EXHIBIT 99.1

TXI Reports Fourth Quarter and Year End Results

DALLAS, July 20, 2010 (GLOBE NEWSWIRE) -- 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
 
 
 

The following information was filed by Texas Industries Inc (TXI) on Tuesday, July 20, 2010 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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Screenshot of intrinsic value for AT&T (2019)
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Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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