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TXI Reports Third Quarter Results

Total segment sales for the three-month period ended February 28, 2013 were $44.6 million compared to $49.9 million for the prior year period. Segment sales decreased $5.3 million from the prior year period due to the sale of our Texas-based package products operations. Ready-mix concrete sales from ongoing operations increased $7.1 million from the prior year period on 6% higher shipments and 12% higher average prices.

Cost of products sold for the three-month period ended February 28, 2013 decreased $5.6 million from the prior year period primarily due to the sale of our package products operations. Ready-mix concrete unit costs increased 6% from the prior year period on higher maintenance, diesel and material costs.

Selling, general and administrative expense for the three-month period ended February 28, 2013 increased $1.2 million from the prior year period due to insurance costs related to a prior event.

Other income for the three-month period ended February 28, 2013 increased $0.8 million from the prior year period primarily due to earnings from joint venture of $0.5 million.

Corporate

  Three months ended Nine months ended
In thousands February 28, 2013 February 29, 2012 February 28, 2013 February 29, 2012
Other income  $ 98  $ 84  $ 190  $ 450
Selling, general and administrative (10,437) (9,964) (31,157) (21,319)
Restructuring charges (1,169)
   $ (10,339)  $ (9,880)  $ (30,967)  $ (22,038 )

Three months ended February 28, 2013

Other income for the three-month period ended February 28, 2013 remains relatively unchanged from prior year period on flat oil and gas royalty payments.

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