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TXI Reports First Quarter Results

Three months ended August 31, 2013

Aggregates operating profit for the three-month periods ended August 31, 2013 and 2012 was $6.6 million and $4.0 million, respectively.

Total segment sales for the three-month period ended August 31, 2013 were $49.2 million compared to $41.0 million for the prior year period. Stone, sand and gravel sales increased $7.6 million from the prior year period on 14% higher shipments and 12% higher average prices.

Cost of products sold for the three-month period ended August 31, 2013 increased $5.2 million from the prior year period primarily due to increased stone, sand and gravel shipments. Stone, sand and gravel unit costs increased 6% from the prior year period primarily due to the effect of geographic product mix partially offset by the effect of higher shipments.

Selling, general and administrative expense for the three-month period ended August 31, 2013 increased $0.5 million from the prior year period primarily due to higher bad debt expense.

Concrete Operations

  Three months ended
  August 31, August 31,
In thousands except per unit 2013 2012
Operating Results    
Ready-mix concrete sales  $ 98,234  $ 51,918
Delivery fees 286 127
Total segment sales 98,520 52,045
Cost of products sold 92,589 52,673
Gross profit (loss) 5,931 (628)
Selling, general and administrative (3,164) (2,690)
Other income, net 3,351 1,410
Operating profit (loss)  $ 6,118 $ (1,908)
Ready-mix concrete    
Shipments (cubic yards) 1,134 649
Prices ($/cubic yard)  $ 86.86  $ 80.08
Cost of sales ($/cubic yard)  $ 81.65  $ 80.97

Three months ended August 31, 2013

Concrete operating profit (loss) for the three-month periods ended August 31, 2013 and 2012 was $6.1 million and $(1.9) million, respectively.

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