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TXI Reports Second Quarter Results

Stocks in this article: TXI

DALLAS, Jan. 8, 2014 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended November 30, 2013. Results for the quarter were a net loss of $17.6 million or $0.62 per share. Results for the quarter ended November 30, 2012 were a net loss of $11.1 million or $0.40 per share.

EBITDA from continuing operations for the November quarter equaled $19.5 million and EBITDA from continuing operations for the prior year's November quarter equaled $10.6 million. EBITDA for discontinued operations equaled $1.2 million in last year's November quarter. Continuing operations' EBITDA as a percentage of net sales for the November quarter this year and last year equaled 9.3% and 6.3%, respectively.

General Comments

"We were able to restart the original kiln in central Texas two months ahead of our original schedule," stated Mel Brekhus, Chief Executive Officer. "The ability to supply an additional 900,000 tons annually from this kiln will increase our ability to take advantage of increased demand for cement in south and central Texas. This additional production capability and improving operational efficiencies associated with the new second kiln that started production last year places us in a strong position as we enter the spring shipping season. Further reflecting the increasing improvement in construction, we have announced cement price increases of $8 per ton in Texas for April 2014 and $3.50 per ton in California for January 2014 and $5 per ton in April 2014."

A number of non-recurring and short-term factors masked the improvement in both demand and pricing we are experiencing in our markets. Abnormal periods of inclement weather in Texas negatively impacted shipments in the quarter and product and geographic mix shifts reduced our reported average sales price. Normal inefficiencies associated with a new kiln operation along with repair and maintenance costs incurred to accelerate the resumption of production from our original kiln in central Texas combined to increase our costs. We believe the results for the quarter were negatively impacted by the following items:

($ millions)  
   
Hunter 1 refurbishment costs 4.0
Hunter 2 start-up costs 1.5
Environmental compliance costs 1.0
Non-operating legal costs 1.5
Inclement weather 4.0
   
Total 12.0

"The quality and value of our assets and the earnings potential we have previously discussed are as strong as ever and I look forward to capitalizing on current demand and pricing trends," added Brekhus.

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