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TXI Reports Third Quarter Results

Stocks in this article: TXI

On March 22, 2013, our subsidiaries exchanged their expanded shale and clay lightweight aggregates manufacturing business for the ready-mix concrete business of subsidiaries of Trinity Industries, Inc. in east Texas and southwest Arkansas. Pursuant to the agreements, we transferred our expanded shale and clay manufacturing facilities in Streetman, Texas; Boulder, Colorado and Frazier Park, California; and our DiamondPro® product line in exchange for 42 ready-mix concrete plants stretching from Texarkana to Beaumont in east Texas and in southwestern Arkansas, two aggregate distribution facilities in Beaumont and Port Arthur, Texas, and related assets. We anticipate recognizing a gain on the transaction, the amount of which is still being finalized and will be included in the results for our discontinued operations in our fourth quarter 2013. 

Three months ended February 28, 2013

Aggregates operating profit for the three-month period ended February 28, 2013 was $2.1 million and operating loss for the three-month period ended February 29, 2012 was $(1.3) million.

Total segment sales for the three-month period ended were $30.8 million compared to $22.6 million for the prior year period. Stone, sand and gravel sales increased $8.2 million from the prior year period on 28% higher shipments.

Cost of products sold for the three-month period ended February 28, 2013 increased $4.3 million from the prior year period primarily due to increased stone, sand and gravel shipments. Stone, sand and gravel unit costs decreased 14% from the prior year period primarily due to the effect of higher shipments on unit costs.

Selling, general and administrative expense for the three-month period ended February 28, 2013 decreased $0.4 million from the prior year period primarily due to our work force reduction initiatives.

Consumer Products 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        
Ready-mix concrete sales  $ 44,582  $ 37,481  $ 149,276  $ 138,288
Package products sales and delivery fees 46 12,398 274 40,736
Total segment sales 44,628 49,879 149,550 179,024
Cost of products sold 47,081 52,663 153,877 183,072
Gross loss (2,453) (2,784) (4,327) (4,048)
Selling, general and administrative (2,475) (1,297) (7,239) (8,107)
Restructuring charges (536)
Other income 666 (177) 2,789 2,487
Operating Loss  $ (4,262)  $ (4,258)  $ (8,777)  $ (10,204)
Ready-mix concrete        
Shipments (cubic yards) 541 508 1,833 1,836
Prices ($/cubic yard)  $ 82.49  $ 73.80  $ 81.46  $ 75.31
Cost of sales ($/cubic yard)  $ 87.04  $ 81.87  $ 83.88  $ 80.29

Three months ended February 28, 2013

Consumer products operating loss for the three-month periods ended February 28, 2013 and February 29, 2012 was $(4.3) million and $(4.3) million, respectively.

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