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8-K - FORM 8-K - TEXAS INDUSTRIES INCf8k_092612.htm

EXHIBIT 99.1

TXI Reports First Quarter Results

DALLAS, Sept. 26, 2012 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended August 31, 2012. Results for the quarter were a net loss of $2.7 million or $.09 per share. Results for the quarter ended August 31, 2011 were a loss of $7.4 million or $.27 per share.

General Comments

"Though not back to pre-recession levels, our results reflect improvement in our markets," stated Mel Brekhus, Chief Executive Officer. "Shipments are up, pricing is improving and we are seeing the benefits of our margin enhancement initiatives."

"I am looking forward to beginning the commissioning of our new cement kiln in central Texas this fall. This specific market is strong and needs the additional cement that we will be able to produce," added Brekhus.

A teleconference will be held September 27, 2012 at 10:00 Central Daylight 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 operating information related to our principal products.

Cement Operations

   Three months ended
 August 31,
In thousands except per unit  2012  2011
     
Operating Results    
Cement sales  $ 87,313  $ 75,978
Other sales and delivery fees   9,892    9,659
Total segment sales 97,205 85,637
Cost of products sold   86,119   78,232
Gross profit 11,086 7,405
Selling, general and administrative (3,544) (4,078)
Other income   880     3,190
Operating Profits  $ 8,422  $ 6,517
     
Cement    
Shipments (tons) 1,119 969
Prices ($/ton)  $78.06  $78.41
Cost of sales ($/ton)  $68.55  $71.77

Cement operating profit for the three-month periods ended August 31, 2012 and August 31, 2011 was $8.4 million and $6.5 million, respectively.

Total segment sales for the three-month period ended August 31, 2012 were $97.2 million compared to $85.6 million for the prior year period. Cement sales increased $11.3 million from the prior year period. Our Texas market area accounted for approximately 67% of cement sales in each of the three -month periods ended August 31, 2012 and August 31, 2011. Average cement prices increased 3% in our Texas market from the prior year period. Average cement prices decreased 7% due to a change in product mix in our California market from the prior year period. Shipments increased 11% in our Texas market area and 24% in our California market area.

Cost of products sold for the three-month period ended August 31, 2012 increased $7.9 million from the prior year period primarily due to higher shipments. Cement unit cost of sales decreased 4% from prior year period primarily due to lower energy costs.

Selling, general and administrative expense for the three-month period ended August 31, 2012 decreased $0.5 million from the prior year period primarily due to our work force reduction initiatives.

Other income for the three-month period ended August 31, 2012 decreased $2.3 million from the prior year period. The sales of emission credits associated with our Crestmore cement plant in Riverside, California resulted in gain of $2.5 million in the three-month period ended August 31, 2011.

Aggregate Operations

   Three months ended
 August 31,
In thousands except per unit  2012  2011
     
Operating Results    
Stone, sand and gravel sales  $ 28,151  $ 22,200
Expanded shale and clay sales and delivery fees   30,523   22,901
Total segment sales  58,674  45,101
Cost of products sold   49,041   38,508
Gross profit 9,633 6,593
Selling, general and administrative (2,330) (2,950)
Other income     1,716     272
Operating Profit  $ 9,019  $ 3,915
     
Stone, sand and gravel    
Shipments (tons) 3,914 3,143
Prices ($/ton)  $7.19  $7.06
Cost of sales ($/ton)  $5.98  $6.22

Aggregate operating profit for the three-month periods ended August 31, 2012 and August 31, 2011 was $9.0 million and $3.9 million, respectively.

Total segment sales for the three-month period ended August 31, 2012 were $58.7 million compared to $45.1 million for the prior year period. Stone, sand and gravel sales increased $6.0 million from the prior year period on 25% higher shipments and 2% higher average prices.

Cost of products sold for the three-month period ended August 31, 2012 increased $10.5 million from the prior year period primarily due to increased stone, sand and gravel shipments. Stone, sand and gravel unit costs decreased 4% from the prior year period primarily due to the effect of higher shipments on unit costs.

Selling, general and administrative expense for the three-month period ended August 31, 2012 decreased $0.6 million from the prior year period primarily due to our work force reduction initiatives.

Other income for the three-month period ended August 31, 2012 increased $1.4 million primarily due to higher gains from routine sales of surplus operating assets.

Consumer Products Operations

   Three months ended
 August 31,
In thousands except per unit  2012  2011
     
Operating Results    
Ready-mix concrete sales  $ 51,918  $ 56,228
Package products sales and delivery fees   127   14,796
Total segment sales  52,045  71,024
Cost of products sold   52,673   71,197
Gross loss (628) (173)
Selling, general and administrative (2,690) (4,374)
Other income    1,410     2,207
Operating Loss  $ (1,908)  $ (2,340)
     
Ready-mix concrete    
Shipments (cubic yards) 649 741
Prices ($/cubic yard)  $80.08  $75.93
Cost of sales ($/cubic yard)  $80.97  $78.91

Consumer products operating loss for the three-month periods ended August 31, 2012 and August 31, 2011 was $1.9 million and $2.3 million, respectively.   Operating loss for the three-month period ended August 31, 2011 includes $1.5 million profit from our Texas-based package products operations sold in April 2012. Operating results for ready-mix concrete operations improved $1.9 million from the prior year period.

Total segment sales for the three-month period ended August 31, 2012 were $52.0 million compared to $71.0 million for the prior year period. Total segment sales for the three-month period ended August 31, 2011 includes $14.7 million from the Texas-based package products operations sold in April 2012. Ready-mix concrete sales decreased $4.3 million from the prior year period. The effect of having exited the Houston, Texas ready-mix market in July 2011 decreased sales $6.6 million, shipments 14% and increased average prices 2% from the prior year period. Ready-mix concrete sales from ongoing operations increased $2.3 million from the prior year period on 2% higher shipments and 3% higher average prices.

Cost of products sold for the three-month period ended August 31, 2012 decreased $18.5 million from the prior year period primarily due to the sale of our Texas-based package products operation and having exited the Houston ready-mix market. Ready-mix concrete unit costs increased 3% from the prior year period.

Selling, general and administrative expense for the three-month period ended August 31, 2012 decreased $1.7 million from the prior year period primarily due to the effect of the sale of our Texas-based package products operations and our work force reduction initiatives.

Other income for the three-month period ended August 31, 2012 decreased $0.8 million from the prior year period. The decrease was primarily due to the recognition of a $2.1 million gain as a result of the disposition of ready-mix operations in Houston, Texas through the asset exchange transaction in July 2011. Gains from routine sales of surplus operating assets increased $0.5 million from the prior year period. In addition, earnings from joint venture of $0.6 million were recognized in the three-month period ended August 31, 2012.

Corporate

   Three months ended
 August 31,
In thousands  2012  2011
     
     
Other income  $ 46  $ 203
Selling, general and administrative    (10,315)    (6,402)
   $ (10,269)  $ (6,199)

Other income for the three-month period ended August 31, 2012 decreased $0.2 million from the prior year period primarily due to lower oil and gas royalty payments.

Selling, general and administrative expense for the three-month period ended August 31, 2012 increased $4.0 million from the prior year period primarily due to $2.8 million higher stock-based compensation expense and $1.0 million higher expenses as the result of our realignment of administrative functions.

Interest

Interest expense incurred for the three-month period ended August 31, 2012 was $17.1 million, of which $9.3 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $7.8 million was expensed. Interest expense incurred for the three-month period ended August 31, 2011 was $17.3 million, of which $7.8 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $9.5 million was expensed.

Interest expense incurred for the three-month period ended August 31, 2012 decreased $0.2 million from the prior year period primarily as a result of lower credit facility fees.

Interest expense to be capitalized in connection with our Hunter, Texas cement plant expansion project during the remainder of our current fiscal year is expected to be between $21 million and $27 million.

Income Taxes

Income taxes for the interim periods ended August 31, 2012 and August 31, 2011 have been included in the accompanying financial statements on the basis of an estimated annual rate. The tax rate differs from the 35% federal statutory corporate rate primarily due to percentage depletion that is tax deductible, state income taxes and valuation allowances against deferred tax assets. The estimated annualized rate is (5.9)% for fiscal year 2013 compared to 1.8% for fiscal year 2012. We made no income tax payments in the three-month periods ended August 31, 2012 and August 31, 2011. We received income tax refunds of less than $0.1 million in the three-month period ended August 31, 2011.

Net deferred tax assets totaled $13.5 million at August 31, 2012 and $13.7 million at May 31, 2012, of which $10.4 million at August 31, 2012 and $10.7 million at May 31, 2012 were classified as current. Management reviews our deferred tax position and in particular our deferred tax assets whenever circumstances indicate that the assets may not be realized in the future and records a valuation allowance unless such deferred tax assets are deemed more likely than not to be recoverable. The ultimate realization of these deferred tax assets depends upon various factors including the generation of taxable income during future periods. The Company's deferred tax assets exceeded deferred tax liabilities as of August 31, 2012 and May 31, 2012 primarily as a result of recent losses. Management has concluded that the sources of taxable income we are permitted to consider do not assure the realization of the entire amount of our net deferred tax assets. Accordingly, a valuation allowance is required due to the uncertainty of realizing the deferred tax assets. We recorded a valuation allowance of $5.2 million in fiscal year 2012 through a charge to other comprehensive loss given the increase in actuarial losses in our retirement plans in 2012. We will continue to record additional valuation allowance against additions to our net deferred tax assets for fiscal year 2013 until Management's assurance for the realization of its deferred tax assets are deemed more likely than not to be recoverable.

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
 August 31,
In thousands except per share  2012  2011
     
NET SALES  $ 191,808  $ 181,740
     
Cost of products sold   171,717   167,915
GROSS PROFIT 20,091 13,825
     
Selling, general and administrative 18,879 17,804
Interest 7,777 9,460
Other income   (4,052)   (5,872)
    22,604   21,392
LOSS BEFORE INCOME TAXES (2,513) (7,567)
     
Income taxes (benefit)   143   (147)
NET LOSS  $ (2,656)  $ (7,420)
     
     
Net loss per share    
Basic  $ (.09)  $ (.27)
Diluted  $ (.09)  $ (.27)
     
Average shares outstanding    
Basic 27,998 27,874
Diluted   27,998   27,874
     
Cash dividends declared per share  $ --   $ .075
 
 
 
(Unaudited)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
 
   Three months ended
 August 31,
In thousands  2012  2011
     
Net loss  $ (2,656)  $ (7,420)
     
Other comprehensive income    
Net actuarial gains (losses) of defined postretirement benefit plans    
Reclassification of recognized transactions, net of tax  546  363
Adjustment, net of tax  (55)  -- 
Prior service cost of defined postretirement benefit plans    
Reclassification of recognized transactions, net of taxes   (123)   (123)
Total other comprehensive income   368   240
     
Comprehensive loss  $ (2,288)  $ (7,180)
 
 
 
CONSOLIDATED BALANCE SHEETS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  (Unaudited)  
   August 31, May 31,
In thousands  2012  2012
     
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents  $ 60,871  $ 88,027
Receivables – net 113,354 98,836
Inventories 118,370 129,514
Deferred income taxes and prepaid expenses   17,640   19,007
TOTAL CURRENT ASSETS 310,235 335,384
     
PROPERTY, PLANT AND EQUIPMENT    
Land and land improvements 173,771 172,247
Buildings 51,749 51,982
Machinery and equipment 1,189,805 1,184,651
Construction in progress     454,392     437,166
  1,869,717 1,846,046
Less depreciation and depletion    662,385   650,450
   1,207,332  1,195,596
OTHER ASSETS    
Goodwill 1,715 1,715
Real estate and investments 20,716 20,865
Deferred income taxes and other charges   24,400   23,368
    46,831   45,948
   $ 1,564,398  $ 1,576,928
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES    
Accounts payable  $ 68,673  $ 64,825
Accrued interest, compensation and other 44,656 61,317
Current portion of long-term debt    1,455   1,214
TOTAL CURRENT LIABILITIES  114,784 127,356
     
LONG-TERM DEBT 657,803 656,949
     
OTHER CREDITS 95,935 96,352
     
SHAREHOLDERS' EQUITY    
Common stock, $1 par value; authorized 100,000 shares; issued and outstanding 28,031 and 27,996 shares, respectively 28,031 27,996
Additional paid-in capital 490,495 488,637
Retained earnings 201,480 204,136
Accumulated other comprehensive loss   (24,130)   (24,498)
    695,876   696,271
   $ 1,564,398  $ 1,576,928
 
 
(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
   
   Three months ended
August 31,
In thousands  2012  2011
     
OPERATING ACTIVITIES    
Net loss   $ (2,656)  $ (7,420)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation, depletion and amortization 14,216 15,980
Gains on asset disposals (2,503) (2,368)
Deferred income tax benefit (3) (241)
Stock-based compensation expense 2,766 107
Other – net (3,028) (1,567)
Changes in operating assets and liabilities    
Receivables – net (14,013) (8,670)
Inventories 10,846 894
Prepaid expenses 1,099 1,729
Accounts payable and accrued liabilities   (4,632)   (5,809)
Net cash provided (used) by operating activities 2,092 (7,365)
     
INVESTING ACTIVITIES    
Capital expenditures – expansions (28,114) (25,221)
Capital expenditures – other (4,496) (20,367)
Proceeds from asset disposals 3,578 863
Investments in life insurance contracts 146 -- 
Other – net   (59)   (82)
Net cash used by investing activities  (28,945)  (44,807)
     
FINANCING ACTIVITIES    
Debt retirements (1,028) (18)
Debt issuance costs --  (1,629)
Stock option exercises 725 78
Common dividends paid   --    (2,091)
Net cash used by financing activities   (303)   (3,660)
Decrease in cash and cash equivalents (27,156) (55,832)
     
Cash and cash equivalents at beginning of period   88,027   116,432
Cash and cash equivalents at end of period  $ 60,871  $ 60,600
CONTACT: T. Lesley Vines, Jr.
         Vice President
         Corporate Controller & Treasurer
         972.647.6722
         Email: lvines@txi.com
 
 
 

 
 
Texas Industries, Inc.
                                       
Consolidated Statements of Operations
                   
$ In thousands except per share
                             
                                         
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
 
FY2011
 
FY2012
 
FY2013
               
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
                                         
Shipments
                                       
Cement (thousands of tons)
       5,394
       5,136
       5,074
       5,035
       4,035
       3,226
 
          873
          784
          704
          940
       3,301
 
          969
          884
          743
          984
       3,580
 
       1,119
Aggregates (thousands of tons)
     23,616
     25,246
     22,114
     21,851
     16,470
     11,363
 
       3,584
       3,026
       2,470
       2,985
     12,065
 
       3,143
       2,818
       2,363
       3,514
     11,838
 
       3,914
Ready-mix (thousands of cubic yards)
       3,678
       3,830
       3,665
       3,844
       2,902
       2,147
 
          669
          575
          471
          700
       2,415
 
          741
          587
          508
          563
       2,399
 
          649
                                         
Price
                                       
Cement ($ per ton)
$75.05
$87.14
$95.06
$93.07
$90.31
$82.51
 
$77.59
$78.49
$76.75
$77.77
$77.68
 
$78.41
$78.07
$77.76
$76.79
$77.68
 
$78.06
Aggregates ($ per ton)
$5.68
$6.08
$7.03
$7.44
$7.97
$7.75
 
$7.42
$7.48
$7.38
$7.23
$7.38
 
$7.06
$7.45
$7.12
$7.26
$7.38
 
$7.19
Ready-mix ($ per cubic yard)
$60.54
$69.25
$75.87
$80.83
$85.46
$81.83
 
$77.83
$75.45
$72.83
$72.92
$74.87
 
$75.93
$75.85
$73.80
$78.50
$74.87
 
$80.08
                                         
Net Sales
                                       
Cement
    404,823
    447,594
    482,379
    468,673
    364,386
    266,180
 
     67,690
     61,599
     54,018
     73,078
    256,385
 
     75,978
     68,994
     57,830
     75,611
    278,413
 
     87,313
Aggregates
    134,220
    153,480
    155,562
    162,582
    131,197
     88,019
 
     26,593
     22,644
     18,212
     21,596
     89,045
 
     22,200
     20,993
     16,829
     25,515
     85,537
 
     28,151
Ready-mix
    222,680
    265,254
    278,067
    310,652
    247,931
    175,712
 
     52,106
     43,377
     34,351
     50,992
    180,826
 
     56,228
     44,579
     37,481
     44,190
    182,478
 
     51,918
Other
    104,847
    118,555
    119,798
    132,606
    121,321
    101,526
 
     27,310
     23,112
     20,487
     30,745
    101,654
 
     27,128
     23,039
     23,556
     22,774
     96,497
 
     16,271
Interplant
   (105,576)
   (121,127)
   (118,406)
   (130,461)
   (103,030)
    (69,779)
 
    (20,708)
    (18,369)
    (14,597)
    (20,380)
    (74,054)
 
    (20,022)
    (19,250)
    (17,356)
    (17,950)
    (74,578)
 
    (16,116)
Delivery Fees
     73,809
     80,166
     78,850
     84,802
     77,397
     59,406
 
     19,131
     15,748
     13,347
     19,731
     67,957
 
     20,228
     17,716
     16,296
     24,416
     78,656
 
     24,271
Net Sales
    834,803
    943,922
    996,250
 1,028,854
    839,202
    621,064
 
    172,122
    148,111
    125,818
    175,762
    621,813
 
    181,740
    156,071
    134,636
    174,556
    647,003
 
    191,808
                                         
Costs and Expenses (Income)
                                       
Cost of products sold
    692,414
    766,941
    754,088
    834,333
    726,133
    562,066
 
    156,014
    136,044
    135,179
    169,273
    596,510
 
    167,915
    153,325
    133,891
    146,125
    601,256
 
    171,717
Selling, general and administrative
     78,434
     88,663
    108,106
     96,220
     72,093
     79,415
 
     16,141
     18,543
     17,319
     24,417
     76,420
 
     17,804
     13,877
     18,390
     22,986
     73,057
 
     18,879
Restructuring charges and goodwill impairment
            -
            -
            -
            -
     58,395
            -
 
            -
            -
            -
            -
            -
 
            -
       3,216
            -
            -
       3,216
 
            -
Interest
     23,533
     31,155
     14,074
       2,505
     33,286
     52,240
 
     14,411
     13,886
       9,670
       9,616
     47,583
 
       9,460
       8,838
       8,512
       8,025
     34,835
 
       7,777
Loss on debt retirements and spin-off charges
          894
    113,247
            48
            -
          907
            -
 
     29,006
          613
            -
            -
     29,619
 
            -
            -
            -
            -
            -
 
            -
Other income
    (22,727)
    (47,270)
    (36,629)
    (31,563)
    (21,191)
    (10,666)
 
      (4,890)
      (1,929)
      (1,115)
    (13,578)
    (21,512)
 
      (5,872)
      (1,527)
      (1,337)
    (65,097)
    (73,833)
 
      (4,052)
 
    772,548
    952,736
    839,687
    901,495
    869,623
    683,055
 
    210,682
    167,157
    161,053
    189,728
    728,620
 
    189,307
    177,729
    159,456
    112,039
    638,531
 
    194,321
Income (Loss) from Continuing Operations
                   
before Income Taxes
     62,255
      (8,814)
    156,563
    127,359
    (30,421)
    (61,991)
 
    (38,560)
    (19,046)
    (35,235)
    (13,966)
   (106,807)
 
      (7,567)
    (21,658)
    (24,820)
     62,517
       8,472
 
      (2,513)
                                         
Income Taxes (Benefits)
     16,811
      (8,225)
     51,852
     39,728
    (12,774)
    (23,138)
 
    (14,868)
      (7,845)
    (14,301)
      (4,880)
    (41,894)
 
         (147)
         (621)
         (540)
       2,304
          996
 
          143
Income (Loss) from Continuing Operations
     45,444
         (589)
    104,711
     87,631
    (17,647)
    (38,853)
 
    (23,692)
    (11,201)
    (20,934)
      (9,086)
    (64,913)
 
      (7,420)
    (21,037)
    (24,280)
     60,213
       7,476
 
      (2,656)
                                         
Income from Discontinued Operations
                   
net of Income Taxes
     79,079
       8,691
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Income (Loss) before Accounting Change
    124,523
       8,102
    104,711
     87,631
    (17,647)
    (38,853)
 
    (23,692)
    (11,201)
    (20,934)
      (9,086)
    (64,913)
 
      (7,420)
    (21,037)
    (24,280)
     60,213
       7,476
 
      (2,656)
                                         
Cumulative Effect of Accounting Change
                   
net of Income Taxes
            -
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Net Income (Loss)
    124,523
       8,102
    104,711
     87,631
    (17,647)
    (38,853)
 
    (23,692)
    (11,201)
    (20,934)
      (9,086)
    (64,913)
 
      (7,420)
    (21,037)
    (24,280)
     60,213
       7,476
 
      (2,656)
 
 
 

 
 
Texas Industries, Inc.
                                   
Consolidated Balance Sheets
                                   
$ In thousands
                                   
                                     
                                     
                                     
 
5/31/2005
5/31/2006
5/31/2007
5/31/2008
5/31/2009
5/31/2010
 
8/31/2010
11/30/2010
2/28/2011
5/31/2011
 
8/31/2011
11/30/2011
2/29/2012
5/31/2012
 
8/31/2012
                                     
Cash
    251,600
     84,139
     15,138
     39,527
     19,796
     74,946
 
    162,427
    139,753
    123,362
    116,432
 
     60,600
     67,462
     27,155
     88,027
 
     60,871
Short-term investments
            -
     50,606
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
Receivables - net
    117,363
    132,849
    142,610
    170,943
    129,432
    112,184
 
    107,217
     96,671
     69,999
     85,817
 
     94,617
     82,378
     78,597
     98,836
 
    113,354
Inventories
     83,291
    109,767
    135,254
    144,654
    155,724
    142,419
 
    148,741
    152,681
    143,341
    140,646
 
    139,752
    128,154
    130,294
    129,514
 
    118,370
Deferred income taxes and prepaid expenses
     28,754
     33,599
     17,621
     17,943
     22,039
     23,426
 
     22,673
     23,351
     22,774
     22,040
 
     21,001
     20,529
     21,398
     19,007
 
     17,640
Total Current Assets
    481,008
    410,960
    310,623
    373,067
    326,991
    352,975
 
    441,058
    412,456
    359,476
    364,935
 
    315,970
    298,523
    257,444
    335,384
 
    310,235
                                     
Property, plant and equipment
    886,447
    956,896
 1,293,360
 1,546,125
 1,791,546
 1,758,778
 
 1,759,077
 1,775,126
 1,788,023
 1,797,750
 
 1,830,765
 1,853,036
 1,865,027
 1,846,046
 
 1,869,717
Less depreciation and depletion
    473,794
    486,585
    509,138
    518,361
    572,195
    604,269
 
    618,706
    634,404
    646,841
    642,329
 
    649,973
    662,186
    670,030
    650,450
 
    662,385
Net Property, Plant and Equipment
    412,653
    470,311
    784,222
 1,027,764
 1,219,351
 1,154,509
 
 1,140,371
 1,140,722
 1,141,182
 1,155,421
 
 1,180,792
 1,190,850
 1,194,997
 1,195,596
 
 1,207,332
                                     
Goodwill
     58,395
     58,395
     58,395
     60,110
       1,715
       1,715
 
       1,715
       1,715
       1,715
       1,715
 
       1,715
       1,715
       1,715
       1,715
 
       1,715
Real estate and investments
     99,491
    125,159
    110,761
     59,261
     10,001
       6,774
 
       6,223
       7,426
       7,007
       6,749
 
       6,447
     11,472
     11,044
     20,865
 
     20,716
Deferred income taxes, intangibles and other charges
     27,571
     22,706
     11,369
     11,332
     14,486
     15,774
 
     22,398
     23,219
     20,314
     22,191
 
     24,031
     22,481
     21,566
     23,368
 
     24,400
Assets of discontinued operations
 1,114,627
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
 
 1,300,084
    206,260
    180,525
    130,703
     26,202
     24,263
 
     30,336
     32,360
     29,036
     30,655
 
     32,193
     35,668
     34,325
     45,948
 
     46,831
Total Assets
 2,193,745
 1,087,531
 1,275,370
 1,531,534
 1,572,544
 1,531,747
 
 1,611,765
 1,585,538
 1,529,694
 1,551,011
 
 1,528,955
 1,525,041
 1,486,766
 1,576,928
 
 1,564,398
                                     
Accounts payable
     44,560
     50,931
     96,883
    111,478
     55,749
     56,214
 
     54,659
     41,800
     43,265
     56,787
 
     54,320
     57,389
     60,759
     64,825
 
     68,673
Accrued interest, compensation and other items
     62,202
     66,955
     70,104
     66,967
     51,856
     51,455
 
     45,805
     63,307
     40,087
     58,848
 
     49,290
     63,829
     43,189
     61,317
 
     44,656
Current portion of long term debt
          688
          681
       1,340
       7,725
          243
          234
 
     13,341
            95
            72
            73
 
            74
          499
          486
       1,214
 
       1,455
Total Current Liabilities
    107,450
    118,567
    168,327
    186,170
    107,848
    107,903
 
    113,805
    105,202
     83,424
    115,708
 
    103,684
    121,717
    104,434
    127,356
 
    114,784
                                     
Long-term Debt
    603,126
    251,505
    274,416
    401,880
    541,540
    538,620
 
    652,459
    652,441
    652,422
    652,403
 
    652,385
    654,138
    654,014
    656,949
 
    657,803
                                     
Convertible subordinated debentures
    199,937
    159,725
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
                                     
Deferred income taxes and other credits
     77,138
     79,837
     95,508
    118,117
    120,011
    123,976
 
    108,400
    102,495
     89,177
     87,318
 
     85,223
     80,919
     81,278
     96,352
 
     95,935
Liabilities of discontinued operations
278,527
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
            -
            -
            -
 
            -
                                     
Shareholders' equity
    927,567
    477,897
    737,119
    825,367
    803,145
    761,248
 
    737,101
    725,400
    704,671
    695,582
 
    687,663
    668,267
    647,040
    696,271
 
    695,876
Total Liabilities and Shareholders' Equity
 2,193,745
 1,087,531
 1,275,370
 1,531,534
 1,572,544
 1,531,747
 
 1,611,765
 1,585,538
 1,529,694
 1,551,011
 
 1,528,955
 1,525,041
 1,486,766
 1,576,928
 
 1,564,398
 
            -
            -
            -
            -
            -
            -
                       
 
 
 

 
 
Texas Industries, Inc.
                                       
Consolidated Statements of Cash Flows
                   
$ In thousands
                                       
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
 
FY2011
 
FY2012
 
FY2013
               
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
CONTINUING OPERATIONS
                                       
Operating Activities
                                       
Income (Loss) from Continuing Operations
     45,444
         (589)
    104,711
     87,631
    (17,647)
    (38,853)
 
    (23,692)
    (11,201)
    (20,934)
      (9,086)
    (64,913)
 
      (7,420)
    (21,037)
    (24,280)
     60,213
       7,476
 
      (2,656)
Adjustments to reconcile income (loss) from
         
continuing operations to cash provided by
                   
continuing operating activities
                                       
                                         
Depreciation, depletion and amortization
     46,474
     44,955
     46,356
     55,577
     68,192
     63,925
 
     15,861
     16,130
     16,118
     16,188
     64,297
 
     15,980
     15,405
     15,110
     14,457
     60,952
 
     14,216
Goodwill impairment
            -
            -
            -
            -
     58,395
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Loss (gain) on asset disposals
      (6,582)
    (34,768)
      (2,917)
    (19,410)
      (6,759)
      (1,350)
 
      (1,613)
            58
            99
    (12,182)
    (13,638)
 
      (2,368)
         (383)
         (985)
    (63,874)
    (67,610)
 
      (2,503)
Deferred income taxes (benefit)
     33,811
       6,581
     13,622
     20,036
      (1,938)
      (9,132)
 
    (14,973)
      (7,991)
    (14,701)
      (5,210)
    (42,875)
 
         (241)
         (704)
         (708)
       1,565
           (88)
 
            (3)
Stock-based compensation expense (credit)
            -
            -
     13,866
       2,395
      (4,400)
       5,097
 
         (230)
       2,518
       1,983
       1,310
       5,581
 
          107
      (1,336)
       2,939
          677
       2,387
 
       2,766
Excess tax benefits from stock-based compensation
       8,000
       9,969
      (1,694)
      (3,299)
      (1,596)
         (250)
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Loss on debt retirements
            -
    107,006
            48
            -
          907
            -
 
     29,006
          613
            -
            -
     29,619
 
            -
            -
            -
            -
            -
 
            -
Other - net
          889
      (2,399)
       3,234
       2,475
       5,931
     13,998
 
       2,192
      (5,047)
          597
       5,416
       3,158
 
      (1,567)
      (3,618)
          761
       5,647
       1,223
 
      (3,028)
Changes in operating assets and liabilities
                   
Receivables - net
      (8,873)
      (5,060)
          846
    (29,507)
     55,397
      (5,421)
 
       4,413
     11,699
     13,702
    (16,435)
     13,379
 
      (8,670)
     12,366
       3,928
    (20,927)
    (13,303)
 
    (14,013)
Inventories
       6,082
    (18,761)
    (25,047)
      (9,400)
    (11,070)
     13,706
 
      (6,322)
      (3,940)
       9,340
       3,086
       2,164
 
          894
     11,295
      (2,141)
          781
     10,829
 
     10,846
Prepaid expenses
      (1,680)
            63
       1,392
      (2,033)
      (1,894)
          387
 
       1,297
           (65)
       1,269
      (1,200)
       1,301
 
       1,729
       1,125
          407
      (1,876)
       1,385
 
       1,099
Accounts payable and accrued liabilities
     17,017
    (12,155)
     31,541
      (2,910)
    (36,232)
       6,046
 
      (7,284)
       8,597
      (9,293)
     19,152
     11,172
 
      (5,809)
       6,739
      (5,396)
     11,389
       6,923
 
      (4,632)
Other credits
       3,838
       2,527
            -
            -
            -
            -
 
            -
            -
            -
 
            -
 
            -
            -
            -
            -
            -
 
            -
Cash Provided by Continuing Operating Activities
    144,420
     97,369
    185,958
    101,555
    107,286
     48,153
 
      (1,345)
     11,371
      (1,820)
       1,039
       9,245
 
      (7,365)
     19,852
    (10,365)
       8,052
     10,174
 
       2,092
                                         
Investing Activities
                                       
Capital expenditures
    (46,178)
   (110,245)
   (317,658)
   (312,525)
   (288,544)
    (13,659)
 
      (3,156)
    (20,243)
    (15,545)
      (6,739)
    (45,683)
 
    (45,588)
    (16,678)
    (34,029)
    (10,041)
   (106,336)
 
    (32,610)
Cash designated for property acquisitions
 
            -
            -
(28,733) 28,733
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Proceeds from asset disposals
       7,136
     23,107
       5,552
     34,922
       7,981
     21,592
 
       3,209
         (172)
          206
          353
       3,596
 
          863
          786
       2,539
     62,657
     66,845
 
       3,578
Investments in insurance contracts
    (58,798)
      (4,366)
      (6,061)
     99,203
       2,876
       6,967
 
          327
       3,377
          190
          179
       4,073
 
            -
       2,989
          365
            -
       3,354
 
          146
Purchases of short-term investments - net
            -
(50,500) 50,500
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Other - net
         (677)
          612
         (336)
          101
           (21)
       2,079
 
          292
      (1,151)
       2,089
            36
       1,266
 
           (82)
           (46)
         (174)
            57
         (245)
 
           (59)
Cash Provided (Used) by Investing Activities
    (98,517)
   (141,392)
   (268,003)
   (207,032)
   (248,975)
     16,979
 
          672
    (18,189)
    (13,060)
      (6,171)
    (36,748)
 
    (44,807)
    (12,949)
    (31,299)
     52,673
    (36,382)
 
    (28,945)
                                         
Financing Activities
                                       
Long-term borrowings
            -
    250,000
     38,000
    366,000
    327,250
            -
 
    650,000
            -
            -
            -
    650,000
 
            -
            -
            -
            -
            -
 
            -
Debt retirements
         (699)
   (600,700)
    (25,521)
   (232,366)
   (197,772)
         (245)
 
   (547,736)
    (13,832)
           (42)
           (17)
   (561,627)
 
           (18)
           (18)
         (137)
         (127)
         (300)
 
      (1,028)
Debt issuance costs
           (39)
      (7,363)
            -
      (2,160)
      (5,470)
      (2,552)
 
    (12,250)
         (176)
           (54)
           (12)
    (12,492)
 
      (1,629)
         (103)
           (97)
            -
      (1,829)
 
            -
Debt retirement costs
            -
    (96,029)
            (6)
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Interest rate swap terminations
      (6,315)
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Stock option exercises
     41,399
       7,510
       6,394
       3,315
       4,641
          893
 
          225
          239
          675
          323
       1,462
 
            78
            80
       1,591
          274
       2,023
 
          725
Excess tax benefits from stock-based compensation
            -
            -
       1,694
       3,299
       1,596
          250
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Common dividends paid
      (6,643)
      (6,908)
      (7,517)
      (8,222)
      (8,287)
      (8,328)
 
      (2,085)
      (2,087)
      (2,090)
      (2,092)
      (8,354)
 
      (2,091)
            -
            -
            -
      (2,091)
 
            -
Other - net
            -
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Cash Provided (Used) by Financing Activities
     27,703
   (453,490)
     13,044
    129,866
    121,958
      (9,982)
 
     88,154
    (15,856)
      (1,511)
      (1,798)
     68,989
 
      (3,660)
           (41)
       1,357
          147
      (2,197)
 
         (303)
Net Cash Provided (Used) by Continuing Operations
     73,606
   (497,513)
    (69,001)
     24,389
    (19,731)
     55,150
 
     87,481
    (22,674)
    (16,391)
      (6,930)
     41,486
 
    (55,832)
       6,862
    (40,307)
     60,872
    (28,405)
 
    (27,156)
                                         
DISCONTINUED OPERATIONS
                             
Cash Provided (Used) by Operating Activities
     73,104
      (7,778)
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Cash Used by Investing Activities
    (28,163)
      (2,757)
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
            -
            -
            -
            -
 
            -
Cash Provided by 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)
     24,389
    (19,731)
     55,150
 
     87,481
    (22,674)
    (16,391)
      (6,930)
     41,486
 
    (55,832)
       6,862
    (40,307)
     60,872
    (28,405)
 
    (27,156)
                                         
Cash and Cash Equivalents at Beginning of Period
    133,053
    251,600
     84,139
     15,138
     39,527
     19,796
 
     74,946
    162,427
    139,753
    123,362
     74,946
 
    116,432
     60,600
     67,462
     27,155
     74,946
 
     88,027
Cash and Cash Equivalents at End of Period
    251,600
     84,139
     15,138
     39,527
     19,796
     74,946
 
    162,427
    139,753
    123,362
    116,432
    116,432
 
     60,600
     67,462
     27,155
     88,027
     46,541
 
     60,871
 
 
 

 
 
Texas Industries, Inc.
                                                                                                     
Reconciliation of EBITDA to Net Income and Cash Provided (Used) by Continuing Operations
 
$ In thousands
                                                                                                     
   
FY2005
   
FY2006
   
FY2007
   
FY2008
   
FY2009
    FY2010
 
 
FY2011
   
FY2012
   
FY2013
 
                                          Q1       Q2       Q3       Q4    
Total
      Q1       Q2       Q3       Q4    
Total
      Q1  
EBITDA Defined
                                                                                                                       
Net Income (loss) from Continuing Operations
    45,444       (589 )     104,711       87,631       (17,647 )     (38,853 )     (23,692 )     (11,201 )     (20,934 )     (9,086 )     (64,913 )     (7,420 )     (21,037 )     (24,280 )     60,213       7,476       (2,656 )
Plus (minus):
                                                                                                                                       
Interest
    23,533       31,155       14,074       2,505       33,286       52,240       14,411       13,886       9,670       9,616       47,583       9,460       8,838       8,512       8,025       34,835       7,777  
Income taxes (benefit)
    16,811       (8,225 )     51,852       39,728       (12,774 )     (23,138 )     (14,868 )     (7,845 )     (14,301 )     (4,880 )     (41,894 )     (147 )     (621 )     (540 )     2,304       996       143  
Depreciation, depletion and amortization
    46,474       44,955       46,356       55,577       68,192       63,925       15,861       16,130       16,118       16,188       64,297       15,980       15,405       15,110       14,457       60,952       14,216  
Restructuring charges and goodwill impairment
    -       -       -       -       58,395       -       -       -       -       -       -       -       3,216       -       -       3,216       -  
Loss on debt retirements and spin-off charges
    894       113,247       48       -       907       -       29,006       613       -       -       29,619       -       -       -       -       -       -  
EBITDA
    133,156       180,543       217,041       185,441       130,359       54,174       20,718       11,583       (9,447 )     11,838       34,692       17,873       5,801       (1,198 )     84,999       107,475       19,480  
                                                                                                                                         
EBITDA represents income from continuing operations before interest, income taxes, depreciation and amortization, restructuring charges and goodwill impairment, and loss on debt retirements and spin-off charges.
 
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       101,555       107,286       48,153       (1,345 )     11,371       (1,820 )     1,039       9,245       (7,365 )     19,852       (10,365 )     8,052       10,174       2,092  
Plus (minus):
                                                                                                                                       
Changes in operating assets and liabilities
    (16,384 )     33,386       (8,732 )     43,850       (6,201 )     (14,718 )     7,896       (16,291 )     (15,018 )     (4,603 )     (28,016 )     11,856       (31,525 )     3,202       10,633       (5,834 )     6,700  
Deferred taxes (benefit)
    (33,811 )     (6,581 )     (13,622 )     (20,036 )     1,938       9,132       14,973       7,991       14,701       5,210       42,875       241       704       708       (1,565 )     88       3  
Stock-based compensation expense (credit)
    -       -       (13,866 )     (2,395 )     4,400       (5,097 )     230       (2,518 )     (1,983 )     (1,310 )     (5,581 )     (107 )     1,336       (2,939 )     (677 )     (2,387 )     (2,766 )
Excess tax benefits from stock-based compensation
    (8,000 )     (9,969 )     1,694       3,299       1,596       250       -       -       -       -       -       -       -       -       -       -       -  
Income taxes (benefit)
    16,811       (8,225 )     51,852       39,728       (12,774 )     (23,138 )     (14,868 )     (7,845 )     (14,301 )     (4,880 )     (41,894 )     (147 )     (621 )     (540 )     2,304       996       143  
Loss (gain) on assets disposals
    6,582       34,768       2,917       19,410       6,759       1,350       1,613       (58 )     (99 )     12,182       13,638       2,368       383       985       63,874       67,610       2,503  
Interest
    23,533       31,155       14,074       2,505       33,286       52,240       14,411       13,886       9,670       9,616       47,583       9,460       8,838       8,512       8,025       34,835       7,777  
Restructuring charges
    -       -       -       -       -       -       -       -       -       -       -       -       3,216       -       -       3,216       -  
Spin-off charges
    894       6,241       -       -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Other - net
    (889 )     2,399       (3,234 )     (2,475 )     (5,931 )     (13,998 )     (2,192 )     5,047       (597 )     (5,416 )     (3,158 )     1,567       3,618       (761 )     (5,647 )     (1,223 )     3,028  
EBITDA
    133,156       180,543       217,041       185,441       130,359       54,174       20,718       11,583       (9,447 )     11,838       34,692       17,873       5,801       (1,198 )     84,999       107,475       19,480  
 
 
 

 
 
Texas Industries, Inc.
                                                                                                     
Business Segment Summary
                                                                                                     
$ In thousands except per share
                                                                         
   
FY2005
   
FY2006
   
FY2007
   
FY2008
   
FY2009
   
FY2010
   
FY2011
   
FY2012
   
FY2013
 
                                          Q1       Q2       Q3       Q4    
Total
      Q1       Q2       Q3       Q4    
Total
      Q1  
Cement Operations
                                                                                                                       
Operating Results
                                                                                                                       
Cement sales
    404,823       447,594       482,379       468,673       364,386       266,180       67,690       61,599       54,018       73,078       256,385       75,978       68,994       57,830       75,611       278,413       87,313  
Other sales and delivery fees
    30,699       27,416       27,648       36,079       30,934       28,333       8,692       6,979       6,144       9,094       30,909       9,659       8,240       7,641       11,340       36,880       9,892  
Total segment sales
    435,522       475,010       510,027       504,752       395,320       294,513       76,382       68,578       60,162       82,172       287,294       85,637       77,234       65,471       86,951       315,293       97,205  
Cost of products sold
    338,528       352,603       343,145       391,687       342,824       270,763       70,063       63,121       70,010       80,213       283,407       78,232       78,050       63,359       66,484       286,125       86,119  
Gross profit
    96,994       122,407       166,882       113,065       52,496       23,750       6,319       5,457       (9,848 )     1,959       3,887       7,405       (816 )     2,112       20,467       29,168       11,086  
Selling, general and administrative
    (15,085 )     (13,956 )     (19,878 )     (18,307 )     (19,343 )     (17,528 )     (4,793 )     (4,018 )     (3,286 )     (6,870 )     (18,967 )     (4,078 )     (4,165 )     (4,663 )     (3,625 )     (16,531 )     (3,544 )
Restructuring charges and goodwill impairment
    -       -       -       -       (58,395 )     -       -       -       -       -       -       -       (1,074 )     -       -       (1,074 )     -  
Other income
    1,342       951       24,536       7,419       9,301       7,774       2,438       509       696       1,188       4,831       3,190       700       167       4,868       8,925       880  
Operating Profit (Loss)
    83,251       109,402       171,540       102,177       (15,941 )     13,996       3,964       1,948       (12,438 )     (3,723 )     (10,249 )     6,517       (5,355 )     (2,384 )     21,710       20,488       8,422  
                                                                                                                                         
Cement
                                                                                                                                       
Shipments (tons)
    5,394       5,136       5,074       5,035       4,035       3,226       873       784       704       940       3,301       969       884       743       984       3,580       1,119  
Prices ($/ton)
  $ 75.05     $ 87.14     $ 95.06     $ 93.07     $ 90.31     $ 82.51     $ 77.59     $ 78.49     $ 76.75     $ 77.77     $ 77.68     $ 78.41     $ 78.07     $ 77.76     $ 76.79     $ 77.68     $ 78.06  
Cost of sales ($/ton)
  $ 58.03     $ 63.65     $ 63.08     $ 70.85     $ 78.02     $ 76.36     $ 71.23     $ 73.39     $ 90.43     $ 76.33     $ 77.29     $ 71.77     $ 78.34     $ 75.95     $ 56.60     $ 77.29     $ 68.55  
                                                                                                                                         
Aggregate Operations
                                                                                                                                       
Operating Results
                                                                                                                                       
Stone, sand and gravel sales
    134,220       153,480       155,562       162,582       131,197       88,019       26,593       22,644       18,212       21,596       89,045       22,200       20,993       16,829       25,515       85,537       28,151  
Expanded shale and clay sales and delivery fees
    88,125       99,101       113,292       122,748       106,294       76,928       23,377       18,438       16,692       24,873       83,380       22,901       18,973       19,813       27,336       89,023       30,523  
Total segment sales
    222,345       252,581       268,854       285,330       237,491       164,947       49,970       41,082       34,904       46,469       172,425       45,101       39,966       36,642       52,851       174,560       58,674  
Cost of products sold
    191,837       219,124       218,394       231,503       197,583       142,963       43,410       35,002       32,323       41,367       152,102       38,508       35,313       35,225       43,800       152,846       49,041  
Gross profit
    30,508       33,457       50,460       53,827       39,908       21,984       6,560       6,080       2,581       5,102       20,323       6,593       4,653       1,417       9,051       21,714       9,633  
Selling, general and administrative
    (11,920 )     (15,436 )     (16,212 )     (15,178 )     (12,633 )     (9,602 )     (3,059 )     (2,814 )     (2,679 )     (2,837 )     (11,389 )     (2,950 )     (2,323 )     (2,466 )     (2,828 )     (10,567 )     (2,330 )
Restructuring charges
    -       -       -       -       -       -       -       -       -       -       -       -       (437 )     -       -       (437 )     -  
Other income
    10,782       30,376       2,638       16,974       6,954       1,419       1,633       57       16       11,998       13,704       272       207       1,263       21,103       22,845       1,716  
Operating Profit (Loss)
    29,370       48,397       36,886       55,623       34,229       13,801       5,134       3,323       (82 )     14,263       22,638       3,915       2,100       214       27,326       33,555       9,019  
                                                                                                                                         
Stone, sand and gravel
                                                                                                                                       
Shipments (tons)
    23,616       25,246       22,114       21,851       16,470       11,363       3,584       3,026       2,470       2,985       12,065       3,143       2,818       2,363       3,514       11,838       3,914  
Prices ($/ton)
  $ 5.68     $ 6.08     $ 7.03     $ 7.44     $ 7.97     $ 7.75     $ 7.42     $ 7.48     $ 7.38     $ 7.23     $ 7.38     $ 7.06     $ 7.45     $ 7.12     $ 7.26     $ 7.38     $ 7.19  
Cost of sales ($/ton)
  $ 4.80     $ 5.23     $ 5.40     $ 6.13     $ 6.68     $ 6.91     $ 6.45     $ 6.53     $ 7.23     $ 6.80     $ 6.72     $ 6.22     $ 6.35     $ 7.47     $ 6.01     $ 6.72     $ 5.98  
                                                                                                                                         
Consumer Products Operations
                                                                                                 
Operating Results
                                                                                                                                       
Ready-mix concrete sales
    222,680       265,254       278,067       310,652       247,931       175,712       52,106       43,377       34,351       50,992       180,826       56,228       44,579       37,481       44,190       182,478       51,918  
Package products sales and delivery fees
    59,832       72,204       57,708       58,581       61,490       55,671       14,372       13,443       10,998       16,509       55,322       14,796       13,542       12,398       8,514       49,250       127  
Total segment sales
    282,512       337,458       335,775       369,233       309,421       231,383       66,478       56,820       45,349       67,501       236,148       71,024       58,121       49,879       52,704       231,728       52,045  
Cost of products sold
    267,625       316,341       310,955       341,604       288,756       218,119       63,249       56,290       47,443       68,073       235,055       71,197       59,212       52,663       53,791       236,863       52,673  
Gross profit
    14,887       21,117       24,820       27,629       20,665       13,264       3,229       530       (2,094 )     (572 )     1,093       (173 )     (1,091 )     (2,784 )     (1,087 )     (5,135 )     (628 )
Selling, general and administrative
    (10,339 )     (11,415 )     (16,284 )     (19,314 )     (13,116 )     (10,193 )     (2,676 )     (3,047 )     (2,607 )     (4,443 )     (12,773 )     (4,374 )     (2,436 )     (1,297 )     (2,739 )     (10,846 )     (2,690 )
Restructuring charges
    -       -       -       -       -       -       -       -       -       -       -       -       (536 )     -       -       (536 )     -  
Other income
    711       647       1,310       3,268       1,314       586       198       134       66       131       529       2,207       457       (177 )     39,065       41,552       1,410  
Operating Profit (Loss)
    5,259       10,349       9,846       11,583       8,863       3,657       751       (2,383 )     (4,635 )     (4,884 )     (11,151 )     (2,340 )     (3,606 )     (4,258 )     35,239       25,035       (1,908 )
                                                                                                                                         
Ready-mix concrete
                                                                                                                                       
Shipments (tons)
    3,678       3,830       3,665       3,844       2,902       2,147       669       575       471       700       2,415       741       587       508       563       2,399       649  
Prices ($/ton)
  $ 60.54     $ 69.25     $ 75.87     $ 80.83     $ 85.46     $ 81.83     $ 77.83     $ 75.45     $ 72.83     $ 72.92     $ 74.87     $ 75.93     $ 75.85     $ 73.80     $ 78.50     $ 74.87     $ 80.08  
Cost of sales ($/ton)
  $ 61.12     $ 67.69     $ 71.92     $ 76.36     $ 81.41     $ 79.82     $ 76.20     $ 77.79     $ 80.71     $ 77.70     $ 77.89     $ 78.91     $ 80.66     $ 81.87     $ 81.34     $ 77.89     $ 80.97  
                                                                                                                                         
Total Segment Operating Profit (Loss)
    117,880       168,148       218,272       169,383       27,151       31,454       9,849       2,888       (17,155 )     5,656       1,238       8,092       (6,861 )     (6,428 )     84,275       79,078       15,533  
Corporate
                                                                                                                                       
Other income
    9,892       15,296       8,145       3,902       3,622       887       621       1,229       337       261       2,448       203       163       84       61       511       46  
Selling, general and administrative
    (41,090 )     (47,856 )     (55,732 )     (43,421 )     (27,001 )     (42,092 )     (5,613 )     (8,664 )     (8,747 )     (10,267 )     (33,291 )     (6,402 )     (4,953 )     (9,964 )     (13,794 )     (35,113 )     (10,315 )
Restructuring charges
    -       -       -       -       -       -       -       -       -       -       -       -       (1,169 )     -       -       (1,169 )     -  
      (31,198 )     (32,560 )     (47,587 )     (39,519 )     (23,379 )     (41,205 )     (4,992 )     (7,435 )     (8,410 )     (10,006 )     (30,843 )     (6,199 )     (5,959 )     (9,880 )     (13,733 )     (35,771 )     (10,269 )
Interest
    (23,533 )     (31,155 )     (14,074 )     (2,505 )     (33,286 )     (52,240 )     (14,411 )     (13,886 )     (9,670 )     (9,616 )     (47,583 )     (9,460 )     (8,838 )     (8,512 )     (8,025 )     (34,835 )     (7,777 )
Loss on Debt Retirements
    (894 )     (113,247 )     (48 )     -       (907 )     -       (29,006 )     (613 )     -       -       (29,619 )     -       -       -       -       -       -  
Income (loss) from Continuing Operations before
                                 
Income Taxes
    62,255       (8,814 )     156,563       127,359       (30,421 )     (61,991 )     (38,560 )     (19,046 )     (35,235 )     (13,966 )     (106,807 )     (7,567 )     (21,658 )     (24,820 )     62,517       8,472       (2,513 )
 
 
 

 
 
Texas Industries, Inc.
                                                                                                     
Business Segment Summary
                                                                                                     
$ In thousands except per share
                                                                         
   
FY2005
   
FY2006
   
FY2007
   
FY2008
   
FY2009
    FY2010
 
 
FY2011
   
FY2012
   
FY2013
 
                                          Q1       Q2       Q3       Q4    
Total
      Q1       Q2       Q3       Q4    
Total
      Q1  
Major Gains (losses) in Other Income
                                                             
Cement
                                                                                                                       
Antidumping settlement
                19,803                                                                                                        
Sale of emissions credits
                        3,879       1,723       3,427       1,690                               1,690       2,533                               2,533          
Oil and gas bonus proceeds
                                2,781                                                                                                  
Aggregates
                                                                                                                                   
Sale of emissions credits
    6,225                                                                                                                                
Sale of real estate
            23,987               5,146       4,961                                                                               20,784                  
Sale of southern Louisiana operations
                            10,093                                                                                                          
Exchange of operating assets
                                                                            11,997       11,997       2,058                       (489 )     1,569          
Consumer products
                                                                                                                                       
Texas-based package products operations
                                              30,881                  
Exchange of operation assets
                                                                                                                    8,965                  
Corporate
                                                                                                                                       
Oil and gas bonus proceeds
                                    1,636                       834                       834                                       -          
                                                                                                                                         
Depreciation, Depletion and Amortization
                                                                 
Cement
    24,926       23,628       23,234       25,645       37,799       35,828       9,149       9,181       9,124       9,122       36,576       8,927       8,897       8,723       8,531       35,078       8,464  
Aggregates
    12,898       13,926       16,093       21,166       21,919       19,873       4,772       4,956       4,793       4,442       18,963       4,195       3,868       3,898       3,784       15,745       3,669  
Consumer Products
    6,889       6,181       6,493       7,998       7,434       7,065       1,656       1,709       1,919       2,341       7,625       2,564       2,326       2,194       1,897       8,981       1,866  
Corporate
    1,761       1,220       536       768       1,040       1,159       284       284       282       283       1,133       294       314       295       245       1,148       217  
Total Depreciation, Depletion and Amortization
    46,474       44,955       46,356       55,577       68,192       63,925       15,861       16,130       16,118       16,188       64,297       15,980       15,405       15,110       14,457       60,952       14,216