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Texas Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: March 25, 2011 02:16PM

Texas Industries Inc. (TXI) filed Quarterly Report for the period ended 2011-02-28. Texas Industries Inc. has a market cap of $1.25 billion; its shares were traded at around $44.97 with and P/S ratio of 2.1. The dividend yield of Texas Industries Inc. stocks is 0.7%.



Highlight of Business Operations:

Consolidated sales for the three-month period ended February 28, 2011 were $125.8 million, an increase of $8.0 million from the prior year period primarily due to higher shipments for our major products offset in part by lower sales prices. Consolidated cost of products sold for the three-month period ended February 28, 2011 was $135.2 million, an increase of $4.1 million from the prior year period primarily due to higher shipments. Consolidated gross loss for the three-month periods ended February 28, 2011 and February 28, 2010 was $9.4 million and $13.3 million, respectively.

Consolidated sales for the nine-month period ended February 28, 2011 were $446.1 million, an increase of $1.3 million from the prior year period primarily due to higher shipments for our major products offset in part by lower sales prices. Consolidated cost of products sold for the nine-month period ended February 28, 2011 was $427.3 million, an increase of $20.2 million from the prior year period primarily due to higher shipments. Consolidated gross profit for the nine-month periods ended February 28, 2011 and February 28, 2010 was $18.8 million and $37.7 million, respectively.

Consolidated selling, general and administrative expense for the three-month period ended February 28, 2011 was $17.3 million, a decrease of $0.3 million from the prior year period. Provisions for bad debts increased $0.2 million and stock-based compensation increased $0.4 million from the prior year period. Our stock-based compensation includes awards expected to be settled in cash, the expense for which is based on their fair value at the end of each period until the awards are paid. The impact of changes in our stock price on the fair value of these awards increased expense $0.7 million and $0.4 million for the three-month periods ended February 28, 2011 and February 28, 2010, respectively. We hold life insurance policies in connection with certain of our benefit plans. Proceeds received from the policies in the three-month period ended February 28, 2011 decreased expense $0.2 million from the prior year period. Our focus on reducing controllable costs lowered other expenses $0.7 million in the three-month period ended February 28, 2011 from the prior year period.

Consolidated selling, general and administrative expense for the nine-month period ended February 28, 2011 was $52.0 million, a decrease of $1.7 million from the prior year period. Provisions for bad debts increased $0.6 million and stock-based compensation increased $0.5 million from the prior year period. The impact of changes in our stock price on the fair value of awards expected to be settled in cash increased expense $0.8 million and $0.4 million for the nine-month periods ended February 28, 2011 and February 28, 2010, respectively. We hold life insurance policies in connection with certain of our benefit plans. Proceeds received from the policies in the nine-month period ended February 28, 2011 decreased expense $0.8 million from the prior year period. Our focus on reducing controllable costs lowered other expenses $2.0 million in the nine-month period ended February 28, 2011 from the prior year period.

Consolidated other income for the nine-month period ended February 28, 2011 was $7.9 million, a decrease of $1.5 million from the prior year period. Routine sales of surplus operating assets and real estate resulted in gains of $1.5 million and $1.3 million in the nine-month periods ended February 28, 2011 and February 28, 2010, respectively. In addition, we sold emissions credits associated with our Crestmore cement plant in Riverside, California that resulted in gains of $1.7 million and $3.4 million in the nine-month periods ended February 28, 2011 and February 28, 2010, respectively.

Cement operating loss for the nine-month period ended February 28, 2011 was $6.5 million. Cement operating profit for the nine-month period ended February 28, 2010 was $6.2 million. Lower sales prices offset in part by higher shipments reduced total sales $5.9 million from the prior year period. In addition, other income decreased $3.2 million from the prior year period.

Read the The complete Report



Stocks Discussed: TXI,
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