TX - July 10, 2008
Industries, Inc. (NYSE-TXI) today reported financial results for the quarter
year ended May 31, 2008.
extremely pleased to have the new cement plant in California up and running,”
stated Mel Brekhus, Chief Executive Officer. “The new plant, which was completed
in May, will yield significant efficiencies in energy, labor and repair and
maintenance compared to the plant that has been retired. In addition, the
expansion of TXI’s cement plant in Central Texas is well under way. That plant
is scheduled to begin operations in about 18 months.”
Texas market, which accounted for approximately 82% of total TXI revenues in
FY08, overall construction activity continued to generate a level of cement
consumption that exceeded cement production capacity. California cement
consumption trends continued to follow the decline in overall construction
activity in that state. As demand for cement has declined in California, imports
of cement have fallen as well.
the quarter ended May 31, 2008, average cement prices declined 3% on a
year-over-year basis but sequentially increased 2% compared to the quarter
February 29, 2008. Both price movements were primarily due to changes in the
geographic mix of shipments between the Texas and California markets and product
mix shifts within the markets. Cement price increases announced in April for
Texas were partially successful. In addition, TXI has announced cement price
increases for South and Central Texas of $5 per ton effective July 1, 2008
announced another $5 per ton increase in both areas effective October 1, 2008.
increased diesel costs, aggregate and ready-mix operations were able to show
marked improvements in financial performance during the fiscal year,” continued
Brekhus. “TXI’s strategy to increase cement production and improve operating
efficiencies throughout all operations remains our primary focus.”
The following information was filed by Texas Industries Inc (TXI) on Thursday, July 10, 2008 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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