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8-K - FORM 8-K - TEXAS INDUSTRIES INCf8k_040214.htm

EXHIBIT 99.1

TXI Reports Third Quarter Results

DALLAS, April 2, 2014 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended February 28, 2014. Results for the quarter were a net loss of $21.8 million or $.76 per share. Several non-recurring and timing items (discussed below) negatively impacted net income for the quarter by $12.2 million or $.43 per share. Results for the quarter ended February 28, 2013 were a net loss of $5.8 million or $.21 per share inclusive of net income from discontinued operations of $2.7 million or $.09 per share.

General Comments

"Construction activity continues to improve, especially in Texas, our primary market," stated Mel Brekhus, Chief Executive Officer. "Cement, aggregate and ready mix concrete shipments in Texas increased 27%, 21% and 48% respectively compared to a year ago after adjusting for the ready mix operations we acquired last year and despite an unusually bad winter. California cement shipments increased 11.8% compared to a year ago."

EBITDA from continuing operations for the February quarter equaled $11.7 million and EBITDA from continuing operations for the prior year's February quarter equaled $11.5 million. EBITDA after adjusting for non-recurring items in the current quarter and outages that did not occur in the prior period detailed below was $24.8 million. Adjusted EBITDA for the prior period was $12.9 million. Adjusted EBITDA as a percentage of net sales for the February quarter this year and last year equaled 11.9% and 9.1%, respectively.

Non-recurring items and cement plant outages that did not occur in the prior period are detailed below:

($ millions)
 
Midlothian maintenance outage (direct costs plus production impact) 8.4
Hunter maintenance outage (originally anticipated in Q4) 2.5
Merger charges 2.9
Favorable litigation settlement  (.7)
   
Total 13.1

"The fact that shipment levels overcame a severe winter is indicative of the continued improvement in our markets. Positive construction trends are tightening the supply of building materials in many of our markets and should support continued price improvement," added Brekhus.

A teleconference will be held tomorrow, April 3, 2014 at 10:00 A.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 operating information related to our principal products.

Cement Operations        
  Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands except per unit 2014 2013 2014 2013
Operating Results        
Cement sales  $ 93,356  $ 73,086  $ 292,638  $ 242,983
Other sales and delivery fees 7,381 7,480 25,210 26,230
Total segment sales 100,737 80,566 317,848 269,213
Cost of products sold 98,667 68,501 291,692 237,326
Gross profit 2,070 12,065 26,156 31,887
Selling, general and administrative  (3,088)  (3,247)  (11,703)  (10,520)
Other income, net  (596)  1,031  1,620 2,961
Operating profit  $ (1,614)  $ 9,849  $ 16,073  $ 24,328
Cement        
Shipments (tons) 1,141 933 3,640 3,086
Prices ($/ton)  $ 81.85  $ 78.39  $ 80.40  $ 78.75
Cost of sales ($/ton)  $ 80.61  $ 64.35  $ 73.82  $ 68.62

Three months ended February 28, 2014

Cement operating profit (loss) for the three-month periods ended February 28, 2014 and 2013 was $(1.6) million and $9.8 million, respectively.

Total segment sales for the three-month period ended February 28, 2014 were $100.7 million compared to $80.6 million for the prior year period. Cement sales increased $20.3 million from the prior year period. Our Texas market area accounted for approximately 74% of cement sales in the current period compared to 71% of cement sales in the prior year period. Average cement prices increased 5.1% in our Texas market from the prior year period. Average cement prices increased 1.6% in our California market from the prior year period. Price increases on a same product and same market basis in both Texas and California were offset by changes in product, geographic and customer mix. Shipments increased 27.0% in our Texas market area and 11.8% in our California market area from prior year period. Shipments during the period were negatively impacted by more inclement weather in Texas compared to the prior year period.

Cost of products sold for the three-month period ended February 28, 2014 increased $30.2 million from the prior year period primarily due to higher shipments, depreciation expense related to our new production line at our Hunter cement plant, repair and maintenance costs at our Texas plants, and emission allowance credits associated with our compliance with The California Global Warming Solutions Act of 2006, which took effect on January 1, 2013. Cement unit cost of sales increased 25.3% from the prior year period as the impact of higher costs including depreciation, repair and maintenance that includes annual major outages at our Texas Plants, and emission allowance credits were partially offset by higher shipments.

Selling, general and administrative expense for the three-month period ended February 28, 2014 decreased $0.2 million from the prior year period on lower provisions for insurance claims related to a reallocation among operating units, which were offset by higher legal expenses related to the litigation matters associated with our facilities in California.

Other income for the three-month period ended February 28, 2014 decreased $1.6 million from the prior year period on lower royalty income and miscellaneous income.

Aggregates Operations
  Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands except per unit 2014 2013 2014 2013
Operating Results        
Stone, sand and gravel sales  $ 31,177  $ 22,021  $ 98,770  $ 77,911
Delivery fees and other  10,723  8,799  34,848  34,101
Total segment sales  41,900  30,820  133,618  112,012
Cost of products sold  37,666  28,106  115,140  100,294
Gross profit  4,234  2,714  18,478  11,718
Selling, general and administrative  (1,679)  (900)  (4,686)  (2,763)
Other income, net  831  295  1,571  674
Operating profit  $ 3,386  $ 2,109  $ 15,363  $ 9,629
Stone, sand and gravel        
Shipments (tons) 3,671 3,029 11,958 10,751
Prices ($/ton)  $ 8.49  $ 7.27  $ 8.26  $ 7.25
Cost of sales ($/ton)  $ 7.37  $ 6.46  $ 6.73  $ 6.12

Previously, the aggregates segment included our expanded shale and clay lightweight aggregates operations which has been classified as discontinued operations in the prior period. Therefore, amounts for these operations are not included in the information presented.

Three months ended February 28, 2014

Aggregates operating profit for the three-month periods ended February 28, 2014 and 2013 was $3.4 million and $2.1 million, respectively.

Total segment sales for the three-month period ended February 28, 2014 were $41.9 million compared to $30.8 million for the prior year period. Stone, sand and gravel sales increased $9.2 million from the prior year period on 21.2% higher shipments and 16.8% higher average prices. Average selling prices increased primarily due to the impact of product and geographic mix associated with the aggregate terminals acquired in the asset exchange on March 22, 2013. Shipments during the period were negatively impacted by more inclement weather in Texas compared to the prior year period.

Delivery fees increased $1.9 million due to the acquisition of aggregate terminals in our asset exchange on March 22, 2013. Delivery costs associated with shipments to the acquired terminals are not directly billed to our customers.

Cost of products sold for the three-month period ended February 28, 2014 increased $9.6 million compared to the prior year period. Stone, sand and gravel unit costs increased 14.1% from the prior year period primarily due to the impact of including delivery costs associated with shipments to the acquired terminals in unit costs of sales.

Selling, general and administrative expense for the three-month period ended February 28, 2014 increased $0.7 million from the prior year period primarily due to higher provisions for insurance claims related to a reallocation among operating units.

Other income for the three-month period ended February 28, 2014 increased $0.5 million from the prior year period primarily on the sale of surplus assets and higher royalties.

Concrete Operations
  Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands except per unit 2014 2013 2014 2013
Operating Results        
Ready-mix concrete sales  $ 93,031  $ 44,582  $ 284,436  $ 149,276
Delivery fees  630  46  916  274
Total segment sales  93,661  44,628  285,352  149,550
Cost of products sold  88,013  47,081  273,193  153,877
Gross profit (loss)  5,648  (2,453)  12,159  (4,327)
Selling, general and administrative  (1,690)  (2,475)  (7,974)  (7,239)
Other income, net  892  666  5,279  2,789
Operating profit (loss)  $ 4,850  $ (4,262)  $ 9,464  $ (8,777)
Ready-mix concrete        
Shipments (cubic yards) 1,085 541 3,298 1,833
Prices ($/cubic yard)  $ 86.03  $ 82.49  $ 86.23  $ 81.46
Cost of sales ($/cubic yard)  $ 80.86  $ 87.04  $ 82.60  $ 83.88

Three months ended February 28, 2014

Concrete operating profit for the three-month period ended February 28, 2014 was $4.9 million compared to an operating loss of $4.3 million for the three-month period ended February 28, 2013.

Total segment sales for the three-month period ended February 28, 2014 were $93.7 million compared to $44.6 million for the prior year period. Segment sales increased $49.1 million from the prior year period primarily due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange on March 22, 2013, which accounted for 52% of the increase in shipments compared to the prior year period.   Price improvement in every market combined with market mix shifts attributable to the additional 42 ready-mix plants resulted in 4.3% higher average prices.

Cost of products sold for the three-month period ended February 28, 2014 increased $40.9 million from the prior year period as a result of the 42 additional ready-mix concrete plants acquired through an asset exchange on March 22, 2013, along with increased shipments from existing locations. Ready-mix concrete unit costs decreased 7.1% from the prior year period primarily due to higher shipments.

Selling, general and administrative expense for the three-month period ended February 28, 2014 decreased $0.8 million from the prior year period primarily due to lower provisions for insurance claims related to a reallocation among operating units, which were offset by higher compensation costs resulting from an increase in head count due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange on March 22, 2013.

Other income for the three-month period ended February 28, 2014 increased $0.2 million from prior year period on sale of surplus assets.

Corporate
  Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands 2014 2013 2014 2013
Other income, net  $ 570  $ 98  $ 4,490  $ 190
Merger charges  (2,863)    (2,863)  
Selling, general and administrative  (11,766)  (10,437)  (32,086)  (31,157)
   $ (14,059)  $ (10,339)  $ (30,459)  $ (30,967)

Three months ended February 28, 2014

Other income for the three-month period ended February 28, 2014 contains a gain of $0.4 million from a routine sale of real estate.

Selling, general and administrative expense for the three-month period ended February 28, 2014 increased by $1.4 million compared to the prior year period primarily due to higher provisions for insurance claims related to a reallocation among operating units. 

Merger related expenses for the three-month period ended February 28, 2014 was $2.9 million. These costs relate to the proposed business combination with Martin Marietta Materials, Inc.

Interest

Interest expense incurred for the three-month period ended February 28, 2014 was $17.4 million. Interest expense incurred for the three-month period ended February 28, 2013 was $17.4 million, of which $10.2 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $7.2 million was expensed.

Income Taxes

Income taxes for the interim periods ended February 28, 2014 and 2013 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 for continuing operations is 5.4% for fiscal year 2014 compared to 7.9% for fiscal year 2013. We received income tax refunds of $0.4 million in the nine-month period ended February 28, 2014 and none in the nine-month period ended February 28, 2013. We made no income tax payments in the nine-month periods ended February 28, 2014 and 2013.

Net deferred tax assets totaled $5.0 million at February 28, 2014 and $6.7 million at May 31, 2013. Net deferred tax assets classified as current were $14.2 million at February 28, 2014 and $18.8 million at May 31, 2013. 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 February 28, 2014 and May 31, 2013 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 will continue to record additional valuation allowance against additions to our net deferred tax assets for fiscal year 2014 until management believes it is more likely than not the deferred tax assets will be realized.

Certain statements contained in this quarterly report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan," "anticipate," and other similar words. 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 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, 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 major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix concrete and concrete products.

Earnings before Interest, Taxes, Depreciation and Amortization* Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands 2014 2013 2014 2013
Income before income taxes from continuing operations  $ (24,847)  $ (9,869)  $ (41,762)  $ (28,248)
Depreciation  19,123  14,096  58,556  41,956
Interest expense  17,409  7,227  52,203  22,462
EBITDA from continuing operations  $ 11,685  $ 11,454  $ 68,997  $ 36,170
EBITDA from discontinued operations** -- $ 4,534 -- $ 11,079
Total EBITDA  $ 11,685  $ 15,988  $ 68,997  $ 47,249
         
EBITDA MARGIN        
EBITDA from continuing operations $ 11,685 $ 11,454 $ 68,997 $ 36,170
Net Sales from continuing operations $ 207,828 $ 141,359 $ 649,802 $ 483,575
EBITDA Margin 5.6% 8.1% 10.6% 7.5%
         
*A full reconciliation of EBITDA is continued on our website at www.txi.com.        
** Expanded shale and clay operation's profit for the three month and nine month periods ended February 28, 2014 and 2013 of $4.2 million plus depreciation expense of $0.3 million and $10.1 million plus depreciation expense of $1.0 million, respectively.

EBITDA represents income before interest, income taxes, depreciation and amortization and 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.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization Three months ended
  February 28, February 28,
In millions 2014 2013
Net Sales $ 207.8 $ 141.4
     
EBITDA from continuing operations $ 11.7 $ 11.5
     
Operating Adjustments:    
Midlothian Maintenance outage $ 8.4 --
Hunter Kiln 2 Maintenance Outage 2.5 --
Total operating adjustments $ 10.9 --
     
Non-operating adjustments:    
Variable stock-based compensation   $ 1.4
Merger charges $ 2.9  --
Coal settlement gain  (0.7) --
Total non-operating adjustments  $ 2.2  $ 1.5
     
Adjusted EBITDA from continuing operations  $ 24.8  $ 12.9
     
Adjusted EBITDA Margin 11.9% 9.1%

Adjusted EBITDA represents income before interest, income taxes, depreciation and amortization adjusted for certain operating and non-operating costs, which we believe provides a more meaningful comparison of the results for the current and prior year periods.  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. Adjusted EBITDA is not necessarily comparable to similarly titled measures used by other companies.

CONSOLIDATED STATEMENTS OF OPERATIONS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
 
  Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands except per share 2014 2013 2014 2013
NET SALES  $ 207,828  $ 141,359  $ 649,802  $ 483,575
Cost of products sold 195,835 129,035 592,986 444,297
GROSS PROFIT 11,993 12,324 56,816 39,278
Selling, general and administrative 18,264 17,056 56,471 51,679
Merger charges 2,863 2,863
Interest expense 17,409 7,227 52,203 22,462
Other income, net  (1,696)  (2,091)  (12,959) (6,614)
LOSS BEFORE INCOME TAXES FROM CONTINUING OPERATIONS  (24,847)  (9,868)  (41,762)  (28,249)
Income taxes (benefit)  (3,078)  (1,355)  (2,783)  (2,151)
NET LOSS FROM CONTINUING OPERATIONS  $ (21,769)  $ (8,513)  $ (38,979)  $ (26,098)
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS 2,699 6,504
NET LOSS  $ (21,769)  $ (5,814)  $ (38,979)  $ (19,594)
NET LOSS PER SHARE FROM CONTINUING OPERATIONS:        
Basic  $ (0.76)  $ (0.30)  $ (1.36)  $ (0.93)
Diluted  $ (0.76)  $ (0.30)  $ (1.36)  $ (0.93)
NET INCOME (LOSS) PER SHARE FROM DISCONTINUED OPERATIONS:        
Basic $ —  $ 0.09 $ —  $ 0.23
Diluted $ —  $ 0.09 $ —  $ 0.23
NET LOSS PER SHARE:        
Basic  $ (0.76)  $ (0.21)  $ (1.36)  $ (0.70)
Diluted  $ (0.76)  $ (0.21)  $ (1.36)  $ (0.70)
AVERAGE SHARES OUTSTANDING        
Basic 28,696 28,190 28,629 28,073
Diluted 28,696 28,190 28,629 28,073

See notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
         
  Three months ended Nine months ended
  February 28, February 28, February 28, February 28,
In thousands 2014 2013 2014 2013
Net loss  $ (21,769)  $ (5,814)  $ (38,979)  $ (19,594)
Other comprehensive income:        
Unrealized actuarial gain (loss) of defined benefit plans, net of tax expense (benefit) of $1,813, $0, $1,813 and $(32), respectively 3,144 3,144  (55)
Reclassification of actuarial loss of defined benefit plans, net of tax benefit of $(6), $(55), $(19) and $(355), respectively  13  96  33  616
Total other comprehensive income 3,157 96 3,177 561
Comprehensive loss  $ (18,612)  $ (5,718)  $ (35,802)  $ (19,033)

See notes to consolidated financial statements.

 
CONSOLIDATED BALANCE SHEETS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
 
 
  (Unaudited)  
In thousands except per share February 28,
 2014
May 31,
 2013
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents $ 47,833 $ 61,296
Receivables – net 126,811 126,922
Inventories 107,910 105,054
Deferred income taxes and prepaid expenses 20,057 27,294
TOTAL CURRENT ASSETS 302,611 320,566
PROPERTY, PLANT AND EQUIPMENT    
Land and land improvements 174,781 172,780
Buildings 51,549 50,968
Machinery and equipment 1,651,573 1,647,460
Construction in progress 25,854 16,642
  1,903,757 1,887,850
Less depreciation and depletion 710,902 661,454
  1,192,855 1,226,396
OTHER ASSETS    
Goodwill 40,072 40,575
Real estate and investments 31,780 29,471
Deferred other charges 19,712 18,817
  91,564 88,863
  $ 1,587,030 $ 1,635,825
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES    
Accounts payable $ 71,584 $ 69,061
Accrued interest, compensation and other 43,237 62,336
Current portion of long-term debt 2,036 1,872
TOTAL CURRENT LIABILITIES 116,857 133,269
LONG-TERM DEBT 656,797 657,935
DEFERRED INCOME TAXES AND OTHER CREDITS 81,288 91,157
SHAREHOLDERS' EQUITY    
Common stock, $1 par value; authorized 100,000 shares; issued and outstanding 28,623 and 28,572 shares, respectively 28,804 28,572
Additional paid-in capital 528,754 514,560
Retained earnings 189,707 228,686
Accumulated other comprehensive loss (15,177) (18,354)
  732,088 753,464
  $ 1,587,030 $ 1,635,825

See notes to consolidated financial statements.

 
CONSOLIDATED STATEMENTS OF CASH FLOWS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
 
  Nine months ended
  February 28, February 28,
In thousands 2014 2013
OPERATING ACTIVITIES    
Net loss $ (38,979) $ (19,594)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation, depletion and amortization 58,556 42,968
Gain on asset disposals (6,133) (4,822)
Deferred income tax expense (benefit) 1,755 1,025
Stock-based compensation expense 5,349 7,015
Other – net (9,942) (7,555)
Changes in operating assets and liabilities    
Receivables – net (1,381) 830
Inventories (3,072) (710)
Prepaid expenses 2,632 (2,158)
Accounts payable and accrued liabilities (9,450) (7,228)
Net cash provided by operating activities (665) 9,771
INVESTING ACTIVITIES    
Capital expenditures – expansions (7,125) (61,344)
Capital expenditures – other (26,152) (17,752)
Proceeds from asset disposals 8,390 5,783
Investments in life insurance contracts 4,386 2,366
Other – net (67)
Net cash used by investing activities (20,501) (71,014)
FINANCING ACTIVITIES    
Debt payments (1,373) (2,236)
Stock option exercises 9,076 7,116
Net cash provided (used) by financing activities 7,703 4,880
Increase (decrease) in cash and cash equivalents (13,463) (56,363)
Cash and cash equivalents at beginning of period 61,296 88,027
Cash and cash equivalents at end of period $ 47,833 $ 31,664

See notes to consolidated financial statements.

CONTACT: T. Lesley Vines, Jr.
         Corporate Controller & Treasurer
         Direct 972.647.6722 E-mail lvines@txi.com
 
 
 
 

 
Texas Industries, Inc.
                                             
Consolidated Statements of Operations
                                               
$ In thousands except per share
                                               
                                                 
                                                 
                                                 
                                                 
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
 
FY2012
 
FY2013
 
FY2014
                 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Total
                                                 
Shipments
                                               
Cement (thousands of tons)
           5,394
            5,136
           5,074
           5,035
           4,035
           3,226
            3,301
 
              969
              884
                   743
                   984
          3,580
 
                 1,119
             1,034
              933
             1,299
          4,385
 
              1,314
             1,185
              1,141
          3,640
Aggregates (thousands of tons)
         23,616
        25,246
          22,114
          21,851
         16,470
          11,363
         12,065
 
            3,143
            2,818
                2,363
                 3,514
          11,838
 
               3,914
            3,808
           3,029
            4,042
         14,793
 
            4,447
           3,840
            3,671
          11,958
Ready-mix (thousands of cubic yards)
           3,678
           3,830
           3,665
           3,844
           2,902
            2,147
            2,415
 
               741
              587
                   508
                   563
          2,399
 
                 649
               643
               541
               968
           2,801
 
              1,134
            1,079
            1,085
          3,298
                                                 
Price
                                               
Cement ($ per ton)
$75.05
$87.14
$95.06
$93.07
$90.31
$82.51
$77.68
 
$78.41
$78.07
$77.76
$76.79
$77.75
 
$78.07
$79.82
$78.39
$79.27
$78.90
 
$79.43
$80.10
$81.85
$80.40
Aggregates ($ per ton)
$5.68
$6.08
$7.03
$7.44
$7.97
$7.75
$7.38
 
$7.06
$7.45
$7.12
$7.26
$7.23
 
$7.19
$7.28
$7.27
$7.95
$7.44
 
$8.02
$8.31
$8.49
$8.26
Ready-mix ($ per cubic yard)
$60.54
$69.25
$75.87
$80.83
$85.46
$81.83
$74.87
 
$75.93
$75.85
$73.80
$78.50
$76.06
 
$80.08
$81.99
$82.49
$84.83
$82.62
 
$86.86
$86.32
$86.03
$86.23
                                                 
Net Sales
                                               
Cement
      404,823
      447,594
      482,379
      468,673
      364,386
       266,180
      256,385
 
        75,978
        68,994
             57,830
               75,611
      278,413
 
            87,313
         82,584
        73,086
        102,975
     345,958
 
        104,426
        94,856
        93,356
     292,638
Aggregates
       134,220
       153,480
       155,562
       162,582
         131,197
         88,019
        89,045
 
        22,200
        20,993
              16,829
              25,515
        85,537
 
             28,151
         27,739
         22,021
          32,128
       110,039
 
         35,670
         31,923
          31,177
        98,770
Ready-mix
      222,680
      265,254
      278,067
       310,652
       247,931
        175,712
       180,826
 
        56,228
        44,579
              37,481
              44,190
      182,478
 
             51,918
         52,776
        44,582
         82,082
      231,358
 
         98,234
          93,171
         93,031
     284,436
Other
       104,847
        118,555
        119,798
       132,606
         121,321
        101,526
        101,654
 
         15,845
         14,394
              12,732
                10,101
        53,072
 
              2,867
            2,685
           2,272
             2,971
         10,795
 
            3,738
            2,214
           2,790
          8,742
Interplant
     (105,576)
       (121,127)
      (118,406)
      (130,461)
     (103,030)
      (69,779)
      (74,054)
 
       (19,348)
       (18,033)
             (16,071)
             (16,821)
      (70,273)
 
          (15,708)
        (16,827)
       (14,663)
       (24,560)
       (71,758)
 
       (29,344)
      (29,202)
      (28,470)
       (87,016)
Delivery Fees
        73,809
         80,166
        78,850
        84,802
        77,397
        59,406
        67,957
 
         16,726
         15,246
              13,093
               19,813
        64,878
 
            19,982
          18,736
          14,061
           17,910
        70,689
 
         20,358
         15,930
         15,944
        52,232
Net Sales
      834,803
      943,922
      996,250
   1,028,854
      839,202
       621,064
        621,813
 
       167,629
        146,173
             121,894
            158,409
      594,105
 
          174,523
        167,693
        141,359
        213,506
      697,081
 
       233,082
      208,892
      207,828
     649,802
                                                 
Costs and Expenses (Income)
                                               
Cost of products sold
       692,414
       766,941
      754,088
      834,333
       726,133
      562,066
       596,510
 
        157,001
       144,689
            123,774
             135,109
     560,573
 
          159,323
        155,939
       129,035
        185,506
     629,803
 
        202,416
       194,735
       195,835
     592,986
Selling, general and administrative
        78,434
        88,663
        108,106
        96,220
        72,093
         79,415
        76,420
 
         16,729
         12,780
              17,265
              21,589
        68,363
 
            17,556
          17,067
         17,056
          15,978
        67,657
 
          18,553
         19,655
         18,264
         56,471
Merger charges, Restructuring charges and goodwill impairment
                  -
                  -
                  -
                  -
        58,395
                  -
                  -
 
                  -
            3,153
                       -
                       -
           3,153
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
           2,863
          2,863
Interest
        23,533
          31,155
         14,074
           2,505
        33,286
        52,240
        47,583
 
           9,460
           8,838
                 8,512
                8,025
        34,835
 
              7,777
            7,457
           7,227
          10,346
        32,807
 
           17,371
         17,423
         17,409
        52,203
Loss on debt retirements and spin-off charges
              894
        113,247
                 48
                  -
              907
                  -
         29,619
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other income
      (22,727)
      (47,270)
      (36,629)
       (31,563)
         (21,191)
       (10,666)
        (21,512)
 
         (5,869)
          (1,522)
               (1,334)
            (64,381)
       (73,106)
 
            (2,599)
           (1,924)
          (2,091)
           (2,312)
        (8,926)
 
          (5,857)
         (5,406)
          (1,696)
       (12,959)
 
      772,548
      952,736
      839,687
       901,495
      869,623
      683,055
      728,620
 
        177,321
       167,938
             148,217
            100,342
      593,818
 
          182,057
        178,539
        151,227
        209,518
       721,341
 
       232,483
      226,407
      232,675
      691,564
Income (Loss) from Continuing Operations
                                               
before Income Taxes
        62,255
          (8,814)
       156,563
       127,359
       (30,421)
        (61,991)
     (106,807)
 
         (9,692)
       (21,765)
           (26,323)
             58,067
              287
 
            (7,534)
        (10,846)
         (9,868)
            3,988
      (24,260)
 
               599
        (17,515)
      (24,847)
       (41,762)
                                                 
Income Taxes (Benefits)
           16,811
         (8,225)
         51,852
        39,728
       (12,774)
       (23,138)
       (41,894)
 
             (310)
           (1,143)
                (1,148)
                   960
          (1,641)
 
                (139)
             (657)
          (1,355)
          (11,615)
       (13,766)
 
                170
               125
         (3,078)
        (2,783)
Income (Loss) from Continuing Operations
        45,444
            (589)
         104,711
         87,631
       (17,647)
      (38,853)
       (64,913)
 
         (9,382)
      (20,622)
            (25,175)
              57,107
           1,928
 
            (7,395)
         (10,189)
          (8,513)
          15,603
       (10,494)
 
               429
       (17,640)
       (21,769)
      (38,979)
                                                 
Income from Discontinued Operations
                                               
net of Income Taxes
        79,079
            8,691
                  -
                  -
                  -
                  -
                  -
 
            1,962
             (415)
                   895
                 3,106
          5,548
 
              4,738
             (933)
           2,699
         28,540
        35,044
 
                   -
                  -
                  -
                  -
Income (Loss) before Accounting Change
       124,523
            8,102
         104,711
         87,631
       (17,647)
      (38,853)
       (64,913)
 
         (7,420)
       (21,037)
           (24,280)
              60,213
          7,476
 
            (2,658)
          (11,122)
          (5,814)
          44,143
        24,550
 
               429
       (17,640)
       (21,769)
      (38,979)
                                                 
Cumulative Effect of Accounting Change
                                               
net of Income Taxes
                  -
                  -
                  -
                  -
                  -
                  -
                  -
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Net Income (Loss)
       124,523
            8,102
         104,711
         87,631
       (17,647)
      (38,853)
       (64,913)
 
         (7,420)
       (21,037)
           (24,280)
              60,213
          7,476
 
            (2,658)
          (11,122)
          (5,814)
          44,143
        24,550
 
               429
       (17,640)
       (21,769)
      (38,979)
 
 
 

 
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
5/31/2011
 
8/31/2011
11/30/2011
2/29/2012
5/31/2012
           
8/31/2012
11/30/2012
2/28/2013
5/31/2013
           
8/31/2013
11/30/2013
2/28/2014
                                               
Cash
       251,600
         84,139
          15,138
        39,527
         19,796
        74,946
        116,432
 
        60,600
        67,462
              27,155
             88,027
   
            60,871
          71,782
         31,664
          61,296
   
         48,472
        82,362
        47,833
Short-term investments
                  -
        50,606
                  -
                  -
                  -
                  -
                  -
 
                  -
                  -
                       -
                       -
   
                     -
                   -
                  -
                   -
   
                   -
                  -
                  -
Receivables - net
        117,363
       132,849
        142,610
       170,943
       129,432
         112,184
         85,817
 
         94,617
        82,378
             78,597
             98,836
   
           113,354
        107,760
        98,458
        126,922
   
        142,032
       122,382
         126,811
Inventories
         83,291
       109,767
       135,254
       144,654
       155,724
        142,419
       140,646
 
        110,537
        99,038
            100,858
              99,441
   
           89,493
         85,530
       100,282
        105,054
   
        107,678
        112,557
        107,910
Deferred income taxes and prepaid expenses
        28,754
        33,599
          17,621
         17,943
        22,039
        23,426
        22,040
 
          21,001
        20,529
              21,398
              19,007
   
            17,640
          16,672
        20,282
         27,294
   
         26,564
         21,929
        20,057
Discontinued Operations Held for Sale
               
        40,406
        40,096
              40,124
40344
   
           38,833
         39,360
        38,769
                   -
   
                   -
                  -
                  -
Total Current Assets
       481,008
       410,960
       310,623
      373,067
       326,991
      352,975
      364,935
 
        327,161
      309,503
            268,132
           345,655
   
           320,191
         321,104
      289,455
       320,566
   
       324,746
      339,230
        302,611
                                               
Property, plant and equipment
      886,447
      956,896
   1,293,360
    1,546,125
    1,791,546
   1,758,778
   1,797,750
 
    1,781,055
    1,803,149
         1,815,060
         1,796,731
   
       1,819,995
     1,838,019
    1,859,417
    1,887,850
   
     1,891,860
     1,901,371
   1,903,757
Less depreciation and depletion
      473,794
      486,585
       509,138
        518,361
       572,195
      604,269
      642,329
 
        611,454
      623,280
           630,750
             611,406
   
          622,619
       633,973
       647,281
        661,454
   
       680,804
       697,717
       710,902
Net Property, Plant and Equipment
       412,653
        470,311
      784,222
   1,027,764
     1,219,351
    1,154,509
     1,155,421
 
     1,169,601
    1,179,869
          1,184,310
         1,185,325
   
       1,197,376
    1,204,046
     1,212,136
    1,226,396
   
      1,211,056
   1,203,654
    1,192,855
                                               
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
         40,575
   
         40,575
        40,575
        40,072
Real estate and investments
         99,491
        125,159
         110,761
         59,261
          10,001
           6,774
           6,749
 
           6,447
          11,472
               11,044
             20,865
   
            20,716
          23,168
        23,024
          29,471
   
         30,062
         31,582
         31,780
Deferred income taxes, intangibles and other charges
         27,571
        22,706
          11,369
          11,332
         14,486
         15,774
          22,191
 
         24,031
         22,481
              21,566
             23,368
   
           24,400
         23,234
          22,141
           18,817
   
          19,359
         18,050
          19,712
Assets of discontinued operations
     1,114,627
                  -
                  -
                  -
                  -
                  -
                  -
 
                  -
                  -
                       -
                       -
   
                     -
                   -
                  -
                   -
   
                   -
                  -
                  -
 
   1,300,084
      206,260
       180,525
       130,703
        26,202
        24,263
        30,655
 
         32,193
        35,668
             34,325
             45,948
   
            46,831
           48,117
        46,880
         88,863
   
         89,996
        90,207
         91,564
Total Assets
   2,193,745
    1,087,531
   1,275,370
    1,531,534
   1,572,544
    1,531,747
      1,551,011
 
   1,528,955
    1,525,041
        1,486,766
        1,576,928
   
      1,564,398
    1,573,267
    1,548,471
    1,635,825
   
    1,625,798
    1,633,091
   1,587,030
                                               
Accounts payable
        44,560
         50,931
        96,883
         111,478
        55,749
         56,214
        56,787
 
        54,320
        57,389
             60,759
             64,825
   
           68,673
         64,520
        57,000
          69,061
   
          69,617
        73,943
         71,584
Accrued interest, compensation and other items
        62,202
        66,955
         70,104
        66,967
         51,856
         51,455
        58,848
 
        49,290
        63,829
              43,189
               61,317
   
           44,656
          67,712
         48,134
         62,336
   
          49,541
         72,197
        43,237
Current portion of long term debt
              688
               681
            1,340
           7,725
              243
              234
                 73
 
                 74
              499
                   486
                  1,214
   
               1,455
             1,432
             1,816
             1,872
   
               1,911
           2,229
           2,036
Total Current Liabilities
       107,450
        118,567
       168,327
        186,170
       107,848
       107,903
        115,708
 
       103,684
         121,717
            104,434
            127,356
   
           114,784
        133,664
       106,950
        133,269
   
         121,069
       148,369
        116,857
                                               
Long-term Debt
       603,126
       251,505
       274,416
       401,880
       541,540
      538,620
      652,403
 
      652,385
       654,138
            654,014
           656,949
   
         657,803
       657,269
      658,392
       657,935
   
       657,449
      657,068
      656,797
                                               
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
         87,318
 
        85,223
         80,919
              81,278
             96,352
   
           95,935
         95,995
        88,088
           91,157
   
         89,954
        85,967
         81,288
Liabilities of discontinued operations
      278,527
                  -
                  -
                  -
                  -
                  -
   
                  -
                  -
                       -
                       -
   
                     -
                   -
                  -
                   -
   
                   -
                  -
                  -
                                               
Shareholders' equity
      927,567
      477,897
        737,119
      825,367
       803,145
       761,248
      695,582
 
      687,663
      668,267
           647,040
            696,271
   
         695,876
       686,339
       695,041
       753,464
   
       757,326
       741,687
      732,088
Total Liabilities and Shareholders' Equity
   2,193,745
    1,087,531
   1,275,370
    1,531,534
   1,572,544
    1,531,747
      1,551,011
 
   1,528,955
    1,525,041
        1,486,766
        1,576,928
   
      1,564,398
    1,573,267
    1,548,471
    1,635,825
   
    1,625,798
    1,633,091
   1,587,030
 
 
 

 
Texas Industries, Inc.
                                             
Consolidated Statements of Cash Flows
                                               
$ In thousands
                                               
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
 
FY2012
 
FY2013
 
FY2014
                 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Total
                                                 
Operating Activities
                                               
Income (Loss) from Operations
        45,444
            (589)
         104,711
         87,631
       (17,647)
      (38,853)
       (64,913)
 
         (7,420)
       (21,037)
           (24,280)
              60,213
          7,476
 
            (2,658)
          (11,122)
          (5,814)
          44,144
        24,550
 
               429
       (17,639)
       (21,769)
      (38,979)
Adjustments to reconcile income (loss) from
                                               
operations to cash provided by
                                               
operating activities
                                               
                                                 
Depreciation, depletion and amortization
        46,474
        44,955
        46,356
        55,577
         68,192
        63,925
        64,297
 
         15,980
         15,405
                15,110
              14,457
        60,952
 
             14,216
          14,327
         14,425
          16,897
        59,865
 
          19,862
          19,571
          19,123
        58,556
Goodwill impairment
                  -
                  -
                  -
                  -
        58,395
                  -
                  -
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Loss (gain) on asset disposals
         (6,582)
      (34,768)
          (2,917)
        (19,410)
         (6,759)
          (1,350)
       (13,638)
 
         (2,368)
            (383)
                 (985)
           (63,874)
       (67,610)
 
            (2,503)
             (376)
          (1,943)
       (59,603)
      (64,425)
 
          (3,069)
         (2,697)
            (367)
         (6,133)
Deferred income taxes (benefit)
          33,811
            6,581
         13,622
        20,036
          (1,938)
          (9,132)
      (42,875)
 
             (241)
            (704)
                 (708)
                 1,565
              (88)
 
                    (3)
               960
                 68
            2,398
          3,423
 
                   51
               (60)
            1,764
           1,755
Stock-based compensation expense (credit)
                  -
                  -
         13,866
           2,395
         (4,400)
           5,097
            5,581
 
               107
          (1,336)
                2,939
                   677
          2,387
 
              2,766
            2,739
             1,510
            2,498
           9,513
 
            2,298
            1,664
            1,387
          5,349
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
                  -
         29,619
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other - net
              889
         (2,399)
           3,234
           2,475
            5,931
         13,998
            3,158
 
          (1,567)
          (3,618)
                    761
                5,647
           1,223
 
            (3,026)
           (5,441)
               912
               590
        (6,965)
 
           (1,848)
         (5,855)
         (2,239)
        (9,942)
Changes in operating assets and liabilities
                                             
                  -
Receivables - net
         (8,873)
         (5,060)
              846
      (29,507)
        55,397
          (5,421)
         13,379
 
         (8,670)
         12,366
                3,928
           (20,927)
       (13,303)
 
           (14,013)
            5,525
            9,318
       (27,968)
       (27,138)
 
         (16,136)
        20,537
         (5,782)
          (1,381)
Inventories
           6,082
        (18,761)
      (25,047)
         (9,400)
        (11,070)
         13,706
            2,164
 
              894
          11,295
                (2,141)
                    781
         10,829
 
            10,846
              3,121
       (14,677)
          22,143
         21,433
 
          (2,824)
         (4,896)
           4,648
        (3,072)
Prepaid expenses
          (1,680)
                 63
            1,392
         (2,033)
          (1,894)
              387
             1,301
 
            1,729
             1,125
                   407
               (1,876)
           1,385
 
               1,099
               588
         (3,845)
             1,920
            (238)
 
               278
             1,671
              683
          2,632
Accounts payable and accrued liabilities
          17,017
        (12,155)
          31,541
          (2,910)
      (36,232)
           6,046
           11,172
 
         (5,809)
           6,739
              (5,396)
               11,389
          6,923
 
            (4,632)
          12,565
         (15,161)
          20,510
         13,282
 
            (5,113)
         26,981
        (31,318)
        (9,450)
Other credits
           3,838
           2,527
                  -
                  -
                  -
                  -
                  -
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Cash Provided by Operating Activities
       144,420
        97,369
       185,958
        101,555
       107,286
         48,153
           9,245
 
         (7,365)
         19,852
            (10,365)
                8,052
          10,174
 
              2,092
         22,886
       (15,207)
         23,529
        33,300
 
          (6,072)
        39,277
      (33,870)
            (665)
                                                 
Investing Activities
                                               
Capital expenditures
       (46,178)
      (110,245)
     (317,658)
     (312,525)
    (288,544)
       (13,659)
      (45,683)
 
      (45,588)
       (16,678)
           (34,029)
             (10,041)
    (106,336)
 
          (32,610)
        (14,353)
       (32,133)
        (13,725)
       (92,821)
 
        (12,498)
        (11,922)
         (8,857)
      (33,277)
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
           3,596
 
              863
              786
                2,539
             62,657
        66,845
 
              3,578
               380
            1,825
          12,698
          18,481
 
             4,319
           3,363
              708
          8,390
Investments in insurance contracts
      (58,798)
         (4,366)
          (6,061)
        99,203
           2,876
           6,967
           4,073
 
                  -
           2,989
                   365
                       -
          3,354
 
                  146
            2,220
                  -
                 101
          2,467
 
               934
            3,125
              327
          4,386
Purchases of short-term investments - net
                  -
      (50,500)
        50,500
                  -
                  -
                  -
                  -
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other - net
            (677)
               612
            (336)
                101
                (21)
           2,079
            1,266
 
               (82)
               (46)
                  (174)
                      57
            (245)
 
                  (59)
                (27)
                  19
                (35)
             (102)
 
                   -
                  -
                  -
                  -
Cash Provided (Used) by Investing Activities
       (98,517)
      (141,392)
    (268,003)
    (207,032)
    (248,975)
         16,979
      (36,748)
 
      (44,807)
       (12,949)
            (31,299)
             52,673
      (36,382)
 
         (28,945)
         (11,780)
      (30,289)
              (961)
       (71,975)
 
          (7,245)
         (5,434)
         (7,822)
       (20,501)
                                                 
Financing Activities
                                               
Long-term borrowings
                  -
      250,000
        38,000
      366,000
      327,250
                  -
      650,000
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Debt retirements
            (699)
    (600,700)
       (25,521)
    (232,366)
     (197,772)
            (245)
     (561,627)
 
                (18)
                (18)
                  (137)
                  (127)
            (300)
 
             (1,028)
             (557)
             (651)
             (448)
        (2,684)
 
             (447)
            (463)
            (463)
         (1,373)
Debt issuance costs
               (39)
         (7,363)
                  -
          (2,160)
         (5,470)
         (2,552)
       (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
            1,462
 
                 78
                 80
                  1,591
                   274
          2,023
 
                 725
               364
           6,027
             7,512
         14,628
 
               940
               510
           7,626
          9,076
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)
         (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)
        68,989
 
         (3,660)
                (41)
                 1,357
                    147
         (2,197)
 
               (303)
              (193)
           5,376
            7,064
          11,944
 
               493
                 47
            7,163
          7,703
Net Cash Provided (Used) by  Operations
        73,606
     (497,513)
       (69,001)
        24,389
        (19,731)
         55,150
         41,486
 
      (55,832)
           6,862
           (40,307)
             60,872
      (28,405)
 
          (27,156)
           10,913
       (40,120)
         29,632
       (26,731)
 
        (12,824)
        33,890
      (34,529)
       (13,463)
                                                 
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
         41,486
 
      (55,832)
           6,862
           (40,307)
             60,872
      (28,405)
 
          (27,156)
           10,913
       (40,120)
         29,632
       (26,731)
 
        (12,824)
        33,890
      (34,529)
       (13,463)
                                                 
Cash and Cash Equivalents at Beginning of Period
       133,053
       251,600
         84,139
          15,138
        39,527
         19,796
        74,946
 
        116,432
        60,600
             67,462
              27,155
       116,432
 
           88,027
          60,871
          71,781
          31,664
        88,027
 
          61,296
        48,472
        82,362
         61,296
Cash and Cash Equivalents at End of Period
       251,600
         84,139
          15,138
        39,527
         19,796
        74,946
        116,432
 
        60,600
        67,462
              27,155
             88,027
        88,027
 
            60,871
           71,781
         31,664
          61,299
         61,296
 
         48,472
        82,362
        47,833
        47,833
 
 
 

 
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
 
FY2014
                 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Total
EBITDA Defined
                                               
Net Income (loss) from Operations
        45,444
            (589)
         104,711
         87,631
       (17,647)
      (38,853)
       (64,913)
 
         (7,420)
       (21,037)
           (24,280)
              60,213
          7,476
 
            (2,658)
          (11,122)
          (5,814)
          44,144
        24,550
 
               429
       (17,639)
       (21,769)
      (38,979)
Plus (minus):
                                               
Interest
        23,533
          31,155
         14,074
           2,505
        33,286
        52,240
        47,583
 
           9,460
           8,838
                 8,512
                8,025
        34,835
 
              7,777
            7,457
           7,227
          10,346
        32,807
 
           17,371
         17,423
         17,409
        52,203
Income taxes (benefit)
           16,811
         (8,225)
         51,852
        39,728
       (12,774)
       (23,138)
       (41,894)
 
             (144)
            (622)
                 (542)
                2,304
              996
 
                  144
               1,119
               152
            2,350
          3,765
 
                170
               125
         (3,078)
        (2,783)
Depreciation, depletion and amortization
        46,474
        44,955
        46,356
        55,577
         68,192
        63,925
        64,297
 
         15,980
         15,405
                15,110
              14,457
        60,952
 
             14,216
          14,327
         14,425
          16,897
        59,865
 
          19,862
          19,571
          19,123
        58,556
Restructuring charges and goodwill impairment
                  -
                  -
                  -
                  -
        58,395
                  -
                  -
 
                  -
            3,216
                       -
                       -
           3,216
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
           2,863
          2,863
Loss on debt retirements and spin-off charges
              894
        113,247
                 48
                  -
              907
                  -
         29,619
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
EBITDA
        133,156
       180,543
        217,041
        185,441
       130,359
         54,174
        34,692
 
         17,876
           5,800
               (1,200)
             84,999
      107,475
 
            19,479
            11,781
         15,990
         73,737
      120,987
 
         37,832
         19,480
         14,548
         71,860
                                                 
EBITDA represents income 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 Operating Activities
       144,420
        97,369
       185,958
        101,555
       107,286
         48,153
           9,245
 
         (7,365)
         19,852
            (10,365)
                8,052
          10,174
 
              2,092
         22,886
       (15,207)
         23,529
        33,300
 
          (6,072)
        39,277
      (33,870)
            (665)
Plus (minus):
                                               
Changes in operating assets and liabilities
       (16,384)
        33,386
         (8,732)
        43,850
          (6,201)
        (14,718)
       (28,016)
 
          11,856
       (31,525)
                3,202
              10,633
        (5,834)
 
              6,700
        (21,799)
        24,365
        (16,605)
        (7,339)
 
         23,795
      (44,293)
         31,769
           11,271
Deferred taxes (benefit)
        (33,811)
          (6,581)
       (13,622)
      (20,036)
            1,938
            9,132
        42,875
 
               241
              704
                   708
               (1,565)
                88
 
                      3
             (960)
               (68)
          (2,398)
        (3,423)
 
                 (51)
                 60
          (1,764)
         (1,755)
Stock-based compensation expense (credit)
                  -
                  -
       (13,866)
         (2,395)
           4,400
         (5,097)
          (5,581)
 
             (107)
            1,336
              (2,939)
                 (677)
        (2,387)
 
            (2,766)
          (2,739)
           (1,510)
          (2,498)
         (9,513)
 
          (2,298)
          (1,664)
          (1,387)
        (5,349)
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)
       (41,894)
 
             (144)
            (622)
                 (542)
                2,304
              996
 
                  144
               1,119
               152
            2,350
          3,765
 
                170
               125
         (3,078)
        (2,783)
Loss (gain) on assets disposals
           6,582
        34,768
            2,917
          19,410
           6,759
            1,350
         13,638
 
           2,368
              383
                   985
             63,874
         67,610
 
              2,503
               376
            1,943
         59,603
        64,425
 
            3,069
           2,697
              367
           6,133
Interest
        23,533
          31,155
         14,074
           2,505
        33,286
        52,240
        47,583
 
           9,460
           8,838
                 8,512
                8,025
        34,835
 
              7,777
            7,457
           7,227
          10,346
        32,807
 
           17,371
         17,423
         17,409
        52,203
Restructuring charges
                  -
                  -
                  -
                  -
                  -
                  -
                  -
 
                  -
            3,216
                       -
                       -
           3,216
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
           2,863
          2,863
Spin-off charges
              894
            6,241
                  -
                  -
                  -
                  -
                  -
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other - net
            (889)
           2,399
         (3,234)
         (2,475)
          (5,931)
       (13,998)
          (3,158)
 
            1,567
            3,618
                  (761)
              (5,647)
         (1,223)
 
              3,026
             5,441
             (912)
             (590)
          6,965
 
             1,848
           5,855
           2,239
          9,942
EBITDA
        133,156
       180,543
        217,041
        185,441
       130,359
         54,174
        34,692
 
         17,876
           5,800
               (1,200)
             84,999
      107,475
 
            19,479
            11,781
         15,990
         73,737
      120,987
 
         37,832
         19,480
         14,548
         71,860
 
 
 

 
Texas Industries, Inc.
                                             
Business Segment Summary
                                               
$ In thousands except per share
                                               
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
 
FY2012
 
FY2013
 
FY2014
                 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Total
Cement Operations
                                               
Operating Results
                                               
Cement sales
      404,823
      447,594
      482,379
      468,673
      364,386
       266,180
      256,385
 
        75,978
        68,994
             57,830
               75,611
      278,413
 
            87,313
         82,584
        73,086
        102,975
     345,958
 
        104,426
        94,856
        93,356
     292,638
Other sales and delivery fees
        30,699
         27,416
        27,648
        36,079
        30,934
        28,333
        30,909
 
           9,659
           8,240
                 7,641
               11,340
        36,880
 
              9,892
            8,858
           7,480
             9,317
        35,547
 
          10,322
           7,507
            7,381
         25,210
Total segment sales
      435,522
       475,010
       510,027
      504,752
      395,320
       294,513
      287,294
 
        85,637
        77,234
              65,471
              86,951
      315,293
 
           97,205
          91,442
        80,566
         112,292
      381,505
 
         114,748
       102,363
       100,737
      317,848
Cost of products sold
      338,528
      352,603
       343,145
       391,687
      342,824
      270,763
      283,407
 
        78,232
        78,050
             63,359
             66,484
      286,125
 
             86,119
         82,706
         68,501
          90,102
     327,428
 
         97,743
        95,284
        98,667
      291,692
Gross profit
        96,994
       122,407
       166,882
        113,065
        52,496
        23,750
           3,887
 
           7,405
             (816)
                  2,112
             20,467
         29,168
 
             11,086
            8,736
         12,065
          22,190
        54,077
 
          17,005
           7,079
           2,070
         26,156
Selling, general and administrative
       (15,085)
       (13,956)
       (19,878)
       (18,307)
       (19,343)
       (17,528)
       (18,967)
 
         (4,078)
          (4,165)
              (4,663)
              (3,625)
        (16,531)
 
            (3,544)
          (3,729)
         (3,247)
          (2,650)
        (13,170)
 
          (3,649)
         (4,964)
         (3,088)
        (11,703)
Restructuring charges and goodwill impairment
                  -
                  -
                  -
                  -
      (58,395)
                  -
                  -
 
                  -
          (1,074)
                       -
                       -
         (1,074)
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other income
            1,342
               951
        24,536
            7,419
            9,301
           7,774
            4,831
 
            3,190
              700
                    167
                4,868
          8,925
 
                 880
             1,050
             1,031
                194
           3,155
 
               637
            1,579
            (596)
           1,620
Operating Profit (Loss)
         83,251
       109,402
        171,540
        102,177
        (15,941)
         13,996
       (10,249)
 
            6,517
         (5,355)
              (2,384)
               21,710
        20,488
 
              8,422
            6,057
           9,849
          19,734
        44,062
 
          13,993
           3,694
           (1,614)
         16,073
                                                 
Cement
                                               
Shipments (tons)
           5,394
            5,136
           5,074
           5,035
           4,035
           3,226
            3,301
 
              969
              884
                   743
                   984
          3,580
 
                 1,119
             1,034
              933
             1,299
          4,385
 
              1,314
             1,185
              1,141
          3,640
Prices ($/ton)
$75.05
$87.14
$95.06
$93.07
$90.31
$82.51
$77.68
 
$78.41
$78.07
$77.76
$76.79
$77.75
 
$78.06
$79.82
$78.39
$79.27
$78.90
 
$79.43
$80.10
$81.85
$80.40
Cost of sales ($/ton)
$58.03
$63.65
$63.08
$70.85
$78.02
$76.36
$77.29
 
$71.77
$78.34
$75.95
$56.60
$70.09
 
$68.55
$72.56
$64.35
$64.50
$67.40
 
$67.29
$74.54
$80.61
$73.82
                                                 
Aggregate Operations
                                               
Operating Results
                                               
Stone, sand and gravel sales
       134,220
       153,480
       155,562
       162,582
         131,197
         88,019
        89,045
 
        22,200
        20,993
              16,829
              25,515
        85,537
 
             28,151
         27,739
         22,021
          32,128
       110,039
 
         35,670
         31,923
          31,177
        98,770
Expanded shale and clay sales and delivery fees
         88,125
          99,101
        113,292
       122,748
       106,294
        76,928
        29,308
 
            8,791
           7,854
                5,787
                9,389
          31,821
 
            12,830
          12,473
           8,799
           11,465
        45,567
 
          13,488
         10,637
         10,723
        34,848
Total segment sales
      222,345
       252,581
      268,854
      285,330
       237,491
       164,947
        118,353
 
         30,991
        28,847
              22,616
             34,904
       117,358
 
            40,981
          40,212
        30,820
         43,593
      155,606
 
          49,158
        42,560
         41,900
       133,618
Cost of products sold
        191,837
        219,124
       218,394
       231,503
       197,583
       142,963
       108,352
 
        27,594
        25,459
             23,825
             30,980
      107,858
 
           36,237
          35,951
         28,106
         38,546
      138,840
 
           41,416
        36,058
        37,666
        115,140
Gross profit
        30,508
        33,457
        50,460
        53,827
        39,908
         21,984
          10,001
 
           3,397
           3,388
               (1,209)
                3,924
          9,500
 
              4,744
             4,261
            2,714
            5,047
         16,766
 
            7,742
           6,502
           4,234
         18,478
Selling, general and administrative
        (11,920)
       (15,436)
        (16,212)
        (15,178)
       (12,633)
         (9,602)
         (7,020)
 
          (1,876)
          (1,226)
                (1,341)
                (1,431)
        (5,874)
 
             (1,008)
             (856)
            (900)
             (854)
         (3,619)
 
           (1,490)
           (1,517)
          (1,679)
        (4,686)
Restructuring charges
                  -
                  -
                  -
                  -
                  -
                  -
                  -
 
                  -
            (373)
                       -
                       -
            (373)
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other income
         10,782
        30,376
           2,638
         16,974
           6,954
             1,419
           13,115
 
               271
              202
                 1,259
             20,385
          22,117
 
                 263
                 115
              295
               623
           1,296
 
               335
              405
               831
            1,571
Operating Profit (Loss)
        29,370
        48,397
        36,886
        55,623
        34,229
          13,801
         16,096
 
            1,792
             1,991
                (1,291)
             22,878
        25,370
 
              3,999
            3,520
            2,109
             4,816
         14,443
 
            6,587
           5,390
           3,386
         15,363
                                                 
Stone, sand and gravel
                                               
Shipments (tons)
         23,616
        25,246
          22,114
          21,851
         16,470
          11,363
         12,065
 
            3,143
            2,818
                2,363
                 3,514
          11,838
 
               3,914
            3,808
           3,029
            4,042
         14,793
 
            4,447
           3,840
            3,671
          11,958
Prices ($/ton)
$5.68
$6.08
$7.03
$7.44
$7.97
$7.75
$7.38
 
$7.06
$7.45
$7.12
$7.26
$7.38
 
$7.19
$7.28
$7.27
$7.95
$7.44
 
$8.02
$8.31
$8.49
$8.26
Cost of sales ($/ton)
$4.80
$5.23
$5.40
$6.13
$6.68
$6.91
$6.72
 
$6.22
$6.35
$7.47
$6.01
$6.72
 
$5.98
$5.99
$6.46
$6.63
$6.26
 
$6.33
$6.57
$7.37
$6.73
                                                 
Concrete
                                               
Operating Results
                                               
Ready-mix concrete sales
      222,680
      265,254
      278,067
       310,652
       247,931
        175,712
       180,826
 
        56,228
        44,579
              37,481
              44,190
      182,478
 
             51,918
         52,776
        44,582
         82,082
      231,358
 
         98,234
          93,171
         93,031
     284,436
Package products sales and delivery fees
        59,832
        72,204
        57,708
         58,581
         61,490
         55,671
        55,322
 
         14,796
         13,542
              12,398
                 8,514
        49,250
 
                  127
                 101
                 46
                  97
               371
 
               286
                  -
              630
               916
Total segment sales
       282,512
      337,458
      335,775
      369,233
       309,421
       231,383
       236,148
 
         71,024
          58,121
             49,879
             52,704
      231,728
 
           52,045
         52,877
        44,628
          82,179
      231,729
 
         98,520
          93,171
         93,661
     285,352
Cost of products sold
      267,625
        316,341
       310,955
       341,604
      288,756
         218,119
      235,055
 
          71,197
         59,212
             52,663
              53,791
     236,863
 
           52,673
          54,123
         47,081
           81,417
     235,294
 
         92,589
         92,591
         88,013
      273,193
Gross profit
         14,887
           21,117
        24,820
        27,629
        20,665
         13,264
            1,093
 
             (173)
           (1,091)
              (2,784)
               (1,087)
         (5,135)
 
               (628)
           (1,246)
         (2,453)
               762
        (3,565)
 
             5,931
              580
           5,648
          12,159
Selling, general and administrative
       (10,339)
         (11,415)
       (16,284)
        (19,314)
         (13,116)
        (10,193)
       (12,773)
 
         (4,374)
         (2,436)
               (1,297)
              (2,739)
       (10,846)
 
            (2,690)
          (2,074)
         (2,475)
          (3,500)
       (10,739)
 
           (3,164)
          (3,120)
          (1,690)
        (7,974)
Restructuring charges
                  -
                  -
                  -
                  -
                  -
                  -
                  -
 
                  -
            (536)
                       -
                       -
            (536)
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Other income
                711
              647
             1,310
           3,268
             1,314
              586
              529
 
           2,207
              457
                  (177)
             39,065
         41,552
 
                1,410
                713
              666
             1,383
           4,172
 
             3,351
            1,036
              892
          5,279
Operating Profit (Loss)
           5,259
         10,349
           9,846
          11,583
           8,863
           3,657
          (11,151)
 
         (2,340)
         (3,606)
              (4,258)
             35,239
        25,035
 
             (1,908)
          (2,607)
         (4,262)
           (1,355)
        (10,132)
 
              6,118
          (1,504)
           4,850
          9,464
                                                 
Ready-mix concrete
                                               
Shipments (cyd)
           3,678
           3,830
           3,665
           3,844
           2,902
            2,147
            2,415
 
               741
              587
                   508
                   563
          2,399
 
                 649
               643
               541
               968
           2,801
 
              1,134
            1,079
            1,085
          3,298
Prices ($/cyd)
$60.54
$69.25
$75.87
$80.83
$85.46
$81.83
$74.87
 
$75.93
$75.85
$73.80
$78.50
$76.06
 
$80.08
$81.99
$82.49
$84.83
$82.62
 
$86.86
$86.32
$86.03
$86.23
Cost of sales ($/cyd)
$61.12
$67.69
$71.92
$76.36
$81.41
$79.82
$77.89
 
$78.91
$80.66
$81.87
$81.34
$77.89
 
$80.97
$84.16
$87.04
$83.79
$83.85
 
$81.65
$85.78
$80.86
$82.60
                                                 
Total Segment Operating Profit (Loss)
        117,880
        168,148
       218,272
       169,383
          27,151
         31,454
            1,238
 
           5,969
         (6,970)
              (7,933)
             79,827
        70,893
 
             10,513
            6,970
           7,696
          23,195
        48,373
 
         26,698
           7,580
           6,622
        40,900
Corporate
                                               
Other income
           9,892
         15,296
            8,145
           3,902
           3,622
              887
           2,448
 
              203
               163
                      84
                       61
                511
 
                    46
                  46
                 98
                 112
              302
 
             1,534
           2,386
              570
          4,490
Selling, general and administrative
       (41,090)
      (47,856)
      (55,732)
       (43,421)
       (27,001)
      (42,092)
       (33,291)
 
         (6,402)
         (4,953)
              (9,964)
            (13,794)
        (35,113)
 
           (10,317)
        (10,405)
       (10,439)
          (8,969)
       (40,128)
 
        (10,262)
       (10,057)
        (11,769)
      (32,087)
Merger charges and Restructuring charges
                  -
                  -
                  -
                  -
                  -
                  -
                  -
 
                  -
           (1,169)
                       -
                       -
          (1,169)
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
         (2,863)
        (2,863)
 
        (31,198)
      (32,560)
      (47,587)
       (39,519)
      (23,379)
       (41,205)
      (30,843)
 
          (6,199)
         (5,959)
              (9,880)
            (13,733)
       (35,771)
 
           (10,271)
        (10,359)
        (10,341)
          (8,857)
      (39,826)
 
          (8,728)
          (7,671)
       (14,062)
      (30,460)
Interest
      (23,533)
        (31,155)
       (14,074)
         (2,505)
      (33,286)
      (52,240)
      (47,583)
 
         (9,460)
         (8,838)
               (8,512)
              (8,025)
      (34,835)
 
            (7,777)
          (7,458)
         (7,227)
        (10,345)
      (32,807)
 
         (17,371)
       (17,423)
       (17,409)
      (52,203)
Loss on Debt Retirements
            (894)
      (113,247)
               (48)
                  -
            (907)
                  -
       (29,619)
 
                  -
                  -
                       -
                       -
                  -
 
                     -
                   -
                  -
                   -
                  -
 
                   -
                  -
                  -
                  -
Income (loss) from Continuing Operations before
                                               
Income Taxes
        62,255
          (8,814)
       156,563
       127,359
       (30,421)
        (61,991)
     (106,807)
 
         (9,690)
       (21,767)
           (26,325)
             58,069
              287
 
            (7,535)
        (10,846)
         (9,868)
             3,991
      (24,260)
 
               599
        (17,514)
      (24,847)
       (41,762)
 
 
 

 
Texas Industries, Inc.
                                             
Business Segment Summary
                                               
$ In thousands except per share
                                               
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
   
FY2012
 
FY2013
 
FY2014
             
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Q4
Total
 
Q1
Q2
Q3
Total
Major Gains (losses) in Other Income
                                               
Cement
           
                  -
         
                  -
         
                  -
       
                  -
Antidumping settlement
   
         19,803
     
                  -
         
                  -
         
                  -
       
                  -
Sale of emissions credits
     
           3,879
            1,723
           3,427
            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
        20,784
     
           3,634
 
          3,634
       
                  -
Sale of southern Louisiana operations
     
         10,093
   
                  -
         
                  -
         
                  -
       
                  -
Exchange of operating assets
           
          11,997
 
           2,058
   
                 (489)
           1,569
       
           41,147
          41,147
       
                  -
Concrete
           
                  -
         
                  -
         
                  -
       
                  -
Texas-based package products operations
           
                  -
       
              30,881
         30,881
         
                  -
       
                  -
Sale of real estate
                                       
             2,081
   
           2,081
Exchange of operation assets
           
                  -
       
                8,965
          8,965
         
                  -
       
                  -
Corporate
           
                  -
         
                  -
         
                  -
       
                  -
Oil and gas bonus proceeds
       
            1,636
 
              834
         
                  -
         
                  -
       
                  -
Sale of real estate
                                       
             1,366
           2,094
 
          3,460
                                                 
Depreciation, Depletion and Amortization
                                               
Cement
        24,926
        23,628
        23,234
        25,645
        37,799
        35,828
        36,576
 
           8,927
           8,897
                8,723
                 8,531
        35,078
 
              8,464
            8,429
           8,395
             9,931
         35,219
 
          13,043
         13,077
          13,017
         39,137
Aggregates
         12,898
         13,926
         16,093
          21,166
          21,919
         19,873
         18,963
 
            4,195
           3,868
                3,898
                3,784
         15,745
 
              3,327
            3,347
            3,166
             3,213
         13,053
 
              3,191
           2,882
            2,601
          8,674
Concrete
           6,889
             6,181
           6,493
           7,998
           7,434
           7,065
           7,625
 
           2,564
           2,326
                 2,194
                 1,897
           8,981
 
               1,866
              1,981
            2,281
            3,226
          9,354
 
             3,418
           3,387
            3,160
          9,965
Corporate
             1,761
            1,220
              536
              768
            1,040
             1,159
             1,133
 
              294
               314
                   295
                   245
            1,148
 
                  217
               229
              254
               289
              989
 
               242
              222
               316
              780
Total Depreciation, Depletion and Amortization
        46,474
        44,955
        46,356
        55,577
         68,192
        63,925
        64,297
 
         15,980
         15,405
                15,110
              14,457
        60,952
 
            13,874
          13,986
         14,096
          16,659
         58,615
 
          19,894
         19,568
         19,094
        58,556
                                                 
                             
 NOTES:
                 
                             
We have changed the name of our "consumer products" segment to "concrete". This changes impacts only the name of the segment, and does not impact or change the financial information we report through this segment.
         
                                                 
                             
Prior years shown as comparative to FY14 have been adjusted for discontinued operations.