Texas Industries, Inc. (NYSE:TXI) today reported financial results
for the quarter ended February 28, 2014. Results for the quarter
were a net loss of $21.8 million or $.76 per share. Several
non-recurring and timing items (discussed below) negatively
impacted net income for the quarter by $12.2 million or $.43 per
share. Results for the quarter ended February 28, 2013 were a net
loss of $5.8 million or $.21 per share inclusive of net income from
discontinued operations of $2.7 million or $.09 per share.
General Comments
"Construction activity continues to improve, especially in
Texas, our primary market," stated Mel Brekhus, Chief Executive
Officer. "Cement, aggregate and ready mix concrete shipments in
Texas increased 27%, 21% and 48% respectively compared to a year
ago after adjusting for the ready mix operations we acquired last
year and despite an unusually bad winter. California cement
shipments increased 11.8% compared to a year ago."
EBITDA from continuing operations for the February quarter
equaled $11.7 million and EBITDA from continuing operations for the
prior year's February quarter equaled $11.5 million. EBITDA after
adjusting for non-recurring items in the current quarter and
outages that did not occur in the prior period detailed below was
$24.8 million. Adjusted EBITDA for the prior period was $12.9
million. Adjusted EBITDA as a percentage of net sales for the
February quarter this year and last year equaled 11.9% and 9.1%,
respectively.
Non-recurring items and cement plant outages that did not occur
in the prior period are detailed below:
($ millions) |
|
Midlothian maintenance outage (direct costs
plus production impact) |
8.4 |
Hunter maintenance outage (originally
anticipated in Q4) |
2.5 |
Merger charges |
2.9 |
Favorable litigation settlement |
(.7) |
|
|
Total |
13.1 |
"The fact that shipment levels overcame a severe winter is
indicative of the continued improvement in our markets. Positive
construction trends are tightening the supply of building materials
in many of our markets and should support continued price
improvement," added Brekhus.
A teleconference will be held tomorrow, April 3, 2014 at 10:00
A.M. Central Standard 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 |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands except per unit |
2014 |
2013 |
2014 |
2013 |
Operating Results |
|
|
|
|
Cement sales |
$ 93,356 |
$ 73,086 |
$ 292,638 |
$ 242,983 |
Other sales and delivery fees |
7,381 |
7,480 |
25,210 |
26,230 |
Total segment sales |
100,737 |
80,566 |
317,848 |
269,213 |
Cost of products sold |
98,667 |
68,501 |
291,692 |
237,326 |
Gross profit |
2,070 |
12,065 |
26,156 |
31,887 |
Selling, general and administrative |
(3,088) |
(3,247) |
(11,703) |
(10,520) |
Other income, net |
(596) |
1,031 |
1,620 |
2,961 |
Operating profit |
$ (1,614) |
$ 9,849 |
$ 16,073 |
$ 24,328 |
Cement |
|
|
|
|
Shipments (tons) |
1,141 |
933 |
3,640 |
3,086 |
Prices ($/ton) |
$ 81.85 |
$ 78.39 |
$ 80.40 |
$ 78.75 |
Cost of sales ($/ton) |
$ 80.61 |
$ 64.35 |
$ 73.82 |
$ 68.62 |
Three months ended February 28, 2014
Cement operating profit (loss) for the three-month periods ended
February 28, 2014 and 2013 was $(1.6) million and $9.8
million, respectively.
Total segment sales for the three-month period ended
February 28, 2014 were $100.7 million compared to $80.6
million for the prior year period. Cement sales increased $20.3
million from the prior year period. Our Texas market area accounted
for approximately 74% of cement sales in the current period
compared to 71% of cement sales in the prior year period. Average
cement prices increased 5.1% in our Texas market from the prior
year period. Average cement prices increased 1.6% in our California
market from the prior year period. Price increases on a same
product and same market basis in both Texas and California were
offset by changes in product, geographic and customer
mix. Shipments increased 27.0% in our Texas market area and
11.8% in our California market area from prior year
period. Shipments during the period were negatively impacted
by more inclement weather in Texas compared to the prior year
period.
Cost of products sold for the three-month period ended
February 28, 2014 increased $30.2 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, 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 increased 25.3% from
the prior year period as the impact of higher costs including
depreciation, repair and maintenance that includes annual major
outages at our Texas Plants, and emission allowance credits were
partially offset by higher shipments.
Selling, general and administrative expense for the three-month
period ended February 28, 2014 decreased $0.2 million from the
prior year period on lower provisions for insurance claims related
to a reallocation among operating units, which were offset
by higher legal expenses related to the litigation matters
associated with our facilities in California.
Other income for the three-month period ended February 28,
2014 decreased $1.6 million from the prior year period on lower
royalty income and miscellaneous income.
Aggregates
Operations |
|
Three months ended |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands except per unit |
2014 |
2013 |
2014 |
2013 |
Operating Results |
|
|
|
|
Stone, sand and gravel sales |
$ 31,177 |
$ 22,021 |
$ 98,770 |
$ 77,911 |
Delivery fees and other |
10,723 |
8,799 |
34,848 |
34,101 |
Total segment sales |
41,900 |
30,820 |
133,618 |
112,012 |
Cost of products sold |
37,666 |
28,106 |
115,140 |
100,294 |
Gross profit |
4,234 |
2,714 |
18,478 |
11,718 |
Selling, general and administrative |
(1,679) |
(900) |
(4,686) |
(2,763) |
Other income, net |
831 |
295 |
1,571 |
674 |
Operating profit |
$ 3,386 |
$ 2,109 |
$ 15,363 |
$ 9,629 |
Stone, sand and gravel |
|
|
|
|
Shipments (tons) |
3,671 |
3,029 |
11,958 |
10,751 |
Prices ($/ton) |
$ 8.49 |
$ 7.27 |
$ 8.26 |
$ 7.25 |
Cost of sales ($/ton) |
$ 7.37 |
$ 6.46 |
$ 6.73 |
$ 6.12 |
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 February 28, 2014
Aggregates operating profit for the three-month periods ended
February 28, 2014 and 2013 was $3.4 million and $2.1 million,
respectively.
Total segment sales for the three-month period ended February
28, 2014 were $41.9 million compared to $30.8 million for the prior
year period. Stone, sand and gravel sales increased $9.2 million
from the prior year period on 21.2% higher shipments and 16.8%
higher average prices. Average selling prices increased
primarily due to the impact of product and geographic mix
associated with the aggregate terminals acquired in the asset
exchange on March 22, 2013. Shipments during the period were
negatively impacted by more inclement weather in Texas compared to
the prior year period.
Delivery fees increased $1.9 million due to the acquisition of
aggregate terminals in our asset exchange on March 22,
2013. Delivery costs associated with shipments to the acquired
terminals are not directly billed to our customers.
Cost of products sold for the three-month period ended
February 28, 2014 increased $9.6 million compared to the prior
year period. Stone, sand and gravel unit costs increased 14.1%
from the prior year period primarily due to the impact of including
delivery costs associated with shipments to the acquired terminals
in unit costs of sales.
Selling, general and administrative expense for the three-month
period ended February 28, 2014 increased $0.7 million from the
prior year period primarily due to higher provisions for insurance
claims related to a reallocation among operating units.
Other income for the three-month period ended February 28,
2014 increased $0.5 million from the prior year period primarily on
the sale of surplus assets and higher royalties.
Concrete
Operations |
|
Three months ended |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands except per unit |
2014 |
2013 |
2014 |
2013 |
Operating Results |
|
|
|
|
Ready-mix concrete sales |
$ 93,031 |
$ 44,582 |
$ 284,436 |
$ 149,276 |
Delivery fees |
630 |
46 |
916 |
274 |
Total segment sales |
93,661 |
44,628 |
285,352 |
149,550 |
Cost of products sold |
88,013 |
47,081 |
273,193 |
153,877 |
Gross profit (loss) |
5,648 |
(2,453) |
12,159 |
(4,327) |
Selling, general and administrative |
(1,690) |
(2,475) |
(7,974) |
(7,239) |
Other income, net |
892 |
666 |
5,279 |
2,789 |
Operating profit (loss) |
$ 4,850 |
$ (4,262) |
$ 9,464 |
$ (8,777) |
Ready-mix concrete |
|
|
|
|
Shipments (cubic yards) |
1,085 |
541 |
3,298 |
1,833 |
Prices ($/cubic yard) |
$ 86.03 |
$ 82.49 |
$ 86.23 |
$ 81.46 |
Cost of sales ($/cubic yard) |
$ 80.86 |
$ 87.04 |
$ 82.60 |
$ 83.88 |
Three months ended February 28, 2014
Concrete operating profit for the three-month period ended
February 28, 2014 was $4.9 million compared to an operating
loss of $4.3 million for the three-month period ended February 28,
2013.
Total segment sales for the three-month period ended
February 28, 2014 were $93.7 million compared to $44.6 million
for the prior year period. Segment sales increased $49.1 million
from the prior year period primarily due to the addition of the 42
ready-mix concrete plants acquired through an asset exchange on
March 22, 2013, which accounted for 52% of the increase in
shipments compared to the prior year period. Price
improvement in every market combined with market mix shifts
attributable to the additional 42 ready-mix plants resulted in 4.3%
higher average prices.
Cost of products sold for the three-month period ended
February 28, 2014 increased $40.9 million from the prior year
period as a result of the 42 additional ready-mix concrete plants
acquired through an asset exchange on March 22, 2013, along with
increased shipments from existing locations. Ready-mix concrete
unit costs decreased 7.1% from the prior year period primarily due
to higher shipments.
Selling, general and administrative expense for the three-month
period ended February 28, 2014 decreased $0.8 million from the
prior year period primarily due to lower provisions for insurance
claims related to a reallocation among operating units, which were
offset by higher compensation costs resulting from an increase in
head count due to the addition of the 42 ready-mix concrete plants
acquired through an asset exchange on March 22, 2013.
Other income for the three-month period ended February 28,
2014 increased $0.2 million from prior year period on sale of
surplus assets.
Corporate |
|
Three months ended |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands |
2014 |
2013 |
2014 |
2013 |
Other income, net |
$ 570 |
$ 98 |
$ 4,490 |
$ 190 |
Merger charges |
(2,863) |
|
(2,863) |
|
Selling, general and administrative |
(11,766) |
(10,437) |
(32,086) |
(31,157) |
|
$ (14,059) |
$ (10,339) |
$ (30,459) |
$ (30,967) |
Three months ended February 28, 2014
Other income for the three-month period ended February 28,
2014 contains a gain of $0.4 million from a routine sale of real
estate.
Selling, general and administrative expense for the three-month
period ended February 28, 2014 increased by $1.4 million
compared to the prior year period primarily due to higher
provisions for insurance claims related to a reallocation among
operating units.
Merger related expenses for the three-month period ended
February 28, 2014 was $2.9 million. These costs relate to the
proposed business combination with Martin Marietta Materials,
Inc.
Interest
Interest expense incurred for the three-month period ended
February 28, 2014 was $17.4 million. Interest expense incurred
for the three-month period ended February 28, 2013 was $17.4
million, of which $10.2 million was capitalized in connection with
our Hunter, Texas cement plant expansion project and $7.2 million
was expensed.
Income Taxes
Income taxes for the interim periods ended February 28,
2014 and 2013 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 5.4% for
fiscal year 2014 compared to 7.9% for fiscal year 2013. We received
income tax refunds of $0.4 million in the nine-month period ended
February 28, 2014 and none in the nine-month period ended
February 28, 2013. We made no income tax payments in the
nine-month periods ended February 28, 2014 and 2013.
Net deferred tax assets totaled $5.0 million at February 28,
2014 and $6.7 million at May 31, 2013. Net deferred tax
assets classified as current were $14.2 million at
February 28, 2014 and $18.8 million at May 31,
2013. Management reviews our deferred tax position and in
particular our deferred tax assets whenever circumstances indicate
that the assets may not be realized in the future and records a
valuation allowance unless such deferred tax assets are deemed more
likely than not to be recoverable. The ultimate realization of
these deferred tax assets depends upon various factors including
the generation of taxable income during future periods. The
Company's deferred tax assets exceeded deferred tax liabilities as
of February 28, 2014 and May 31, 2013 primarily as a
result of recent losses. Management has concluded that the sources
of taxable income we are permitted to consider do not assure the
realization of the entire amount of our net deferred tax assets.
Accordingly, a valuation allowance is required due to the
uncertainty of realizing the deferred tax assets. We will continue
to record additional valuation allowance against additions to our
net deferred tax assets for fiscal year 2014 until management
believes it is more likely than not the deferred tax assets will be
realized.
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 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 |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands |
2014 |
2013 |
2014 |
2013 |
Income before income taxes from continuing
operations |
$ (24,847) |
$ (9,869) |
$ (41,762) |
$ (28,248) |
Depreciation |
19,123 |
14,096 |
58,556 |
41,956 |
Interest expense |
17,409 |
7,227 |
52,203 |
22,462 |
EBITDA from continuing operations |
$ 11,685 |
$ 11,454 |
$ 68,997 |
$ 36,170 |
EBITDA from discontinued operations** |
-- |
$ 4,534 |
-- |
$ 11,079 |
Total EBITDA |
$ 11,685 |
$ 15,988 |
$ 68,997 |
$ 47,249 |
|
|
|
|
|
EBITDA MARGIN |
|
|
|
|
EBITDA from continuing operations |
$ 11,685 |
$ 11,454 |
$ 68,997 |
$ 36,170 |
Net Sales from continuing operations |
$ 207,828 |
$ 141,359 |
$ 649,802 |
$ 483,575 |
EBITDA Margin |
5.6% |
8.1% |
10.6% |
7.5% |
|
|
|
|
|
*A full reconciliation of EBITDA is continued
on our website at www.txi.com. |
|
|
|
|
** Expanded shale and clay
operation's profit for the three month and nine month periods ended
February 28, 2014 and 2013 of $4.2 million plus depreciation
expense of $0.3 million and $10.1 million plus depreciation expense
of $1.0 million, respectively. |
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.
Adjusted Earnings before Interest,
Taxes, Depreciation and Amortization |
Three months ended |
|
February 28, |
February 28, |
In millions |
2014 |
2013 |
Net Sales |
$ 207.8 |
$ 141.4 |
|
|
|
EBITDA from continuing operations |
$ 11.7 |
$ 11.5 |
|
|
|
Operating Adjustments: |
|
|
Midlothian Maintenance outage |
$ 8.4 |
-- |
Hunter Kiln 2 Maintenance Outage |
2.5 |
-- |
Total operating adjustments |
$ 10.9 |
-- |
|
|
|
Non-operating adjustments: |
|
|
Variable stock-based compensation |
|
$ 1.4 |
Merger charges |
$ 2.9 |
-- |
Coal settlement gain |
(0.7) |
-- |
Total non-operating adjustments |
$ 2.2 |
$ 1.5 |
|
|
|
Adjusted EBITDA from continuing
operations |
$ 24.8 |
$ 12.9 |
|
|
|
Adjusted EBITDA Margin |
11.9% |
9.1% |
Adjusted EBITDA represents income before interest, income taxes,
depreciation and amortization adjusted for certain operating and
non-operating costs, which we believe provides a more meaningful
comparison of the results for the current and prior year periods.
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. Adjusted EBITDA is not necessarily comparable to
similarly titled measures used by other companies.
CONSOLIDATED STATEMENTS OF
OPERATIONS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
(Unaudited) |
|
|
Three months ended |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands except per share |
2014 |
2013 |
2014 |
2013 |
NET SALES |
$ 207,828 |
$ 141,359 |
$ 649,802 |
$ 483,575 |
Cost of products sold |
195,835 |
129,035 |
592,986 |
444,297 |
GROSS PROFIT |
11,993 |
12,324 |
56,816 |
39,278 |
Selling, general and administrative |
18,264 |
17,056 |
56,471 |
51,679 |
Merger charges |
2,863 |
— |
2,863 |
— |
Interest expense |
17,409 |
7,227 |
52,203 |
22,462 |
Other income, net |
(1,696) |
(2,091) |
(12,959) |
(6,614) |
LOSS BEFORE INCOME TAXES FROM CONTINUING
OPERATIONS |
(24,847) |
(9,868) |
(41,762) |
(28,249) |
Income taxes (benefit) |
(3,078) |
(1,355) |
(2,783) |
(2,151) |
NET LOSS FROM CONTINUING OPERATIONS |
$ (21,769) |
$ (8,513) |
$ (38,979) |
$ (26,098) |
NET INCOME (LOSS) FROM
DISCONTINUED OPERATIONS |
— |
2,699 |
— |
6,504 |
NET LOSS |
$ (21,769) |
$ (5,814) |
$ (38,979) |
$ (19,594) |
NET LOSS PER SHARE FROM CONTINUING
OPERATIONS: |
|
|
|
|
Basic |
$ (0.76) |
$ (0.30) |
$ (1.36) |
$ (0.93) |
Diluted |
$ (0.76) |
$ (0.30) |
$ (1.36) |
$ (0.93) |
NET INCOME (LOSS) PER SHARE FROM DISCONTINUED
OPERATIONS: |
|
|
|
|
Basic |
$ — |
$ 0.09 |
$ — |
$ 0.23 |
Diluted |
$ — |
$ 0.09 |
$ — |
$ 0.23 |
NET LOSS PER SHARE: |
|
|
|
|
Basic |
$ (0.76) |
$ (0.21) |
$ (1.36) |
$ (0.70) |
Diluted |
$ (0.76) |
$ (0.21) |
$ (1.36) |
$ (0.70) |
AVERAGE SHARES OUTSTANDING |
|
|
|
|
Basic |
28,696 |
28,190 |
28,629 |
28,073 |
Diluted |
28,696 |
28,190 |
28,629 |
28,073 |
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
(Unaudited) |
|
|
|
|
|
|
Three months ended |
Nine months ended |
|
February 28, |
February 28, |
February 28, |
February 28, |
In thousands |
2014 |
2013 |
2014 |
2013 |
Net loss |
$ (21,769) |
$ (5,814) |
$ (38,979) |
$ (19,594) |
Other comprehensive income: |
|
|
|
|
Unrealized actuarial gain (loss) of defined
benefit plans, net of tax expense (benefit) of $1,813, $0, $1,813
and $(32), respectively |
3,144 |
— |
3,144 |
(55) |
Reclassification of actuarial loss of defined
benefit plans, net of tax benefit of $(6), $(55), $(19) and $(355),
respectively |
13 |
96 |
33 |
616 |
Total other comprehensive income |
3,157 |
96 |
3,177 |
561 |
Comprehensive loss |
$ (18,612) |
$ (5,718) |
$ (35,802) |
$ (19,033) |
See notes to consolidated financial statements.
|
CONSOLIDATED BALANCE
SHEETS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
|
|
(Unaudited) |
|
In thousands except per share |
February 28, 2014 |
May 31, 2013 |
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 47,833 |
$ 61,296 |
Receivables – net |
126,811 |
126,922 |
Inventories |
107,910 |
105,054 |
Deferred income taxes and prepaid
expenses |
20,057 |
27,294 |
TOTAL CURRENT ASSETS |
302,611 |
320,566 |
PROPERTY, PLANT AND EQUIPMENT |
|
|
Land and land improvements |
174,781 |
172,780 |
Buildings |
51,549 |
50,968 |
Machinery and equipment |
1,651,573 |
1,647,460 |
Construction in progress |
25,854 |
16,642 |
|
1,903,757 |
1,887,850 |
Less depreciation and depletion |
710,902 |
661,454 |
|
1,192,855 |
1,226,396 |
OTHER ASSETS |
|
|
Goodwill |
40,072 |
40,575 |
Real estate and investments |
31,780 |
29,471 |
Deferred other charges |
19,712 |
18,817 |
|
91,564 |
88,863 |
|
$ 1,587,030 |
$ 1,635,825 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 71,584 |
$ 69,061 |
Accrued interest, compensation and
other |
43,237 |
62,336 |
Current portion of long-term debt |
2,036 |
1,872 |
TOTAL CURRENT LIABILITIES |
116,857 |
133,269 |
LONG-TERM DEBT |
656,797 |
657,935 |
DEFERRED INCOME TAXES AND OTHER CREDITS |
81,288 |
91,157 |
SHAREHOLDERS' EQUITY |
|
|
Common stock, $1 par value; authorized
100,000 shares; issued and outstanding 28,623 and 28,572 shares,
respectively |
28,804 |
28,572 |
Additional paid-in capital |
528,754 |
514,560 |
Retained earnings |
189,707 |
228,686 |
Accumulated other comprehensive loss |
(15,177) |
(18,354) |
|
732,088 |
753,464 |
|
$ 1,587,030 |
$ 1,635,825 |
See notes to consolidated financial statements.
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
TEXAS INDUSTRIES, INC. AND
SUBSIDIARIES |
(Unaudited) |
|
|
Nine months ended |
|
February 28, |
February 28, |
In thousands |
2014 |
2013 |
OPERATING ACTIVITIES |
|
|
Net loss |
$ (38,979) |
$ (19,594) |
Adjustments to reconcile net loss to cash
provided by operating activities |
|
|
Depreciation, depletion and
amortization |
58,556 |
42,968 |
Gain on asset disposals |
(6,133) |
(4,822) |
Deferred income tax expense
(benefit) |
1,755 |
1,025 |
Stock-based compensation expense |
5,349 |
7,015 |
Other – net |
(9,942) |
(7,555) |
Changes in operating assets and
liabilities |
|
|
Receivables – net |
(1,381) |
830 |
Inventories |
(3,072) |
(710) |
Prepaid expenses |
2,632 |
(2,158) |
Accounts payable and accrued
liabilities |
(9,450) |
(7,228) |
Net cash provided by operating
activities |
(665) |
9,771 |
INVESTING ACTIVITIES |
|
|
Capital expenditures – expansions |
(7,125) |
(61,344) |
Capital expenditures – other |
(26,152) |
(17,752) |
Proceeds from asset disposals |
8,390 |
5,783 |
Investments in life insurance
contracts |
4,386 |
2,366 |
Other – net |
— |
(67) |
Net cash used by investing
activities |
(20,501) |
(71,014) |
FINANCING ACTIVITIES |
|
|
Debt payments |
(1,373) |
(2,236) |
Stock option exercises |
9,076 |
7,116 |
Net cash provided (used) by financing
activities |
7,703 |
4,880 |
Increase (decrease) in cash and cash
equivalents |
(13,463) |
(56,363) |
Cash and cash equivalents at beginning of
period |
61,296 |
88,027 |
Cash and cash equivalents at end of
period |
$ 47,833 |
$ 31,664 |
See notes to consolidated financial statements.
CONTACT: T. Lesley Vines, Jr.
Corporate Controller & Treasurer
Direct 972.647.6722 E-mail lvines@txi.com
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