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TXI Reports First Quarter Results

Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the 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 and 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 a major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix concrete and concrete products.

The Texas Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6602

 
 
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
 
   Three months ended  August 31,
In thousands except per share  2012  2011
     
NET SALES  $ 191,808  $ 181,740
     
Cost of products sold   171,717   167,915
GROSS PROFIT 20,091 13,825
     
Selling, general and administrative 18,879 17,804
Interest 7,777 9,460
Other income   (4,052)   (5,872)
    22,604   21,392
LOSS BEFORE INCOME TAXES (2,513) (7,567)
     
Income taxes (benefit)   143   (147)
NET LOSS  $ (2,656)  $ (7,420)
     
     
Net loss per share    
Basic  $ (.09)  $ (.27)
Diluted  $ (.09)  $ (.27)
     
Average shares outstanding    
Basic 27,998 27,874
Diluted   27,998   27,874
     
Cash dividends declared per share  $ --   $ .075
 
 
 
(Unaudited)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
 
   Three months ended  August 31,
In thousands  2012  2011
     
Net loss  $ (2,656)  $ (7,420)
     
Other comprehensive income    
Net actuarial gains (losses) of defined postretirement benefit plans    
Reclassification of recognized transactions, net of tax  546  363
Adjustment, net of tax  (55)  -- 
Prior service cost of defined postretirement benefit plans    
Reclassification of recognized transactions, net of taxes   (123)   (123)
Total other comprehensive income   368   240
     
Comprehensive loss  $ (2,288)  $ (7,180)
 
 
 
CONSOLIDATED BALANCE SHEETS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  (Unaudited)  
   August 31, May 31,
In thousands  2012  2012
     
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents  $ 60,871  $ 88,027
Receivables – net 113,354 98,836
Inventories 118,370 129,514
Deferred income taxes and prepaid expenses   17,640   19,007
TOTAL CURRENT ASSETS 310,235 335,384
     
PROPERTY, PLANT AND EQUIPMENT    
Land and land improvements 173,771 172,247
Buildings 51,749 51,982
Machinery and equipment 1,189,805 1,184,651
Construction in progress     454,392     437,166
  1,869,717 1,846,046
Less depreciation and depletion    662,385   650,450
   1,207,332  1,195,596
OTHER ASSETS    
Goodwill 1,715 1,715
Real estate and investments 20,716 20,865
Deferred income taxes and other charges   24,400   23,368
    46,831   45,948
   $ 1,564,398  $ 1,576,928
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES    
Accounts payable  $ 68,673  $ 64,825
Accrued interest, compensation and other 44,656 61,317
Current portion of long-term debt    1,455   1,214
TOTAL CURRENT LIABILITIES  114,784 127,356
     
LONG-TERM DEBT 657,803 656,949
     
OTHER CREDITS 95,935 96,352
     
SHAREHOLDERS' EQUITY    
Common stock, $1 par value; authorized 100,000 shares; issued and outstanding 28,031 and 27,996 shares, respectively 28,031 27,996
Additional paid-in capital 490,495 488,637
Retained earnings 201,480 204,136
Accumulated other comprehensive loss   (24,130)   (24,498)
    695,876   696,271
   $ 1,564,398  $ 1,576,928
 
 
(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
   
   Three months ended August 31,
In thousands  2012  2011
     
OPERATING ACTIVITIES    
Net loss   $ (2,656)  $ (7,420)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation, depletion and amortization 14,216 15,980
Gains on asset disposals (2,503) (2,368)
Deferred income tax benefit (3) (241)
Stock-based compensation expense 2,766 107
Other – net (3,028) (1,567)
Changes in operating assets and liabilities    
Receivables – net (14,013) (8,670)
Inventories 10,846 894
Prepaid expenses 1,099 1,729
Accounts payable and accrued liabilities   (4,632)   (5,809)
Net cash provided (used) by operating activities 2,092 (7,365)
     
INVESTING ACTIVITIES    
Capital expenditures – expansions (28,114) (25,221)
Capital expenditures – other (4,496) (20,367)
Proceeds from asset disposals 3,578 863
Investments in life insurance contracts 146 -- 
Other – net   (59)   (82)
Net cash used by investing activities  (28,945)  (44,807)
     
FINANCING ACTIVITIES    
Debt retirements (1,028) (18)
Debt issuance costs --  (1,629)
Stock option exercises 725 78
Common dividends paid   --    (2,091)
Net cash used by financing activities   (303)   (3,660)
Decrease in cash and cash equivalents (27,156) (55,832)
     
Cash and cash equivalents at beginning of period   88,027   116,432
Cash and cash equivalents at end of period  $ 60,871  $ 60,600
CONTACT: T. Lesley Vines, Jr.
         Vice President
         Corporate Controller & Treasurer
         972.647.6722
         Email: lvines@txi.com

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