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TXI Reports First Quarter Results

Stocks in this article: TXI

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

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

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

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

Aggregate Operations

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

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

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