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TXI Reports Third Quarter Results

DALLAS, April 2, 2014 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended February 28, 2014. Results for the quarter were a net loss of $21.8 million or $.76 per share. Several non-recurring and timing items (discussed below) negatively impacted net income for the quarter by $12.2 million or $.43 per share. Results for the quarter ended February 28, 2013 were a net loss of $5.8 million or $.21 per share inclusive of net income from discontinued operations of $2.7 million or $.09 per share.

General Comments

"Construction activity continues to improve, especially in Texas, our primary market," stated Mel Brekhus, Chief Executive Officer. "Cement, aggregate and ready mix concrete shipments in Texas increased 27%, 21% and 48% respectively compared to a year ago after adjusting for the ready mix operations we acquired last year and despite an unusually bad winter. California cement shipments increased 11.8% compared to a year ago."

EBITDA from continuing operations for the February quarter equaled $11.7 million and EBITDA from continuing operations for the prior year's February quarter equaled $11.5 million. EBITDA after adjusting for non-recurring items in the current quarter and outages that did not occur in the prior period detailed below was $24.8 million. Adjusted EBITDA for the prior period was $12.9 million. Adjusted EBITDA as a percentage of net sales for the February quarter this year and last year equaled 11.9% and 9.1%, respectively.

Non-recurring items and cement plant outages that did not occur in the prior period are detailed below:
($ millions)
Midlothian maintenance outage (direct costs plus production impact) 8.4
Hunter maintenance outage (originally anticipated in Q4) 2.5
Merger charges 2.9
Favorable litigation settlement  (.7)
Total 13.1

"The fact that shipment levels overcame a severe winter is indicative of the continued improvement in our markets. Positive construction trends are tightening the supply of building materials in many of our markets and should support continued price improvement," added Brekhus.

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