EXHIBIT 99.1

TXI Reports Fourth Quarter and Year End Results

DALLAS, July 11, 2012 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter and year ended May 31, 2012. Net income for the quarter was $60.2 million or $2.15 per share and included pre-tax gains of $60.1 million from asset sales and a joint venture agreement. Net loss for the quarter ended May 31, 2011 was $9.1 million or $.33 per share and included a pre-tax gain of $10.7 million from the exchange of aggregate operating assets for ready mix operating assets. 

Net income for the year was $7.5 million or $.27 per share and included pre-tax gains of $62.2 million from asset sales, asset exchanges and a joint venture agreement. Net loss for the year ended May 31, 2011was $64.9 million or $2.33 per share and included a pre-tax gain of $10.7 million from the exchange of aggregate operating assets for ready mix operating assets and pre-tax loss on debt retirement of $29.6 million associated with the refinancing of senior notes due in 2013. 

General Comments

"The fourth quarter is typically our strongest quarter and the $2.4 million of pre-tax income after adjusting for the gains broke a string of 10 consecutive quarterly losses," stated Mel Brekhus, Chief Executive Officer. "Construction activity continued to improve, price increases in Texas were successful, we made additional progress on our gross margin and SG&A goals and we completed two sales of non-core assets."

"The pace and magnitude of a recovery in construction activity remains challenging to predict," added Brekhus. "Our focus continues to be on doing everything we can to ensure we have the assets and cost profile to maximize our profitabilty in any market condition. Toward that end, I am excited to be nearing the completion of construction and beginning of the commissioning this Fall of our cement capacity expansion in central Texas."

A teleconference will be held July 12, 2012 at 10:00 Central Daylight Time to further discuss quarter and annual 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

  Three months ended
May 31,
Year ended
May 31,
In thousands except per unit 2012 2011 2012 2011
         
Operating Results        
Total cement sales $75,611 $73,078 $278,413 $256,385
Other sales and delivery fees 11,340 9,094 36,880 30,909
Total segment sales 86,951 82,172 315,293 287,294
Cost of products sold 66,484 80,213 286,125 283,407
Gross profit 20,467 1,959 29,168 3,887
Selling, general and administrative (3,625) (6,870) (16,531) (18,967)
Restructuring charges --  --  (1,074) --  
Other income 4,868 1,188 8,925 4,831
Operating Profit (Loss) $21,710 $(3,723) $20,488 $(10,249)
         
Cement        
Shipments (tons) 984 940 3,580 3,301
Prices ($/ton) $76.79 $77.77 $77.75 $77.68
Cost of sales ($/ton) $56.60 $76.33 $70.09 $77.29

Three months ended May 31, 2012

Cement operating profit for the three-month period ended May 31, 2012 was $21.7 million. Cement operating loss for the three-month period ended May 31, 2011 was $3.7 million. Cement operating profit increased $25.4 million from the prior year period. 

Total segment sales for the three-month period ended May 31, 2012 were $87.0 million compared to $82.2 million for the prior year period. Cement sales increased $2.5 million from the prior year period on higher shipments. Our Texas market area accounted for approximately 70% of cement sales in the current period compared to 69% of cement sales in the prior year period. Cement shipments increased 4% in our Texas market area and 7% in our California market area from the prior year period. Average prices were comparable in our Texas market area and decreased 5% in our California market area from the prior year period.

Cost of products sold for three-month period ended May 31, 2012 decreased $13.7 million from the prior year period. The effect of higher shipments was offset by the effect of lower cement unit costs. Cement unit costs decreased 26% from the prior year period primarily due to lower energy costs, as well as, lower supplies and maintenance expense due in part to a scheduled plant shut down at our Hunter, Texas cement plant in the prior period. 

Selling, general and administrative expense for the three-month period ended May 31, 2012 decreased $3.2 million from the prior year period. The decrease was primarily due to $0.5 million lower controllable expenses, $1.5 million lower bad debt expense and $2.0 million lower insurance expense offset in part by $0.8 million higher incentive compensation expense.

Other income for the three-month period ended May 31, 2012 increased $3.7 million from the prior year period. The increase was primarily due to $3.5 million higher gains from routine sales of surplus operating assets. 

Fiscal Year 2012 Compared to Fiscal Year 2011

Cement operating profit for fiscal year 2012 was $20.5 million. Cement operating loss for fiscal year 2011 was $10.2 million. Cement operating profit for fiscal year 2012 increased $30.7 million from the prior fiscal year. 

Total segment sales for fiscal year 2012 were $315.3 million compared to $287.3 million for the prior fiscal year. Cement sales increased $22.0 million from the prior fiscal year on higher shipments. Our Texas market area accounted for approximately 68% of cement sales in the current fiscal year compared to 71% of cement sales in the prior fiscal year.    Cement shipments increased 3% in our Texas market area and 21% in our California market area from the prior fiscal year. Average prices increased 1% in our Texas market area and decreased 2% in our California market area from the prior fiscal year.

Cost of products sold for fiscal year 2012 increased $2.7 million from the prior fiscal year. The effect of higher shipments was offset in part by the effect of higher cement production and lower cement unit costs. Cement unit costs decreased 9% from the prior fiscal year on lower energy and supplies and maintenance costs. Supplies and maintenance costs related to scheduled maintenance at our three cement plants decreased approximately $1 million from the prior fiscal year.

Selling, general and administrative expense for fiscal year 2012 decreased $2.4 million from the prior fiscal year. The decrease was primarily due to $1.2 million lower controllable expenses, $1.4 million lower bad debt expense and $1.4 million lower insurance expense offset in part by $1.5 million higher incentive compensation expense.

Restructuring charges of $1.1 million were recorded in fiscal year 2012. These charges consist primarily of severance and benefit costs associated with various workforce reduction initiatives.

Other income for fiscal year 2012 increased $4.1 million from the prior fiscal year. The increase was primarily due to $3.0 million higher gains from routine sales of surplus operating assets and $0.8 million higher in gains from sales of emissions credits associated with our Crestmore cement plant in Riverside, California. 

 

Aggregate Operations

  Three months ended
May 31,
Year ended
May 31,
In thousands except per unit 2012 2011 2012 2011
         
Operating Results        
Total stone, sand and gravel sales $25,515 $21,596 $85,537 $89,045
Expanded shale and clay sales and delivery fees      27,336    24,873    89,023    83,380
Total segment sales 52,851 46,469 174,560 172,425
Cost of products sold 43,800 41,367 152,846 152,102
Gross profit 9,051 5,102 21,714 20,323
Selling, general and administrative (2,828) (2,837) (10,567) (11,389)
Restructuring charges --  --   (437) -- 
Other income 21,103 11,998 22,845 13,704
Operating Profit $27,326 $14,263 $33,555 $22,638
         
Stone, sand and gravel        
Shipments (tons) 3,514 2,985 11,838 12,065
Prices ($/ton) $7.26 $7.23 $7.23 $7.38
Cost of sales ($/ton) $6.01 $6.80 $6.44 $6.72


Three months ended May 31, 2012

Aggregate operating profit for the three-month period ended May 31, 2012 was $27.3 million, an increase of $13.1 million from the prior year period. Operating profit for the three-month period ended May 31, 2012 includes a gain of $20.8 million from the sale of our aggregate rail distribution terminal and associated assets located in Stafford, Texas. Operating profit for three-month period ended May 31, 2011 includes a gain of $12.0 million recognized in connection with the exchange of aggregate operating assets for ready-mix operating assets. Excluding these gains operating profit increased $4.3 million from the prior year period.

Total segment sales for the three-month period ended May 31, 2012 were $52.9 million compared to $46.5 million for the prior year period. Stone, sand and gravel sales increased $3.9 million from the prior year period. The effect of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011 decreased sales $0.9 million, shipments 4% and average prices 1% from the prior year period. Stone, sand and gravel sales from current operations increased $4.8 million from the prior year period on 22% higher shipments and 1% higher average prices. 

Cost of products sold for the three-month period ended May 31, 2012 increased $2.4 million from the prior year period. The effect of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011 decreased stone, sand and gravel cost of products sold $0.8 million. Cost of products sold from current operations increased $3.2 million primarily due to higher stone, sand and gravel shipments and higher freight costs. Stone, sand and gravel unit costs decreased 12% from the prior year period primarily due to the effect on unit costs of higher shipments and the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011.

Selling, general and administrative expense for the three-month period ended May 31, 2012 was comparable to the prior year period primarily due to $0.6 million lower controllable expenses offset by $0.6 million higher incentive compensation expense.

Other income for the three-month period ended May 31, 2012 increased $9.1 million from the prior year period. Other income in the three-month period ended May 31, 2012 includes a gain of $20.8 million from the sale of our aggregate rail distribution terminal and associated assets located in Stafford, Texas. Other income in the three-month period ended May 31, 2011 includes a gain of $12.0 million from the exchange of aggregate operating assets for ready-mix operating assets.

Fiscal Year 2012 Compared to Fiscal Year 2011

Aggregate operating profit for fiscal year 2012 was $33.6 million, an increase of $10.9 million from the prior fiscal year.   Operating profit for fiscal year 2012 includes a gain of $20.8 million from the sale of our aggregate rail distribution terminal and associated assets located in Stafford, Texas. Operating profit for fiscal year 2011 includes a gain of $12.0 million recognized in connection with the exchange of aggregate operating assets for ready-mix operating assets. Excluding these gains operating profit increased $2.1 million from the prior fiscal year.

Total segment sales for fiscal year 2012 were $174.6 million compared to $172.4 million for the prior fiscal year. Stone, sand and gravel sales decreased $3.5 million from the prior fiscal year. The effect of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011 decreased sales $7.2 million, shipments 7% and average prices 2% from the prior fiscal year. Stone, sand and gravel sales from current operations increased $3.7 million from the prior fiscal year on 5% higher shipments and comparable average prices. 

Cost of products sold for fiscal year 2012 increased $0.7 million from the prior fiscal year. The effect of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011 decreased stone, sand and gravel cost of products sold $7.2 million. Cost of products sold from current operations increased $7.9 million primarily due to higher stone, sand and gravel shipments and higher freight costs. Stone, sand and gravel unit costs decreased 4% from the prior fiscal year primarily due to the effect on unit costs of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011.

Selling, general and administrative expense for fiscal year 2012 decreased $0.8 million from the prior fiscal year. The decrease was primarily due to $1.2 million lower controllable expenses and $0.3 million lower bad debt expense offset in part by $0.8 million higher incentive compensation expense.

Restructuring charges of $0.4 million were recorded in fiscal year 2012. These charges consist primarily of severance and benefit costs associated with various workforce reduction initiatives.

Other income for fiscal year 2012 increased $9.1 million from the prior fiscal year. Other income in 2012 includes a gain of $20.8 million from the sale of our aggregate rail distribution terminal and associated assets located in Stafford, Texas.  Other income in 2011 includes a gain of $12.0 million from the exchange of aggregate operating assets for ready-mix operating assets.

Consumer Products Operations

  Three months ended
May 31,
Year ended
May 31,
In thousands except per unit 2012 2011 2012 2011
         
 Operating Results        
 Total ready-mix concrete sales $44,190 $50,992 $182,478 $180,826
 Package products sales and delivery fees 8,514 16,509 49,250 55,322
 Total segment sales 52,704 67,501 231,728 236,148
 Cost of products sold 53,791 68,073 236,863 235,055
 Gross profit (loss) (1,087) (572) (5,135) 1,093
 Selling, general and administrative (2,739) (4,443) (10,846) (12,773)
 Restructuring charges --  --  (536) -- 
 Other income 39,065 131 41,552 529
 Operating Profit (Loss) $35,239 $(4,884) $25,035 $ (11,151)
         
 Ready-mix concrete        
 Shipments (cubic yards) 563 700 2,399 2,415
 Prices ($/cubic yard) $78.50 $72.92 $76.06 $74.87
 Cost of sales ($/cubic yard) $81.34 $77.70 $80.54 $77.89

Three months ended May 31, 2012

Consumer products operating profit for the three-month period ended May 31, 2012 was $35.2 million. The operating profit includes a gain of $30.9 million from the sale of our Texas-based package products operations and a gain of $8.9 million from a joint venture transaction in which we contributed certain of our ready-mix operating assets. Consumer products operating loss for the three-month period ended May 31, 2011 was $4.9 million. Consumer products operating profit increased $2.3 million from the prior year period excluding these gains and the related $2.0 million lower package products operating profit.

Total segment sales for the three-month period ended May 31, 2012 were $52.7 million compared to $67.5 million from the prior year period. Ready-mix concrete sales decreased $6.8 million from the prior year period. The net effect of the asset exchange transactions completed in April and July 2011 decreased sales $7.2 million, decreased shipments 17% and increased average prices 3% from the prior year period. Ready-mix concrete sales excluding the net effect of the asset exchange transactions increased $0.4 million from the prior year period on 3% lower shipments and 5% higher average prices. 

Cost of products sold for the three-month period ended May 31, 2012 decreased $14.3 million from the prior year period. Cost of products sold decreased $8.0 million due to the net effect of the asset exchange transactions completed in April and July 2011. Cost of products sold decreased $5.1 million due to the sale of the package products operations. Cost of products sold excluding these effects decreased $1.2 million from the prior year period primarily due to lower shipments. Ready-mix concrete unit costs increased 5% from the prior year period primarily due to higher diesel costs.

Selling, general and administrative expense for the three-month period ended May 31, 2012 decreased $1.7 million from the prior year period. In addition to $1.3 million in expenses associated with the acquisition of ready-mix operating assets through as asset exchange transaction recognized in 2011, the decrease was primarily due to $0.8 million lower controllable expenses offset in part by $0.7 million higher incentive compensation expense. 

Other income for the three-month period ended May 31, 2012 increased $38.9 million from the prior year period. Other income in 2012 includes a gain of $30.9 million from the sale of our Texas-based package products operations and a gain of $8.9 million from a joint venture transaction in which we contributed certain of our ready-mix operating assets.

Fiscal Year 2012 Compared to Fiscal Year 2011

Consumer products operating profit for fiscal year 2012 was $25.0 million. Consumer products operating loss for fiscal year 2011 was $11.2 million. Consumer products operating profit for fiscal year 2012 includes a gain from the sale of our Texas-based package products operations of $30.9 million and gains from exchanges of operating assets of $10.5 million. Consumer products operating loss increased $3.0 million from the prior fiscal year excluding these gains and the related $2.2 million lower package products operating profit.

Total segment sales for fiscal year 2012 were $231.7 million compared to $236.1 million for the prior fiscal year. Ready-mix concrete sales increased $1.7 million from the prior fiscal year. The net effect of the asset exchange transactions completed in April and July 2011 increased sales $7.2 million, shipments 3% and average prices 1% from the prior fiscal year. Ready-mix concrete sales excluding the net effect of the asset exchange transactions decreased $5.5 million from the prior fiscal year on 4% lower shipments and 1% higher average prices. 

Cost of products sold for fiscal year 2012 increased $1.8 million from the prior fiscal year. Cost of products sold increased $6.6 million due to the net effect of the asset exchange transactions completed in April and July 2011. Cost of products sold decreased $2.9 million due to the sale of the package products operations. Cost of products sold excluding these effects decreased $1.9 million from the prior fiscal year primarily due to lower shipments. Ready-mix concrete unit costs increased 3% from the prior fiscal year primarily due to higher diesel costs.

Selling, general and administrative expense for fiscal year 2012 decreased $1.9 million from the prior fiscal year. In addition to $1.3 million in expenses associated with the acquisition of ready-mix operating assets through as asset exchange transaction recognized in 2011, the decrease was primarily due to $1.0 million lower controllable expenses and $1.4 million lower bad debt expense offset in part by $1.0 million higher insurance expense and $1.1 million higher incentive compensation expense. 

Restructuring charges of $0.5 million were recorded in fiscal year 2012. These charges consist primarily of severance and benefit costs associated with various workforce reduction initiatives.

Other income for fiscal year 2012 increased $41.0 million from the prior fiscal year. Other income in 2012 includes a gain of $30.9 million from the sale of our Texas-based package products operations.  In addition, we entered into ready-mix and aggregate asset exchange transactions and contributed certain ready-mix operating assets to a joint venture that resulted in the recognition of gains of $10.5 million.

Corporate

  Three months ended
May 31,
Year ended
May 31,
In thousands 2012 2011 2012 2011
         
         
Other income $61 $261 $511 $2,448
Selling, general and administrative (13,794) (10,267) (35,113) (33,291)
Restructuring charges --   -- (1,169)  --
  $(13,733) $(10,006) $(35,771) $(30,843)

Three months ended May 31, 2012

Corporate other income for the three-month period ended May 31, 2012 decreased $0.2 million from the prior year period primarily due to lower oil and gas lease royalty payments. 

Corporate selling, general and administrative expense for the three-month period ended May 31, 2012 increased $3.5 million from the prior year period. In addition to $1.0 million higher controllable expenses, we recognized $1.1 million incentive compensation expense in 2012. 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 decreased expense $0.5 million. Our financial security plan postretirement benefit obligations are determined using assumptions as of the end of the year. Actuarial gains or losses are recognized when incurred. Financial security plan postretirement benefit expense increased $1.9 million.

Fiscal Year 2012 Compared to Fiscal Year 2011

Corporate other income for fiscal year 2012 decreased $1.9 million from the prior fiscal year primarily due to $1.8 million lower oil and gas lease bonus and royalty payments and $0.1 million lower interest income.

Corporate selling, general and administrative expense for fiscal year 2012 increased $1.8 million from the prior fiscal year. In addition to $1.3 million higher controllable expenses, we recognized $1.8 million incentive compensation expense in 2012. 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 decreased expense $3.4 million. Our financial security plan postretirement benefit obligations are determined using assumptions as of the end of the year. Actuarial gains or losses are recognized when incurred. Financial security plan postretirement benefit expense increased $2.2 million.

Restructuring charges of $1.2 million were recorded in fiscal year 2012. These charges consist primarily of severance and benefit costs associated with various workforce reduction initiatives.

Interest

Interest expense incurred for the three-month period ended May 31, 2012 was $17.1 million, of which $9.1 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $8.0 million was expensed. Interest expense incurred for the three-month period ended May 31, 2011 was $17.3 million, of which $7.7 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $9.6 million was expensed.

Interest expense incurred for fiscal year 2012 was $68.5 million, of which $33.7 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $34.8 million was expensed. Interest expense incurred for fiscal year 2011 was $66.3 million, of which $18.7 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $47.6 million was expensed.

Interest expense incurred for the three-month period ended May 31, 2012 decreased $0.2 million from the prior year period primarily due to lower credit facility fees. Interest expense incurred for fiscal year 2012 increased $2.2 million from the prior fiscal year. The increase was primarily the result of higher average outstanding debt at higher interest rates due to the August 2010 refinancing of our senior notes.

Interest expense to be capitalized in connection with our Hunter, Texas cement plant expansion project during fiscal year 2013 is expected to be between $30 million and $36 million.

Loss on Debt Retirements

On July 27, 2010, we commenced a cash tender offer for all of the outstanding $550 million aggregate principal amount of our 7.25% senior notes due 2013 and a solicitation of consents to amend the indenture governing the 7.25% notes. Pursuant to the tender offer and consent solicitation, we purchased $536.6 million aggregate principal amount of the 7.25% notes, and paid an aggregate of $547.7 million in purchase price and consent fees. On September 9, 2010, we redeemed the remaining $13.4 million aggregate principal amount of the 7.25% notes at a price of 101.813% of the principal amount thereof, plus accrued and unpaid interest on the 7.25% notes to the redemption date. We used the net proceeds from the issuance and sale of $650 million aggregate principal amount of our 9.25% senior notes to pay the purchase or redemption price of the 7.25% notes and the consent fees and to increase working capital.  We recognized a loss on debt retirement of $29.6 million representing $11.4 million in consent fees, redemption price premium and transaction costs and a write-off of $18.2 million of unamortized debt discount and original issuance costs associated with the 7.25% notes in fiscal year 2011.

Income Taxes

Our effective tax rate was 11.8% in 2012 and 39.2% in 2011. The primary reason that the effective tax rate differed from the 35% statutory corporate rate was due to additional percentage depletion that is tax deductible, the effect of qualified domestic production activities and state income taxes.

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


 

(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  Three months ended
May 31,
Year ended
May 31,
In thousands except per share 2012 2011 2012 2011
         
NET SALES $174,556 $175,762 $647,003 $621,813
         
Cost of products sold 146,125 169,273 601,256 596,510
GROSS PROFIT 28,431 6,489 45,747 25,303
         
Selling, general and administrative 22,986 24,417 73,057 76,420
Restructuring charges --  --  3,216 -- 
Interest 8,025 9,616 34,835 47,583
Loss on debt retirements --  --  --  29,619
Other income (65,097) (13,578) (73,833) (21,512)
  (34,086) 20,455 37,275 132,110
INCOME (LOSS) BEFORE INCOME TAXES 62,517 (13,966) 8,472 (106,807)
         
Income taxes (benefit) 2,304 (4,880) 996 (41,894)
NET INCOME (LOSS) $60,213 $(9,086) $7,476 $(64,913)
         
         
Net income (loss) per share        
Basic $2.15 $(.33) $.27 $(2.33)
Diluted $2.15 $(.33) $.27 $(2.33)
         
Average shares outstanding        
Basic 27,975 27,869 27,914 27,825
Diluted 28,045 27,869 28,016 27,825
         

                                                                                                                                                                             

 

   
(Unaudited)
CONSOLIDATED BALANCE SHEETS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
   
  May 31,
In thousands 2012 2011
     
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents $88,027 $116,432
Receivables – net 98,836 85,817
Inventories 129,514 140,646
Deferred income taxes and prepaid expenses  19,007  22,040
TOTAL CURRENT ASSETS 335,384 364,935
     
PROPERTY, PLANT AND EQUIPMENT    
Land and land improvements 172,247 158,232
Buildings 51,982 59,320
Machinery and equipment 1,184,651 1,222,560
Construction in progress  437,166  357,638
  1,846,046 1,797,750
Less depreciation and depletion  650,450  642,329
  1,195,596 1,155,421
OTHER ASSETS    
Goodwill 1,715 1,715
Real estate and investments 20,865 6,749
Deferred income taxes and other charges  23,368  22,191
  45,948 30,655
  $1,576,928 $1,551,011
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES    
Accounts payable $64,825 $56,787
Accrued interest, compensation and other 61,317 58,848
Current portion of long-term debt  1,214  73
TOTAL CURRENT LIABILITIES 127,356 115,708
     
LONG-TERM DEBT 656,949 652,403
     
OTHER CREDITS 96,352 87,318
     
SHAREHOLDERS' EQUITY    
Common stock, $1 par value; authorized 100,000 shares; issued    
and outstanding 27,996 and 27,887 shares, respectively 27,996 27,887
Additional paid-in capital 488,637 481,706
Retained earnings 204,136 198,751
Accumulated other comprehensive loss  (24,498)  (12,762)
   696,271    695,582
  $1,576,928 $1,551,011
(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
   
  Year Ended May 31,
In thousands 2012 2011 2010
       
OPERATING ACTIVITIES      
Net income (loss) $7,476 $(64,913) $(38,853)
Adjustments to reconcile net income (loss) to cash provided by operating activities      
Depreciation, depletion and amortization 60,952 64,297 63,925
Gains on asset disposals (67,610) (13,638) (1,350)
Deferred income tax benefit (88) (42,875) (9,132)
Stock-based compensation expense 2,387 5,581 5,097
Excess tax benefits from stock-based compensation --  --  (250)
Loss on debt retirements --  29,619 -- 
Other – net 1,223 3,158 13,998
Changes in operating assets and liabilities      
Receivables – net (13,303) 13,379 (5,421)
Inventories 10,829 2,164 13,706
Prepaid expenses 1,385 1,301 387
Accounts payable and accrued liabilities 6,923 11,172 6,046
Net cash provided by operating activities 10,174 9,245 48,153
       
INVESTING ACTIVITIES      
Capital expenditures - expansions (72,906) (25,430) (5,337)
Capital expenditures – other (33,430) (20,253) (8,322)
Proceeds from asset disposals 66,845 3,596 21,592
Investments in life insurance contracts 3,354 4,073 6,967
Other – net (245) 1,266 2,079
Net cash provided (used) by investing activities (36,382) (36,748) 16,979
       
FINANCING ACTIVITIES      
Long-term borrowings --  650,000 -- 
Debt retirements (300) (561,627) (245)
Debt issuance costs (1,829) (12,492) (2,552)
Stock option exercises 2,023 1,462 893
Excess tax benefits from stock-based compensation --  --  250
Common dividends paid (2,091) (8,354) (8,328)
Net cash provided (used) by financing activities (2,197) 68,989 (9,982)
Increase (decrease) in cash and cash equivalents (28,405) 41,486 55,150
       
Cash and cash equivalents at beginning of year 116,432 74,946 19,796
Cash and cash equivalents at end of year $88,027 $116,432 $74,946
CONTACT: T. Lesley Vines, Jr.
         Vice President
         Corporate Controller & Treasurer
         972.647.6722
         Email:  lvines@txi.com

The following information was filed by Texas Industries Inc (TXI) on Thursday, July 12, 2012 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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