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TXI ANNOUNCES RECORD FOURTH QUARTER RESULTS
July 12, 2006 Dallas, Texas - Texas Industries, Inc. (NYSE-TXI) today reported net income from continuing operations of $41.9 million ($1.58 per share) for the quarter ended May 31, 2006. Net income from continuing operations for the same period last year was $26.7 million ($1.09 per share). The recent quarters results included a gain from the sale of real estate which added $12.4 million ($.45 per share) to net income after costs and expenses resulting from the transaction.
The recent quarters earnings represented record quarterly performance for TXIs cement, aggregate and concrete operations, stated Mel Brekhus, Chief Executive Officer. Looking forward, the modernization and expansion of our California cement plant remains on time and on budget. The new plant should come online in late fall or early winter of 2007 and add one million tons of annual cement capacity. The California project, in combination with expansion opportunities at our Texas plants, should increase TXIs total annual cement production capacity from todays 5 million ton level to 7.5 million tons over the next four to five years.
Overall, construction activity within our markets remains solid, continued Brekhus. In the Texas region, the residential, commercial and public construction segments all show increasing activity compared to last year. In our California markets, which account for approximately 15% of TXIs revenues, a decline in residential construction is being offset by increasing activity in public works and nonresidential construction.
Fourth Quarter Discussion
Net sales for the fourth quarter increased 6% compared to last year. As expected, quarterly shipments for major products declined as seasonal weather patterns and excellent production from the Companys cement facilities a year ago supported unusually high shipments in last years quarter. Cement, aggregate and ready-mix shipments were down 8%, 5% and 6%, respectively. However, realized average prices increased by 16%, 9% and 13% for cement, aggregates and ready-mix products compared to prices in last years fourth quarter.
The following information was filed by Texas Industries Inc (TXI) on Wednesday, July 12, 2006 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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