Eagle Materials Inc. Reports Record Annual EPS up 34% on Record Revenues
Eagle Materials Inc. (NYSE: EXP) today reported financial results for
fiscal year 2017 and the fiscal fourth quarter ended March 31, 2017.
Notable items for the fiscal year and quarter include (all comparisons,
unless otherwise noted, are with the prior fiscal year or prior year’s
fiscal fourth quarter):
Company Annual Results
-
Record revenues of $1.2 billion, up 6%
-
Cash flow from operations of $331.6 million, up 25%
-
Record net earnings per diluted share of $4.10, up 34%
Company Fourth Quarter Results
-
Record revenues of $278.7 million, up 11%
-
Net earnings per diluted share of $0.75, down 6%
-
Eagle’s fourth quarter financial results include approximately $9.4
million (pre-tax), or $0.13 per share, of costs associated with
completing the acquisition of the Fairborn Business. (Described
further below.)
On February 10, 2017, Eagle completed its previously announced
acquisition of Cemex S.A.B. de C.V.’s Fairborn, Ohio cement plant and
related assets (the “Fairborn Business”). Eagle used cash on-hand, along
with borrowings under its bank credit facility, to fund the purchase.
The results of operations of the Fairborn Business are included in the
results disclosed in this press release for the period from February 10
through March 31, 2017. For information regarding the results of
operations of the Fairborn Business for certain periods prior to
February 10, 2017, including pro forma financial information that
combines the results of operations of the Company and the Fairborn
Business, please see our Form 8-K/A filed with the SEC on March 27, 2017.
Our fourth quarter results were impacted by non-routine acquisition
related expenses of approximately $4.4 million (pre-tax), or $0.06 per
diluted share, directly associated with completing the acquisition of
the Fairborn Business. Additionally, our fourth quarter cement earnings
were impacted by expenses of approximately $5.0 million (pre-tax), or
$0.07 per share, associated with annual maintenance costs at the
Fairborn Business and the impact of purchase accounting on inventory
costs.
Fiscal 2017 cash flow from operations improved 25% and was used to
partially fund the acquisition of the Fairborn Business, invest in
capital improvements, pay dividends and repurchase shares. Eagle ended
the year with a net debt-to-capitalization ratio of 36%.
Cement, Concrete and Aggregates
Fiscal 2017 operating earnings from Cement were a record $153.5 million,
an increase of 11% compared to fiscal 2016. Revenues from Cement,
including joint venture and intersegment sales, were $566.3 million for
fiscal 2017, 7% higher than last year.
Fourth quarter operating earnings from Cement were a record $25.9
million, a 19% increase from the same quarter a year ago. Cement
revenues for the quarter, including joint venture and intersegment
revenues, totaled $116.7 million, 17% greater than the same quarter last
year. Cement sales volumes for the quarter were 980,000 tons, 11% higher
than the same quarter a year ago. The average net sales price for this
quarter was $106.17 per ton, a 6% improvement from the same quarter last
year. Like-for-like cement sales volumes and net sales prices both
increased 5% versus the fourth quarter of fiscal 2016 (comparison
excludes cement sales from the Fairborn Business since its acquisition
date).
Concrete and Aggregates reported fiscal 2017 operating earnings of $18.1
million, up 84% compared to the prior year. Revenues from Concrete and
Aggregates were $153.3 million for fiscal 2017, 21% higher than last
year.
Concrete and Aggregates reported revenues for the fourth quarter of
$39.5 million, an increase of 28%. Fourth quarter operating earnings
were $5.0 million, a 99% improvement from the same quarter a year ago,
reflecting record quarterly concrete sales volumes and record concrete
and aggregates sales prices.
Gypsum Wallboard and Paperboard
Fiscal 2017 operating earnings from Gypsum Wallboard and Paperboard were
$197.5 million, an increase of 3%. Revenues from Gypsum Wallboard and
Paperboard were $578.6 million for fiscal 2017, 5% higher than last
year’s revenues.
Gypsum Wallboard and Paperboard revenues for the fourth quarter totaled
$138.3 million, a 2% decrease. The decline reflects lower wallboard and
paperboard sales volumes partially offset by improved prices. The
average Gypsum Wallboard net sales price for this quarter was $158.54
per MSF, 4% higher than the same quarter a year ago reflecting American
Gypsum’s price increases implemented mid-quarter. Gypsum Wallboard sales
volumes of 600 million square feet (MMSF) were down approximately 5%.
The average Paperboard net sales price this quarter was $524.90 per ton,
up 5%. Paperboard sales volumes for the quarter were 72,000 tons, 1%
lower than the same quarter a year ago.
Underlying demand fundamentals in wallboard continue to be strong. This
quarter’s comparative of wallboard sales volumes was affected by a shift
in the timing of pre-buying activity ahead of our mid-quarter price
increase this winter compared with a late quarter effective date in
2016. When we adjust for the timing shift, we estimate that wallboard
demand improved 6% to 8% in our core markets.
Gypsum Wallboard and Paperboard reported fourth quarter operating
earnings of $44.5 million, down 13%. The decline in operating earnings
was due to lower wallboard sales volumes and increased operating costs,
which were partially offset by higher wallboard and paperboard net sales
prices. The increased operating costs reflect an increase in recycled
paper fibers costs during the quarter.
Oil and Gas Proppants
Eagle’s Oil and Gas Proppants business reported fiscal 2017 revenues of
$34.6 million, a decline of 40%, primarily reflecting lower average net
sales prices and a 15% decline in frac sand sales volumes from the prior
year. The fiscal 2017 operating loss was $14.6 million versus an
operating loss of $68.5 million in the prior year.
Eagle’s Oil and Gas Proppants business reported fourth quarter revenues
of $15.8 million, an increase of 98%, primarily reflecting a 144%
increase in frac sand sales volumes. The fourth quarter’s operating loss
of $2.9 million includes depreciation, depletion and amortization of
$3.8 million.
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint
venture, Texas Lehigh Cement Company LP (the “Joint Venture”). We
utilize the equity method of accounting for our 50% interest in the
Joint Venture. For segment reporting purposes only, we proportionately
consolidate our 50% share of the Joint Venture’s revenues and operating
earnings, which is consistent with the way management organizes the
segments within Eagle for making operating decisions and assessing
performance.
In addition, for segment reporting purposes, we report intersegment
revenues as a part of a segment’s total revenues. Intersegment sales are
eliminated on the income statement. Refer to Attachment 3 for a
reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. manufactures and distributes Cement, Aggregates,
Concrete, Gypsum Wallboard, Recycled Paperboard and Frac Sand from over
40 facilities across the U.S. Eagle is headquartered in Dallas, Texas.
EXP’s senior management will conduct a conference call to discuss
the financial results, forward-looking information and other matters at
8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, May 18,
2017. The conference call will be webcast simultaneously
on the EXP Web site http://www.eaglematerials.com.
A replay of the webcast and the presentation will be archived on
that site for one year.
Forward-Looking Statements. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the context of the
statement and generally arise when the Company is discussing its
beliefs, estimates or expectations. These statements are not historical
facts or guarantees of future performance but instead represent only the
Company's belief at the time the statements were made regarding future
events which are subject to certain risks, uncertainties and other
factors, many of which are outside the Company's control. Actual results
and outcomes may differ materially from what is expressed or forecast in
such forward-looking statements. The principal risks and uncertainties
that may affect the Company's actual performance include the following:
the cyclical and seasonal nature of the Company's business; public
infrastructure expenditures; adverse weather conditions; the fact that
our products are commodities and that prices for our products are
subject to material fluctuation due to market conditions and other
factors beyond our control; availability of raw materials; changes in
energy costs including, without limitation, natural gas, coal and oil;
changes in the cost and availability of transportation; unexpected
operational difficulties, including unexpected maintenance costs,
equipment downtime and interruption of production; material nonpayment
or non-performance by any of our key customers; fluctuations in activity
in the oil and gas industry, including the level of fracturing
activities and the demand for frac sand; inability to timely execute
announced capacity expansions; difficulties and delays in the
development of new business lines; governmental regulation and changes
in governmental and public policy (including, without limitation,
climate change regulation); possible outcomes of pending or future
litigation or arbitration proceedings; changes in economic conditions
specific to any one or more of the Company's markets; competition; a
cyber-attack or data security breach; announced increases in capacity in
the gypsum wallboard, cement and frac sand industries; changes in the
demand for residential housing construction or commercial construction;
risks related to pursuit of acquisitions, joint ventures and other
transactions; general economic conditions; and interest rates. For
example, increases in interest rates, decreases in demand for
construction materials or increases in the cost of energy (including,
without limitation, natural gas, coal and oil) could affect the revenues
and operating earnings of our operations. In addition, changes in
national or regional economic conditions and levels of infrastructure
and construction spending could also adversely affect the Company's
result of operations. These and other factors are described in the
Company's Annual Report on Form 10-K for the fiscal year ended March 31,
2016 and the Company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended December 31, 2016. These reports are filed with the
Securities and Exchange Commission. With respect to our completed
acquisition of the Fairborn Business as described in this press release,
factors, risks and uncertainties that may cause actual events and
developments to vary materially from those anticipated in such
forward-looking statements include, but are not limited to, failure to
realize any expected synergies from or other benefits of the
transaction, possible negative effects of consummation of the
transaction, significant transaction or ownership transition costs,
unknown liabilities or other adverse developments affecting the Fairborn
Business, including the results of operations of the Fairborn Business
prior and after the closing, the effect on the Fairborn Business of the
same or similar factors discussed above to which our business is
subject, including changes in market conditions in the construction
industry and general economic and business conditions that may affect us
following the acquisition. All forward-looking statements made
herein are made as of the date hereof, and the risk that actual results
will differ materially from expectations expressed herein will increase
with the passage of time. The Company undertakes no duty to
update any forward-looking statement to reflect future events or changes
in the Company's expectations.
Attachment 1
|
|
Statement of Consolidated Earnings
|
Attachment 2
|
|
Revenues and Earnings by Lines of Business (Quarter and Fiscal Year)
|
Attachment 3
|
|
Sales Volume, Net Sales Prices and Intersegment and Cement Revenues
|
Attachment 4
|
|
Consolidated Balance Sheets
|
Attachment 5
|
|
Depreciation, Depletion and Amortization by Lines of Business
|
|
|
|
|
|
Eagle Materials Inc.
|
Attachment 1
|
|
Eagle Materials Inc.
|
Statement of Consolidated Earnings
|
(dollars in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Quarter Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
278,663
|
|
|
$
|
252,132
|
|
|
$
|
1,211,220
|
|
|
$
|
1,143,492
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
|
|
217,163
|
|
|
|
194,771
|
|
|
|
899,175
|
|
|
|
911,875
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
61,500
|
|
|
|
57,361
|
|
|
|
312,045
|
|
|
|
231,617
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Unconsolidated JV
|
|
|
11,015
|
|
|
|
9,090
|
|
|
|
42,386
|
|
|
|
39,083
|
|
Corporate General and Administrative Expense
|
|
|
(7,198
|
)
|
|
|
(10,534
|
)
|
|
|
(33,940
|
)
|
|
|
(37,193
|
)
|
Acquisition and Litigation Expense
|
|
|
(4,391
|
)
|
|
|
-
|
|
|
|
(5,480
|
)
|
|
|
-
|
|
Other Operating Income
|
|
|
131
|
|
|
|
158
|
|
|
|
2,139
|
|
|
|
2,328
|
|
|
|
|
|
|
|
|
|
|
Earnings before Interest and Income Taxes
|
|
|
61,057
|
|
|
|
56,075
|
|
|
|
317,150
|
|
|
|
235,835
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net
|
|
|
(6,876
|
)
|
|
|
(3,753
|
)
|
|
|
(22,631
|
)
|
|
|
(16,583
|
)
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes
|
|
|
54,181
|
|
|
|
52,322
|
|
|
|
294,519
|
|
|
|
219,252
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
|
(17,930
|
)
|
|
|
(13,159
|
)
|
|
|
(96,300
|
)
|
|
|
(66,660
|
)
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
$
|
36,251
|
|
|
$
|
39,163
|
|
|
$
|
198,219
|
|
|
$
|
152,592
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.75
|
|
|
$
|
0.81
|
|
|
$
|
4.14
|
|
|
$
|
3.08
|
|
Diluted
|
|
$
|
0.75
|
|
|
$
|
0.80
|
|
|
$
|
4.10
|
|
|
$
|
3.05
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
Basic
|
|
|
48,023,641
|
|
|
|
48,556,830
|
|
|
|
47,931,518
|
|
|
|
49,471,157
|
|
Diluted
|
|
|
48,472,916
|
|
|
|
49,050,937
|
|
|
|
48,361,286
|
|
|
|
50,070,829
|
|
|
|
|
|
|
Eagle Materials Inc.
|
Attachment 2
|
|
Eagle Materials Inc.
|
Revenues and Earnings by Lines of Business
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Quarter Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
Revenues*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard and Paperboard:
|
|
|
|
|
|
|
|
|
Gypsum Wallboard
|
|
$
|
115,962
|
|
|
$
|
117,797
|
|
|
$
|
473,651
|
|
|
$
|
461,457
|
|
Gypsum Paperboard
|
|
|
22,309
|
|
|
|
23,122
|
|
|
|
104,992
|
|
|
|
90,191
|
|
|
|
|
138,271
|
|
|
|
140,919
|
|
|
|
578,643
|
|
|
|
551,648
|
|
|
|
|
|
|
|
|
|
|
Cement (Wholly Owned)
|
|
|
85,153
|
|
|
|
72,344
|
|
|
|
444,624
|
|
|
|
407,102
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Proppants
|
|
|
15,772
|
|
|
|
7,983
|
|
|
|
34,623
|
|
|
|
57,591
|
|
|
|
|
|
|
|
|
|
|
Concrete and Aggregates
|
|
|
39,467
|
|
|
|
30,886
|
|
|
|
153,330
|
|
|
|
127,151
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
|
$
|
278,663
|
|
|
$
|
252,132
|
|
|
$
|
1,211,220
|
|
|
$
|
1,143,492
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard and Paperboard:
|
|
|
|
|
|
|
|
|
Gypsum Wallboard
|
|
$
|
37,757
|
|
|
$
|
41,167
|
|
|
$
|
159,866
|
|
|
$
|
159,352
|
|
Gypsum Paperboard
|
|
|
6,774
|
|
|
|
10,062
|
|
|
|
37,601
|
|
|
|
32,153
|
|
|
|
|
44,531
|
|
|
|
51,229
|
|
|
|
197,467
|
|
|
|
191,505
|
|
|
|
|
|
|
|
|
|
|
Cement:
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
14,887
|
|
|
|
12,706
|
|
|
|
111,139
|
|
|
|
98,771
|
|
Joint Venture
|
|
|
11,015
|
|
|
|
9,090
|
|
|
|
42,386
|
|
|
|
39,083
|
|
|
|
|
25,902
|
|
|
|
21,796
|
|
|
|
153,525
|
|
|
|
137,854
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Proppants
|
|
|
(2,905
|
)
|
|
|
(9,077
|
)
|
|
|
(14,633
|
)
|
|
|
(68,466
|
)
|
|
|
|
|
|
|
|
|
|
Concrete and Aggregates
|
|
|
4,987
|
|
|
|
2,503
|
|
|
|
18,072
|
|
|
|
9,807
|
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
131
|
|
|
|
158
|
|
|
|
2,139
|
|
|
|
2,328
|
|
|
|
|
|
|
|
|
|
|
Sub-total
|
|
|
72,646
|
|
|
|
66,609
|
|
|
|
356,570
|
|
|
|
273,028
|
|
|
|
|
|
|
|
|
|
|
Corporate General and Administrative Expense
|
|
|
(7,198
|
)
|
|
|
(10,534
|
)
|
|
|
(33,940
|
)
|
|
|
(37,193
|
)
|
Acquisition and Litigation Expense
|
|
|
(4,391
|
)
|
|
|
-
|
|
|
|
(5,480
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Earnings before Interest and Income Taxes
|
|
$
|
61,057
|
|
|
$
|
56,075
|
|
|
$
|
317,150
|
|
|
$
|
235,835
|
|
* Net of Intersegment and Joint Venture Revenues listed on
Attachment 3.
|
|
|
|
Eagle Materials Inc.
|
Attachment 3
|
|
Eagle Materials Inc.
|
Sales Volume, Net Sales Prices and Intersegment and Cement
Revenues
|
(unaudited)
|
|
|
|
|
|
Sales Volume
|
|
|
Quarter Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MMSF’s)
|
|
600
|
|
630
|
|
-5
|
%
|
|
2,483
|
|
2,394
|
|
+4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement (M Tons):
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
734
|
|
665
|
|
+10
|
%
|
|
3,934
|
|
3,903
|
|
+1
|
%
|
Joint Venture
|
|
246
|
|
214
|
|
+15
|
%
|
|
937
|
|
875
|
|
+7
|
%
|
|
|
980
|
|
879
|
|
+11
|
%
|
|
4,871
|
|
4,778
|
|
+2
|
%
|
Paperboard (M Tons):
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal
|
|
30
|
|
28
|
|
+7
|
%
|
|
118
|
|
113
|
|
+4
|
%
|
External
|
|
42
|
|
45
|
|
-7
|
%
|
|
199
|
|
175
|
|
+14
|
%
|
|
|
72
|
|
73
|
|
-1
|
%
|
|
317
|
|
288
|
|
+10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards)
|
|
310
|
|
262
|
|
+18
|
%
|
|
1,260
|
|
1,101
|
|
+14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons)
|
|
772
|
|
786
|
|
-2
|
%
|
|
3,649
|
|
3,009
|
|
+21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frac Sand (M Tons)
|
|
251
|
|
103
|
|
+144
|
%
|
|
550
|
|
644
|
|
-15
|
%
|
|
|
|
|
|
Average Net Sales Price*
|
|
|
Quarter Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
Change
|
|
|
2017
|
|
|
2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MSF)
|
|
$
|
158.54
|
|
$
|
152.80
|
|
+4
|
%
|
|
$
|
155.90
|
|
$
|
157.91
|
|
-1
|
%
|
Cement (Ton)
|
|
$
|
106.17
|
|
$
|
100.41
|
|
+6
|
%
|
|
$
|
101.60
|
|
$
|
98.07
|
|
+4
|
%
|
Paperboard (Ton)
|
|
$
|
524.90
|
|
$
|
502.21
|
|
+5
|
%
|
|
$
|
511.82
|
|
$
|
505.35
|
|
+1
|
%
|
Concrete (Cubic Yard)
|
|
$
|
105.13
|
|
$
|
93.22
|
|
+13
|
%
|
|
$
|
96.80
|
|
$
|
92.70
|
|
+4
|
%
|
Aggregates (Ton)
|
|
$
|
9.22
|
|
$
|
8.27
|
|
+11
|
%
|
|
$
|
8.65
|
|
$
|
8.28
|
|
+4
|
%
|
|
*Net of freight and delivery costs billed to customers.
|
|
|
|
|
|
Intersegment and Cement Revenues
|
|
|
Quarter Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Intersegment Revenues:
|
|
|
|
|
|
|
|
|
Cement
|
|
$
|
3,374
|
|
$
|
2,867
|
|
$
|
15,781
|
|
$
|
13,939
|
Paperboard
|
|
|
16,228
|
|
|
14,785
|
|
|
62,073
|
|
|
59,001
|
Concrete and Aggregates
|
|
|
391
|
|
|
205
|
|
|
1,262
|
|
|
922
|
|
|
$
|
19,993
|
|
$
|
17,857
|
|
$
|
79,116
|
|
$
|
73,862
|
|
|
|
|
|
|
|
|
|
Cement Revenues:
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
$
|
85,153
|
|
$
|
72,344
|
|
$
|
444,624
|
|
$
|
407,102
|
Joint Venture
|
|
|
28,144
|
|
|
24,903
|
|
|
105,916
|
|
|
107,458
|
|
|
$
|
113,297
|
|
$
|
97,247
|
|
$
|
550,540
|
|
$
|
514,560
|
|
|
|
Eagle Materials Inc.
|
Attachment 4
|
|
Eagle Materials Inc.
|
Consolidated Balance Sheets
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
March 31,
|
|
|
|
2017
|
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
Current Assets –
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
6,561
|
|
|
$
|
5,391
|
|
Accounts and Notes Receivable, net
|
|
|
136,313
|
|
|
|
120,221
|
|
Inventories
|
|
|
252,846
|
|
|
|
243,595
|
|
Federal Income Tax Receivable
|
|
|
-
|
|
|
|
5,623
|
|
Prepaid and Other Assets
|
|
|
4,904
|
|
|
|
5,173
|
|
Total Current Assets
|
|
|
400,624
|
|
|
|
380,003
|
|
Property, Plant and Equipment –
|
|
|
2,439,438
|
|
|
|
2,072,776
|
|
Less: Accumulated Depreciation
|
|
|
(892,601
|
)
|
|
|
(817,465
|
)
|
Property, Plant and Equipment, net
|
|
|
1,546,837
|
|
|
|
1,255,311
|
|
Investments in Joint Venture
|
|
|
48,620
|
|
|
|
49,465
|
|
Notes Receivable
|
|
|
815
|
|
|
|
2,672
|
|
Goodwill and Intangibles
|
|
|
235,505
|
|
|
|
165,827
|
|
Other Assets
|
|
|
14,723
|
|
|
|
30,357
|
|
|
|
$
|
2,247,124
|
|
|
$
|
1,883,635
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
Current Liabilities –
|
|
|
|
|
Accounts Payable
|
|
$
|
92,193
|
|
|
$
|
66,614
|
|
Accrued Liabilities
|
|
|
56,112
|
|
|
|
45,975
|
|
Current Portion of Senior Notes
|
|
|
81,214
|
|
|
|
8,000
|
|
Total Current Liabilities
|
|
|
229,519
|
|
|
|
120,589
|
|
Long-term Liabilities
|
|
|
42,878
|
|
|
|
61,122
|
|
Bank Credit Facility
|
|
|
225,000
|
|
|
|
382,000
|
|
Private Placement Senior Unsecured Notes
|
|
|
36,500
|
|
|
|
117,714
|
|
4.500% Senior Unsecured Notes due 2026
|
|
|
343,753
|
|
|
|
-
|
|
Deferred Income Taxes
|
|
|
166,024
|
|
|
|
161,679
|
|
Stockholders’ Equity –
|
|
|
|
|
Preferred Stock, Par Value $0.01; Authorized 5,000,000
|
|
|
|
|
Shares; None Issued
|
|
|
-
|
|
|
|
-
|
|
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares;
|
|
|
|
|
Issued and Outstanding 48,453,268 and 48,526,843 Shares,
respectively.
|
|
|
485
|
|
|
|
485
|
|
Capital in Excess of Par Value
|
|
|
149,014
|
|
|
|
168,969
|
|
Accumulated Other Comprehensive Losses
|
|
|
(7,396
|
)
|
|
|
(11,409
|
)
|
Retained Earnings
|
|
|
1,061,347
|
|
|
|
882,486
|
|
Total Stockholders’ Equity
|
|
|
1,203,450
|
|
|
|
1,040,531
|
|
|
|
$
|
2,247,124
|
|
|
$
|
1,883,635
|
|
|
|
|
Eagle Materials Inc.
|
Attachment 5
|
|
Eagle Materials Inc.
|
Depreciation, Depletion and Amortization by Lines of Business
|
(unaudited)
|
|
|
The following table presents depreciation, depletion and
amortization by lines of business for the
|
quarter and fiscal year ended March 31, 2017 and 2016:
|
|
|
|
|
|
Depreciation, Depletion and Amortization
($ in thousands)
|
|
|
Quarter Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Cement
|
|
$
|
10,569
|
|
$
|
8,515
|
|
$
|
36,727
|
|
$
|
33,400
|
Gypsum Wallboard
|
|
|
4,562
|
|
|
4,938
|
|
|
18,728
|
|
|
19,988
|
Paperboard
|
|
|
2,114
|
|
|
2,103
|
|
|
8,425
|
|
|
8,312
|
Oil and Gas Proppants
|
|
|
3,823
|
|
|
5,253
|
|
|
18,255
|
|
|
27,227
|
Concrete and Aggregates
|
|
|
2,457
|
|
|
1,593
|
|
|
7,931
|
|
|
6,260
|
Other
|
|
|
372
|
|
|
458
|
|
|
1,725
|
|
|
1,918
|
|
|
$
|
23,897
|
|
$
|
22,860
|
|
$
|
91,791
|
|
$
|
97,105
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170518005078/en/ Copyright Business Wire 2017
Source: Business Wire
(May 18, 2017 - 6:30 AM EDT)
News by QuoteMedia
www.quotemedia.com
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