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TXI Reports First Quarter Results

Cost of products sold for the three-month period ended August 31, 2013 increased $11.6 million from the prior year period primarily due to higher shipments, depreciation expense related to our new production line at our Hunter cement plant, repair and maintenance costs at our Texas plants, power and fuel costs, and emission allowance credits associated with our compliance with The California Global Warming Solutions Act of 2006, which took effect on January 1, 2013. Cement unit cost of sales decreased 2% from the prior year period as the impact of higher shipments were partially offset by the higher costs including depreciation, repair and maintenance, power and fuel, and emission allowance credits.

Selling, general and administrative expense for the three-month period ended August 31, 2013 increased $0.1 million from the prior year period.

Other income for the three-month period ended August 31, 2013 decreased $0.2 million from the prior year period.

Aggregates Operations
  Three months ended
  August 31, August 31,
In thousands except per unit 2013 2012
Operating Results    
Stone, sand and gravel sales  $ 35,670  $ 28,151
Delivery fees and other 13,488 12,830
Total segment sales 49,158 40,981
Cost of products sold 41,416 36,237
Gross profit 7,742 4,744
Selling, general and administrative (1,490) (1,008)
Other income, net 335 263
Operating profit  $ 6,587  $ 3,999
Stone, sand and gravel    
Shipments (tons) 4,447 3,914
Prices ($/ton)  $ 8.02  $ 7.19
Cost of sales ($/ton)  $ 6.33  $ 5.98

Previously, the aggregates segment included our expanded shale and clay lightweight aggregates operations which has been classified as discontinued operations in the prior period. Therefore, amounts for these operations are not included in the information presented.

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