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TXI Reports First Quarter Results

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

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

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

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

Corporate

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

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

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