Texas Industries Inc. (TXI, Financial) filed Quarterly Report for the period ended 2009-11-30.
Texas Industries Inc. has a market cap of $1.03 billion; its shares were traded at around $37.14 with a P/E ratio of 112.5 and P/S ratio of 1.2. The dividend yield of Texas Industries Inc. stocks is 0.8%.
Consolidated selling, general and administrative expense for the three-month period ended November 30, 2009 was $15.9 million, unchanged from the prior year period. Consolidated selling, general and administrative expense for the six-month period ended November 30, 2009 was $36.1 million, an increase of $2.9 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 $3.1 million for the three-month period ended November 30, 2009 and $9.8 million for the six-month period ended November 30, 2009 from the prior year periods. Our focus on reducing controllable costs lowered overall other expenses $3.1 million in the three-month period ended November 30, 2009 and $6.9 million in the six-month period ended November 30, 2009 from the prior year periods.
Consolidated other income for the three-month period ended November 30, 2009 was $5.7 million, an increase of $3.5 million from the prior year period. Consolidated other income for the six-month period ended November 30, 2009 was $8.4 million, a decrease of $2.1 million from the prior year period. Sales of emission credits associated with our Crestmore cement plant in Riverside, California resulted in gains of $3.4 million in the three-month and six-month periods ended November 30, 2009 and gains of $1.7 million in the six-month period ended November 30, 2008. We have entered into various oil and gas lease agreements on property we own in north Texas. The terms of the agreements include the payment of a lease bonus and royalties on any oil and gas produced. Lease bonus payments received resulted in income of $4.7 million in the six-month period ended November 30, 2008.
Consolidated operating profit for the three-month periods ended November 30, 2009 and November 30, 2008 was $12.6 million and $15.0 million, respectively. Consolidated operating profit for the six-month periods ended November 30, 2009 and November 30, 2008 was $38.4 million and $40.1 million, respectively. The following is a summary of operating results for our business segments and certain other information related to our principal products and non-operating income and expenses.
Cost of products sold for the six-month period ended November 30, 2009 decreased $70.5 million from the prior year period primarily due to lower shipments and our efforts to manage costs. Cement unit costs decreased 11% from the prior year period on lower raw materials and supplies and maintenance costs. Supplies and maintenance costs in the prior year period included approximately $8 million, $6 million and $3 million related to scheduled maintenance at our north Texas, central Texas and Oro Grande, California cement plants, respectively.
Other income for the six-month period ended November 30, 2009 increased $0.1 million from the prior year period. In addition to increased gains from routine sales of surplus operating assets of $0.8 million and royalty income of $0.4 million, other income in the current period includes gains of $3.4 million from sales of emission credits associated with our Crestmore cement plant in Riverside, California. Other income in the prior period included a lease bonus payment of $2.8 million received upon the execution of an oil and gas lease agreement on property we own in north Texas and a gain of $1.7 million from the sale of emission credits associated with our Crestmore cement plant in Riverside, California.
Read the The complete ReportTXI is in the portfolios of John Keeley of Keeley Fund Management, Mason Hawkins of Southeastern Asset Management, Kenneth Fisher of Fisher Asset Management, LLC.
Texas Industries Inc. has a market cap of $1.03 billion; its shares were traded at around $37.14 with a P/E ratio of 112.5 and P/S ratio of 1.2. The dividend yield of Texas Industries Inc. stocks is 0.8%.
Highlight of Business Operations:
Consolidated sales for the three-month period ended November 30, 2009 were $142.9 million, a decrease of $78.9 million from the prior year period. Consolidated cost of products sold for the three-month period ended November 30, 2009 was $126.1 million, a decrease of $69.1 million from the prior year period. Gross profit as a percentage of sales was unchanged. Consolidated sales for the six-month period ended November 30, 2009 were $326.9 million, a decrease of $151.3 million from the prior year period. Consolidated cost of products sold for the six-month period ended November 30, 2009 was $275.9 million, a decrease of $143.0 million from the prior year period. Gross profit as a percentage of sales increased to 16% from 12%.Consolidated selling, general and administrative expense for the three-month period ended November 30, 2009 was $15.9 million, unchanged from the prior year period. Consolidated selling, general and administrative expense for the six-month period ended November 30, 2009 was $36.1 million, an increase of $2.9 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 $3.1 million for the three-month period ended November 30, 2009 and $9.8 million for the six-month period ended November 30, 2009 from the prior year periods. Our focus on reducing controllable costs lowered overall other expenses $3.1 million in the three-month period ended November 30, 2009 and $6.9 million in the six-month period ended November 30, 2009 from the prior year periods.
Consolidated other income for the three-month period ended November 30, 2009 was $5.7 million, an increase of $3.5 million from the prior year period. Consolidated other income for the six-month period ended November 30, 2009 was $8.4 million, a decrease of $2.1 million from the prior year period. Sales of emission credits associated with our Crestmore cement plant in Riverside, California resulted in gains of $3.4 million in the three-month and six-month periods ended November 30, 2009 and gains of $1.7 million in the six-month period ended November 30, 2008. We have entered into various oil and gas lease agreements on property we own in north Texas. The terms of the agreements include the payment of a lease bonus and royalties on any oil and gas produced. Lease bonus payments received resulted in income of $4.7 million in the six-month period ended November 30, 2008.
Consolidated operating profit for the three-month periods ended November 30, 2009 and November 30, 2008 was $12.6 million and $15.0 million, respectively. Consolidated operating profit for the six-month periods ended November 30, 2009 and November 30, 2008 was $38.4 million and $40.1 million, respectively. The following is a summary of operating results for our business segments and certain other information related to our principal products and non-operating income and expenses.
Cost of products sold for the six-month period ended November 30, 2009 decreased $70.5 million from the prior year period primarily due to lower shipments and our efforts to manage costs. Cement unit costs decreased 11% from the prior year period on lower raw materials and supplies and maintenance costs. Supplies and maintenance costs in the prior year period included approximately $8 million, $6 million and $3 million related to scheduled maintenance at our north Texas, central Texas and Oro Grande, California cement plants, respectively.
Other income for the six-month period ended November 30, 2009 increased $0.1 million from the prior year period. In addition to increased gains from routine sales of surplus operating assets of $0.8 million and royalty income of $0.4 million, other income in the current period includes gains of $3.4 million from sales of emission credits associated with our Crestmore cement plant in Riverside, California. Other income in the prior period included a lease bonus payment of $2.8 million received upon the execution of an oil and gas lease agreement on property we own in north Texas and a gain of $1.7 million from the sale of emission credits associated with our Crestmore cement plant in Riverside, California.
Read the The complete ReportTXI is in the portfolios of John Keeley of Keeley Fund Management, Mason Hawkins of Southeastern Asset Management, Kenneth Fisher of Fisher Asset Management, LLC.
