------  ---------  ---------  ---------
   Operating Profit        $  10,135  $   8,768  $  22,541  $  25,433
                           =========  =========  =========  =========
 Cement
  Shipments (tons)               738      1,083      1,653      2,301
  Prices ($/ton)              $83.64     $90.87     $84.78     $91.17
  Cost of sales ($/ton)       $71.98     $79.04     $70.16     $79.15

Three months ended November 30, 2009

Cement operating profit for the three-month period ended November 30, 2009 was $10.1 million, an increase of $1.4 million from the prior year period.

Total segment sales for the three-month period ended November 30, 2009 were $68.2 million compared to $108.0 million for the prior year period. Cement sales decreased $36.7 million as construction activity continued to decline in both our Texas and California market areas. Abnormally inclement weather in our Texas market area also contributed to the decline in construction activity during the current period. Our Texas market area accounted for approximately 69% of cement sales in the current period compared to 70% of cement sales in the prior year period. Shipments decreased 34% in our Texas market area and 26% in our California market area. Average cement prices decreased 6% in our Texas market area and 12% in our California market area.

Cost of products sold for the three-month period ended November 30, 2009 decreased $35.8 million from the prior year period primarily due to lower shipments and our efforts to manage costs. Cement unit costs decreased 9% from the prior year period on lower raw materials and supplies and maintenance costs. Supplies and maintenance costs in the prior year period included approximately $8 million related to scheduled maintenance at our north Texas cement plant.

Selling, general and administrative expense for the three-month period ended November 30, 2009 decreased $1.7 million from the prior year period. Lower overall expenses, including wages and benefits, marketing, travel, and legal, professional and other outside service expenses, as a result of our focus on reducing costs were offset in part by $0.5 million higher defined benefit plan expense.

Other income for the three-month period ended November 30, 2009 increased $3.7 million from the prior year period. In addition to increased royalty income of $0.3 million, other income in the current period includes gains of $3.4 million from sales of emission credits associated with our Crestmore cement plant in Riverside, California.

Aggregate Operations


                               Three months ended   Six months ended
                                   November 30,       November 30,
 ---------------------------------------------------------------------
 In thousands except per unit    2009      2008      2009      2008
 ---------------------------------------------------------------------

 Operating Results
  Total stone, sand and gravel
   sales                       $ 20,217  $ 35,667  $ 48,011  $ 76,346
  Total other sales and
   delivery fees                 16,070    24,838    38,377    55,956
                               --------  --------  --------  --------
   Total segment sales           36,287    60,505    86,388   132,302
  Cost of products sold          32,001    51,908    71,156   111,364
                               --------  --------  --------  --------
   Gross profit                   4,286     8,597    15,232    20,938
  Selling, general and
   administrative                (2,489)   (3,506)   (5,194)   (7,329)
  Other income                      432       463       830       870
                               --------  --------  --------  --------
   Operating Profit            $  2,229  $  5,554  $ 10,868  $ 14,479
                               ========  ========  ========  ========

 Stone, sand and gravel
  Shipments (tons)                2,642     4,605     6,065     9,806
  Prices ($/ton)                  $7.65     $7.74     $7.92     $7.79
  Cost of sales ($/ton)           $7.03     $6.62     $6.61     $6.44

Three months ended November 30, 2009

Aggregate operating profit for the three-month period ended November 30, 2009 was $2.2 million, a decrease of $3.3 million from the prior year period.

Total segment sales for the three-month period ended November 30, 2009 were $36.3 million compared to $60.5 million for the prior year period. Stone, sand and gravel sales decreased $15.5 million on 1% lower average prices and 43% lower shipments as construction activity continued to decline in our Texas market area. Abnormally inclement weather also contributed to the decline in construction activity during the current period.

Cost of products sold for the three-month period ended November 30, 2009 decreased $19.9 million from the prior year period primarily due to lower shipments. Overall stone, sand and gravel unit costs increased 6% from the prior year period.

Selling, general and administrative expense for the three-month period ended November 30, 2009 decreased $1.0 million from the prior year period primarily due to lower overall expenses, including wages and benefits, marketing, travel and outside service expenses, as a result of our focus on reducing costs.

Other income for the three-month period ended November 30, 2009 was comparable to the prior year period.

Consumer Products Operations


                               Three months ended   Six months ended
                                   November 30,        November 30,
 ---------------------------------------------------------------------
 In thousands except per unit    2009      2008      2009      2008
 ---------------------------------------------------------------------

 Operating Results
  Total ready-mix concrete
   sales                       $ 41,720  $ 64,832  $ 95,773  $143,726
  Total other sales and
   delivery fees                 12,733    15,812    28,218    32,142
                               --------  --------  --------  --------
   Total segment sales           54,453    80,644   123,991   175,868
  Cost of products sold          51,691    76,429   113,407   168,173
                               --------  --------  --------  --------
   Gross profit                   2,762     4,215    10,584     7,695
  Selling, general and
   administrative                (2,749)   (3,716)   (5,953)   (8,031)
  Other income                      268       180       401       565
                               --------  --------  --------  --------
   Operating Profit (Loss)     $    281  $    679  $  5,032  $    229
                               ========  ========  ========  ========

 Ready-mix concrete
  Shipments (cubic yards)           501       769     1,113     1,716
  Prices ($/cubic yard)          $83.02    $84.37    $86.01    $83.78
  Cost of sales ($/cubic yard)   $80.98    $81.96    $80.39    $81.52

Three months ended November 30, 2009

Consumer products operating profit for the three-month period ended November 30, 2009 was $0.3 million, a decrease of $0.4 million from the prior year period.

Total segment sales for the three-month period ended November 30, 2009 were $54.5 million compared to $80.6 million for the prior year period. Ready-mix concrete sales for the three-month period ended November 30, 2009 decreased $23.1 million on 2% lower average prices and 35% lower shipments as construction activity continued to decline in our Texas market area. Abnormally inclement weather also contributed to the decline in construction activity during the current period.

Cost of products sold for the three-month period ended November 30, 2009 decreased $24.7 million from the prior year period. Overall ready-mix concrete unit costs decreased 1% from the prior year period primarily due to lower raw material costs offset in part by the effect of lower shipments. Our raw material unit costs including the cost of transportation decreased approximately 11% from the prior year period.

Selling, general and administrative expense for the three-month period ended November 30, 2009 decreased $1.0 million from the prior year period primarily due to lower overall expenses, including wages and benefits, marketing, travel and outside service expenses, as a result of our focus on reducing costs.

Other income for the three-month period ended November 30, 2009 increased $0.1 million from the prior year period. Other income in the current period includes gains of $0.2 million from routine sales of surplus operating assets.

Corporate


                               Three months ended   Six months ended
                                   November 30,       November 30,
 ---------------------------------------------------------------------
 In thousands                     2009      2008      2009      2008
 ---------------------------------------------------------------------


 Other income                  $    358  $    560  $    736  $  2,745
 Selling, general and
  administrative                 (6,289)   (2,560)  (15,960)   (6,355)
                               --------  --------  --------  --------
                               $ (5,931) $ (2,000) $(15,224) $ (3,610)
                               ========  ========  ========  ========

Three months ended November 30, 2009

Other income for the three-month period ended November 30, 2009 decreased $0.2 million from the prior year period on lower interest income.

Selling, general and administrative expense for the three-month period ended November 30, 2009 increased $3.7 million from the prior year period. The increase was primarily the result of $3.2 million higher stock-based compensation. Our stock-based compensation includes awards expected to be settled in cash, the expense for which is based on their fair value at the end of each period until the awards are paid. The impact of changes in our stock price on their fair value reduced stock-based compensation $1.5 million in the three-month period ended November 30, 2009 and reduced stock-based compensation $4.6 million in the three-month period ended November 30, 2008.

Interest

Interest expense incurred for the three-month period ended November 30, 2009 was $13.4 million, all of which was expensed. Interest expense incurred for the three-month period ended November 30, 2008 was $12.5 million, of which $3.2 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $9.3 million was expensed.

Interest expense incurred for the three-month period ended November 30, 2009 increased $0.9 million primarily as a result of higher interest on life insurance policies and debt amortization expense We have delayed completion of the Hunter, Texas cement plant expansion and do not expect to capitalize any interest in connection with the project during the remainder of fiscal year 2010.

Income Taxes

Income taxes for the interim periods ended November 30, 2009 and November 30, 2008 have been included in the accompanying financial statements on the basis of an estimated annual rate. The primary reason that the tax rate differs from the 35% federal statutory corporate rate is due to percentage depletion that is tax deductible, state income taxes and deductions for income from qualified domestic production activities. Our estimated effective tax rate for fiscal year 2010 is 41.4% compared to 28.3% for fiscal year 2009.

Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of competitive pressures and changing economic and financial conditions on our business, the cyclical and seasonal nature of our business, the level of construction activity in our markets, abnormal periods of inclement weather, unexpected periods of equipment downtime, unexpected operational difficulties, changes in the cost of raw materials, fuel and energy, changes in the cost or availability of transportation, changes in interest rates, the timing and amount of federal, state and local funding for infrastructure, delays in announced capacity expansions, ongoing volatility and uncertainty in the capital or credit markets, the impact of environmental laws, regulations and claims and changes in governmental and public policy, and the risks and uncertainties described in our reports on Forms 10-K, 10-Q and 8-K. Forward-looking statements speak only as of the date hereof, and we assume no obligation to publicly update such statements.

TXI is the largest producer of cement in Texas and a major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix concrete and concrete products.

The Texas Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6602


                                    (Unaudited)
                         CONSOLIDATED STATEMENTS OF OPERATIONS
                        TEXAS INDUSTRIES, INC. AND SUBSIDIARIES


                             Three months ended     Six months ended
                                November 30,          November 30,
 ---------------------------------------------------------------------
 In thousands except per
  share                        2009       2008       2009       2008
 ---------------------------------------------------------------------

 NET SALES                  $ 142,935  $ 221,799  $ 326,892  $ 478,191

 Cost of products sold        126,063    195,145    275,915    418,910
                            ---------  ---------  ---------  ---------
  GROSS PROFIT                 16,872     26,654     50,977     59,281

 Selling, general and
  administrative               15,886     15,864     36,140     33,202
 Interest                      13,364      9,296     26,608     16,541
 Loss on debt retirements          --         --         --        907
 Other income                  (5,728)    (2,211)    (8,380)   (10,452)
                            ---------  ---------  ---------  ---------
                               23,522     22,949     54,368     40,198
                            ---------  ---------  ---------  ---------
  INCOME (LOSS) BEFORE
   INCOME TAXES                (6,650)     3,705     (3,391)    19,083

 Income taxes (benefit)        (2,948)       571     (1,404)     5,297
                            ---------  ---------  ---------  ---------
  NET INCOME (LOSS)         $  (3,702) $   3,134  $  (1,987) $  13,786
                            =========  =========  =========  =========


 Net income (loss) per
  share
  Basic                     $    (.13) $     .11  $    (.07) $     .50
  Diluted                   $    (.13) $     .11  $    (.07) $     .50
                            =========  =========  =========  =========

 Average shares outstanding
  Basic                        27,736     27,566     27,728     27,536
  Diluted                      27,736     27,782     27,728     27,806
                            =========  =========  =========  =========

 Cash dividends declared
  per share                 $    .075  $    .075  $     .15  $     .15
                            =========  =========  =========  =========

                           CONSOLIDATED BALANCE SHEETS
                     TEXAS INDUSTRIES, INC. AND SUBSIDIARIES


                                             (Unaudited)
                                             November 30,    May 31,
 ---------------------------------------------------------------------
 In thousands                                   2009          2009
 ---------------------------------------------------------------------

 ASSETS

 CURRENT ASSETS
  Cash and cash equivalents                  $    56,794  $    19,796
  Receivables - net                              115,469      129,432
  Inventories                                    161,431      155,724
  Deferred income taxes and prepaid expenses      21,320       22,039
                                             -----------  -----------
   TOTAL CURRENT ASSETS                          355,014      326,991

 OTHER ASSETS
  Goodwill                                         1,715        1,715
  Real estate and investments                      7,827       10,001
  Deferred charges and other                      15,787       14,486
                                             -----------  -----------
                                                  25,329       26,202
 PROPERTY, PLANT AND EQUIPMENT
  Land and land improvements                     158,193      156,917
  Buildings                                       58,232       58,442
  Machinery and equipment                      1,249,864    1,247,931
  Construction in progress                       322,374      328,256
                                             -----------  -----------
                                               1,788,663    1,791,546
  Less depreciation and depletion                601,982      572,195
                                             -----------  -----------
                                               1,186,681    1,219,351
                                             -----------  -----------
                                             $ 1,567,024  $ 1,572,544
                                             ===========  ===========

 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
  Accounts payable                           $    41,144  $    55,749
  Accrued interest, compensation and other        60,224       51,856
  Current portion of long-term debt                  541          243
                                             -----------  -----------
    TOTAL CURRENT LIABILITIES                    101,909      107,848

 LONG-TERM DEBT                                  543,244      541,540

 DEFERRED INCOME TAXES AND OTHER CREDITS         121,591      120,011

 SHAREHOLDERS' EQUITY
  Common stock, $1 par value                      27,746       27,718
  Additional paid-in capital                     472,583      469,908
  Retained earnings                              313,051      319,199
  Accumulated other comprehensive loss           (13,100)     (13,680)
                                             -----------  -----------
                                                 800,280      803,145
                                             -----------  -----------
                                             $ 1,567,024  $ 1,572,544
                                             ===========  ===========

                                   (Unaudited)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     TEXAS INDUSTRIES, INC. AND SUBSIDIARIES


                                                   Six months ended
                                                      November 30,
 ---------------------------------------------------------------------
 In thousands                                       2009       2008
 ---------------------------------------------------------------------

 OPERATING ACTIVITIES
    Net income (loss)                            $  (1,987) $  13,786
    Adjustments to reconcile net income (loss)
     to cash provided by operating activities
     Depreciation, depletion and amortization       32,971     34,016
     Gains on asset disposals                       (1,433)      (427)
     Deferred income taxes                             756      3,627
     Stock-based compensation expense (credit)       2,143     (7,829)
     Excess tax benefits from stock-based
      compensation                                    (248)    (1,766)
     Loss on debt retirements                           --        907
     Other - net                                       609     (1,067)
     Changes in operating assets and liabilities
      Receivables - net                             14,020     30,074
      Inventories                                   (3,843)   (10,443)
      Prepaid expenses                               1,767        914
      Accounts payable and accrued liabilities      (4,823)   (23,454)
                                                 ---------  ---------
       Net cash provided by operating activities    39,932     38,338

 INVESTING ACTIVITIES
  Capital expenditures - expansions                 (4,543)  (123,420)
  Capital expenditures - other                      (2,899)   (51,911)
  Cash designated for property acquisitions             --     28,733
  Proceeds from asset disposals                      1,443        865
  Investments in life insurance contracts            6,726      2,263
  Other - net                                           (2)       175
                                                 ---------  ---------
       Net cash provided (used) by investing
        activities                                     725   (143,295)

 FINANCING ACTIVITIES
  Long-term borrowings                                  --    327,250
  Debt retirements                                    (144)  (197,610)
  Debt issuance costs                               (2,039)    (3,476)
  Stock option exercises                               356      3,885
  Excess tax benefits from stock-based
   compensation                                        248      1,766
  Common dividends paid                             (2,080)    (4,131)
                                                 ---------  ---------
       Net cash provided (used) by financing
        activities                                  (3,659)   127,684
                                                 ---------  ---------
 Increase in cash and cash equivalents              36,998     22,727

 Cash and cash equivalents at beginning of
  period                                            19,796     39,527
                                                 ---------  ---------
 Cash and cash equivalents at end of period      $  56,794  $  62,254
                                                 =========  =========
CONTACT:  Texas Industries, Inc.
          Kenneth R. Allen, Vice President-Finance and Chief
           Financial Officer
          972.647.6730
          kallen@txi.com
 
 
 

 
Texas Industries, Inc.
                               
Consolidated Statements of Operations
                               
$ In thousands expect per share
                               
                                         
                                         
                                         
                                         
               
FY2008
     
FY2009
     
FY2010
 
               
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Total
                                         
 
Shipments
                               
   
Cement (thousands of tons)
        5,394
       5,136
        5,074
       1,290
       1,319
       1,142
       1,284
       5,035
       1,218
       1,083
          837
          896
       4,035
          915
          738
       1,653
   
Aggregates (thousands of tons)
      23,616
     25,246
      22,114
       5,551
       5,863
       5,010
       5,427
     21,851
       5,201
       4,605
       3,267
       3,397
     16,470
       3,423
       2,642
       6,065
   
Ready-mix (thousands of cubic yards)
        3,678
       3,830
        3,665
          998
       1,050
          857
          939
       3,844
          947
          769
          614
          572
       2,902
          612
          501
       1,113
                                         
 
Price
                                   
   
Cement ($ per ton)
        75.05
       87.14
        95.06
       95.69
       92.88
       91.01
       92.46
       93.07
       91.43
       90.87
       90.17
       88.23
       90.31
       85.70
       83.64
       84.78
   
Aggregates ($ per ton)
          5.68
         6.08
         7.03
         7.17
         7.39
         7.52
         7.69
         7.44
         7.82
         7.74
         8.23
         8.23
         7.97
         8.12
         7.65
         7.92
   
Ready-mix ($ per cubic yard)
        60.54
       69.25
        75.87
       80.17
       80.19
       81.26
       81.84
       80.83
       83.30
       84.37
       86.87
       89.00
       85.46
       88.46
       83.02
       86.01
                                         
 
Net Sales
                               
   
Cement
     404,823
    447,594
    482,379
    123,423
    122,586
    103,891
    118,773
    468,673
    111,404
     98,407
     75,557
     79,018
    364,386
     78,460
     61,726
    140,186
   
Aggregates
     134,220
    153,480
    155,562
     39,804
     43,324
     37,699
     41,755
    162,582
     40,679
     35,667
     26,889
     27,962
    131,197
     27,794
     20,217
     48,011
   
Ready-mix
     222,680
    265,254
    278,067
     79,990
     84,233
     69,699
     76,730
    310,652
     78,894
     64,832
     53,306
     50,899
    247,931
     54,053
     41,720
     95,773
   
Other
     104,847
    118,555
    119,798
     32,175
     31,375
     30,155
     38,901
    132,606
     32,275
     28,498
     29,200
     31,348
    121,321
     28,939
     22,244
     51,183
   
Interplant
    (105,576)
   (121,127)
   (118,406)
    (32,432)
    (34,750)
    (30,488)
    (32,791)
   (130,461)
    (31,992)
    (27,398)
    (22,151)
    (21,489)
   (103,030)
    (20,878)
    (15,988)
    (36,866)
   
Delivery Fees
      73,809
     80,166
      78,850
     20,494
     21,705
     19,579
     23,024
     84,802
     25,132
     21,793
     15,858
     14,614
     77,397
     15,589
     13,016
     28,605
 
Net Sales
     834,803
    943,922
    996,250
    263,454
    268,473
    230,535
    266,392
 1,028,854
    256,392
    221,799
    178,659
    182,352
    839,202
    183,957
    142,935
    326,892
                                         
 
Costs and Expenses (Income)
                               
   
Cost of products sold
     692,414
    766,941
    754,088
    220,369
    207,080
    189,736
    217,148
    834,333
    223,765
    195,145
    149,015
    158,208
    726,133
    149,852
    126,063
    275,915
   
Selling, general and administrative
      78,434
     88,663
    108,106
     22,183
     21,064
     20,717
     32,256
     96,220
     17,338
     15,864
     15,982
     22,909
     72,093
     20,254
     15,886
     36,140
   
Goodwill impairment
             -
            -
             -
            -
            -
            -
            -
            -
            -
            -
            -
     58,395
     58,395
            -
            -
            -
   
Interest
      23,533
     31,155
      14,074
            -
            -
            -
       2,505
       2,505
       7,245
       9,296
       8,344
       8,401
     33,286
     13,244
     13,364
     26,608
   
Loss on debt retirements and spin-off charges
           894
    113,247
            48
            -
            -
            -
 
            -
          907
            -
            -
            -
          907
            -
            -
            -
   
Other income
     (22,727)
    (47,270)
     (36,629)
      (2,253)
      (3,442)
      (2,086)
    (23,782)
    (31,563)
      (8,241)
      (2,211)
      (7,944)
      (2,795)
    (21,191)
      (2,652)
      (5,728)
      (8,380)
         
     772,548
    952,736
    839,687
    240,299
    224,702
    208,367
    228,127
    901,495
    241,014
    218,094
    165,397
    245,118
    869,623
    180,698
    149,585
    330,283
     
Income (loss) from Continuing Operations
                     
     
  before Income Taxes
      62,255
      (8,814)
    156,563
     23,155
     43,771
     22,168
     38,265
    127,359
     15,378
       3,705
     13,262
    (62,766)
    (30,421)
       3,259
      (6,650)
      (3,391)
                                         
 
Income Taxes (benefits)
      16,811
      (8,225)
      51,852
       7,078
     13,710
       6,764
     12,176
     39,728
       4,726
          571
       2,341
    (20,412)
    (12,774)
       1,544
      (2,948)
      (1,404)
     
Income (loss) from Continuing Operations
      45,444
         (589)
    104,711
     16,077
     30,061
     15,404
     26,089
     87,631
     10,652
       3,134
     10,921
    (42,354)
    (17,647)
       1,715
      (3,702)
      (1,987)
                                         
 
Income (loss) from Discontinued Operations - net of Income Taxes
      79,079
       8,691
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
 
Income (loss) before Accounting Change
     124,523
       8,102
    104,711
     16,077
     30,061
     15,404
     26,089
     87,631
     10,652
       3,134
     10,921
    (42,354)
    (17,647)
       1,715
      (3,702)
      (1,987)
                                         
 
Cumulative Effect of Accounting Change - net of Income Taxes
             -
            -
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
     
Net Income (loss)
     124,523
       8,102
    104,711
     16,077
     30,061
     15,404
     26,089
     87,631
     10,652
       3,134
     10,921
    (42,354)
    (17,647)
       1,715
      (3,702)
      (1,987)
 
 
 

 
Texas Industries, Inc.
                             
Consolidated Balance Sheets
                             
$ In thousands
                             
                                       
                                       
                                       
         
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
               
8/31/2009
11/30/2009
                                       
 
Cash
   
     251,600
     84,139
      15,138
       5,165
     26,216
       9,632
     39,527
 
    118,548
     62,254
     33,865
     19,796
 
     32,183
     56,794
 
Short-term investments
             -
     50,606
             -
            -
            -
 
            -
 
            -
            -
            -
            -
 
            -
            -
 
Receivables - net
     117,363
    132,849
    142,610
    160,079
    163,990
    151,708
    170,943
 
    155,970
    140,134
    104,199
    129,432
 
    129,430
    115,469
 
Inventories
      83,291
    109,767
    135,254
    123,372
    124,870
    137,025
    144,654
 
    157,157
    155,097
    164,657
    155,724
 
    156,355
    161,431
 
Deferred income taxes and prepaid expenses
      28,754
     33,599
      17,621
     13,047
     19,785
     22,482
     17,943
 
     16,760
     17,238
     17,733
     22,039
 
     21,244
     21,320
   
Total Current Assets
     481,008
    410,960
    310,623
    301,663
    334,861
    320,847
    373,067
 
    448,435
    374,723
    320,454
    326,991
 
    339,212
    355,014
                                       
 
Goodwill
      58,395
     58,395
      58,395
     58,395
     60,110
     60,110
     60,110
 
     60,110
     60,110
     60,110
       1,715
 
       1,715
       1,715
 
Real estate and investments
      99,491
    125,159
    110,761
    111,893
     46,333
     22,699
     59,261
 
     33,253
     32,011
     31,011
     10,001
 
       7,736
       7,827
 
Deferred cncome taxes, intangibles and other charges
      27,571
     22,706
      11,369
     12,031
     12,097
     11,376
     11,332
 
     13,907
     15,241
     17,023
     14,486
 
     15,852
     15,787
 
Assets of discontinued operations
  1,114,627
            -
             -
            -
            -
            -
            -
       
            -
 
            -
            -
         
  1,300,084
    206,260
    180,525
    182,319
    118,540
     94,185
    130,703
 
    107,270
    107,362
    108,144
     26,202
 
     25,303
     25,329
                                       
 
Property, plant and equipment
     886,447
    956,896
 1,293,360
 1,370,318
 1,446,494
 1,488,605
 1,546,125
 
 1,628,431
 1,722,452
 1,767,701
 1,791,546
 
 1,789,351
 1,788,663
 
Less depreciation and depletion
     473,794
    486,585
    509,138
    514,768
    521,606
    529,462
    518,361
 
    530,925
    546,663
    557,990
    572,195
 
    587,052
    601,982
   
Net Property, Plant and Equipment
     412,653
    470,311
    784,222
    855,550
    924,888
    959,143
 1,027,764
 
 1,097,506
 1,175,789
 1,209,711
 1,219,351
 
 1,202,299
 1,186,681
 
Total Assets
  2,193,745
 1,087,531
 1,275,370
 1,339,532
 1,378,289
 1,374,175
 1,531,534
 
 1,653,211
 1,657,874
 1,638,309
 1,572,544
 
 1,566,814
 1,567,024
                                       
 
Accounts payable
      44,560
     50,931
      96,883
     80,387
    100,248
     74,022
    111,478
 
    106,138
     95,535
     83,094
     55,749
 
     48,894
     41,144
 
Accrued interest, compensation and other items
      62,202
     66,955
      70,104
     55,515
     64,024
     57,492
     66,967
 
     53,075
     65,647
     51,285
     51,856
 
     47,808
     60,224
 
Current portion of long term debt
           688
          681
        1,340
          213
          217
          221
       7,725
 
          229
          234
          238
          243
 
          247
          541
   
Total Current Liabilities
     107,450
    118,567
    168,327
    136,115
    164,489
    131,735
    186,170
 
    159,442
    161,416
    134,617
    107,848
 
     96,949
    101,909
                                       
 
Long-term Debt
     603,126
    251,505
    274,416
    353,585
    334,517
    344,438
    401,880
 
    539,195
    539,978
    540,767
    541,540
 
    542,371
    543,244
                                       
 
Convertible subordinated debentures
     199,937
    159,725
             -
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
            -
                                       
 
Deferred income taxes and other credits
      77,138
     79,837
      95,508
     93,455
     93,514
     95,238
    118,117
 
    116,801
    113,730
    109,578
    120,011
 
    122,765
    121,591
 
Liabilities of discontinued operations
     278,527
            -
             -
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
            -
                                       
 
Shareholders' equity
     927,567
    477,897
    737,119
    756,377
    785,769
    802,764
    825,367
 
    837,773
    842,750
    853,347
    803,145
 
    804,729
    800,280
 
Total Liabilities and Shareholders' Equity
  2,193,745
 1,087,531
 1,275,370
 1,339,532
 1,378,289
 1,374,175
 1,531,534
 
 1,653,211
 1,657,874
 1,638,309
 1,572,544
 
 1,566,814
 1,567,024
 
 
 

 
Texas Industries, Inc.
                               
Consolidated Statements of Cash Flows
                               
$ In thousands
                               
               
FY2008
     
FY2009
     
FY2010
 
               
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Total
CONTINUING OPERATIONS
                               
 
Operating Activities
                               
     
Income (Loss) from Continuing Operations
      45,444
         (589)
    104,711
     16,077
     30,061
     15,404
     26,089
     87,631
     10,652
       3,134
     10,921
    (42,354)
    (17,647)
       1,715
      (3,702)
      (1,987)
   
Adjustments to reconcile income (loss) from continuing operations
                               
     
to cash provided (used) by continuing operating activites
 
                                         
     
Depreciation, depletion and amortization
      46,474
     44,955
      46,356
     13,318
     13,846
     13,816
     14,597
     55,577
     16,865
     17,151
     17,183
     16,993
     68,192
     16,594
     16,377
     32,971
     
Goodwill impairment
             -
            -
             -
            -
 
            -
            -
            -
            -
            -
            -
     58,395
     58,395
            -
            -
            -
     
Loss (gain) on asset disposals
       (6,582)
    (34,768)
       (2,917)
         (455)
         (462)
         (279)
    (18,214)
    (19,410)
         (280)
         (147)
      (5,811)
         (521)
      (6,759)
      (1,030)
         (403)
      (1,433)
     
Deferred income taxes (benefit)
      33,811
       6,581
      13,622
         (582)
       1,059
       3,991
     15,568
     20,036
       2,538
       1,089
      (2,475)
      (3,090)
      (1,938)
          743
            13
          756
     
Stock-based compensation expense (credit)
             -
            -
      13,866
      (1,717)
          392
      (1,363)
       5,083
       2,395
      (4,060)
      (3,769)
      (1,339)
       4,768
      (4,400)
       2,643
         (500)
       2,143
     
Excess tax benefits from stock-based compensation
        8,000
       9,969
       (1,694)
      (3,287)
           (96)
         (136)
          220
      (3,299)
      (1,212)
         (554)
            (5)
          175
      (1,596)
         (211)
           (37)
         (248)
     
Loss on debt retirements
             -
    107,006
            48
            -
            -
            -
            -
            -
          907
            -
            -
            -
          907
            -
            -
            -
     
Other - net
           889
      (2,399)
        3,234
         (142)
         (803)
       2,252
       1,168
       2,475
      (1,006)
           (61)
       2,451
       4,547
       5,931
         (221)
          830
          609
     
Changes in operating assets and liabilities
                   
            -
       
Receivables - net
       (8,873)
      (5,060)
          846
    (17,458)
      (3,899)
     12,312
    (20,462)
    (29,507)
     14,269
     15,805
     16,866
       8,457
     55,397
         (888)
     14,908
     14,020
       
Inventories
        6,082
    (18,761)
     (25,047)
     11,882
      (1,498)
    (12,155)
      (7,629)
      (9,400)
    (12,504)
       2,061
      (9,561)
       8,934
    (11,070)
          757
      (4,600)
      (3,843)
       
Prepaid expenses
       (1,680)
            63
        1,392
       1,735
          185
          286
      (4,239)
      (2,033)
       1,366
         (452)
         (396)
      (2,412)
      (1,894)
       1,074
          693
       1,767
       
Accounts payable and accrued liabilities
      17,017
    (12,155)
      31,541
      (5,319)
       7,639
    (18,287)
     13,057
      (2,910)
    (16,920)
      (6,534)
       6,365
    (19,143)
    (36,232)
      (6,638)
       1,815
      (4,823)
       
Other credits
        3,838
       2,527
             -
            -
            -
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
       
Cash Provided (used) by Continuing Operations
     144,420
     97,369
    185,958
     14,052
     46,424
     15,841
     25,238
    101,555
     10,615
     27,723
     34,199
     34,749
    107,286
     14,538
     25,394
     39,932
                                         
 
Investing Activities
                               
   
Capital expenditures
     (46,178)
   (110,245)
   (317,658)
   (103,592)
    (71,496)
    (66,592)
    (70,845)
   (312,525)
    (88,736)
    (86,595)
    (65,540)
    (47,673)
   (288,544)
      (5,373)
      (2,069)
      (7,442)
   
Cash designed for property acquisitions
 
            -
             -
            -
            -
            -
    (28,733)
    (28,733)
     26,958
       1,775
            -
            -
     28,733
            -
            -
            -
   
Proceeds from asset disposals
        7,136
     23,107
        5,552
       1,288
       1,078
       1,562
     30,994
     34,922
          512
          353
       6,577
          539
       7,981
       1,068
          375
       1,443
   
Investments in insurance contracts
     (58,798)
      (4,366)
       (6,061)
         (415)
     65,944
     22,611
     11,063
     99,203
       1,464
          799
          216
          397
       2,876
       5,802
          924
       6,726
   
Purchases of short-term investments - net
            -
            -
 
            -
            -
            -
            -
            -
            -
            -
            -
            -
   
Other - net
          (677)
          612
         (336)
           (24)
            79
          163
         (117)
          101
          192
           (17)
         (164)
           (32)
           (21)
           (19)
            17
            (2)
       
Cash Provided (used) by Investing Activities
     (98,517)
   (141,392)
   (268,003)
   (102,743)
      (4,395)
    (42,256)
    (57,638)
   (207,032)
    (59,610)
    (83,685)
    (58,911)
    (46,769)
   (248,975)
       1,478
         (753)
          725
                                         
 
Financing Activities
                               
   
Long-term borrowings
             -
    250,000
      38,000
    124,000
     65,000
     24,000
    153,000
    366,000
    327,250
            -
            -
            -
    327,250
            -
            -
            -
   
Debt retirements
          (699)
   (600,700)
     (25,521)
    (46,173)
    (84,064)
    (14,076)
    (88,053)
   (232,366)
   (197,555)
           (55)
           (66)
           (96)
   (197,772)
           (59)
           (85)
         (144)
   
Debt issuance costs
            (39)
      (7,363)
             -
         (944)
           (89)
         (119)
      (1,008)
      (2,160)
      (2,306)
      (1,170)
      (1,994)
            -
      (5,470)
      (2,032)
            (7)
      (2,039)
   
Debt retirement costs
             -
    (96,029)
             (6)
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
   
Interest rate swap terminations
       (6,315)
            -
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
   
Stock option exercises
      41,399
       7,510
        6,394
          599
          131
       1,948
          637
       3,315
       1,480
       2,405
          456
          300
       4,641
          331
            25
          356
   
Excess tax benefits from stock-based compensation
             -
            -
        1,694
       3,287
            96
          136
         (220)
       3,299
       1,212
          554
             5
         (175)
       1,596
          211
            37
          248
   
Common dividends paid
       (6,643)
      (6,908)
       (7,517)
      (2,051)
      (2,052)
      (2,058)
      (2,061)
      (8,222)
      (2,065)
      (2,066)
      (2,078)
      (2,078)
      (8,287)
      (2,080)
            -
      (2,080)
   
Other - net
             -
            -
             -
            -
            -
            -
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
       
Cash Provided (used) by Financing Activities
      27,703
   (453,490)
      13,044
     78,718
    (20,978)
       9,831
     62,295
    129,866
    128,016
         (332)
      (3,677)
      (2,049)
    121,958
      (3,629)
           (30)
      (3,659)
 
Net Cash Provided (used) by Continuing Operations
      73,606
   (497,513)
     (69,001)
      (9,973)
     21,051
    (16,584)
     29,895
     24,389
     79,021
    (56,294)
    (28,389)
    (14,069)
    (19,731)
     12,387
     24,611
     36,998
                                         
DISCONTINUED OPERATIONS
                               
 
Cash Provided (used) by Discontinued Operating Activities
      73,104
      (7,778)
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
 
Cash Used by Discontinued Investing Activities
     (28,163)
      (2,757)
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
 
Cash Provided by Discontinued Financing Activities
             -
    340,587
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
 
Net Cash Provided by Discontinued Operations
      44,941
    330,052
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
Increase (decrease) in Cash and Cash Equivalents
     118,547
   (167,461)
     (69,001)
      (9,973)
     21,051
    (16,584)
     29,895
     24,389
     79,021
    (56,294)
    (28,389)
    (14,069)
    (19,731)
     12,387
     24,611
     36,998
                                         
Cash and Cash Equivalents at Beginning of Period
     133,053
    251,600
      84,139
     15,138
       5,165
     26,216
       9,632
     15,138
     39,527
    118,548
     62,254
     33,865
     39,527
     19,796
     32,183
     19,796
Cash and Cash Equivalents at End of Period
     251,600
     84,139
      15,138
       5,165
     26,216
       9,632
     39,527
     39,527
    118,548
     62,254
     33,865
     19,796
     19,796
     32,183
     56,794
     56,794
 
 
 

 
Texas Industries, Inc.
                               
Reconciliation of EBITDA to Net Income and Cash Provided (Used) by Continuing Operations
$ In thousands
                               
               
FY2008
     
FY2009
     
FY2010
 
               
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Total
   
EBITDA Defined
                               
   
Net Income (loss) from Continuing Operations
      45,444
         (589)
    104,711
     16,077
     30,061
     15,404
     26,089
     87,631
     10,652
       3,134
     10,921
    (42,354)
    (17,647)
       1,715
      (3,702)
      (1,987)
   
Plus (minus):
                               
     
Interest
      23,533
     31,155
      14,074
            -
            -
            -
       2,505
       2,505
       7,245
       9,296
       8,344
       8,401
     33,286
     13,244
     13,364
     26,608
     
Income taxes (benefit)
      16,811
      (8,225)
      51,852
       7,078
     13,710
       6,764
     12,176
     39,728
       4,726
          571
       2,341
    (20,412)
    (12,774)
       1,544
      (2,948)
      (1,404)
     
Depreciation, depletion and amortization
      46,474
     44,955
      46,356
     13,318
     13,846
     13,816
     14,597
     55,577
     16,865
     17,151
     17,183
     16,993
     68,192
     16,594
     16,377
     32,971
     
Goodwill impairment
             -
            -
             -
            -
            -
            -
            -
            -
            -
            -
            -
     58,395
     58,395
            -
            -
            -
     
Loss on debt retirements and spin-off charges
           894
    113,247
            48
            -
            -
            -
            -
            -
          907
            -
            -
            -
          907
            -
            -
            -
   
EBITDA
     133,156
    180,543
    217,041
     36,473
     57,617
     35,984
     55,367
    185,441
     40,395
     30,152
     38,789
     21,023
    130,359
     33,097
     23,091
     56,188
                                         
   
EBITDA represents income from continuing operations before interest, income taxes, depreciation and amortization, loss on debt retirements and goodwill impairment.
   
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
     144,420
     97,369
    185,958
     14,052
     46,424
     15,841
     25,238
    101,555
     10,615
     27,723
     34,199
     34,749
    107,286
     14,538
     25,394
     39,932
   
Plus (minus):
                               
     
Changes in operating assets and liabilities
     (16,384)
     33,386
       (8,732)
       9,160
      (2,427)
     17,844
     19,273
     43,850
     13,789
    (10,880)
    (13,274)
       4,164
      (6,201)
       5,695
    (12,816)
      (7,121)
     
Deferred taxes (benefit)
     (33,811)
      (6,581)
     (13,622)
          582
      (1,059)
      (3,991)
    (15,568)
    (20,036)
      (2,538)
      (1,089)
       2,475
       3,090
       1,938
         (743)
           (13)
         (756)
     
Stock-based compensation expense (credit)
             -
            -
     (13,866)
       1,717
         (392)
       1,363
      (5,083)
      (2,395)
       4,060
       3,769
       1,339
      (4,768)
       4,400
      (2,643)
          500
      (2,143)
     
Excess tax benefits from stock-based compensation
       (8,000)
      (9,969)
        1,694
       3,287
            96
          136
         (220)
       3,299
       1,212
          554
             5
         (175)
       1,596
          211
            37
          248
     
Income taxes (benefit)
      16,811
      (8,225)
      51,852
       7,078
     13,710
       6,764
     12,176
     39,728
       4,726
          571
       2,341
    (20,412)
    (12,774)
       1,544
      (2,948)
      (1,404)
     
Loss (gain) on assets disposals
        6,582
     34,768
        2,917
          455
          462
          279
     18,214
     19,410
          280
          147
       5,811
          521
       6,759
       1,030
          403
       1,433
     
Interest
      23,533
     31,155
      14,074
            -
            -
            -
       2,505
       2,505
       7,245
       9,296
       8,344
       8,401
     33,286
     13,244
     13,364
     26,608
     
Spin-off charges
           894
       6,241
             -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
     
Other - net
          (889)
       2,399
       (3,234)
          142
          803
      (2,252)
      (1,168)
      (2,475)
       1,006
            61
      (2,451)
      (4,547)
      (5,931)
          221
         (830)
         (609)
   
EBITDA
     133,156
    180,543
    217,041
     36,473
     57,617
     35,984
     55,367
    185,441
     40,395
     30,152
     38,789
     21,023
    130,359
     33,097
     23,091
     56,188
 
 
 

 
Texas Industries, Inc.
                               
Business Segment Summary
                               
$ In thousands expect per share
                               
               
FY2008
     
FY2009
     
FY2010
 
               
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Total
 
Cement Operations
                               
   
Operating Results
                               
     
Total cement sales
     404,823
    447,594
    482,379
    123,423
    122,586
    103,891
    118,773
    468,673
    111,404
     98,407
     75,557
     79,018
    364,386
     78,460
     61,726
    140,186
     
Total other sales and delivery fees
      30,699
     27,416
      27,648
       7,712
       8,723
       9,249
     10,395
     36,079
       9,959
       9,641
       5,882
       5,452
     30,934
       6,736
       6,457
     13,193
       
Total segment sales
     435,522
    475,010
    510,027
    131,135
    131,309
    113,140
    129,168
    504,752
    121,363
    108,048
     81,439
     84,470
    395,320
     85,196
     68,183
    153,379
     
Cost of products sold
     338,528
    352,603
    343,145
    109,107
     93,572
     85,983
    103,025
    391,687
    104,557
     94,206
     67,919
     76,142
    342,824
     69,859
     58,359
    128,218
       
Gross profit
      96,994
    122,407
    166,882
     22,028
     37,737
     27,157
     26,143
    113,065
     16,806
     13,842
     13,520
       8,328
     52,496
     15,337
       9,824
     25,161
     
Selling, general and administrative
     (15,085)
    (13,956)
     (19,878)
      (5,525)
      (4,485)
      (3,650)
      (4,647)
    (18,307)
      (5,405)
      (6,082)
      (3,577)
      (4,279)
    (19,343)
      (4,674)
      (4,359)
      (9,033)
     
Goodwill impairment
             -
            -
             -
            -
            -
            -
            -
            -
            -
            -
            -
    (58,395)
    (58,395)
            -
            -
            -
     
Other income
        1,342
          951
      24,536
          958
          796
          890
       4,775
       7,419
       5,264
       1,008
       1,423
       1,606
       9,301
       1,743
       4,670
       6,413
       
Operating Profit (loss)
      83,251
    109,402
    171,540
     17,461
     34,048
     24,397
     26,271
    102,177
     16,665
       8,768
     11,366
    (52,740)
    (15,941)
     12,406
     10,135
     22,541
                                         
     
Cement
                               
       
Shipments (tons)
        5,394
       5,136
        5,074
       1,290
       1,319
       1,142
       1,284
       5,035
       1,218
       1,083
          837
          896
       4,035
          915
          738
       1,653
       
Prices ($/ton)
$75.05
$87.14
$95.06
$95.69
$92.88
$91.01
$92.46
$93.07
$91.43
$90.87
$90.17
$88.23
$90.31
$85.70
$83.64
$84.78
       
Cost of sales ($/ton)
$58.03
$63.65
$63.08
$79.37
$64.41
$67.13
$72.23
$70.85
$79.26
$79.04
$73.92
$78.94
$78.02
$68.70
$71.98
$70.16
                                         
 
Aggregate Operations
                               
   
Operating Results
                               
     
Total stone, sand and gravel sales
     134,220
    153,480
    155,562
     39,804
     43,324
     37,699
     41,755
    162,582
     40,679
     35,667
     26,889
     27,962
    131,197
     27,794
     20,217
     48,011
     
Total other sales and delivery fees
      88,125
     99,101
    113,292
     30,421
     30,559
     28,124
     33,644
    122,748
     31,118
     24,838
     25,882
     24,456
    106,294
     22,307
     16,070
     38,377
       
Total segment sales
     222,345
    252,581
    268,854
     70,225
     73,883
     65,823
     75,399
    285,330
     71,797
     60,505
     52,771
     52,418
    237,491
     50,101
     36,287
     86,388
     
Cost of products sold
     191,837
    219,124
    218,394
     57,974
     58,419
     55,880
     59,230
    231,503
     59,456
     51,908
     42,678
     43,541
    197,583
     39,155
     32,001
     71,156
       
Gross profit
      30,508
     33,457
      50,460
     12,251
     15,464
       9,943
     16,169
     53,827
     12,341
       8,597
     10,093
       8,877
     39,908
     10,946
       4,286
     15,232
     
Selling, general and administrative
     (11,920)
    (15,436)
     (16,212)
      (4,147)
      (3,640)
      (3,808)
      (3,583)
    (15,178)
      (3,823)
      (3,506)
      (2,379)
      (2,925)
    (12,633)
      (2,705)
      (2,489)
      (5,194)
     
Other income
      10,782
     30,376
        2,638
          406
          237
            76
     16,255
     16,974
          407
          463
       5,466
          618
       6,954
          398
          432
          830
       
Operating Profit (loss)
      29,370
     48,397
      36,886
       8,510
     12,061
       6,211
     28,841
     55,623
       8,925
       5,554
     13,180
       6,570
     34,229
       8,639
       2,229
     10,868
                                         
     
Stone, sand and gravel
                               
       
Shipments (tons)
      23,616
     25,246
      22,114
       5,551
       5,863
       5,010
       5,427
     21,851
       5,201
       4,605
       3,267
       3,397
     16,470
       3,423
       2,642
       6,065
       
Prices ($/ton)
$5.68
$6.08
$7.03
$7.17
$7.39
$7.52
$7.69
$7.44
$7.82
$7.74
$8.23
$8.23
$7.97
$8.12
$7.65
$7.92
       
Cost of sales ($/ton)
$4.80
$5.23
$5.40
$5.96
$5.56
$6.67
$6.42
$6.13
$6.28
$6.62
$6.92
$7.14
$6.68
$6.28
$7.03
$6.61
                                         
 
Consumer Products Operations
                               
   
Operating Results
                               
     
Total ready-mix concrete sales
     222,680
    265,254
    278,067
     79,990
     84,233
     69,699
     76,730
    310,652
     78,894
     64,832
     53,306
     50,899
    247,931
     54,053
     41,720
     95,773
     
Total other sales and delivery fees
      59,832
     72,204
      57,708
     14,536
     13,798
     12,361
     17,886
     58,581
     16,330
     15,812
     13,294
     16,054
     61,490
     15,485
     12,733
     28,218
       
Total segment sales
     282,512
    337,458
    335,775
     94,526
     98,031
     82,060
     94,616
    369,233
     95,224
     80,644
     66,600
     66,953
    309,421
     69,538
     54,453
    123,991
     
Cost of products sold
     267,625
    316,341
    310,955
     85,720
     89,839
     78,361
     87,684
    341,604
     91,744
     76,429
     60,569
     60,014
    288,756
     61,716
     51,691
    113,407
       
Gross profit
      14,887
     21,117
      24,820
       8,806
       8,192
       3,699
       6,932
     27,629
       3,480
       4,215
       6,031
       6,939
     20,665
       7,822
       2,762
     10,584
     
Selling, general and administrative
     (10,339)
    (11,415)
     (16,284)
      (4,905)
      (3,931)
      (4,755)
      (5,723)
    (19,314)
      (4,315)
      (3,716)
      (2,142)
      (2,943)
    (13,116)
      (3,204)
      (2,749)
      (5,953)
     
Other income
           711
          647
        1,310
          176
          346
          575
       2,171
       3,268
          385
          180
          651
            98
       1,314
          133
          268
          401
       
Operating Profit (loss)
        5,259
     10,349
        9,846
       4,077
       4,607
         (481)
       3,380
     11,583
         (450)
          679
       4,540
       4,094
       8,863
       4,751
          281
       5,032
                                         
     
Ready-mix concrete
                               
       
Shipments (tons)
        3,678
       3,830
        3,665
          998
       1,050
          857
          939
       3,844
          947
          769
          614
          572
       2,902
          612
          501
       1,113
       
Prices ($/ton)
$60.54
$69.25
$75.87
$80.17
$80.19
$81.26
$81.84
$80.83
$83.30
$84.37
$86.87
$89.00
$85.46
$88.46
$83.02
$86.01
       
Cost of sales ($/ton)
$61.12
$67.69
$71.92
$73.90
$75.18
$79.15
$77.77
$76.36
$81.15
$81.96
$80.45
$82.13
$81.41
$79.91
$80.98
$80.39
                                         
 
Total Segment Operating Profit (loss)
     117,880
    168,148
    218,272
     30,048
     50,716
     30,127
     58,492
    169,383
     25,140
     15,001
     29,086
    (42,076)
     27,151
     25,796
     12,645
     38,441
 
Corporate
                               
     
Other income
        9,892
     15,296
        8,145
          713
       2,063
          545
          581
       3,902
       2,185
          560
          404
          473
       3,622
          378
          358
          736
     
Selling, general and administrative
     (41,090)
    (47,856)
     (55,732)
      (7,606)
      (9,008)
      (8,504)
    (18,303)
    (43,421)
      (3,795)
      (2,560)
      (7,884)
    (12,762)
    (27,001)
      (9,671)
      (6,289)
    (15,960)
         
     (31,198)
    (32,560)
     (47,587)
      (6,893)
      (6,945)
      (7,959)
    (17,722)
    (39,519)
      (1,610)
      (2,000)
      (7,480)
    (12,289)
    (23,379)
      (9,293)
      (5,931)
    (15,224)
 
Interest
 
     (23,533)
    (31,155)
     (14,074)
            -
            -
            -
      (2,505)
      (2,505)
      (7,245)
      (9,296)
      (8,344)
      (8,401)
    (33,286)
    (13,244)
    (13,364)
    (26,608)
 
Loss on Debt Retirements
          (894)
   (113,247)
           (48)
            -
            -
            -
            -
            -
         (907)
            -
            -
            -
         (907)
            -
            -
            -
   
Income (loss) from Continuing Operations before
                               
   
       Income Taxes
      62,255
      (8,814)
    156,563
     23,155
     43,771
     22,168
     38,265
    127,359
     15,378
       3,705
     13,262
    (62,766)
    (30,421)
       3,259
      (6,650)
      (3,391)
                                         
 
Major Gains (losses) in Other Income
                               
   
Cement - antidumping settlement
   
      19,803
                         
   
Cement - sale of emissions credits
           
       3,879
       3,879
       1,723
     
       1,723
 
       3,427
       3,427
   
Cement - oil and gas bonus proceeds
               
       2,781
     
       2,781
     
   
Aggregates - sale of emissions credits
        6,225
                             
   
Aggregates - sale of real estate
 
     23,987
       
       5,146
       5,146
   
       4,961
 
       4,961
     
   
Aggregates - sale of southern Louisiana operations
           
   
Corporate - oil and gas bonus proceeds
               
       1,636
     
       1,636