0001171843-13-003886.txt : 20131003 0001171843-13-003886.hdr.sgml : 20131003 20131002215645 ACCESSION NUMBER: 0001171843-13-003886 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131002 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131003 DATE AS OF CHANGE: 20131002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXAS INDUSTRIES INC CENTRAL INDEX KEY: 0000097472 STANDARD INDUSTRIAL CLASSIFICATION: CEMENT, HYDRAULIC [3241] IRS NUMBER: 750832210 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04887 FILM NUMBER: 131132044 BUSINESS ADDRESS: STREET 1: 1341 W MOCKINGBIRD LN STREET 2: STE 700W CITY: DALLAS STATE: TX ZIP: 75247-6913 BUSINESS PHONE: 9726476742 MAIL ADDRESS: STREET 1: 1341 W MOCKINGBIRD LN STREET 2: STE 700W CITY: DALLAS STATE: TX ZIP: 75247-6913 8-K 1 f8k_100213.htm FORM 8-K f8k_100213.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (October 2, 2013)
 
TEXAS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
1-4887
75-0832210
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
 
1341 West Mockingbird Lane, Dallas, Texas
 
75247
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code    (972) 647 6700
 
 
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨ 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
Item No(s).
 
2.02                        Results of Operations and Financial Condition
 
On October 2, 2013, the Company issued a Press Release announcing First Quarter results for the period ended August 31, 2013.  The Press Release and other financial information publicly released is attached as Exhibit 99.1
 
 
9.01                       Financial Statements and Exhibits
 
Exhibit 99.1 Press Release dated July 10, 2013 and other financial information for the period ended August 31, 2013.
 
 
 
 
 
Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TEXAS INDUSTRIES, INC.
 
 
Date: October 2, 2013

 
By: /s/ Kenneth R. Allen
Vice President –Finance, Treasurer and
Chief Financial Officer
 
 
 
 EX-99.1 2 exh_991.htm EXHIBIT 99.1 exh_991.htm

EXHIBIT 99.1

TXI Reports First Quarter Results

DALLAS, Oct. 2, 2013 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended August 31, 2013. Results for the quarter were a net income of $.4 million or $.01 per share. Results for the quarter ended August 31, 2012 were a loss of $2.7 million or $.08 per share.

EBITDA from continuing operations for the August quarter equaled $37.8 million and EBITDA from continuing operations for the prior year's August quarter equaled $14.1 million. EBITDA for discontinued operations equaled $5.4 million in last year's August quarter. Continuing operations' EBITDA as a percentage of net sales for the August quarter this year and last year equaled 16.2% and 8.1%, respectively.

General Comments

"EBITDA increased $23.7 million on $58.6 million higher net sales," stated Mel Brekhus, Chief Executive Officer. "The improved results reflect the continuing improvement in construction activity in all of our markets."

"It is satisfying to start reaping the benefits from our recent strategic activities. So far, the start-up of our new kiln in central Texas has been the most successful of any I have been involved with in my career and we are realizing the benefits we expected from the expansion of our vertical integration footprint last spring. We continue to focus on doing everything we can to fully participate in the market recoveries under way, including accelerating the resumption of production from the first kiln in central Texas early next calendar year," added Brekhus.

A teleconference will be held October 3, 2013 at 10:00 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

  Three months ended
  August 31, August 31,
In thousands except per unit 2013 2012
Operating Results    
Cement sales $ 104,426 $ 87,313
Other sales and delivery fees 10,322 9,892
Total segment sales 114,748 97,205
Cost of products sold 97,743 86,119
Gross profit 17,005 11,086
Selling, general and administrative (3,649) (3,544)
Other income, net 637 880
Operating profit $ 13,993 $ 8,422
Cement    
Shipments (tons) 1,314 1,119
Prices ($/ton) $ 79.43 $ 78.06
Cost of sales ($/ton) $ 67.29 $ 68.55

Three months ended August 31, 2013

Cement operating profit for the three-month periods ended August 31, 2013 and 2012 was $14.0 million and $8.4 million, respectively.

Total segment sales for the three-month period ended August 31, 2013 were $114.7 million compared to $97.2 million for the prior year period. Cement sales increased $17.1 million from the prior year period. Our Texas market area accounted for approximately 70% of cement sales in the current period compared to 67% of cement sales in the prior year period. Average cement prices increased 2% in our Texas market from the prior year period. Average cement prices increased 1% in our California market from the prior year period. Shipments increased 23% in our Texas market area and 8% in our California market area.

Cost of products sold for the three-month period ended August 31, 2013 increased $11.6 million from the prior year period primarily due to higher shipments, depreciation expense related to our new production line at our Hunter cement plant, repair and maintenance costs at our Texas plants, power and fuel costs, and emission allowance credits associated with our compliance with The California Global Warming Solutions Act of 2006, which took effect on January 1, 2013. Cement unit cost of sales decreased 2% from the prior year period as the impact of higher shipments were partially offset by the higher costs including depreciation, repair and maintenance, power and fuel, and emission allowance credits.

Selling, general and administrative expense for the three-month period ended August 31, 2013 increased $0.1 million from the prior year period.

Other income for the three-month period ended August 31, 2013 decreased $0.2 million from the prior year period.

Aggregates Operations

  Three months ended
  August 31, August 31,
In thousands except per unit 2013 2012
Operating Results    
Stone, sand and gravel sales  $ 35,670  $ 28,151
Delivery fees and other 13,488 12,830
Total segment sales 49,158 40,981
Cost of products sold 41,416 36,237
Gross profit 7,742 4,744
Selling, general and administrative (1,490) (1,008)
Other income, net 335 263
Operating profit  $ 6,587  $ 3,999
Stone, sand and gravel    
Shipments (tons) 4,447 3,914
Prices ($/ton)  $ 8.02  $ 7.19
Cost of sales ($/ton)  $ 6.33  $ 5.98

Previously, the aggregates segment included our expanded shale and clay lightweight aggregates operations which has been classified as discontinued operations in the prior period. Therefore, amounts for these operations are not included in the information presented.

Three months ended August 31, 2013

Aggregates operating profit for the three-month periods ended August 31, 2013 and 2012 was $6.6 million and $4.0 million, respectively.

Total segment sales for the three-month period ended August 31, 2013 were $49.2 million compared to $41.0 million for the prior year period. Stone, sand and gravel sales increased $7.6 million from the prior year period on 14% higher shipments and 12% higher average prices.

Cost of products sold for the three-month period ended August 31, 2013 increased $5.2 million from the prior year period primarily due to increased stone, sand and gravel shipments. Stone, sand and gravel unit costs increased 6% from the prior year period primarily due to the effect of geographic product mix partially offset by the effect of higher shipments.

Selling, general and administrative expense for the three-month period ended August 31, 2013 increased $0.5 million from the prior year period primarily due to higher bad debt expense.

Concrete Operations

  Three months ended
  August 31, August 31,
In thousands except per unit 2013 2012
Operating Results    
Ready-mix concrete sales  $ 98,234  $ 51,918
Delivery fees 286 127
Total segment sales 98,520 52,045
Cost of products sold 92,589 52,673
Gross profit (loss) 5,931 (628)
Selling, general and administrative (3,164) (2,690)
Other income, net 3,351 1,410
Operating profit (loss)  $ 6,118 $ (1,908)
Ready-mix concrete    
Shipments (cubic yards) 1,134 649
Prices ($/cubic yard)  $ 86.86  $ 80.08
Cost of sales ($/cubic yard)  $ 81.65  $ 80.97

Three months ended August 31, 2013

Concrete operating profit (loss) for the three-month periods ended August 31, 2013 and 2012 was $6.1 million and $(1.9) million, respectively.

Total segment sales for the three-month period ended August 31, 2013 were $98.5 million compared to $52.0 million for the prior year period. Segment sales increased $46.5 million from the prior year period due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange in the prior year period, which accounts for 65% of the increase in shipments compared to the prior year period.   Pricing improved in virtually every market resulting in 8.5% higher average prices.

Cost of products sold for the three-month period ended August 31, 2013 increased $39.9 million from the prior year period as a result of the 42 additional ready-mix concrete plants acquired through an asset exchange in the prior year period, along with increased shipments from existing locations. Ready-mix concrete unit costs increased 1% from the prior year period primarily due to increased material and delivery costs partially offset by the effects of higher shipments.

Selling, general and administrative expense for the three-month period ended August 31, 2013 increased $0.5 million from the prior year period due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange in the prior year period.

Other income for the three-month period ended August 31, 2013 increased $1.9 million from the prior year period primarily due to higher earnings from our joint venture of $0.5 million and increased gains from the disposal of assets of $1.2 million.

Corporate

  Three months ended
  August 31, August 31,
In thousands 2013 2012
Other income, net $ 1,534 $ 46
Selling, general and administrative (10,262) (10,317)
  $ (8,728) $ (10,271)

Three months ended August 31, 2013

Other income for the three-month period ended August 31, 2013 contains a gain of $1.3 million for a routine sale of real estate.

Selling, general and administrative expense for the three-month period ended August 31, 2013 remained relatively unchanged from the prior year period.

Interest

Interest expense incurred for the three-month period ended August 31, 2013 was $17.4 million. Interest expense incurred for the three-month period ended August 31, 2012 was $17.1 million, of which $9.3 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $7.8 million was expensed.

Income Taxes

Income taxes for the interim periods ended August 31, 2013 and 2012 have been included in the accompanying financial statements on the basis of an estimated annual rate. The tax rate differs from the 35% federal statutory corporate rate primarily due to percentage depletion that is tax deductible, state income taxes and valuation allowances against deferred tax assets. The estimated annualized rate for continuing operations is 29.1% for fiscal year 2014 compared to (1.9)% for fiscal year 2013. We made no income tax payments and received no refunds in the three-month period ended August 31, 2013 and 2012. 

Certain statements contained in this quarterly report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan," "anticipate," and other similar words. 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 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, 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.

Earnings before Interest, Taxes, Depreciation and Amortization* Three months ended
  August 31, August 31,
in thousands 2013 2012
Income before income taxes from continuing operations  $ 599  $ (7,533)
Depreciation 19,862 13,875
Interest Expense 17,371 7,777
EBITDA from continuing operations  $ 37,832  $ 14,119
EBITDA from discontinued operations**  --  5,362
Total EBITDA  $ 37,832  $ 19,481
     
EBITDA Margin    
EBITDA from continuing operations  $ 37,832  $ 14,119
Net Sales from continuing operations  $ 233,082  $ 174,523
EBITDA Margin 16.2% 8.1%
     
*A full reconciliation of EBITDA is continued on our website at www.txi.com.
** Expanded shale and clay operation's profit of $5.0 million plus depreciation expense of $0.4 million.

EBITDA represents income before interest, income taxes, depreciation and amortization and is presented because we believe it is a useful indicator of our performance and our ability to meet debt service and capital expenditure requirements. It is not, however, intended as an alternative measure of operating results or cash flow from operations as determined in accordance with generally accepted accounting principles. EBITDA is not necessarily comparable to similarly titled measures used by other companies.

(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  Three months ended
  August 31, August 31,
In thousands except per share 2013 2012
NET SALES  $ 233,082  $ 174,523
Cost of products sold 202,416 159,323
GROSS PROFIT 30,666 15,200
Selling, general and administrative 18,553 17,557
Interest expense 17,371 7,777
Other income, net (5,857) (2,599)
INCOME (LOSS) BEFORE INCOME TAXES FROM CONTINUING OPERATIONS 599 (7,535)
Income taxes (benefit) 170 (139)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS  $ 429 $ (7,396)
NET INCOME FROM DISCONTINUED OPERATIONS — 4,738
NET INCOME (LOSS)  $ 429 $ (2,658)
NET INCOME (LOSS) PER SHARE FROM CONTINUING OPERATIONS:    
Basic  $ 0.02 $ (0.26)
Diluted  $ 0.01 $ (0.26)
NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS:    
Basic $ —   $ 0.18
Diluted $ —   $ 0.18
NET INCOME (LOSS) PER SHARE:    
Basic  $ 0.02 $ (0.08)
Diluted  $ 0.01 $ (0.08)
AVERAGE SHARES OUTSTANDING    
Basic 28,578 27,998
Diluted 29,054 27,998

See notes to consolidated financial statements. 

(Unaudited)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  Three months ended
  August 31, August 31,
In thousands 2013 2012
Net Income (loss) $ 429 $ (2,658)
Other comprehensive income:    
     
Unrealized actuarial gain (loss) of defined benefit plans, net of tax expense (benefit) of $0 and $(32) — (55)
     
Reclassification of actuarial loss of defined benefit plans, net of tax benefit of $6 and $244, respectively. 9 423
Total other comprehensive income 9 368
Comprehensive income (loss) $ 438 $ (2,290)

See notes to consolidated financial statements.

CONSOLIDATED BALANCE SHEETS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  (Unaudited)  
  August 31, May 31,
In thousands except per share 2013 2013
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents  $ 48,472  $ 61,296
Receivables – net 142,032 126,922
Inventories 107,678 105,054
Deferred income taxes and prepaid expenses 26,564 27,294
TOTAL CURRENT ASSETS 324,746 320,566
PROPERTY, PLANT AND EQUIPMENT    
Land and land improvements 172,488 172,780
Buildings 51,461 50,968
Machinery and equipment 1,648,894 1,647,460
Construction in progress 19,017 16,642
  1,891,860 1,887,850
Less depreciation and depletion 680,804 661,454
  1,211,056 1,226,396
OTHER ASSETS    
Goodwill 40,575 40,575
Real estate and investments 30,062 29,471
Deferred other charges 19,359 18,817
  89,996 88,863
   $ 1,625,798  $ 1,635,825
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES    
Accounts payable  $ 69,617  $ 69,061
Accrued interest, compensation and other 49,541 62,336
Current portion of long-term debt 1,911 1,872
TOTAL CURRENT LIABILITIES 121,069 133,269
LONG-TERM DEBT 657,449 657,935
DEFERRED INCOME TAXES AND OTHER CREDITS 89,954 91,157
SHAREHOLDERS' EQUITY    
Common stock, $1 par value; authorized 100,000 shares; issued and outstanding 28,609 and 28,572 shares, respectively 28,609 28,572
Additional paid-in capital 517,947 514,560
Retained earnings 229,115 228,686
Accumulated other comprehensive loss (18,345) (18,354)
  757,326 753,464
   $ 1,625,798  $ 1,635,825

See notes to consolidated financial statements.

(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
TEXAS INDUSTRIES, INC. AND SUBSIDIARIES
     
  Three months ended
  August 31, August 31,
In thousands 2013 2012
OPERATING ACTIVITIES    
Net income (loss) $ 429 $ (2,658)
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities    
Depreciation, depletion and amortization 19,862 14,216
Gain on asset disposals (3,069) (2,503)
Deferred income tax expense (benefit) 51 (3)
Stock-based compensation expense 2,298 2,766
Other – net (1,848) (3,026)
Changes in operating assets and liabilities    
Receivables – net (16,136) (14,013)
Inventories (2,824) 10,846
Prepaid expenses 278 1,099
Accounts payable and accrued liabilities (5,113) (4,632)
Net cash provided (used) by operating activities (6,072) 2,092
INVESTING ACTIVITIES    
Capital expenditures – expansions (7,125) (28,114)
Capital expenditures – other (5,373) (4,496)
Proceeds from asset disposals 4,319 3,578
Investments in life insurance contracts 934 146
Other – net — (59)
Net cash used by investing activities (7,245) (28,945)
FINANCING ACTIVITIES    
Debt payments (447) (1,028)
Stock option exercises 940 725
Net cash provided (used) by financing activities 493 (303)
Decrease in cash and cash equivalents (12,824) (27,156)
Cash and cash equivalents at beginning of period 61,296 88,027
Cash and cash equivalents at end of period  $ 48,472  $ 60,871

See notes to consolidated financial statements.

CONTACT: T. Lesley Vines, Jr.
         Corporate Controller & Treasurer
         Direct 972.647.6722 E-mail lvines@txi.com
 
 
 
 
Texas Industries, Inc.
                                          
Consolidated Statements of Operations
                                          
$ In thousands except per share
                                          
                                           
                                           
                                           
                                           
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
  
FY2012
  
FY2013
  
FY2014
                 
Q1
Q2
Q3
Q4
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
                                           
Shipments
                                          
Cement (thousands of tons)
5,394
 5,136
5,074
5,035
4,035
3,226
 3,301
  
    969
    884
    743
    984
3,580
  
   1,119
 1,034
    933
 1,299
4,385
  
  1,314
Aggregates (thousands of tons)
    23,616
   25,246
22,114
21,851
    16,470
11,363
    12,065
  
 3,143
 2,818
2,363
 3,514
11,838
  
 3,914
3,808
3,029
4,042
    14,793
  
4,447
Ready-mix (thousands of cubic yards)
3,678
3,830
3,665
3,844
2,902
 2,147
 2,415
  
741
    587
    508
    563
2,399
  
    649
    643
541
    968
 2,801
  
  1,134
                                           
Price
                                          
Cement ($ per ton)
$75.05
$87.14
$95.06
$93.07
$90.31
$82.51
$77.68
  
$78.41
$78.07
$77.76
$76.79
$77.75
  
$78.07
$79.82
$78.39
$79.27
$78.90
  
$79.43
Aggregates ($ per ton)
$5.68
$6.08
$7.03
$7.44
$7.97
$7.75
$7.38
  
$7.06
$7.45
$7.12
$7.26
$7.23
  
$7.19
$7.28
$7.27
$7.95
$7.44
  
$8.02
Ready-mix ($ per cubic yard)
$60.54
$69.25
$75.87
$80.83
$85.46
$81.83
$74.87
  
$75.93
$75.85
$73.80
$78.50
$76.06
  
$80.08
$82.08
$82.49
$84.83
$82.62
  
$86.86
                                           
Net Sales
                                          
Cement
404,823
447,594
482,379
468,673
364,386
 266,180
256,385
  
   75,978
   68,994
   57,830
75,611
 278,413
  
    87,313
   82,584
   73,086
 102,975
345,958
  
 104,426
Aggregates
 134,220
 153,480
 155,562
 162,582
   131,197
    88,019
   89,045
  
   22,200
   20,993
    16,829
    25,515
   85,537
  
28,151
   27,739
    22,021
    32,128
  110,039
  
   35,670
Ready-mix
222,680
265,254
278,067
 310,652
 247,931
  175,712
 180,826
  
   56,228
   44,579
    37,481
    44,190
 182,478
  
51,918
   52,776
   44,582
   82,082
 231,358
  
   98,234
Other
 104,847
  118,555
  119,798
 132,606
   121,321
  101,526
   58,870
  
    15,845
    14,394
    12,732
 10,101
   53,072
  
2,867
2,685
2,272
 2,971
    10,795
  
3,738
Interplant
    (105,576)
 (121,127)
(118,406)
(130,461)
    (103,030)
 (69,779)
 (69,890)
  
  (19,348)
  (18,033)
   (16,071)
   (16,821)
 (70,273)
  
  (15,708)
  (16,827)
  (14,663)
 (24,560)
  (71,758)
  
 (29,344)
Delivery Fees
   73,809
    80,166
   78,850
   84,802
   77,397
   59,406
   56,670
  
    16,726
    15,246
    13,093
19,813
   64,878
  
    19,982
    18,736
14,061
17,910
   70,689
  
   20,358
Net Sales
834,803
943,922
996,250
   1,028,854
839,202
 621,064
 571,906
  
 167,629
  146,173
  121,894
 158,409
 594,105
  
 174,523
 167,693
  141,359
 213,506
 697,081
  
233,082
                                           
Costs and Expenses (Income)
                                          
Cost of products sold
 692,414
 766,941
754,088
834,333
 726,133
562,066
556,925
  
  157,001
 144,689
 123,774
  135,109
560,573
  
 159,323
 155,939
 129,035
 185,506
629,803
  
 202,416
Selling, general and administrative
   78,434
   88,663
  108,106
   96,220
   72,093
    79,415
   72,049
  
    16,729
    12,780
    17,265
    21,589
   68,363
  
    17,556
    17,067
    17,056
    15,978
   67,657
  
    18,553
Restructuring charges and goodwill impairment
   -
   -
   -
   -
   58,395
   -
   -
  
   -
 3,153
   -
   -
 3,153
  
   -
   -
   -
   -
   -
  
   -
Interest
   23,533
31,155
    14,074
2,505
   33,286
   52,240
   47,583
  
9,460
8,838
 8,512
8,025
   34,835
  
7,777
7,457
7,227
    10,346
   32,807
  
17,371
Loss on debt retirements and spin-off charges
    894
  113,247
 48
   -
    907
   -
    29,619
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Other income
 (22,727)
 (47,270)
 (36,629)
  (31,563)
    (21,191)
  (10,666)
  (20,921)
  
   (5,869)
    (1,522)
    (1,334)
  (64,381)
  (73,106)
  
   (2,599)
    (1,924)
    (2,091)
    (2,312)
   (8,926)
  
   (5,857)
 
772,548
952,736
839,687
 901,495
869,623
683,055
685,255
  
  177,321
 167,938
  148,217
 100,342
 593,818
  
 182,057
 178,539
  151,227
 209,518
  721,341
  
232,483
Income (Loss) from Continuing Operations
                                          
before Income Taxes
   62,255
    (8,814)
 156,563
 127,359
  (30,421)
   (61,991)
(113,349)
  
   (9,692)
  (21,765)
 (26,323)
   58,067
    287
  
   (7,534)
  (10,846)
   (9,868)
3,988
 (24,260)
  
    599
                                           
Income Taxes (Benefits)
 16,811
   (8,225)
    51,852
   39,728
  (12,774)
  (23,138)
 (43,877)
  
   (310)
(1,143)
(1,148)
    960
(1,641)
  
   (139)
  (657)
    (1,355)
    (11,615)
  (13,766)
  
170
Income (Loss) from Continuing Operations
   45,444
  (589)
   104,711
    87,631
  (17,647)
 (38,853)
 (69,472)
  
   (9,382)
 (20,622)
  (25,175)
    57,107
 1,928
  
   (7,395)
   (10,189)
    (8,513)
    15,603
  (10,494)
  
    429
                                           
Income from Discontinued Operations
                                          
net of Income Taxes
   79,079
 8,691
   -
   -
   -
   -
4,559
  
 1,962
   (415)
    895
 3,106
5,548
  
4,738
  (933)
2,699
   28,540
   35,044
  
   -
Income (Loss) before Accounting Change
 124,523
 8,102
   104,711
    87,631
  (17,647)
 (38,853)
  (64,913)
  
   (7,420)
  (21,037)
 (24,280)
    60,213
7,476
  
   (2,658)
    (11,122)
    (5,814)
    44,143
   24,550
  
    429
                                           
Cumulative Effect of Accounting Change
                                          
net of Income Taxes
   -
   -
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Net Income (Loss)
 124,523
 8,102
   104,711
    87,631
  (17,647)
 (38,853)
  (64,913)
  
   (7,420)
  (21,037)
 (24,280)
    60,213
7,476
  
   (2,658)
    (11,122)
    (5,814)
    44,143
   24,550
  
    429
 
 
 
 
Texas Industries, Inc.
                                          
Consolidated Balance Sheets
                                          
$ In thousands
                                          
                                           
                                           
                                           
 
5/31/2005
5/31/2006
5/31/2007
5/31/2008
5/31/2009
5/31/2010
                 
8/31/2011
11/30/2011
2/29/2012
5/31/2012
               
8/31/2012
11/30/2012
2/28/2013
5/31/2013
                  
8/31/2013
                                           
Cash
      251,600
         84,139
          15,138
        39,527
         19,796
        74,946
    
        60,600
        67,462
         27,155
        88,027
    
         60,871
         71,782
         31,664
         61,296
    
        48,472
Short-term investments
                  -
        50,606
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
Receivables - net
       117,363
      132,849
       142,610
      170,943
      129,432
        112,184
    
         94,617
        82,378
        78,597
        98,836
    
       113,354
      107,760
        98,458
      126,922
    
      142,032
Inventories
         83,291
      109,767
      135,254
      144,654
      155,724
       142,419
    
       110,537
        99,038
      100,858
         99,441
    
        89,493
        85,530
      100,282
      105,054
    
      107,678
Deferred income taxes and prepaid expenses
        28,754
        33,599
          17,621
         17,943
        22,039
        23,426
    
          21,001
        20,529
         21,398
         19,007
    
         17,640
         16,672
        20,282
        27,294
    
        26,564
Discontinued Operations Held for Sale
                
        40,406
        40,096
         40,124
40344
    
        38,833
        39,360
        38,769
                  -
    
                  -
Total Current Assets
      481,008
      410,960
      310,623
     373,067
      326,991
     352,975
    
       327,161
     309,503
      268,132
     345,655
    
       320,191
       321,104
     289,455
     320,566
    
     324,746
                                           
Property, plant and equipment
     886,447
     956,896
   1,293,360
    1,546,125
    1,791,546
   1,758,778
    
    1,781,055
    1,803,149
    1,815,060
    1,796,731
    
    1,819,995
    1,838,019
    1,859,417
   1,887,850
    
    1,891,860
Less depreciation and depletion
     473,794
     486,585
      509,138
       518,361
      572,195
     604,269
    
       611,454
     623,280
     630,750
       611,406
    
      622,619
     633,973
      647,281
      661,454
    
     680,804
Net Property, Plant and Equipment
      412,653
       470,311
     784,222
   1,027,764
     1,219,351
    1,154,509
    
     1,169,601
    1,179,869
     1,184,310
    1,185,325
    
    1,197,376
   1,204,046
     1,212,136
   1,226,396
    
     1,211,056
                                           
Goodwill
        58,395
        58,395
        58,395
          60,110
            1,715
            1,715
    
            1,715
            1,715
            1,715
            1,715
    
            1,715
            1,715
            1,715
        40,575
    
        40,575
Real estate and investments
         99,491
       125,159
        110,761
         59,261
          10,001
          6,774
    
          6,447
          11,472
          11,044
        20,865
    
         20,716
         23,168
        23,024
         29,471
    
        30,062
Deferred income taxes, intangibles and other charges
         27,571
        22,706
          11,369
          11,332
         14,486
         15,774
    
         24,031
         22,481
         21,566
        23,368
    
        24,400
        23,234
          22,141
          18,817
    
         19,359
Assets of discontinued operations
     1,114,627
                  -
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
 
   1,300,084
     206,260
      180,525
      130,703
        26,202
        24,263
    
         32,193
        35,668
        34,325
        45,948
    
         46,831
          48,117
        46,880
        88,863
    
        89,996
Total Assets
   2,193,745
    1,087,531
   1,275,370
    1,531,534
   1,572,544
    1,531,747
    
   1,528,955
    1,525,041
   1,486,766
   1,576,928
    
   1,564,398
   1,573,267
    1,548,471
   1,635,825
    
   1,625,798
                                           
Accounts payable
        44,560
         50,931
        96,883
        111,478
        55,749
         56,214
    
        54,320
        57,389
        60,759
        64,825
    
        68,673
        64,520
        57,000
         69,061
    
         69,617
Accrued interest, compensation and other items
        62,202
        66,955
         70,104
        66,967
         51,856
         51,455
    
        49,290
        63,829
         43,189
          61,317
    
        44,656
         67,712
         48,134
        62,336
    
         49,541
Current portion of long term debt
              688
               681
           1,340
          7,725
              243
              234
    
                74
              499
              486
            1,214
    
           1,455
           1,432
            1,816
           1,872
    
             1,911
Total Current Liabilities
      107,450
       118,567
      168,327
       186,170
      107,848
      107,903
    
      103,684
        121,717
      104,434
      127,356
    
       114,784
      133,664
      106,950
      133,269
    
       121,069
                                           
Long-term Debt
      603,126
      251,505
      274,416
      401,880
      541,540
     538,620
    
     652,385
      654,138
      654,014
     656,949
    
     657,803
     657,269
     658,392
     657,935
    
     657,449
                                           
Convertible subordinated debentures
      199,937
      159,725
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
                                           
Deferred income taxes and other credits
         77,138
        79,837
        95,508
         118,117
        120,011
      123,976
    
        85,223
         80,919
         81,278
        96,352
    
        95,935
        95,995
        88,088
          91,157
    
        89,954
Liabilities of discontinued operations
     278,527
                  -
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
                  -
                  -
                  -
    
                  -
                                           
Shareholders' equity
     927,567
     477,897
       737,119
     825,367
      803,145
      761,248
    
     687,663
     668,267
     647,040
      696,271
    
     695,876
     686,339
      695,041
     753,464
    
     757,326
Total Liabilities and Shareholders' Equity
   2,193,745
    1,087,531
   1,275,370
    1,531,534
   1,572,544
    1,531,747
    
   1,528,955
    1,525,041
   1,486,766
   1,576,928
    
   1,564,398
   1,573,267
    1,548,471
   1,635,825
    
   1,625,798
 
 
 
 
Texas Industries, Inc.
                                          
Consolidated Statements of Cash Flows
                                          
$ In thousands
                                          
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
    
FY2012
  
FY2013
  
FY2014
             
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
                                           
Operating Activities
                                          
Income (Loss) from Operations
   45,444
  (589)
   104,711
    87,631
  (17,647)
 (38,853)
  (64,913)
  
   (7,420)
  (21,037)
 (24,280)
    60,213
7,476
  
   (2,658)
    (11,122)
    (5,814)
    44,144
   24,550
  
    429
Adjustments to reconcile income (loss) from
                                          
operations to cash provided by
                                          
operating activities
                                          
                                           
Depreciation, depletion and amortization
   46,474
   44,955
   46,356
   55,577
    68,192
   63,925
   64,297
  
    15,980
    15,405
 15,110
    14,457
   60,952
  
14,216
    14,327
    14,425
    16,897
   59,865
  
    19,862
Goodwill impairment
   -
   -
   -
   -
   58,395
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Loss (gain) on asset disposals
   (6,582)
 (34,768)
    (2,917)
   (19,410)
   (6,759)
    (1,350)
  (13,638)
  
   (2,368)
  (383)
  (985)
 (63,874)
  (67,610)
  
   (2,503)
  (376)
    (1,943)
 (59,603)
 (64,425)
  
   (3,069)
Deferred income taxes (benefit)
33,811
 6,581
    13,622
   20,036
    (1,938)
    (9,132)
 (42,875)
  
   (241)
  (704)
  (708)
 1,565
    (88)
  
  (3)
    960
 68
2,398
3,423
  
  51
Stock-based compensation expense (credit)
   -
   -
    13,866
2,395
   (4,400)
5,097
 5,581
  
107
    (1,336)
2,939
    677
2,387
  
2,766
2,739
  1,510
2,498
 9,513
  
2,298
Excess tax benefits from stock-based compensation
8,000
9,969
    (1,694)
   (3,299)
    (1,596)
  (250)
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Loss on debt retirements
   -
 107,006
 48
   -
    907
   -
    29,619
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Other - net
    889
   (2,399)
3,234
2,475
 5,931
    13,998
 3,158
  
    (1,567)
    (3,618)
761
5,647
 1,223
  
   (3,026)
    (5,441)
912
    590
   (6,965)
  
    (1,848)
Changes in operating assets and liabilities
                                          
Receivables - net
   (8,873)
   (5,060)
    846
 (29,507)
   55,397
    (5,421)
    13,379
  
   (8,670)
    12,366
3,928
 (20,927)
  (13,303)
  
   (14,013)
5,525
 9,318
 (27,968)
  (27,138)
  
   (16,136)
Inventories
6,082
   (18,761)
 (25,047)
   (9,400)
   (11,070)
    13,706
 2,164
  
    894
11,295
(2,141)
781
    10,829
  
    10,846
  3,121
  (14,677)
    22,143
    21,433
  
   (2,824)
Prepaid expenses
    (1,680)
 63
 1,392
   (2,033)
    (1,894)
    387
  1,301
  
 1,729
  1,125
    407
    (1,876)
 1,385
  
 1,099
    588
   (3,845)
 1,920
  (238)
  
    278
Accounts payable and accrued liabilities
17,017
   (12,155)
31,541
    (2,910)
 (36,232)
6,046
 11,172
  
   (5,809)
6,739
   (5,396)
11,389
6,923
  
   (4,632)
    12,565
    (15,161)
    20,510
    13,282
  
(5,113)
Other credits
3,838
2,527
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Cash Provided by Operating Activities
 144,420
   97,369
 185,958
  101,555
 107,286
    48,153
9,245
  
   (7,365)
    19,852
  (10,365)
8,052
10,174
  
2,092
   22,886
  (15,207)
   23,529
   33,300
  
   (6,072)
                                           
Investing Activities
                                          
Capital expenditures
  (46,178)
(110,245)
    (317,658)
    (312,525)
   (288,544)
  (13,659)
 (45,683)
  
 (45,588)
  (16,678)
 (34,029)
   (10,041)
    (106,336)
  
  (32,610)
  (14,353)
  (32,133)
  (13,725)
  (92,821)
  
  (12,498)
Cash designated for property acquisitions
  
   -
   -
 (28,733)
   28,733
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Proceeds from asset disposals
 7,136
    23,107
5,552
   34,922
 7,981
    21,592
3,596
  
    863
    786
2,539
   62,657
   66,845
  
3,578
    380
 1,825
    12,698
18,481
  
 4,319
Investments in insurance contracts
 (58,798)
   (4,366)
    (6,061)
   99,203
2,876
6,967
4,073
  
   -
2,989
    365
   -
3,354
  
146
2,220
   -
 101
2,467
  
    934
Purchases of short-term investments - net
   -
 (50,500)
   50,500
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Other - net
  (677)
612
  (336)
 101
(21)
2,079
 1,266
  
    (82)
    (46)
   (174)
 57
  (245)
  
    (59)
    (27)
  19
    (35)
   (102)
  
   -
Cash Provided (Used) by Investing Activities
  (98,517)
(141,392)
   (268,003)
   (207,032)
   (248,975)
    16,979
 (36,748)
  
 (44,807)
  (12,949)
  (31,299)
   52,673
 (36,382)
  
 (28,945)
   (11,780)
 (30,289)
   (961)
  (71,975)
  
   (7,245)
                                           
Financing Activities
                                          
Long-term borrowings
   -
250,000
   38,000
366,000
327,250
   -
650,000
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Debt retirements
  (699)
   (600,700)
  (25,521)
   (232,366)
    (197,772)
  (245)
    (561,627)
  
(18)
(18)
   (137)
   (127)
  (300)
  
    (1,028)
  (557)
   (651)
  (448)
   (2,684)
  
  (447)
Debt issuance costs
    (39)
   (7,363)
   -
    (2,160)
   (5,470)
   (2,552)
  (12,492)
  
    (1,629)
   (103)
    (97)
   -
    (1,829)
  
   -
   -
   -
   -
   -
  
   -
Debt retirement costs
   -
 (96,029)
  (6)
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Interest rate swap terminations
    (6,315)
   -
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Stock option exercises
    41,399
 7,510
6,394
 3,315
 4,641
    893
 1,462
  
 78
 80
  1,591
    274
2,023
  
    725
    364
6,027
 7,512
    14,628
  
    940
Excess tax benefits from stock-based compensation
   -
   -
 1,694
3,299
 1,596
    250
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Common dividends paid
   (6,643)
   (6,908)
    (7,517)
   (8,222)
   (8,287)
   (8,328)
   (8,354)
  
    (2,091)
   -
   -
   -
    (2,091)
  
   -
   -
   -
   -
   -
  
   -
Other - net
   -
   -
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Cash Provided (Used) by Financing Activities
   27,703
   (453,490)
    13,044
 129,866
  121,958
   (9,982)
   68,989
  
   (3,660)
(41)
 1,357
147
    (2,197)
  
  (303)
   (193)
5,376
7,064
11,944
  
    493
Net Cash Provided (Used) by  Operations
   73,606
    (497,513)
  (69,001)
   24,389
   (19,731)
    55,150
    41,486
  
 (55,832)
6,862
 (40,307)
   60,872
 (28,405)
  
  (27,156)
10,913
  (40,120)
   29,632
  (26,731)
  
  (12,824)
                                           
DISCONTINUED OPERATIONS
                                          
Cash Provided (Used) by Operating Activities
    73,104
   (7,778)
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Cash Used by Investing Activities
  (28,163)
   (2,757)
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Cash Provided by Financing Activities
   -
340,587
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Net Cash Provided by Discontinued Operations
    44,941
330,052
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Increase (Decrease) in Cash and Cash Equivalents
  118,547
(167,461)
  (69,001)
   24,389
   (19,731)
    55,150
    41,486
  
 (55,832)
6,862
 (40,307)
   60,872
 (28,405)
  
  (27,156)
10,913
  (40,120)
   29,632
  (26,731)
  
  (12,824)
                                           
Cash and Cash Equivalents at Beginning of Period
 133,053
 251,600
    84,139
15,138
   39,527
    19,796
   74,946
  
  116,432
   60,600
   67,462
    27,155
  116,432
  
   88,027
    60,871
71,781
    31,664
   88,027
  
    61,296
Cash and Cash Equivalents at End of Period
 251,600
    84,139
15,138
   39,527
    19,796
   74,946
  116,432
  
   60,600
   67,462
    27,155
   88,027
   88,027
  
    60,871
71,781
    31,664
    61,299
    61,296
  
   48,472
 
 
 
 
Texas Industries, Inc.
                                          
Reconciliation of EBITDA to Net Income and Cash Provided (Used) by Continuing Operations
                
$ In thousands
                                          
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
    
FY2012
  
FY2013
  
FY2014
             
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
EBITDA Defined
                                          
Net Income (loss) from Operations
   45,444
  (589)
   104,711
    87,631
  (17,647)
 (38,853)
  (64,913)
  
   (7,420)
  (21,037)
 (24,280)
    60,213
7,476
  
   (2,658)
    (11,122)
    (5,814)
    44,144
   24,550
  
    429
Plus (minus):
                                          
Interest
   23,533
31,155
    14,074
2,505
   33,286
   52,240
   47,583
  
9,460
8,838
 8,512
8,025
   34,835
  
7,777
7,457
7,227
    10,346
   32,807
  
17,371
Income taxes (benefit)
 16,811
   (8,225)
    51,852
   39,728
  (12,774)
  (23,138)
  (41,894)
  
   (144)
  (622)
  (542)
2,304
    996
  
144
   1,119
152
2,350
3,765
  
170
Depreciation, depletion and amortization
   46,474
   44,955
   46,356
   55,577
    68,192
   63,925
   64,297
  
    15,980
    15,405
 15,110
    14,457
   60,952
  
14,216
    14,327
    14,425
    16,897
   59,865
  
    19,862
Restructuring charges and goodwill impairment
   -
   -
   -
   -
   58,395
   -
   -
  
   -
 3,216
   -
   -
 3,216
  
   -
   -
   -
   -
   -
  
   -
Loss on debt retirements and spin-off charges
    894
  113,247
 48
   -
    907
   -
    29,619
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
EBITDA
  133,156
 180,543
  217,041
  185,441
 130,359
    54,174
   34,692
  
    17,876
5,800
    (1,200)
   84,999
 107,475
  
    19,479
 11,781
    15,990
   73,737
 120,987
  
   37,832
                                           
EBITDA represents income before interest, income taxes, depreciation and amortization, restructuring charges and goodwill impairment, and loss on debt retirements and spin-off charges.
EBITDA is presented because we believe it is a useful indicator of our performance and our ability to meet debt service and capital expenditure requirements.
It is not, however, intended as an alternative measure of operating results or cash flow from operations as determined in accordance with generally accepted accounting principles.
EBITDA is not necessarily comparable to similarly titled measures used by other companies.
                                           
EBITDA Reconciliation
                                          
Cash from Operating Activities
 144,420
   97,369
 185,958
  101,555
 107,286
    48,153
9,245
  
   (7,365)
    19,852
  (10,365)
8,052
10,174
  
2,092
   22,886
  (15,207)
   23,529
   33,300
  
   (6,072)
Plus (minus):
                                          
Changes in operating assets and liabilities
  (16,384)
   33,386
   (8,732)
   43,850
    (6,201)
   (14,718)
  (28,016)
  
11,856
  (31,525)
3,202
    10,633
   (5,834)
  
6,700
  (21,799)
   24,365
  (16,605)
   (7,339)
  
   23,795
Deferred taxes (benefit)
   (33,811)
    (6,581)
  (13,622)
 (20,036)
 1,938
 9,132
   42,875
  
241
    704
    708
    (1,565)
 88
  
    3
  (960)
    (68)
   (2,398)
   (3,423)
  
(51)
Stock-based compensation expense (credit)
   -
   -
  (13,866)
   (2,395)
4,400
   (5,097)
    (5,581)
  
   (107)
 1,336
   (2,939)
  (677)
   (2,387)
  
   (2,766)
   (2,739)
(1,510)
   (2,498)
    (9,513)
  
   (2,298)
Excess tax benefits from stock-based compensation
   (8,000)
   (9,969)
 1,694
3,299
 1,596
    250
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Income taxes (benefit)
 16,811
   (8,225)
    51,852
   39,728
  (12,774)
  (23,138)
  (41,894)
  
   (144)
  (622)
  (542)
2,304
    996
  
144
   1,119
152
2,350
3,765
  
170
Loss (gain) on assets disposals
6,582
   34,768
 2,917
19,410
6,759
 1,350
    13,638
  
2,368
    383
    985
   63,874
    67,610
  
2,503
    376
 1,943
   59,603
   64,425
  
3,069
Interest
   23,533
31,155
    14,074
2,505
   33,286
   52,240
   47,583
  
9,460
8,838
 8,512
8,025
   34,835
  
7,777
7,457
7,227
    10,346
   32,807
  
17,371
Restructuring charges
   -
   -
   -
   -
   -
   -
   -
  
   -
 3,216
   -
   -
 3,216
  
   -
   -
   -
   -
   -
  
   -
Spin-off charges
    894
 6,241
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Other - net
  (889)
2,399
   (3,234)
   (2,475)
    (5,931)
  (13,998)
    (3,158)
  
 1,567
 3,618
   (761)
   (5,647)
    (1,223)
  
3,026
 5,441
   (912)
  (590)
6,965
  
 1,848
EBITDA
  133,156
 180,543
  217,041
  185,441
 130,359
    54,174
   34,692
  
    17,876
5,800
    (1,200)
   84,999
 107,475
  
    19,479
 11,781
    15,990
   73,737
 120,987
  
   37,832
                                           
                                           
 
 
 
 
Texas Industries, Inc.
                                          
Business Segment Summary
                                          
$ In thousands except per share
                                          
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
    
FY2012
  
FY2013
  
FY2014
             
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
Cement Operations
                                          
Operating Results
                                          
Cement sales
404,823
447,594
482,379
468,673
364,386
 266,180
256,385
  
   75,978
   68,994
   57,830
75,611
 278,413
  
    87,313
   82,584
   73,086
 102,975
345,958
  
 104,426
Other sales and delivery fees
   30,699
    27,416
   27,648
   36,079
   30,934
   28,333
   30,909
  
9,659
8,240
 7,641
11,340
   36,880
  
9,892
8,858
7,480
 9,317
   35,547
  
    10,322
Total segment sales
435,522
 475,010
 510,027
504,752
395,320
 294,513
287,294
  
   85,637
   77,234
    65,471
    86,951
 315,293
  
   97,205
    91,442
   80,566
  112,292
 381,505
  
  114,748
Cost of products sold
338,528
352,603
 343,145
 391,687
342,824
270,763
283,407
  
   78,232
   78,050
   63,359
   66,484
 286,125
  
86,119
   82,706
    68,501
    90,102
327,428
  
   97,743
Gross profit
   96,994
 122,407
 166,882
  113,065
   52,496
   23,750
3,887
  
7,405
   (816)
  2,112
   20,467
    29,168
  
11,086
8,736
    12,065
    22,190
   54,077
  
    17,005
Selling, general and administrative
  (15,085)
  (13,956)
  (19,878)
  (18,307)
  (19,343)
  (17,528)
  (18,967)
  
   (4,078)
    (4,165)
   (4,663)
   (3,625)
   (16,531)
  
   (3,544)
   (3,729)
   (3,247)
   (2,650)
   (13,170)
  
   (3,649)
Restructuring charges and goodwill impairment
   -
   -
   -
   -
 (58,395)
   -
   -
  
   -
    (1,074)
   -
   -
    (1,074)
  
   -
   -
   -
   -
   -
  
   -
Other income
 1,342
951
   24,536
 7,419
 9,301
7,774
 4,831
  
 3,190
    700
167
4,868
8,925
  
    880
 1,050
  1,031
194
 3,155
  
    637
Operating Profit (Loss)
    83,251
 109,402
  171,540
  102,177
   (15,941)
    13,996
  (10,249)
  
 6,517
   (5,355)
   (2,384)
21,710
   20,488
  
8,422
6,057
9,849
    19,734
   44,062
  
    13,993
                                           
Cement
                                          
Shipments (tons)
5,394
 5,136
5,074
5,035
4,035
3,226
 3,301
  
    969
    884
    743
    984
3,580
  
   1,119
 1,034
    933
 1,299
4,385
  
  1,314
Prices ($/ton)
$75.05
$87.14
$95.06
$93.07
$90.31
$82.51
$77.68
  
$78.41
$78.07
$77.76
$76.79
$77.75
  
$78.06
$79.82
$78.39
$79.27
$78.90
  
$79.43
Cost of sales ($/ton)
$58.03
$63.65
$63.08
$70.85
$78.02
$76.36
$77.29
  
$71.77
$78.34
$75.95
$56.60
$70.09
  
$68.55
$72.56
$64.35
$64.50
$67.40
  
$67.29
                                           
Aggregate Operations
                                          
Operating Results
                                          
Stone, sand and gravel sales
 134,220
 153,480
 155,562
 162,582
   131,197
    88,019
   89,045
  
   22,200
   20,993
    16,829
    25,515
   85,537
  
28,151
   27,739
    22,021
    32,128
  110,039
  
   35,670
Expanded shale and clay sales and delivery fees
    88,125
99,101
  113,292
 122,748
 106,294
   76,928
   29,308
  
 8,791
7,854
5,787
9,389
31,821
  
    12,830
    12,473
8,799
11,465
   45,567
  
    13,488
Total segment sales
222,345
 252,581
268,854
285,330
 237,491
 164,947
  118,353
  
    30,991
   28,847
    22,616
   34,904
  117,358
  
    40,981
    40,212
   30,820
   43,593
 155,606
  
    49,158
Cost of products sold
  191,837
  219,124
 218,394
 231,503
 197,583
 142,963
 108,352
  
   27,594
   25,459
   23,825
   30,980
 107,858
  
   36,237
    35,951
    28,106
   38,546
 138,840
  
41,416
Gross profit
   30,508
   33,457
   50,460
   53,827
   39,908
    21,984
10,001
  
3,397
3,388
    (1,209)
3,924
9,500
  
4,744
 4,261
 2,714
5,047
    16,766
  
7,742
Selling, general and administrative
   (11,920)
  (15,436)
   (16,212)
   (15,178)
  (12,633)
   (9,602)
   (7,020)
  
    (1,876)
    (1,226)
(1,341)
(1,431)
   (5,874)
  
    (1,008)
  (856)
  (900)
  (854)
    (3,619)
  
    (1,490)
Restructuring charges
   -
   -
   -
   -
   -
   -
   -
  
   -
  (373)
   -
   -
  (373)
  
   -
   -
   -
   -
   -
  
   -
Other income
    10,782
   30,376
2,638
    16,974
6,954
  1,419
 13,115
  
271
    202
 1,259
   20,385
22,117
  
    263
 115
    295
    623
 1,296
  
    335
Operating Profit (Loss)
   29,370
   48,397
   36,886
   55,623
   34,229
13,801
    16,096
  
 1,792
  1,991
(1,291)
   22,878
   25,370
  
3,999
3,520
 2,109
 4,816
    14,443
  
6,587
                                           
Stone, sand and gravel
                                          
Shipments (tons)
    23,616
   25,246
22,114
21,851
    16,470
11,363
    12,065
  
 3,143
 2,818
2,363
 3,514
11,838
  
 3,914
3,808
3,029
4,042
    14,793
  
4,447
Prices ($/ton)
$5.68
$6.08
$7.03
$7.44
$7.97
$7.75
$7.38
  
$7.06
$7.45
$7.12
$7.26
$7.38
  
$7.19
$7.28
$7.27
$7.95
$7.44
  
$8.02
Cost of sales ($/ton)
$4.80
$5.23
$5.40
$6.13
$6.68
$6.91
$6.72
  
$6.22
$6.35
$7.47
$6.01
$6.72
  
$5.98
$5.99
$6.46
$6.63
$6.26
  
$6.33
                                           
Concrete
                                          
Operating Results
                                          
Ready-mix concrete sales
222,680
265,254
278,067
 310,652
 247,931
  175,712
 180,826
  
   56,228
   44,579
    37,481
    44,190
 182,478
  
51,918
   52,776
   44,582
   82,082
 231,358
  
   98,234
Package products sales and delivery fees
   59,832
   72,204
   57,708
    58,581
    61,490
    55,671
   55,322
  
    14,796
    13,542
    12,398
 8,514
   49,250
  
127
 101
 46
 97
371
  
    286
Total segment sales
 282,512
337,458
335,775
369,233
 309,421
 231,383
 236,148
  
    71,024
58,121
   49,879
   52,704
 231,728
  
   52,045
   52,877
   44,628
    82,179
 231,729
  
   98,520
Cost of products sold
267,625
  316,341
 310,955
 341,604
288,756
   218,119
235,055
  
71,197
    59,212
   52,663
    53,791
236,863
  
   52,673
    54,123
    47,081
81,417
235,294
  
   92,589
Gross profit
    14,887
 21,117
   24,820
   27,629
   20,665
    13,264
 1,093
  
   (173)
(1,091)
   (2,784)
    (1,087)
    (5,135)
  
  (628)
    (1,246)
   (2,453)
    762
   (3,565)
  
 5,931
Selling, general and administrative
  (10,339)
    (11,415)
  (16,284)
   (19,314)
    (13,116)
   (10,193)
  (12,773)
  
   (4,374)
   (2,436)
    (1,297)
   (2,739)
  (10,846)
  
   (2,690)
   (2,074)
   (2,475)
   (3,500)
  (10,739)
  
    (3,164)
Restructuring charges
   -
   -
   -
   -
   -
   -
   -
  
   -
  (536)
   -
   -
  (536)
  
   -
   -
   -
   -
   -
  
   -
Other income
 711
    647
  1,310
3,268
  1,314
    586
    529
  
2,207
    457
   (177)
   39,065
    41,552
  
  1,410
713
    666
 1,383
 4,172
  
 3,351
Operating Profit (Loss)
5,259
    10,349
9,846
11,583
8,863
3,657
(11,151)
  
   (2,340)
   (3,606)
   (4,258)
   35,239
   25,035
  
    (1,908)
   (2,607)
   (4,262)
    (1,355)
   (10,132)
  
  6,118
                                           
Ready-mix concrete
                                          
Shipments (tons)
3,678
3,830
3,665
3,844
2,902
 2,147
 2,415
  
741
    587
    508
    563
2,399
  
    649
    643
541
    968
 2,801
  
  1,134
Prices ($/ton)
$60.54
$69.25
$75.87
$80.83
$85.46
$81.83
$74.87
  
$75.93
$75.85
$73.80
$78.50
$76.06
  
$80.08
$81.99
$82.49
$84.83
$82.62
  
$86.86
Cost of sales ($/ton)
$61.12
$67.69
$71.92
$76.36
$81.41
$79.82
$77.89
  
$78.91
$80.66
$81.87
$81.34
$77.89
  
$80.97
$84.16
$87.04
$83.79
$83.85
  
$81.65
                                           
Total Segment Operating Profit (Loss)
  117,880
  168,148
 218,272
 169,383
27,151
    31,454
   (5,304)
  
5,969
   (6,970)
   (7,933)
   79,827
   70,893
  
10,513
6,970
7,696
    23,195
   48,373
  
   26,698
Corporate
                                          
Other income
9,892
    15,296
 8,145
3,902
3,622
    887
2,448
  
    203
163
 84
  61
 511
  
 46
 46
 98
 112
    302
  
 1,534
Selling, general and administrative
  (41,090)
 (47,856)
 (55,732)
  (43,421)
  (27,001)
 (42,092)
  (33,291)
  
   (6,402)
   (4,953)
   (9,964)
  (13,794)
   (35,113)
  
   (10,317)
  (10,405)
  (10,439)
   (8,969)
  (40,128)
  
  (10,262)
Restructuring charges
   -
   -
   -
   -
   -
   -
   -
  
   -
(1,169)
   -
   -
(1,169)
  
   -
   -
   -
   -
   -
  
   -
 
   (31,198)
 (32,560)
 (47,587)
  (39,519)
 (23,379)
  (41,205)
 (30,843)
  
    (6,199)
   (5,959)
   (9,880)
  (13,733)
  (35,771)
  
   (10,271)
  (10,359)
   (10,341)
   (8,857)
 (39,826)
  
   (8,728)
Interest
 (23,533)
   (31,155)
  (14,074)
   (2,505)
 (33,286)
 (52,240)
 (47,583)
  
   (9,460)
   (8,838)
    (8,512)
   (8,025)
 (34,835)
  
   (7,777)
   (7,458)
   (7,227)
  (10,345)
 (32,807)
  
   (17,371)
Loss on Debt Retirements
  (894)
(113,247)
    (48)
   -
  (907)
   -
  (29,619)
  
   -
   -
   -
   -
   -
  
   -
   -
   -
   -
   -
  
   -
Income (loss) from Continuing Operations before
                                          
Income Taxes
   62,255
    (8,814)
 156,563
 127,359
  (30,421)
   (61,991)
(113,349)
  
   (9,690)
  (21,767)
 (26,325)
   58,069
    287
  
   (7,535)
  (10,846)
   (9,868)
 3,991
 (24,260)
  
    599
 
 
 
 
Texas Industries, Inc.
                                          
Business Segment Summary
                                          
$ In thousands except per share
                                          
 
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
    
FY2012
  
FY2013
  
FY2014
             
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
Q2
Q3
Q4
Total
  
Q1
Major Gains (losses) in Other Income
                                          
Cement
            
   -
          
   -
          
   -
    
Antidumping settlement
    
    19,803
      
   -
          
   -
          
   -
    
Sale of emissions credits
      
3,879
 1,723
3,427
 1,690
  
2,533
      
2,533
          
   -
    
Oil and gas bonus proceeds
        
 2,781
  
   -
          
   -
          
   -
    
Aggregates
            
   -
          
   -
          
   -
    
Sale of emissions credits
6,225
          
   -
          
   -
          
   -
    
Sale of real estate
  
   23,987
  
 5,146
 4,961
  
   -
        
   20,784
   20,784
      
3,634
  
3,634
    
Sale of southern Louisiana operations
      
    10,093
    
   -
          
   -
          
   -
    
Exchange of operating assets
            
11,997
  
2,058
    
  (489)
 1,569
        
41,147
41,147
    
Concrete
            
   -
          
   -
          
   -
    
Texas-based package products operations
            
   -
        
    30,881
    30,881
          
   -
    
Sale of real estate
                                        
 2,081
Exchange of operation assets
            
   -
        
8,965
8,965
          
   -
    
Corporate
            
   -
          
   -
          
   -
    
Oil and gas bonus proceeds
        
 1,636
  
    834
          
   -
          
   -
    
Sale of real estate
                                        
 1,366
                                           
Depreciation, Depletion and Amortization
                                          
Cement
   24,926
   23,628
   23,234
   25,645
   37,799
   35,828
   36,576
  
8,927
8,897
8,723
 8,531
   35,078
  
8,464
8,429
8,395
 9,931
    35,219
  
    13,043
Aggregates
    12,898
    13,926
    16,093
21,166
21,919
    19,873
    18,963
  
 4,195
3,868
3,898
3,784
    15,745
  
3,327
3,347
 3,166
 3,213
    13,053
  
  3,191
Concrete
6,889
  6,181
6,493
7,998
7,434
7,065
7,625
  
2,564
2,326
 2,194
 1,897
 8,981
  
 1,866
  1,981
 2,281
3,226
9,354
  
 3,418
Corporate
  1,761
 1,220
    536
    768
 1,040
  1,159
  1,133
  
    294
314
    295
    245
  1,148
  
217
    229
    254
    289
    989
  
    242
Total Depreciation, Depletion and Amortization
   46,474
   44,955
   46,356
   55,577
    68,192
   63,925
   64,297
  
    15,980
    15,405
 15,110
    14,457
   60,952
  
    13,874
    13,986
    14,096
    16,659
    58,615
  
    19,894
                             
 
NOTES:
We have changed the name of our "consumer products" segment to "concrete". This changes impacts only the name of the segment, and does not impact or change the financial information we report through this segment.
 
Prior years shown as comparative to FY13 have been adjusted for discontinued operations.
 
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