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TXI Reports First Quarter Results

Total segment sales for the three-month period ended August 31, 2013 were $98.5 million compared to $52.0 million for the prior year period. Segment sales increased $46.5 million from the prior year period due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange in the prior year period, which accounts for 65% of the increase in shipments compared to the prior year period.   Pricing improved in virtually every market resulting in 8.5% higher average prices.

Cost of products sold for the three-month period ended August 31, 2013 increased $39.9 million from the prior year period as a result of the 42 additional ready-mix concrete plants acquired through an asset exchange in the prior year period, along with increased shipments from existing locations. Ready-mix concrete unit costs increased 1% from the prior year period primarily due to increased material and delivery costs partially offset by the effects 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 due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange in the prior year period.

Other income for the three-month period ended August 31, 2013 increased $1.9 million from the prior year period primarily due to higher earnings from our joint venture of $0.5 million and increased gains from the disposal of assets of $1.2 million.

Corporate

  Three months ended
  August 31, August 31,
In thousands 2013 2012
Other income, net $ 1,534 $ 46
Selling, general and administrative (10,262) (10,317)
  $ (8,728) $ (10,271)

Three months ended August 31, 2013

Other income for the three-month period ended August 31, 2013 contains a gain of $1.3 million for a routine sale of real estate.

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