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TXI Reports First Quarter Results

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

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

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

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

Consumer Products Operations

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

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

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