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TXI Reports First Quarter Results

Stocks in this article: TXI

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

General Comments

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

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

A teleconference will be held September 27, 2012 at 10:00 Central Daylight Time to further discuss quarter results. A real-time webcast of the conference is available by logging on to TXI's website at www.txi.com .

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

Cement Operations

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

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

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