Texas Industries Reports Fourth Quarter and Year End Results

Texas Industries

reported Wednesday financial results for the quarter and year ended May 31, 2012. Net income for the quarter was $60.2 million or $2.15 per share and included pre-tax gains of $60.1 million from asset sales and a joint venture agreement. Net loss for the quarter ended May 31, 2011 was $9.1 million or $.33 per share and included a pre-tax gain of $10.7 million from the exchange of aggregate operating assets for ready mix operating assets. Net income for the year was $7.5 million or $.27 per share and included pre-tax gains of $62.2 million from asset sales, asset exchanges and a joint venture agreement. Net loss for the year ended May 31, 2011was $64.9 million or $2.33 per share and included a pre-tax gain of $10.7 million from the exchange of aggregate operating assets for ready mix operating assets and pre-tax loss on debt retirement of $29.6 million associated with the refinancing of senior notes due in 2013.