Texas Industries, Inc. (NYSE:TXI) today reported financial results
for the quarter and year ended May 31, 2010. Net loss for the
quarter was $9.8 million or $.35 per share. The loss includes
a non cash after tax charge of $5.4 million or $.19 per share with
respect to our defined benefit plans and the recognition of after
tax income of $2.6 million or $.09 per share with respect to a
reduction of our capital lease obligation related to power
facilities at our Oro Grande, California cement plant. Net
loss for the quarter ended May 31, 2009 was $42.4 million or $1.53
per share and included an after tax charge of $39.0 million or
$1.41 per share from the impairment of goodwill associated with our
California cement operations.
Net loss for the year was $38.9 million or $1.40 per
share. Net loss for the year ended May 31, 2009 was $17.6
million or $.64 per share and included an after tax charge of $39.0
million or $1.41 per share from the impairment of goodwill
associated with our California cement operations.
General Comments
"This quarter marks the first time in over 2 years that the
sales volumes during the period were flat or exceeded those of the
prior year period," stated Mel Brekhus, Chief Executive
Officer. "Shipments were up 4% and 6% in our cement and
consumer products segments while aggregate shipments were
flat. However, pricing was down in all segments compared to
the same period a year ago and also compared to our third
quarter."
"This has been an extraordinarily difficult year and I am proud
of the way we maintained our focus on cutting costs and generating
cash," added Brekhus. "We began the year with $20 million of
cash and ended it with $75 million of cash and we have an
additional $89 million available under our credit facility."
"We have tremendous people and great assets in our markets;
including our cement plant at Oro Grande, California, which ran
very well during the quarter and demonstrated the efficiencies we
expected. Nevertheless, conditions in our industry continue to
be challenging and will remain so until the economy in general and
construction in particular recovers," concluded
Brekhus.
A teleconference will be held today, July 20, 2010 at 1:00
Central Daylight Time to further discuss quarter results. A
real-time webcast of the conference is available by logging on to
TXI's website at www.txi.com.
The following is a summary of operating results for our business
segments and certain other operating information related to our
principal products.
Cement Operations
|
Quarter ended
May 31, |
Year ended
May 31, |
In thousands except per unit |
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Operating Results |
|
|
|
|
Total cement sales |
$ 73,672 |
$ 79,018 |
$ 266,180 |
$ 364,386 |
Total other sales and
delivery fees |
9,844 |
5,452 |
28,333 |
30,934 |
Total segment sales |
83,516 |
84,470 |
294,513 |
395,320 |
Cost of products
sold |
71,929 |
76,142 |
270,763 |
342,824 |
Gross profit |
11,587 |
8,328 |
23,750 |
52,496 |
Selling, general and
administrative |
(4,780) |
(4,279) |
(17,528) |
(19,343) |
Goodwill impairment |
-- |
(58,395) |
-- |
(58,395) |
Other
income |
950 |
1,606 |
7,774 |
9,301 |
Operating Profit (Loss) |
$ 7,757 |
$ (52,740) |
$ 13,996 |
$ (15,941) |
|
|
|
|
|
Cement |
|
|
|
|
Shipments (tons) |
934 |
897 |
3,226 |
4,035 |
Prices ($/ton) |
$78.95 |
$88.23 |
$82.51 |
$90.31 |
Cost of sales
($/ton) |
$69.99 |
$78.94 |
$76.36 |
$78.02 |
Three months ended May 31, 2010
Cement operating profit for the three-month period ended May 31,
2010 was $7.8 million. Cement operating profit increased $2.1
million compared to the prior fiscal period after adjusting for the
goodwill impairment charge incurred in the prior year.
Total segment sales for the three-month period ended May 31,
2010 decreased $1.0 million from the prior fiscal period as the
decline in total cement sales was largely offset by increases in
other sales and delivery fees. Our Texas market area accounted
for approximately 72% of cement sales in the current period
compared to 70% of cement sales in the prior year
period. Cement shipments increased 6% in our Texas market area
and were flat in our California market area compared to the prior
fiscal period. Average prices decreased 10% in our Texas
market area and 12% in our California market area from the prior
fiscal period.
Cost of products sold for three-month period ended May 31, 2010
decreased $4.2 million from the prior fiscal period primarily due
to lower supplies and maintenance expense associated with scheduled
plant shut downs and lower service costs and depreciation
recognized with respect to the reduction of our capital lease
obligation related to power facilities at our Oro Grande,
California cement plant which were partially offset by the effect
of higher shipments. Cement unit costs decreased 11% from the
prior fiscal period primarily due to lower supplies and maintenance
expense and higher shipment volumes.
Selling, general and administrative expense for the three-month
period ended May 31, 2010 increased $0.5 million from the prior
fiscal period.
Goodwill resulting from the acquisition of Riverside Cement
Company and identified with our California cement operations had a
carrying value of $58.4 million at May 31, 2008. Based on an
impairment test performed as of May 31, 2009 there was no implied
fair value of the reporting unit goodwill, and therefore, an
impairment charge of $58.4 million was recognized in the prior
fiscal period.
Other income for the three-month period ended May 31, 2010
decreased $0.7 million from the prior fiscal period.
Fiscal Year 2010 Compared to Fiscal Year 2009
Cement operating profit for fiscal year 2010 was $14.0
million. Cement operating loss for fiscal year 2009 was $15.9
million including a goodwill impairment charge of $58.4 million
associated with our California cement operation. Cement
operating profit for fiscal year 2010 decreased $28.5 million from
the prior fiscal year excluding the impairment charge. Lower
shipments and sales prices reduced operating profit approximately
$47 million. The effect of lower shipments and sales prices
was offset in part by lower production costs.
Total segment sales for fiscal year 2010 were $294.5 million
compared to $395.3 million for the prior fiscal year. Cement sales
decreased $98.2 million as construction activity declined in both
our Texas and California market areas. Abnormally inclement
weather further impacted already depressed construction activity
during the six-month and three-month periods ended February 28,
2010 in our Texas and California market areas,
respectively. Our Texas market area accounted for
approximately 71% of cement sales in the current fiscal year
compared to 70% of cement sales in the prior fiscal
year. Cement shipments decreased 21% in our Texas market area
and 18% in our California market area from the prior fiscal
year. Average prices decreased 7% in our Texas market area and
13% in our California market area from the prior fiscal year.
Cost of products sold for fiscal year 2010 decreased $72.1
million from the prior fiscal year primarily due to lower shipments
and our efforts to manage costs. Cement unit costs decreased
2% from the prior fiscal year as the effect of lower shipments was
offset by lower raw material, energy and supplies and maintenance
costs. Supplies and maintenance costs related to scheduled
maintenance at our three cement plants decreased approximately $14
million from the prior fiscal year.
Selling, general and administrative expense for fiscal year 2010
decreased $1.8 million from the prior fiscal year. The
decrease was primarily due to lower overall administrative expenses
offset in part by a $1.1 million increase in provision for bad
debts.
Goodwill resulting from the acquisition of Riverside Cement
Company and identified with our California cement operations had a
carrying value of $58.4 million at May 31, 2008. Based on an
impairment test performed as of May 31, 2009 there was no implied
fair value of the reporting unit goodwill, and therefore, an
impairment charge of $58.4 million was recognized.
Other income for fiscal year 2010 decreased $1.5 million from
the prior fiscal year. Other income includes gains of $3.4
million in fiscal year 2010 and $1.7 million in fiscal year 2009
from sales of emissions credits associated with our Crestmore
cement plant in Riverside, California. In addition, other
income in fiscal year 2009 includes $2.8 million in lease bonus
payments received upon the execution of oil and gas lease
agreements on property associated with our north Texas cement
operations.
Aggregate Operations
|
Quarter ended
May 31, |
Year ended
May 31, |
In thousands except per unit |
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Operating Results |
|
|
|
|
Total stone, sand
and gravel sales |
$ 25,159 |
$ 27,962 |
$ 88,019 |
$ 131,197 |
Total other sales and
delivery fees |
24,141 |
24,456 |
76,928 |
106,294 |
Total segment sales |
49,300 |
52,418 |
164,947 |
237,491 |
Cost of products
sold |
42,925 |
43,541 |
142,963 |
197,583 |
Gross profit |
6,375 |
8,877 |
21,984 |
39,908 |
Selling, general and
administrative |
(2,471) |
(2,925) |
(9,602) |
(12,633) |
Other income |
180 |
618 |
1,419 |
6,954 |
Operating Profit |
$ 4,084 |
$ 6,570 |
$ 13,801 |
$ 34,229 |
|
|
|
|
|
Stone, sand and
gravel |
|
|
|
|
Shipments (tons) |
3,351 |
3,397 |
11,363 |
16,470 |
Prices ($/ton) |
$7.51 |
$8.23 |
$7.75 |
$7.97 |
Cost of sales
($/ton) |
$6.60 |
$7.14 |
$6.91 |
$6.68 |
Three months ended May 31, 2010
Aggregate operating profit for the three-month period ended May
31, 2010 was $4.1 million, a decrease of $2.5 million from the
prior fiscal period; primarily due to lower average sales
prices.
Total segment sales for the three-month period ended May 31,
2010 were $49.3 million compared to $52.4 million for the prior
fiscal period. Stone, sand and gravel sales decreased $2.8
million on 9% lower average prices and 1% lower
shipments.
Cost of products sold for the three-month period ended May 31,
2010 decreased $0.6 million from the prior fiscal year.
Stone, sand and gravel unit costs decreased 8% from the prior
fiscal period due to lower production costs.
Selling, general and administrative expense for the three-month
period ended May 31, 2010 decreased $0.5 million from the prior
fiscal period.
Other income for the three-month period ended May 31, 2010
decreased $0.4 million from the prior fiscal period.
Fiscal Year 2010 Compared to Fiscal Year 2009
Aggregate operating profit for fiscal year 2010 was $13.8
million, a decrease of $20.4 million from the prior fiscal
year. Lower shipments and sales prices reduced operating
profit approximately $27 million. The effect of lower
shipments and sales prices was offset in part by lower production
costs.
Total segment sales for fiscal year 2010 were $164.9 million
compared to $237.5 million for the prior fiscal year. Stone,
sand and gravel sales decreased $43.2 million on 3% lower average
prices and 31% lower shipments.
Cost of products sold for fiscal year 2010 decreased $54.6
million from the prior fiscal year primarily due to lower
shipments. Stone, sand and gravel unit costs increased
3% from the prior fiscal year as the effect of lower shipments was
offset in part by approximately $16 million lower production
costs.
Selling, general and administrative expense for fiscal year 2010
decreased $3.0 million from the prior fiscal year. The
decrease was primarily due to lower overall expenses, including
wages and benefits, marketing, travel and outside service expenses,
as a result of our focus on reducing costs.
Other income for fiscal year 2010 decreased $5.5
million. Other income includes a gain of $5.0 million in
fiscal year 2009 from the sale of real estate associated with our
aggregate operations in north Texas.
Consumer Products Operations
|
Quarter ended
May 31, |
Year ended
May 31, |
In thousands except per unit |
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Operating Results |
|
|
|
|
Total ready-mix
concrete sales |
$ 46,244 |
$ 50,899 |
$ 175,712 |
$ 247,931 |
Total other sales and
delivery fees |
16,621 |
16,054 |
55,671 |
61,490 |
Total segment sales |
62,865 |
66,953 |
231,383 |
309,421 |
Cost of products
sold |
59,509 |
60,014 |
218,119 |
288,756 |
Gross profit |
3,356 |
6,939 |
13,264 |
20,665 |
Selling, general and
administrative |
(2,819) |
(2,943) |
(10,193) |
(13,116) |
Other income |
70 |
98 |
586 |
1,314 |
Operating Profit
(Loss) |
$ 607 |
$ 4,094 |
$ 3,657 |
$ 8,863 |
|
|
|
|
|
Ready-mix concrete |
|
|
|
|
Shipments (cubic
yards) |
607 |
572 |
2,147 |
2,902 |
Prices ($/cubic
yard) |
$76.06 |
$89.00 |
$81.83 |
$85.46 |
Cost of sales ($/cubic
yard) |
$75.60 |
$82.13 |
$79.82 |
$81.41 |
Three months ended May 31, 2010
Consumer products operating profit for the three-month period
ended May 31, 2010 was $0.6 million, a decrease of $3.5 million
from the prior fiscal period; primarily due to significantly lower
gross margins.
Total segment sales for the three-month period ended May 31,
2010 were $62.9 million compared to $67.0 million for the prior
fiscal period. Ready-mix concrete sales decreased $4.7 million
on 15% lower average prices and 6% higher shipments.
Cost of products sold for the three-month period ended May 31,
2010 decreased $0.5 million from the prior fiscal
period. Ready-mix concrete unit costs decreased 8% from the
prior fiscal year primarily as a result of lower raw material
costs.
Selling, general and administrative expense for the three-month
period ended May 31, 2010 decreased $0.1 million from the prior
fiscal period.
Other income for the three-month period ended May 31, 2010 was
comparable with the prior fiscal period.
Fiscal Year 2010 Compared to Fiscal Year 2009
Consumer products operating profit for fiscal year 2010 was $3.7
million, a decrease of $5.2 million from the prior fiscal
year. Lower shipments and sales prices reduced operating
profit approximately $18 million. The effect of lower
shipments and sales prices was offset in part by approximately $10
million lower ready-mix concrete raw material costs.
Total segment sales for fiscal year 2010 were $231.4 million
compared to $309.4 million for the prior fiscal
year. Ready-mix concrete sales decreased $72.2 million on 4%
lower average prices and 26% lower shipments as construction
activity continued to decline in our Texas market
area. Abnormally inclement weather contributed to the decline
in construction activity during the six-month period ended February
28, 2010.
Cost of products sold for fiscal year 2010 decreased $70.6
million from the prior fiscal year. Ready-mix concrete unit
costs decreased 2% from the prior fiscal year primarily as a result
of lower raw material costs offset in part by the effect of lower
shipments on unit costs. Our raw material unit costs decreased
approximately 9% from the prior fiscal year.
Selling, general and administrative expense for fiscal year 2010
decreased $2.9 million from the prior fiscal year. The
decrease was primarily due to lower overall expenses, including
wages and benefits, marketing, travel and outside service expenses,
as a result of our focus on reducing costs.
Other income for fiscal year 2010 decreased $0.7 million from
the prior fiscal year. Other income in fiscal year 2009
included $0.4 million higher gains from routine sales of surplus
operating assets and lease bonus payments of $0.2 million received
upon the execution of oil and gas lease agreements on property we
own in north Texas.
Corporate
|
Quarter ended
May 31, |
Year ended
May 31, |
In thousands |
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Other income |
$ 42 |
$ 473 |
$ 887 |
$ 3,622 |
Selling, general and
administrative |
(15,637) |
(12,762) |
(42,092) |
(27,001) |
|
$ (15,595) |
$ (12,289) |
$ (41,205) |
$ (23,379) |
Three months ended May 31, 2010
Corporate other income for the three-month period ended May 31,
2010 decreased $0.4 million from the prior fiscal period.
Corporate selling, general and administrative expense for the
three-month period ended May 31, 2010 increased $2.9 million from
the prior fiscal period. The increase was primarily the result
of charges taken with respect to our financial security plan
postretirement benefit plans offset by lower stock-based
compensation expense. The increase in the financial security plan
postretirement benefit expense in 2010 was primarily the result of
actuarial losses. In the three-month period ended May 31, 2010, we
recognized a charge of $4.4 million, which includes an estimated
$3.4 million that relates to years prior to 2010. Financial
security plan postretirement benefit expense excluding this
adjustment increased $2.9 million from the prior fiscal period.
Fiscal Year 2010 Compared to Fiscal Year 2009
Corporate other income for fiscal year 2010 decreased $2.7
million from the prior fiscal year. In addition to lower
interest income of $1.1 million, other income in the prior fiscal
year included lease bonus payments of $1.7 million received upon
the execution of oil and gas lease agreements on property we own in
north Texas that is not associated with any business segment.
Corporate selling, general and administrative expense for fiscal
year 2010 increased $15.1 million from the prior fiscal
year. The increase was primarily the result of $9.1 million
higher stock-based compensation and $7.5 million higher financial
security plan postretirement benefit expense. Our stock-based
compensation includes awards expected to be settled in cash, the
expense for which is based on their fair value at the end of each
period until the awards are paid. The impact of changes in our
stock price on the fair value of these awards increased stock-based
compensation $8.9 million from the prior fiscal year. The increase
in the financial security plan postretirement benefit expense in
2010 was primarily the result of actuarial losses. In 2010,
we recognized a charge of $4.4 million which includes an estimated
$3.4 million that relates to years prior to 2010. Financial
security plan postretirement benefit expense excluding this
adjustment increased $3.1 million from the prior fiscal year.
Interest
Interest expense incurred for the three-month period ended May
31, 2010 was $12.0 million, all of which was
expensed. Interest expense incurred for the prior fiscal
period was $13.1 million, $4.7 million of which was capitalized in
connection with our Hunter, Texas cement plant expansion project
and $8.4 million was expensed.
Interest expense incurred for fiscal year 2010 was $52.2
million, all of which was expensed. Interest expense incurred
for fiscal year 2009 was $47.7 million, of which $14.4 million was
capitalized in connection with our Hunter, Texas cement plant
expansion project and $33.3 million was expensed.
Interest expense incurred for the three-month period ended May
31, 2010 decreased $1.1 million from the prior fiscal period due to
the reduction in our capital lease obligation related to power
facilities at our Oro Grande, California cement
plant. Interest expense incurred for the twelve-month period
ended May 31, 2010 increased $4.5 million from the prior year
primarily as a result of higher average outstanding debt offset in
part by the fourth quarter reduction in the capital lease
obligation.
Loss on Debt Retirements
On August 18, 2008, we sold $300 million aggregate principal
amount of additional 7.25% senior notes due in 2013 at an offering
price of $93.25. The net proceeds were used to repay our $150
million senior term loan and borrowings outstanding under our
senior revolving credit facility in the amount of $29.5
million. We recognized a loss on debt retirement of $0.9
million representing a write-off of debt issuance costs associated
with the mandatory prepayment of the term loan in fiscal year
2009.
Income Taxes
Our effective tax rate was 37.3% in 2010 and 42.0% in
2009. The rate change is associated with the decline in our
pre-tax earnings. The primary reason that the effective tax
rate differs from the 35% statutory corporate rate is due to
additional percentage depletion that is tax deductible, the effect
of qualified domestic production activities, state income taxes and
nondeductible stock compensation.
Certain statements contained in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
subject to risks, uncertainties and other factors, which could
cause actual results to differ materially from future results
expressed or implied by such forward-looking
statements. Potential risks and uncertainties include, but are
not limited to, the impact of competitive pressures and changing
economic and financial conditions on our business, the
cyclical and seasonal nature of our business, the level of
construction activity in our markets, abnormal periods of inclement
weather, unexpected periods of equipment downtime, unexpected
operational difficulties, changes in the cost of raw materials,
fuel and energy, changes in the cost or availability of
transportation, changes in interest rates, the timing and amount of
federal, state and local funding for infrastructure, delays in
announced capacity expansions, ongoing volatility and uncertainty
in the capital or credit markets, the impact of environmental laws,
regulations and claims and changes in governmental and public
policy, and the risks and uncertainties described in our reports on
Forms 10-K, 10-Q and 8-K. Forward-looking statements speak
only as of the date hereof, and we assume no obligation to publicly
update such statements.
TXI is the largest producer of cement in Texas and a major
cement producer in California. TXI is also a major supplier of
construction aggregate, ready-mix concrete and concrete
products.
The Texas Industries, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6602
CONSOLIDATED BALANCE
SHEETS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
|
|
|
May 31, |
In thousands |
2010 |
2009 |
|
|
|
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash and cash
equivalents |
$ 74,946 |
$ 19,796 |
Receivables – net |
112,184 |
129,432 |
Inventories |
142,419 |
155,724 |
Deferred income taxes and
prepaid expenses |
23,426 |
22,039 |
TOTAL CURRENT ASSETS |
352,975 |
326,991 |
|
|
|
PROPERTY, PLANT AND EQUIPMENT |
|
|
Land and land
improvements |
158,367 |
156,917 |
Buildings |
58,351 |
58,442 |
Machinery and
equipment |
1,220,021 |
1,247,931 |
Construction in
progress |
322,039 |
328,256 |
|
1,758,778 |
1,791,546 |
Less depreciation and
depletion |
604,269 |
572,195 |
|
1,154,509 |
1,219,351 |
OTHER ASSETS |
|
|
Goodwill |
1,715 |
1,715 |
Real estate and
investments |
6,774 |
10,001 |
Deferred charges and
other |
15,774 |
14,486 |
|
24,263 |
26,202 |
|
$ 1,531,747 |
$ 1,572,544 |
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 56,214 |
$ 55,749 |
Accrued interest,
compensation and other |
51,455 |
51,856 |
Current portion of
long-term debt |
234 |
243 |
TOTAL CURRENT
LIABILITIES |
107,903 |
107,848 |
|
|
|
LONG-TERM DEBT |
538,620 |
541,540 |
|
|
|
DEFERRED INCOME TAXES AND OTHER CREDITS |
123,976 |
120,011 |
|
|
|
SHAREHOLDERS' EQUITY |
|
|
Common stock, $1 par
value ; authorized 100,000 shares; issued and outstanding
27,796 and 27,718 shares, respectively |
27,796 |
27,718 |
Additional paid-in
capital |
475,584 |
469,908 |
Retained earnings |
272,018 |
319,199 |
Accumulated other
comprehensive loss |
(14,150) |
(13,680) |
|
761,248 |
803,145 |
|
$ 1,531,747 |
$ 1,572,544 |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
|
|
|
Year Ended May 31, |
In thousands except per share |
2010 |
2009 |
2008 |
|
|
|
|
NET SALES |
$ 621,064 |
$ 839,202 |
$ 1,028,854 |
|
|
|
|
Cost of products sold |
562,066 |
726,133 |
834,333 |
GROSS PROFIT |
58,998 |
113,069 |
194,521 |
|
|
|
|
Selling, general and administrative |
79,415 |
72,093 |
96,220 |
Goodwill impairment |
-- |
58,395 |
-- |
Interest |
52,240 |
33,286 |
2,505 |
Loss on debt retirements |
-- |
907 |
-- |
Other income |
(10,666) |
(21,191) |
(31,563) |
|
120,989 |
143,490 |
67,162 |
INCOME (LOSS) BEFORE INCOME
TAXES |
(61,991) |
(30,421) |
127,359 |
|
|
|
|
Income taxes (benefit) |
(23,138) |
(12,774) |
39,728 |
NET INCOME (LOSS) |
$ (38,853) |
$ (17,647) |
$ 87,631 |
|
|
|
|
|
|
|
|
Net income (loss) per share |
|
|
|
Basic |
$ (1.40) |
$ (.64) |
$ 3.20 |
Diluted |
$ (1.40) |
$ (.64) |
$ 3.14 |
|
|
|
|
Average shares outstanding |
|
|
|
Basic |
27,744 |
27,614 |
27,383 |
Diluted |
27,744 |
27,614 |
27,860 |
|
|
|
|
Cash dividends per share |
$ .30 |
$ .30 |
$ .30 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
|
|
|
Year Ended May 31, |
In thousands |
2010 |
2009 |
2008 |
|
|
|
|
OPERATING ACTIVITIES |
|
|
|
Net income
(loss) |
$ (38,853) |
$ (17,647) |
$ 87,631 |
Adjustments to reconcile
net income (loss) to cash provided by operating
activities |
|
|
|
Depreciation, depletion
and amortization |
63,925 |
68,192 |
55,577 |
Goodwill impairment |
-- |
58,395 |
-- |
Gains on asset
disposals |
(1,350) |
(6,759) |
(19,410) |
Deferred income taxes
(benefit) |
(9,132) |
(1,938) |
20,036 |
Stock-based compensation
expense (credit) |
5,097 |
(4,400) |
2,395 |
Excess tax benefits from
stock-based compensation |
(250) |
(1,596) |
(3,299) |
Loss on debt
retirements |
-- |
907 |
-- |
Other – net |
13,998 |
5,931 |
2,475 |
Changes in operating
assets and liabilities |
|
|
|
Receivables – net |
(5,421) |
55,397 |
(29,507) |
Inventories |
13,706 |
(11,070) |
(9,400) |
Prepaid expenses |
387 |
(1,894) |
(2,033) |
Accounts payable and
accrued liabilities |
6,046 |
(36,232) |
(2,910) |
Net cash provided by operating
activities |
48,153 |
107,286 |
101,555 |
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Capital expenditures -
expansions |
(5,337) |
(223,445) |
(247,552) |
Capital expenditures –
other |
(8,322) |
(65,099) |
(64,973) |
Cash designated for
property acquisitions |
-- |
28,733 |
(28,733) |
Proceeds from asset
disposals |
21,592 |
7,981 |
34,922 |
Investments in life
insurance contracts |
6,967 |
2,876 |
99,203 |
Other – net |
2,079 |
(21) |
101 |
Net cash provided (used) by
investing activities |
16,979 |
(248,975) |
(207,032) |
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Long-term borrowings |
-- |
327,250 |
366,000 |
Debt retirements |
(245) |
(197,772) |
(232,366) |
Debt issuance costs |
(2,552) |
(5,470) |
(2,160) |
Stock option
exercises |
893 |
4,641 |
3,315 |
Excess tax benefits from
stock-based compensation |
250 |
1,596 |
3,299 |
Common dividends
paid |
(8,328) |
(8,287) |
(8,222) |
Net cash provided (used) by
financing activities |
(9,982) |
121,958 |
129,866 |
Increase (decrease) in cash and cash
equivalents |
55,150 |
(19,731) |
24,389 |
|
|
|
|
Cash and cash equivalents at beginning of
year |
19,796 |
39,527 |
15,138 |
Cash and cash equivalents at end of year |
$ 74,946 |
$ 19,796 |
$ 39,527 |
CONTACT: Texas Industries, Inc.
Kenneth R. Allen, Vice President, Finance,
Chief Financial Officer
972.647.6730
kallen@txi.com
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