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TXI
REPORTS FOURTH QUARTER RESULTS
July
12, 2007 - Dallas , Texas
- Texas
Industries, Inc. (NYSE-TXI) today reported net income of $30.1 million ($1.09
per share) for the quarter ended May 31, 2007. For the same quarter ending
May
31, 2006, net income equaled $41.9 million ($1.58 per share). The 2006 quarter
included a real estate sale that contributed $12.4 million ($.45 per share)
to
net income after costs and expenses related to the transaction. Excluding the
real estate gain from the May quarter of 2006, net income would have been $29.5
million ($1.13 per share).
For
the
year ended May 31, 2007 net income equaled $100.9 million ($3.80 per share).
In
2006, the Company generated a net loss from continuing operations of $.6 million
($.03 per share). Fiscal year 2007 included a second quarter after-tax gain
of
$12.9 million ($.47 per share) that resulted from cash received from the
settlement of the long-standing U.S. antidumping order on Mexican cement. Fiscal
year 2006 included debt retirement costs and other expenses related to the
spin-off of the Company’s steel operations which reduced net income by $75.8
million ($3.29 per share) and also included the real estate gain of $12.4
million ($.54 per share) that occurred in the quarter ended May 31, 2006. If
the
settlement income were excluded from 2007 results, net income would have equaled
$88.0 million ($3.33 per share). Likewise, excluding both the costs and expenses
relating to the spin-off and the income from the real estate gain, fiscal year
2006 net income would have equaled $62.8 million ($2.72 per share).
“Net
income for fiscal year 2007 increased 40% compared to 2006 once large,
individual transactions in both years are excluded,” stated Mel Brekhus, Chief
Executive Officer. “Excluding those same large transactions and looking simply
at earnings before interest and taxes, the percentage increase in EBIT was
24%.
Despite extreme wet weather in Texas during the spring, EBIT for the fourth
quarter ended May 31, 2007 was down only 5% compared to that of a year ago
after
removing the large real estate gain in last year’s quarter. Overall price trends
for cement continue to be positive even though bad weather and slower
construction activity have disrupted the timing and magnitude of price increases
in some markets.”
“TXI’s
California cement plant expansion continues on budget and on schedule for a
late
fall or early winter start-up,” continued Brekhus. “As detailed design and
engineering work has progressed on our Central Texas cement plant expansion,
we
have determined that 1.4 million tons of annual capacity will be added to the
facility instead of the earlier announced increase of 1 million tons. We expect
the new kiln system for the Central Texas plant to start production by the
end
of calendar year 2009. Combining the California and Central Texas projects
with
efforts to de-bottleneck our North Texas cement plant, we now plan to grow
TXI’s
annual cement production from today’s 5 million tons to almost 8 million tons in
a little over three years.”
**
more **
The following information was filed by Texas Industries Inc (TXI) on Thursday, July 12, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Texas Industries Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: TXI
CIK: 97472
Form Type: 10-K Annual Report
Accession Number: 0001047469-07-005592
Submitted to the SEC: Fri Jul 13 2007 2:30:08 PM EST
Accepted by the SEC: Fri Jul 13 2007
Period: Thursday, May 31, 2007
Industry: Cement Hydraulic
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