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Eagle Materials Inc. Reports Continued Growth In Sales Volumes And Earnings In The Third Quarter

Stocks in this article: EXP

(2) Revenues and Earnings by Lines of Business (Quarter and Nine Months)

(3) Sales Volume, Net Sales Prices and Intersegment and Cement Revenues

(4) Consolidated Balance Sheets

(5) Non-GAAP Financial Measures

 
 

Eagle Materials Inc.

Attachment 1

 
Eagle Materials Inc.
Statement of Consolidated Earnings
(dollars in thousands, except per share data)
(unaudited)
 
    Quarter Ended     Nine Months Ended
December 31, December 31,
  2012         2011     2012         2011  
 
Revenues $ 164,743 $ 123,596 $ 483,444 $ 378,222
 
Cost of Goods Sold   133,482     111,125     396,797     352,661  
 
Gross Profit 31,261 12,471 86,647 25,561
 
Equity in Earnings of Unconsolidated JV 8,852 7,776 24,070 21,160
Other Operating (Expense) Income (223 ) 591 (427 ) 627
Acquisition and Litigation Expense (2,485 ) (9,117 ) (8,859 ) (9,117 )
Corporate General and Administrative Expense   (6,268 )   (4,928 )   (16,942 )   (13,518 )
 
Earnings before Interest and Income Taxes 31,137 6,793 84,489 24,713
 
Interest Expense, Net (3,836 ) (4,210 ) (11,149 ) (13,352 )
Loss on Debt Retirement   -     (2,094 )   -     (2,094 )
 
Earnings before Income Taxes 27,301 489 73,340 9,267
 
Income Tax (Expense) Benefit   (9,321 )   2,408     (23,429 )   462  
 
Net Earnings $ 17,980   $ 2,897   $ 49,911   $ 9,729  
 
EARNINGS PER SHARE
Basic $ 0.37   $ 0.07   $ 1.09   $ 0.22  
Diluted $ 0.37   $ 0.07   $ 1.07   $ 0.22  
 
AVERAGE SHARES OUTSTANDING
Basic   48,331,185     44,212,098     45,920,452     44,197,540  
Diluted   49,249,547     44,395,982     46,574,724     44,423,467  
 
 

Eagle Materials Inc.

Attachment 2

 
Eagle Materials Inc.
Revenues and Segment Operating Earnings by Lines of Business
(dollars in thousands)
(unaudited)
 
    Quarter Ended     Nine Months Ended
December 31, December 31,
  2012         2011     2012         2011  
Revenues*
 
Gypsum Wallboard and Paperboard:
Gypsum Wallboard $ 80,737 $ 54,063 $ 228,284 $ 156,386
Gypsum Paperboard   19,551     19,407     58,173     59,686  
100,288 73,470 286,457 216,072
 
Cement (Wholly Owned) 50,400 40,074 156,255 126,677
 
Concrete and Aggregates   14,055     10,052     40,732     35,473  
 
Total $ 164,743   $ 123,596   $ 483,444   $ 378,222  

 

Segment Operating Earnings
 
Gypsum Wallboard and Paperboard:
Gypsum Wallboard $ 16,870 $ 228 $ 47,356 $ (4,074 )
Gypsum Paperboard   7,963     5,146     20,934     12,214  
24,833 5,374 68,290 8,140
 
Cement:
Wholly Owned 7,763 7,717 19,853 18,232
Joint Venture   8,852     7,776     24,070     21,160  
16,615 15,493 43,923 39,392
 
Concrete and Aggregates (1,335 ) (620 ) (1,496 ) (811 )
 
Other Operating (Expense) Income   (223 )   591     (427 )   627  
 
Sub-total 39,890 20,838 110,290 47,348
Acquisition and Litigation Expense (2,485 ) (9,117 ) (8,859 ) (9,117 )
Corporate General and Administrative Expense   (6,268 )   (4,928 )   (16,942 )   (13,518 )
 
Earnings Before Interest and Income Taxes $ 31,137   $ 6,793   $ 84,489   $ 24,713  

 

* Net of Intersegment and Joint Venture Revenues listed on Attachment 3
 
 

Eagle Materials Inc.

Attachment 3
 
Eagle Materials Inc.
Sales Volume, Net Sales Prices and Intersegment and Joint Venture Revenues
(unaudited)
 
    Sales Volume
Quarter Ended     Nine Months Ended
December 31, December 31,
2012     2011     Change 2012     2011     Change
 
Gypsum Wallboard (MMSF’s) 519 421 +23 % 1,476 1,236 +19 %
 
Cement (M Tons):
Wholly Owned 592 497 +19 % 1,852 1,534 +21 %
Joint Venture 226 203 +11 % 678 657 +3 %
818 700 +17 % 2,530 2,191 +15 %
Paperboard (M Tons):
Internal 23 19 +21 % 66 54 +22 %
External 42 38 +11 % 121 120 +1 %
65 57 +14 % 187 174 +7 %
 
Concrete (M Cubic Yards) 143 112 +28 % 421 391 +8 %
 
Aggregates (M Tons) 639 463 +38 % 2,101 1,846 +14 %
 
 
    Average Net Sales Price*
Quarter Ended     Nine Months Ended
December 31, December 31,
2012     2011     Change 2012     2011     Change
 
Gypsum Wallboard (MSF) $ 120.55 $ 94.86 +27 % $ 119.60 $ 92.35 +30 %
Cement (Ton) $ 82.68 $ 80.02 +3 % $ 82.17 $ 80.77 +2 %
Paperboard (Ton) $ 480.51 $ 527.42 -9 % $ 498.16 $ 519.20 -4 %
Concrete (Cubic Yard) $ 71.55 $ 67.11 +7 % $ 67.94 $ 63.98 +6 %
Aggregates (Ton) $ 6.13 $ 5.99 +2 % $ 6.04 $ 5.95 +2 %
 

*Net of freight and delivery costs billed to customers.

   
 
Intersegment and Cement Revenues
Quarter Ended     Nine Months Ended
December 31, December 31,
2012     2011 2012     2011
Intersegment Revenues:
Cement $ 535 $ 803 $ 1,614 $ 3,044
Paperboard 11,780 10,594 35,217 30,728
Concrete and Aggregates   146   198   603   559
$ 12,461 $ 11,595 $ 37,434 $ 34,331
 
Cement Revenues:
Wholly Owned $ 50,400 $ 40,074 $ 156,255 $ 126,677
Joint Venture   24,000   20,633   71,623   64,487
$ 74,400 $ 60,707 $ 227,878 $ 191,164
 
 

Eagle Materials Inc.

Attachment 4

 
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
 
 
   

December 31,

   

March 31,

2012

   

2011

2012*

ASSETS

Current Assets –
Cash and Cash Equivalents $ 9,247 $ 3,679 $ 6,481
Accounts and Notes Receivable, net 86,588 54,491 56,197
Inventories 134,473 113,613 123,606
Federal Income Tax Receivable - 9,109 1,133
Prepaid and Other Assets   13,015     3,045     4,424  
Total Current Assets   243,323     183,937     191,841  
Property, Plant and Equipment – 1,581,468 1,138,261 1,140,744
Less: Accumulated Depreciation   (598,396 )   (548,284 )   (560,236 )
Property, Plant and Equipment, net 983,072 589,977 580,508
Investments in Joint Venture 41,760 37,571 38,939
Notes Receivable 3,273 3,448 3,436
Goodwill and Intangibles 163,802 151,061 150,902
Other Assets   21,590     19,155     19,519  
$ 1,456,820   $ 985,149   $ 985,145  
 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities –
Accounts Payable $ 47,460 $ 33,344 $ 38,747
Accrued Liabilities 57,460 42,456 33,619
Federal Income Tax Payable 5,532 3,392 -
Current Portion of Long-term Debt   -     4,677     4,677  
Total Current Liabilities   110,452     83,869     77,043  
Long-term Liabilities 41,104 35,268 39,467
Bank Credit Facility 291,000 84,000 70,000
Senior Notes 192,259 192,259 192,259
Deferred Income Taxes 134,458 127,562 133,865
Stockholders’ Equity –
Preferred Stock, Par Value $0.01; Authorized 5,000,000
Shares; None Issued - - -
Common Stock, Par Value $0.01; Authorized 100,000,000
Shares; Issued and Outstanding 49,351,952; 44,944,310 and
45,269,493 Shares, respectively. 494 449 453
 
Capital in Excess of Par Value 216,440 29,235 37,692
Accumulated Other Comprehensive Losses (5,168 ) (2,893 ) (5,516 )
Retained Earnings   475,781     435,400     439,882  
Total Stockholders’ Equity   687,547     462,191     472,511  
$ 1,456,820   $ 985,149   $ 985,145  
*From audited financial statements.
 
 

Eagle Materials Inc.Attachment 5

Eagle Materials Inc. Non-GAAP Financial Measures (unaudited) (Dollars, other than earnings per share amounts, and number of shares in millions)

Adjusted earnings per diluted share (Adjusted EPS) is a non-GAAP financial measure and represents earnings per diluted share excluding the impacts from non-routine items, including costs related with closing the Lafarge acquisition, litigation costs related to our lawsuit against the IRS, loss on debt retirements, discrete tax benefits and losses on arbitration or litigation rulings (Non-routine Items). Management uses measures of earnings excluding the impact of Non-routine Items as a basis for comparing operating results of the Company from period to period and for purposes of its budgeting and planning processes. Although management believes that Adjusted EPS is useful in evaluating the Company’s business, this information should be considered as supplemental in nature and is not meant to be considered in isolation, or as a substitute for earnings per diluted share and the related financial information prepared in accordance with GAAP. In addition, our presentation of Adjusted EPS may not be the same as similarly titled measures reported by other companies, limiting its usefulness as a comparative measure.

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