(Dallas, Texas) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended November 30, 2009. Net income was a loss of $3.7 million (<$.13> per share) and included after tax gains from sales of emission credits of $2.1 million ($.08 per share). Net income for the quarter ended November 30, 2008 was $3.1 million ($.11 per share).
General Comments
"We were able to maintain our gross profit margin compared to last year despite sales being down 36%," stated Mel Brekhus, President and Chief Executive Officer. "Abnormally inclement weather in our Texas market and the continuing impact of the recession led to cement, aggregate and ready-mix concrete volumes being down 32%, 43% and 35%, respectively."
"The ability to maintain our gross profit margin reflects our continued successful focus on cost management. I believe our operational focus of managing costs and generating cash along with our strong liquidity position have us well positioned to take advantage of the recovery that is expected to begin sometime during 2010," added Brekhus.
A teleconference will be held today, January 7, 2010 at 1:00 p.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. .