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

(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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