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TXI Reports Third Quarter Results

Stocks in this article: TXI

DALLAS, March 27, 2013 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended February 28, 2013. Results for the quarter were a net loss of $5.8 million or $.21 per share. Results for the quarter ended February 28, 2012 were a net loss of $24.3 million or $.87 per share.

General Comments

"Construction activity in Texas and California continued to improve this quarter," stated Mel Brekhus, Chief Executive Officer. "Gross profit increased $14.2 million on increased sales of $19.5 million. This increase in profitability primarily reflects the benefits of increased shipments in reducing unit costs, and success in increasing efficiencies throughout the Company."

"The commissioning of the second kiln at our central Texas plant is on target to be completed this spring. This additional 1.4 million tons of cement capacity, in combination with the East Texas ready mix assets we acquired last week, places TXI in a strong position to benefit from the recovery in construction that is underway," added Brekhus.

A teleconference will be held tomorrow, March 28, 2013 at 10:00 Central Daylight Time to further discuss quarter results. A real-time webcast of the conference is available by logging on to TXI's website at www.txi.com .

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 Nine months ended
In thousands except per unit February 28, 2013 February 29, 2012 February 28, 2013 February 29, 2012
Operating Results        
Cement sales  $ 73,086  $ 57,830  $ 242,983  $ 202,802
Other sales and delivery fees 7,480 7,641 26,230 25,540
Total segment sales 80,566 65,471 269,213 228,342
Cost of products sold 68,501 63,359 237,326 219,641
Gross profit 12,065 2,112 31,887 8,701
Selling, general and administrative (3,247) (4,663) (10,520) (12,906)
Restructuring charges (1,074)
Other income 1,031 167 2,961 4,057
Operating Profits (Loss)  $ 9,849  $ (2,384)  $ 24,328  $ (1,222)
Cement        
Shipments (tons) 933 743 3,086 2,596
Prices ($/ton)  $ 78.39  $ 77.76  $ 78.75  $ 78.11
Cost of sales ($/ton)  $ 64.35  $ 75.95  $ 68.62  $ 75.20

Three months ended February 28, 2013

Cement operating profit (loss) for the three-month periods ended February 28, 2013 and February 29, 2012 was $9.8 million and $(2.4) million, respectively.

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