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TXI Reports Second Quarter Results

Stocks in this article: TXI

DALLAS, Jan. 9, 2013 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended November 30, 2012. Results for the quarter were a net loss of $11.1 million or $.40 per share. The results for the period included an after tax charge for variable stock based compensation of $1.5 million or $.05 per share. Results for the quarter ended November 30, 2011 were a net loss of $21.0 million or $.75 per share and included a one-time, pre-tax charge of $3.2 million ($.11 per share after-tax) relating to the Company's cost cutting and efficiency initiatives announced in September, 2011 and after tax income from variable stock based compensation of $1.6 million or $.06 per share.

General Comments

"Net sales for cement were up 20% compared to the same quarter a year ago and marks the sixth consecutive quarter that net cement sales exceeded the prior year," stated Mel Brekhus, Chief Executive Officer. "Aggregate and ready-mix net sales were up 32% and 18% respectively compared to a year ago."

"I am happy to announce that the commissioning of the second kiln at our central Texas plant began as scheduled and is on target to be completed this spring. With the rebound in Texas cement consumption well into its second year, the timing of our expansion appears to be very good. At an annual production capacity of 1.4 million tons, the second kiln increases TXI's total annual cement capacity by 26% to approximately 6.7 million tons," added Brekhus.

A teleconference will be held tomorrow, January 10, 2013 at 10:00 Central Standard Time to further discuss quarter results. A real-time webcast of the conference is available by logging on to TXI's website at .

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 November 30, Six months ended November 30,
In thousands except per unit        
  2012 2011 2012 2011
Operating Results        
Cement sales  $ 82,584  $ 68,994  $ 169,897  $ 144,972
Other sales and delivery fees 8,858 8,240 18,750 17,899
Total segment sales 91,442 77,234 188,647 162,871
Cost of products sold 82,706 78,050 168,825 156,282
Gross profit 8,736 (816) 19,822 6,589
Selling, general and administrative (3,729) (4,165) (7,273) (8,243)
Restructuring charges  (1,074)  —   (1,074)
Other income 1,050 700 1,930 3,890
Operating Profits  $ 6,057  $ (5,355)  $ 14,479  $ 1,162
Shipments (tons) 1,034 884 2,153 1,853
Prices ($/ton)  $ 79.82  $ 78.07  $ 78.91  $ 78.25
Cost of sales ($/ton)  $ 72.56  $ 78.34  $ 70.47  $ 74.90

Three months ended November 30, 2012

Cement operating profit (loss) for the three-month periods ended November 30, 2012 and November 30, 2011 was $6.1 million and $(5.4) million, respectively.

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