TEXAS INDUSTRIES INC

CIK:0000097472|SEC Filings

Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified

3 Months Ended

9 Months Ended

Feb. 28, 2014

Feb. 28, 2013

Feb. 28, 2014

Feb. 28, 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

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 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 (in USD per share)

$ (0.76)

$ (0.30)

$ (1.36)

$ (0.93)

Diluted (in USD per share)

$ (0.76)

$ (0.30)

$ (1.36)

$ (0.93)

NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS:

Basic (in USD per share)

$ 0.00

$ 0.09

$ 0.00

$ 0.23

Diluted (in USD per share)

$ 0.00

$ 0.09

$ 0.00

$ 0.23

NET LOSS PER SHARE:

Basic (in USD per share)

$ (0.76)

$ (0.21)

$ (1.36)

$ (0.70)

Diluted (in USD per share)

$ (0.76)

$ (0.21)

$ (1.36)

$ (0.70)

AVERAGE SHARES OUTSTANDING

Basic (in shares)

28,696

28,190

28,629

28,073

Diluted (in shares)

28,696

^[1]

28,190

^[1]

28,629

^[1]

28,073

^[1]

[1]	Shares excluded due to antidilutive effect of stock options, restricted shares and awards

Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Cash Flow Supplemental Disclosures [Line Items]
Net cash provided (used) by operating activities	$ (665)	$ 9,771
Capital expenditures – expansions	(7,125)	(61,344)
Capital expenditures – other	(26,152)	(17,752)
Proceeds from asset disposals	8,390	5,783
Proceeds from insurance contracts, net of premiums paid	4,386	2,366
Other – net	0	(67)
Net cash provided (used) by investing activities	(20,501)	(71,014)
Debt payments	(1,373)	(2,236)
Stock option exercises	9,076	7,116
Net intercompany financing activities	0	0
Net cash used by financing activities	7,703	4,880
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
Parent Company
Cash Flow Supplemental Disclosures [Line Items]
Net cash provided (used) by operating activities	(71,557)	(88,158)
Capital expenditures – expansions	0	0
Capital expenditures – other	0	0
Proceeds from asset disposals	0	0
Proceeds from insurance contracts, net of premiums paid	4,386	2,366
Other – net		0
Net cash provided (used) by investing activities	4,386	2,366
Debt payments	0	(4)
Stock option exercises	9,076	7,116
Net intercompany financing activities	45,261	20,382
Net cash used by financing activities	54,337	27,494
Decrease in cash and cash equivalents	(12,834)	(58,298)
Cash and cash equivalents at beginning of period	58,791	84,713
Cash and cash equivalents at end of period	45,957	26,415
Guarantor Subsidiaries
Cash Flow Supplemental Disclosures [Line Items]
Net cash provided (used) by operating activities	70,892	97,929
Capital expenditures – expansions	(7,125)	(61,344)
Capital expenditures – other	(26,152)	(17,752)
Proceeds from asset disposals	8,390	5,783
Proceeds from insurance contracts, net of premiums paid	0	0
Other – net		(67)
Net cash provided (used) by investing activities	(24,887)	(73,380)
Debt payments	(1,373)	(2,232)
Stock option exercises	0	0
Net intercompany financing activities	(45,261)	(20,382)
Net cash used by financing activities	(46,634)	(22,614)
Decrease in cash and cash equivalents	(629)	1,935
Cash and cash equivalents at beginning of period	2,505	3,314
Cash and cash equivalents at end of period	1,876	5,249
Consolidation, Eliminations
Cash Flow Supplemental Disclosures [Line Items]
Net cash provided (used) by operating activities	0	0
Capital expenditures – expansions	0	0
Capital expenditures – other	0	0
Proceeds from asset disposals	0	0
Proceeds from insurance contracts, net of premiums paid	0	0
Other – net		0
Net cash provided (used) by investing activities	0	0
Debt payments	0	0
Stock option exercises	0	0
Net intercompany financing activities	0	0
Net cash used by financing activities	0	0
Decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Feb. 28, 2014	May 31, 2013
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
TOTAL PROPERTY, PLANT AND EQUIPMENT (Gross)	1,903,757	1,887,850
Less depreciation and depletion	710,902	661,454
TOTAL PROPERTY, PLANT AND EQUIPMENT	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
TOTAL OTHER ASSETS	91,564	88,863
TOTAL ASSETS	1,587,030	1,635,825
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 28,804 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)
TOTAL SHAREHOLDERS' EQUITY	732,088	753,464
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,587,030	$ 1,635,825