Martin Marietta Materials, Inc. (NYSE:MLM), today announced
financial results for the first quarter ended March 31, 2008.
Notable items were: Net sales of $399 million, down 3% compared
with the prior-year quarter Heritage aggregates product line
pricing up 4% and volume down 8% Record Specialty Products�
earnings from operations up 23% from prior-year quarter Earnings
per diluted share of $0.50 compared with $0.73 for the prior-year
quarter Operating cash flow increased 53% compared with prior-year
quarter Completion of two small acquisitions during the quarter
plus six quarry acquisitions from Vulcan Materials Company in April
2008 MANAGEMENT COMMENTARY Stephen P. Zelnak, Jr., Chairman and CEO
of Martin Marietta Materials, stated, �We are pleased with our
first-quarter results where exceptional operating performance led
to financial results that significantly exceeded our internal
expectations. This was accomplished in spite of a challenging
economic environment and difficult weather conditions. Our
management team maintained its focus on operating the business and
the team delivered in all aspects. Heritage aggregates product line
pricing increased 3.7%, which exceeded our expectations. The rate
of pricing growth in the aggregates product line was negatively
affected by 260 basis points as a result of the expected
heavier-than-usual geographic mix in lower-price areas in the West.
Heritage aggregates product line volumes decreased 8.4% in the
first-quarter 2008 as a result of winter weather patterns and a
delay in the start of the construction season, particularly in our
Mideast and Southeast Groups. We expect pricing to improve for the
remainder of the year as we experience a more normal geographic
volume distribution. Our disciplined focus on controlling operating
costs allowed us to effectively offset fixed cost pressure created
by declining volumes and the significant increase in the price of
diesel fuel. As a result, our consolidated cost of sales increased
less than 2% compared with the prior-year quarter. Diesel fuel
costs increased $6.2 million, or 35%, compared with the first
quarter of 2007 and reduced diluted earnings per share by $0.09.
�The West Group carried its momentum from the end of 2007 into the
first quarter of 2008 with net sales of $133.8 million, an increase
of 7.2%. The West Group�s results were driven by an 8.5% increase
in heritage aggregates product line volume resulting from continued
strength in many of the markets in both Texas and Iowa. The Mideast
and Southeast Groups experienced significant volume declines,
driven primarily by winter weather, a delayed spring construction
season and diminished infrastructure spending in the Carolinas.
However, pricing growth held up nicely in these areas with a nearly
13% increase in pricing in the Mideast Group and nearly 5% in the
Southeast Group. �Our Specialty Products segment contributed record
first-quarter performance, with an 11% increase in net sales and a
210-basis-point improvement in operating margin. Increased sales of
our magnesia chemical products and dolomitic lime contributed to
these excellent results. �We completed two small acquisitions
during the quarter: one in our Aggregates business and one in our
Specialty Products business. In February 2008, we acquired assets
of the Specialty Magnesia Division of Morton International, Inc.,
including rights to the ElastoMag� trade name. ElastoMag� is widely
used in rubber compounds like neoprene where it inhibits premature
hardening of the rubber components in the molding process. The
Morton acquisition provides us with increased opportunity to grow
our magnesia chemicals product line, consolidate our
rubber/plastics grades business in Manistee, Michigan, and expand
our production in Woodville, Ohio. Additionally, in March 2008, we
acquired a granite quarry near Asheboro, North Carolina, that
contains approximately 40 million tons of reserves and will enable
us to provide a full range of quality products to customers in the
area. �Selling, general and administrative expenses decreased 1.5%
for the quarter as the focus on cost control extended to all
aspects of the business. For the quarter ended March 31, 2008,
selling, general and administrative expenses were $37.7 million
versus $38.3 million in the 2007 period. �The effective tax rate
for continuing operations was 24.4% for the quarter compared with
33.8% in the 2007 period. The decrease in the effective tax rate is
primarily the result of discrete items related to effectively
settling agreed upon issues resulting from the Internal Revenue
Service examination that covered the 2004 and 2005 tax years.
Discrete events contributed $0.05 per diluted share to
first-quarter 2008 earnings. We expect the effective tax rate for
the full year 2008 to be approximately 31%. �Our disciplined focus
on operating our business also translated to a significant increase
in cash flow, as measured by net cash provided by operating
activities. Cash flow for the first quarter of 2008 was $75.2
million, an increase of 53% compared with the first quarter of
2007. Working capital control, specifically accounts receivable and
inventory, contributed $30.3 million of cash flow in 2008 compared
with the prior-year quarter as we carefully managed the balance
between operating leverage and working capital uses of cash. The
cash flow supported capital expenditures of $85 million, as we
executed on our 2008 capital plan, along with providing capital for
the financing of acquisitions completed during the quarter. The
capital spend in 2008 will be weighted toward the first half of the
year with total capital expenditures for 2008 expected to be $240
million, exclusive of acquisitions, which is down $25 million or
9.4% from the prior year. �Subsequent to the end of the first
quarter, we completed the acquisition of six quarry locations in
Georgia and Tennessee from Vulcan Materials Company in exchange for
cash and assets. This acquisition increased our reserve base in the
growing Atlanta, Georgia, market by 300 million tons and increases
our shipments volume in Georgia by 30% based on 2007 results. The
Atlanta metropolitan and Chattanooga markets are areas we know well
and in which our organization has experienced and successful
personnel with a history of delivering solid results. The $192
million cash payment required for this acquisition was financed
using borrowings from our commercial paper program. �We also
significantly enhanced our liquidity position subsequent to the
first quarter. We amended our unsecured revolving credit agreement
and extended our borrowing base to $325 million. We also
successfully completed a public offering of $300 million of 6.60%
Senior Notes due in 2018, closing the order book at nearly four
times oversubscribed. The proceeds of the Senior Notes were used to
repay the balance on our commercial paper that resulted from the
Vulcan acquisition and created sufficient liquidity in our
commercial paper program to fund the maturity of the $200�million
of 5.875%�Senior Notes due in December 2008. Following the
execution of these two transactions, our ratio of consolidated
debt-to-consolidated EBITDA (Earnings Before Interest, Income
Taxes, Depreciation, Depletion and Amortization) is 2.3 times, well
within our target range of 2.0 to 2.5. 2008 OUTLOOK �We continue to
be positive in our outlook for our business in 2008 even in this
challenging economic environment. We expect our aggregates
customers to have a solid backlog of large infrastructure and
commercial construction projects that should support improved
shipments in the second half of the year. The sharp increase in
diesel fuel prices will provide an impetus for the implementation
of more mid-year price increases than originally planned.
Accordingly, we have increased our range for the rate of heritage
aggregates price increases in 2008 to 6.0% to 8.0%, and we reaffirm
our range for 2008 heritage aggregates volumes as up 1% to down 3%,
both exclusive of acquisitions. We also fully expect to deliver
record levels of net sales and earnings from both our lime and
magnesia chemicals businesses. In this context, we reaffirm our
range for 2008 net earnings per diluted share of $6.25 to $7.00.�
RISKS TO EARNINGS EXPECTATIONS The 2008 estimated earnings range
includes management�s assessment of the likelihood of certain risk
factors that will affect performance within the range. The most
significant risk to 2008 earnings, whether within or outside
current earnings expectations, will be, as previously noted, the
performance of the United States economy and that performance�s
effect on construction activity. Management has estimated its
earnings range assuming a stabilization of the United States
economy in the second half of 2008. Should the second half 2008
stabilization not occur or if the decline anticipated in the first
half 2008 is worse than currently expected, earnings could vary
significantly. Risks to the earnings range are primarily
volume-related and include a greater-than-expected drop in demand
as a result of the continued decline in residential construction, a
decline in commercial construction, delays in infrastructure
projects, or some combination thereof. Further, increased highway
construction funding pressures as a result of either federal or
state issues can affect profitability. Currently, North Carolina,
Texas, and South Carolina are experiencing state-level funding
pressures, and these states may disproportionately affect
profitability. The level of aggregates demand in the Corporation�s
end-use markets, production levels and the management of production
costs will affect the operating leverage of the aggregates business
and, therefore, profitability. Production costs in the aggregates
business are also sensitive to energy prices, the costs of repair
and supply parts, and the start-up expenses for large-scale plant
projects. The continued rising cost of diesel and other fuels
increases production costs either directly through consumption or
indirectly in the increased cost of energy-related consumables,
namely steel, explosives, tires and conveyor belts. Sustained
periods of diesel fuel cost at the current level will continue to
have a negative impact on profitability. The availability of
transportation in the Corporation's long-haul network, particularly
the availability of barges on the Mississippi River system and the
availability of rail cars and locomotive power to move trains,
affects the Corporation�s ability to efficiently transport material
into certain markets, most notably Texas and the Gulf Coast region.
The business is also subject to weather-related risks that can
significantly affect production schedules and profitability.
Opportunities to reach the upper end of the earnings range depend
on the aggregates product line demand exceeding expectations. Risks
to earnings outside of the range include a change in volume beyond
current expectations as a result of economic events outside of the
Corporation�s control. In addition to the impact of residential and
commercial construction, the Corporation is exposed to risk in its
earnings expectations from tightening credit markets and the
availability of and interest cost related to its commercial paper
program, which is rated A-2 by Standards & Poor�s and P-2 by
Moody�s. Commercial paper of $81 million was outstanding at
March�31, 2008. CONSOLIDATED FINANCIAL HIGHLIGHTS Net sales for the
first quarter were $398.6 million, a 3.3% decrease compared with
2007 first-quarter net sales of $412.3 million. Earnings from
operations for the first quarter of 2008 were $42.9 million
compared with $58.2 million in 2007. Net earnings were $20.9
million, or $0.50 per diluted share, versus 2007 first-quarter net
earnings of $33.0 million, or $0.73 per diluted share. BUSINESS
FINANCIAL HIGHLIGHTS Net sales for the Aggregates business for the
first quarter were $355.7 million, a 4.8% decline compared with
2007 first-quarter net sales of $373.8 million. Aggregates pricing
at heritage locations was up 3.7%, while volume decreased 8.4%.
Inclusive of acquisitions and divestitures, aggregates pricing
increased 3.7% and aggregates shipments decreased 8.9%. The
business� earnings from operations for the quarter were $43.4
million in 2008 versus $60.7 million in the year-earlier period.
Specialty Products� first-quarter net sales of $42.9 million
increased 11.3% versus prior-year net sales of $38.5 million.
Earnings from operations for the first quarter were $9.1 million
compared with $7.4 million in the year-earlier period. CONFERENCE
CALL INFORMATION The Company will host an online Web simulcast of
its first-quarter 2008 earnings conference call later today (May 6,
2008). The live broadcast of Martin Marietta Materials' conference
call will begin at 2�p.m. Eastern Time today. An online replay will
be available approximately two hours following the conclusion of
the live broadcast. A link to these events will be available at the
Company's Web site. For those investors without online web access,
the conference call may also be accessed by calling 719-325-4884,
confirmation number 4451342. For more information about Martin
Marietta, refer to our Web site at www.martinmarietta.com. Martin
Marietta is a leading producer of construction aggregates and a
producer of magnesia-based chemicals and dolomitic lime. If you are
interested in Martin Marietta Materials, Inc. stock, management
recommends that, at a minimum, you read the Corporation's current
annual report and Forms 10-K, 10-Q and 8-K reports to the SEC over
the past year. The Corporation's recent proxy statement for the
annual meeting of shareholders also contains important information.
These and other materials that have been filed with the SEC are
accessible through the Corporation's Web site at
www.martinmarietta.com and are also available at the SEC's Web site
at www.sec.gov. You may also write or call the Corporation's
Corporate Secretary, who will provide copies of such reports.
Investors are cautioned that all statements in this press release
that relate to the future involve risks and uncertainties, and are
based on assumptions that the Corporation believes in good faith
are reasonable but which may be materially different from actual
results. Forward-looking statements give the investor our
expectations or forecasts of future events. You can identify these
statements by the fact that they do not relate only to historical
or current facts. They may use words such as "anticipate,"
"expect," "should be," "believe," and other words of similar
meaning in connection with future events or future operating or
financial performance. Any or all of our forward-looking statements
here and in other publications may turn out to be wrong. Factors
that the Corporation currently believes could cause actual results
to differ materially from the forward-looking statements in this
press release include, but are not limited to the level and timing
of federal and state transportation funding, particularly in North
Carolina, one of the Corporation�s largest and most profitable
states, and in South Carolina, the Corporation�s 5th largest state
as measured by 2007 Aggregates business� net sales; levels of
construction spending in the markets the Corporation serves; the
severity of a continued decline in the residential construction
market and the impact, if any, on commercial construction;
unfavorable weather conditions, including hurricane activity; the
volatility of fuel costs, most notably diesel fuel, liquid asphalt
and natural gas; continued increases in the cost of repair and
supply parts; logistical issues and costs, notably barge
availability on the Mississippi River system and the availability
of railcars and locomotive power to move trains to supply the
Corporation�s Texas and Gulf Coast markets; continued strength in
the steel industry markets served by the Corporation�s dolomitic
lime products; successful development and implementation of the
structural composite technological process and commercialization of
strategic products for specific market segments to generate
earnings streams sufficient enough to support the recorded assets
of the structural composites product line; and other risk factors
listed from time to time found in the Corporation�s filings with
the Securities and Exchange Commission. Other factors besides those
listed here may also adversely affect the Corporation, and may be
material to the Corporation. The Corporation assumes no obligation
to update any such forward-looking statements. MARTIN MARIETTA
MATERIALS, INC. Unaudited Statements of Earnings (In millions,
except per share amounts) � � � � � Three Months Ended March 31, �
2008 � � 2007 � Net sales $ 398.6 $ 412.3 Freight and delivery
revenues � 55.3 � � 47.4 � Total revenues � 453.9 � � 459.7 � �
Cost of sales 323.4 318.1 Freight and delivery costs � 55.3 � �
47.4 � Cost of revenues � 378.7 � � 365.5 � Gross profit 75.2 94.2
� Selling, general and administrative expenses 37.7 38.3 Research
and development 0.2 0.2 Other operating (income) and expenses, net
� (5.6 ) � (2.5 ) Earnings from operations 42.9 58.2 � Interest
expense 15.8 11.2 Other nonoperating (income) and expenses, net �
(0.9 ) � (2.7 ) Earnings before taxes on income 28.0 49.7 Income
tax expense � 6.8 � � 16.8 � Earnings from continuing operations
21.2 32.9 � Discontinued operations: (Loss) Gain on discontinued
operations, net of related tax (benefit) expense of $(0.1) and
$0.0, respectively � (0.3 ) � 0.1 � � Net Earnings $ 20.9 � $ 33.0
� � Net earnings (loss) per share: Basic from continuing operations
$ 0.51 $ 0.74 Discontinued operations � (0.01 ) � - � $ 0.50 � $
0.74 � � Diluted from continuing operations $ 0.51 $ 0.73
Discontinued operations � (0.01 ) � - � $ 0.50 � $ 0.73 � �
Dividends per share $ 0.345 � $ 0.275 � � Average number of shares
outstanding: Basic � 41.3 � � 44.5 � Diluted � 41.9 � � 45.3 �
MARTIN MARIETTA MATERIALS, INC. Unaudited Financial Highlights (In
millions) � � � � � � Three Months Ended March 31, � 2008 � � 2007
� Net sales: Aggregates Business: Mideast Group $ 118.7 $ 137.3
Southeast Group 103.2 111.6 West Group � 133.8 � � 124.9 � Total
Aggregates Business 355.7 373.8 Specialty Products � 42.9 � � 38.5
� Total $ 398.6 � $ 412.3 � � Gross profit: Aggregates Business:
Mideast Group $ 37.4 $ 51.4 Southeast Group 15.9 27.1 West Group �
12.2 � � 8.7 � Total Aggregates Business 65.5 87.2 Specialty
Products 11.7 10.2 Corporate � (2.0 ) � (3.2 ) Total $ 75.2 � $
94.2 � � Selling, general and administrative expenses: Aggregates
Business: Mideast Group $ 11.3 $ 11.5 Southeast Group 6.5 6.3 West
Group � 11.3 � � 11.4 � Total Aggregates Business 29.1 29.2
Specialty Products 2.5 2.7 Corporate � 6.1 � � 6.4 � Total $ 37.7 �
$ 38.3 � � Earnings (Loss) from operations: Aggregates Business:
Mideast Group $ 32.1 $ 40.8 Southeast Group 9.5 21.2 West Group �
1.8 � � (1.3 ) Total Aggregates Business 43.4 60.7 Specialty
Products 9.1 7.4 Corporate � (9.6 ) � (9.9 ) Total $ 42.9 � $ 58.2
� � Depreciation $ 37.5 $ 34.4 Depletion 0.7 0.9 Amortization � 0.7
� � 0.7 � $ 38.9 � $ 36.0 � MARTIN MARIETTA MATERIALS, INC. Balance
Sheet Data (In millions) � � � � � � March 31, December 31, March
31, 2008 2007 2007 (Unaudited) (Audited) (Unaudited) ASSETS Cash
and cash equivalents $ 13.6 $ 20.0 $ 18.1 Accounts receivable, net
239.0 245.8 250.5 Inventories, net 296.5 286.9 281.5 Other current
assets 71.8 73.3 71.1 Property, plant and equipment, net 1,505.2
1,433.6 1,314.6 Other noncurrent assets 43.5 40.1 38.2 Intangible
assets, net � 590.5 � 584.1 � 586.5 Total assets $ 2,760.1 $
2,683.8 $ 2,560.5 � � LIABILITIES AND SHAREHOLDERS' EQUITY Current
maturities of long-term debt, commercial paper and line of credit $
338.6 $ 276.1 $ 378.2 Other current liabilities 205.9 230.5 249.5
Long-term debt (excluding current maturities) 855.7 848.2 578.7
Other noncurrent liabilities 404.7 383.0 353.0 Shareholders' equity
� 955.2 � 946.0 � 1,001.1 Total liabilities and shareholders'
equity $ 2,760.1 $ 2,683.8 $ 2,560.5 MARTIN MARIETTA MATERIALS,
INC. � � Unaudited Statements of Cash Flows (In millions) � � �
Three Months Ended March 31, 2008 2007 Net earnings $ 20.9 $ 33.0
Adjustments to reconcile net earnings to cash provided by operating
activities: Depreciation, depletion and amortization 38.9 36.0
Stock-based compensation expense 4.1 3.9 Excess tax benefits from
stock-based compensation transactions (0.2) (11.8) Gains on
divestitures and sales of assets (5.5) (1.6) Deferred income taxes
5.0 1.0 Other items, net (0.6) (0.6) Changes in operating assets
and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net 6.8 (8.1) Inventories, net (9.5) (24.9)
Accounts payable 5.7 5.7 Other assets and liabilities, net 9.6 16.5
� Net cash provided by operating activities 75.2 49.1 � Investing
activities: Additions to property, plant and equipment (85.4)
(49.9) Acquisitions, net (19.0) (12.0) Proceeds from divestitures
and sales of assets 1.2 3.0 Railcar construction advances (7.3) -
Repayment of railcar construction advances 7.3 - � Net cash used
for investing activities (103.2) (58.9) � Financing activities:
Repayments of long-term debt and capital lease obligations - (0.4)
Net borrowings of commercial paper and line of credit 59.0 252.5
Change in bank overdraft 0.4 1.3 Dividends paid (14.4) (12.5)
Repurchases of common stock (24.0) (266.1) Issuances of common
stock 0.4 9.0 Excess tax benefits from stock-based compensation
transactions 0.2 11.8 � Net cash provided by (used for) financing
activities 21.6 (4.4) � Net decrease in cash and cash equivalents
(6.4) (14.2) Cash and cash equivalents, beginning of period 20.0
32.3 � Cash and cash equivalents, end of period $ 13.6 $ 18.1
MARTIN MARIETTA MATERIALS, INC. � Unaudited Operational Highlights
� � � Three Months Ended March 31, 2008 Volume Pricing
Volume/Pricing Variance (1) Heritage Aggregates Product Line: (2)
Mideast Group (23.4%) 12.9% Southeast Group (11.3%) 4.6% West Group
8.5% (0.3%) Heritage Aggregates Operations (8.4%) 3.7% Aggregates
Product Line (3) (8.9%) 3.7% � Three Months Ended March 31,
Shipments 2008 2007 Heritage Aggregates Product Line: (2) Mideast
Group 9,740 12,723 Southeast Group 9,068 10,221 West Group 14,157
13,048 Heritage Aggregates Operations 32,965 35,992 Acquisitions 93
4 Divestitures (4) 9 284 Aggregates Product Line (3) 33,067 36,280
� � (1) Volume/pricing variances reflect the percentage increase
(decrease) from the comparable period in the prior year. � (2)
Heritage Aggregates product line excludes volume and pricing data
for acquisitions that have not been included in prior-year
operations for the comparable period and divestitures. � (3)
Aggregates product line includes all acquisitions from the date of
acquisition and divestitures through the date of disposal. � (4)
Divestitures include the tons related to divested aggregates
product line operations up to the date of divestiture. MARTIN
MARIETTA MATERIALS, INC. Non-GAAP Financial Measures (Dollars in
millions) � � Gross margin as a percentage of net sales and
operating margin as a percentage of net sales represent non-GAAP
measures. The Corporation presents these ratios calculated based on
net sales, as it is consistent with the basis by which management
reviews the Corporation's operating results. Further, management
believes it is consistent with the basis by which investors analyze
the Corporation's operating results given that freight and delivery
revenues and costs represent pass-throughs and have no profit
mark-up. Gross margin and operating margin calculated as
percentages of total revenues represent the most directly
comparable financial measures calculated in accordance with
generally accepted accounting principles ("GAAP"). The following
tables present the calculations of gross margin and operating
margin for the three months ended March 31, 2008 and 2007 in
accordance with GAAP and reconciliations of the ratios as
percentages of total revenues to percentages of net sales: � �
Gross Margin in Accordance with Generally Accepted Accounting
Principles Three Months Ended March 31, � 2008 � � 2007 � Gross
profit $ 75.2 � $ 94.2 � Total revenues $ 453.9 � $ 459.7 � Gross
margin � 16.6 % � 20.5 % � � Gross Margin Excluding Freight and
Delivery Revenues Three Months Ended March 31, � 2008 � � 2007 � �
Gross profit $ 75.2 � $ 94.2 � Total revenues $ 453.9 $ 459.7 Less:
Freight and delivery revenues � (55.3 ) � (47.4 ) Net sales $ 398.6
� $ 412.3 � Gross margin excluding freight and delivery revenues �
18.9 % � 22.8 % � � Operating Margin in Accordance with Generally
Accepted Accounting Principles Three Months Ended March 31, � 2008
� � 2007 � Earnings from operations $ 42.9 � $ 58.2 � Total
revenues $ 453.9 � $ 459.7 � Operating margin � 9.5 % � 12.7 % � �
Operating Margin Excluding Freight and Delivery Revenues Three
Months Ended March 31, � 2008 � � 2007 � Earnings from operations $
42.9 � $ 58.2 � Total revenues $ 453.9 $ 459.7 Less: Freight and
delivery revenues � (55.3 ) � (47.4 ) Net sales $ 398.6 � $ 412.3 �
Operating margin excluding freight and delivery revenues � 10.8 % �
14.1 % MARTIN MARIETTA MATERIALS, INC. � � Non-GAAP Financial
Measures (continued) � (Dollars in millions) � Three Months Ended
March 31, � 2008 � � 2007 Earnings Before Interest, Income Taxes,
Depreciation, Depletion and Amortization (EBITDA) (1) $ 82.0 � $
97.0 � (1) EBITDA is a widely accepted financial indicator of a
company's ability to service and/or incur indebtedness. EBITDA is
not defined by generally accepted accounting principles and, as
such, should not be construed as an alternative to net income or
operating cash flow. For further information on EBITDA, refer to
the Corporation's Web site at www.martinmarietta.com. � A
reconciliation of Net Cash Provided by Operating Activities to
EBITDA is as follows: � Three Months Ended March 31, � 2008 � �
2007 Net Cash Provided by Operating Activities $ 75.2 $ 49.1 �
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures (12.6 ) 10.8 Other items, net (3.1 )
9.1 Income tax expense, continuing and discontinued operations 6.7
16.8 Interest expense � 15.8 � � 11.2 EBITDA $ 82.0 � $ 97.0 � The
ratio of Consolidated Debt-to-Consolidated EBITDA, as defined, for
the trailing twelve months is a covenant under the Corporation's
$250 million five-year revolving credit agreement. Under the
agreement, the Corporation's ratio of consolidated
debt-to-consolidated EBITDA, as defined, for the trailing twelve
months can not exceed 2.75 to 1.00 as of the end of any fiscal
quarter, with certain exceptions related to qualifying
acquisitions, as defined. � The following presents the calculation
of Consolidated Debt-to-Consolidated EBITDA, as defined, for the
trailing twelve months at March 31, 2008. For supporting
calculations, refer to Corporation's Web site at
www.martinmarietta.com. � Twelve-Month Period April 1, 2007 to
March 31, 2008 Earnings from continuing operations $ 250.8 Add
back: Interest expense 65.5 Income tax expense 106.1 Depreciation,
depletion and amortization expense 151.4 Stock-based compensation
expense 20.0 Deduct: Interest income � (2.1 ) Consolidated EBITDA,
as defined $ 591.7 � Consolidated Debt at March 31, 2008 $ 1,194.3
� Consolidated Debt-to-Consolidated EBITDA, as defined, at March
31, 2008 for the trailing twelve-month EBITDA � 2.02 � MLM-E
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