Eagle Materials Inc. Reports Record Fiscal Year
Eagle Materials Inc. (NYSE: EXP) today reported financial results for
fiscal year 2016 and the fiscal fourth quarter ended March 31, 2016.
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
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Record revenues of $1.1 billion, up 7%
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Cash flow from operations of $265.8 million, up 14%
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Net earnings per diluted share of $3.05, down 18%
Company Fourth Quarter Results
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Record revenues of $252.1 million, up 13%
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Cash flow from operations of $49.5 million, down 6%
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Net earnings per diluted share of $0.80, down 14%
Note: The prior year included a net benefit of $0.33 per diluted
share related to the settlement of our lawsuit against the IRS and
acquisition and litigation costs
Other Highlights
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Eagle repurchased 1 million shares of its common stock since December
31, 2015
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Net debt-to-capitalization ratio of 33%
Eagle’s construction products and building materials businesses
performed well during the quarter, with the Cement business reporting
record fourth quarter operating earnings of $21.8 million. Additionally,
in Texas, increased demand for construction grade cement continues to
offset much of the impact from lower oil well cement demand.
Our fourth quarter Gypsum wallboard sales volumes benefited from
pre-buying activity in advance of a March 31 price increase, which was
not the case in the prior year’s fourth quarter.
Fiscal 2016 cash flow from operations improved 14% and was used to fund
capital improvements, pay dividends, reduce debt and repurchase shares.
Eagle ended the quarter with a net debt-to-capitalization ratio of 33%.
Cement, Concrete and Aggregates
Fiscal 2016 operating earnings from Cement were a record $137.9 million,
an increase of 17% compared to fiscal 2015. Revenues from Cement,
including joint venture and intersegment sales, were $528.5 million for
fiscal 2016, 8% higher than last year.
Fourth quarter operating earnings from Cement were a record $21.8
million, a 4% increase from the same quarter a year ago. Cement revenues
for the quarter, including joint venture and intersegment revenues,
totaled $100.1 million, 10% greater than the same quarter last year.
Cement sales volumes for the quarter were 879,000 tons, 6% higher than
the same quarter a year ago. The average net sales price for this
quarter was $100.41 per ton, a slight improvement from the same quarter
last year.
Concrete and Aggregates reported fiscal 2016 operating earnings of $9.8
million, up 46% compared to the prior year. Revenues from Concrete and
Aggregates were $127.2 million for fiscal 2016, 19% higher than last
year.
Gypsum Wallboard and Paperboard
Fiscal 2016 operating earnings from Gypsum Wallboard and Paperboard were
$191.5 million, an increase of 8% compared to fiscal 2015. Revenues from
Gypsum Wallboard and Paperboard were $551.6 million for fiscal 2016, 5%
higher than last year’s revenues.
Gypsum Wallboard and Paperboard reported fourth quarter operating
earnings of $51.2 million, up 34% from the same quarter last year. The
increase in operating earnings was primarily due to higher wallboard and
paperboard sales volumes.
Gypsum Wallboard and Paperboard revenues for the fourth quarter totaled
$140.9 million, a 26% increase from the same quarter a year ago. The
average Gypsum Wallboard net sales price for this quarter was $152.80
per MSF, 10% less than the same quarter a year ago. Gypsum Wallboard
sales volumes of 630 million square feet (MMSF) were up approximately
36% from the prior year’s fourth quarter. The average Paperboard net
sales price this quarter was $502.21 per ton, 3% less than the same
quarter a year ago. Paperboard sales volumes for the quarter were 73,000
tons, 28% greater than the same quarter a year ago.
Oil and Gas Proppants
Eagle’s Oil and Gas Proppants business reported fiscal 2016 revenues of
$57.6 million, a decline of 29% from the prior year, which reflects the
significant slowdown in oil and gas drilling activity during our fiscal
year. The fiscal 2016 operating loss was $68.5 million, which includes
$37.8 million of Non-Routine Items recorded in the second quarter of
fiscal 2016 and depreciation, depletion and amortization expense of
$27.2 million. Sequentially, the fourth quarter’s operating loss of $9.1
million compares to an operating loss of $9.2 million in the third
quarter. Our frac sand sales volume declined 4% sequentially.
Details of Financial Results
During the prior year’s fourth quarter, Eagle’s settlement with the IRS
regarding the Republic acquisition was finalized. Under the terms of the
settlement agreement, we dismissed our lawsuit seeking to recover taxes,
penalties and interest paid, in exchange for the IRS conceding 40% of
the penalties, plus related interest, to date. The tax impact from the
settlement with the IRS, including state benefits, was approximately
$16.6 million, or $0.33 per diluted share, and was recorded as a
reduction of income tax expense during the fourth quarter. The related
interest award of approximately $4.4 million (pre-tax), or $0.06 per
diluted share (after-tax), was recorded as a reduction of interest
expense.
The prior year’s fourth quarter financial results were also negatively
impacted by business development expenses aimed at growing Eagle’s
construction products business and administrative costs related to our
settlement of our lawsuit against the IRS. The total impact from these
non-routine items was $4.1 million (pre-tax), or $0.06 per diluted share
(after-tax).
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 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
10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Thursday, May 19,
2016. 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; fluctuations in
activity in the oil and gas industry, including the level of drilling
and fracturing activity and 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 or governmental audits, inquiries
or investigations; changes in economic conditions specific to any one or
more of the Company’s markets; competition; announced increases in
capacity in the gypsum wallboard and cement industries; changes in the
demand for residential housing construction or commercial construction;
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,
2015 and in its Quarterly Report on Form 10-Q for the fiscal quarter
ended December 31, 2015. These reports are filed with the
Securities and Exchange Commission. With respect to our acquisition of
CRS Proppants and the Skyway facility, factors, risks and uncertainties
that may cause actual events and developments to vary materially from
those anticipated in forward-looking statements include, but are not
limited to, failure to realize the expected synergies or other benefits
of the transaction, significant transaction costs or unknown
liabilities, changes in market conditions and general economic and
business conditions that may affect us after the acquisitions. 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
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Eagle Materials Inc. Attachment 1
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Eagle Materials Inc.
Statement of Consolidated Earnings
(dollars in thousands, except per share data)
(unaudited)
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Quarter Ended March 31,
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Fiscal Year Ended March 31,
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2016
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2015
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2016
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2015
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Revenues
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$
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252,132
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$
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223,780
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$
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1,143,492
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$
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1,066,368
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Cost of Goods Sold
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194,771
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180,258
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911,875
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(1)
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812,235
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Gross Profit
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57,361
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43,522
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231,617
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254,133
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Equity in Earnings of Unconsolidated JV
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9,090
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10,693
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39,083
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44,967
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Corporate General and Administrative Expense
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(10,534)
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(6,924)
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(37,193)
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(30,751)
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Other Operating Income
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158
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1,151
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2,328
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3,201
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Acquisition and Litigation Expense
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-
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(4,055)
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-
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(6,880)
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Earnings before Interest and Income Taxes
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56,075
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44,387
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235,835
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264,670
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Interest (Expense) Income, Net
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(3,753)
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311
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(16,583)
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(11,743)
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Earnings before Income Taxes
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52,322
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44,698
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219,252
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252,927
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Income Tax Benefit (Expense)
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(13,159)
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2,096
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(66,660)
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(66,074)
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Net Earnings
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$
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39,163
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$
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46,794
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$
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152,592
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$
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186,853
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NET EARNINGS PER SHARE
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Basic
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$
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0.81
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$
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0.94
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$
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3.08
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$
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3.77
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Diluted
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$
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0.80
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$
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0.93
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$
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3.05
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$
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3.71
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AVERAGE SHARES OUTSTANDING
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Basic
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48,556,830
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49,668,533
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49,471,157
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49,604,249
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Diluted
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49,050,937
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50,363,458
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50,070,829
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50,372,243
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(1) Includes $37.8 million (pre-tax) of Non-Routine
Items recorded in the second quarter of fiscal 2016
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Eagle Materials Inc. Attachment 2
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Eagle Materials Inc.
Revenues and Segment Operating Earnings by Lines of Business
(dollars in thousands)
(unaudited)
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Quarter Ended March 31,
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Fiscal Year Ended March 31,
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2016
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2015
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2016
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2015
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Revenues*
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Gypsum Wallboard and Paperboard:
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Gypsum Wallboard
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$
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117,797
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$
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94,609
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$
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461,457
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$
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437,514
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Gypsum Paperboard
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23,122
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17,281
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90,191
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87,630
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140,919
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111,890
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551,648
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525,144
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Cement (Wholly Owned)
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72,344
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61,365
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407,102
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352,826
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Oil and Gas Proppants
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7,983
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28,056
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57,591
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81,381
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Concrete and Aggregates
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30,886
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22,469
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127,151
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107,017
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Total Revenues
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$
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252,132
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$
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223,780
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$
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1,143,492
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$
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1,066,368
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Segment Operating Earnings
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Gypsum Wallboard and Paperboard:
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Gypsum Wallboard
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$
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41,167
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$
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31,428
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$
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159,352
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$
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145,871
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Gypsum Paperboard
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10,062
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6,879
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32,153
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31,512
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51,229
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38,307
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191,505
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177,383
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Cement:
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Wholly Owned
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12,706
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10,299
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98,771
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72,560
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Joint Venture
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9,090
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10,693
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39,083
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44,967
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21,796
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20,992
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137,854
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117,527
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Oil and Gas Proppants
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(9,077)
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(5,861)
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(68,466)
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(1)
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(2,546)
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Concrete and Aggregates
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2,503
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777
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9,807
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6,736
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Other, net
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158
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1,151
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2,328
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3,201
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Sub-total
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66,609
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55,366
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273,028
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302,301
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Corporate General and Administrative Expense
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(10,534)
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(6,924)
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(37,193)
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(30,751)
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Acquisition and Litigation Expense
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-
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(4,055)
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-
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(6,880)
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Earnings before Interest and Income Taxes
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$
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56,075
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$
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44,387
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$
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235,835
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$
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264,670
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* Net of Intersegment and Joint Venture Revenues listed on
Attachment 3. (1) Includes $37.8 million (pre-tax)
of Non-Routine Items recorded in the second quarter of fiscal 2016
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Eagle Materials Inc.
Attachment 3
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Eagle Materials Inc.
Sales Volume, Net Sales Prices and Intersegment and Joint
Venture Revenues
(unaudited)
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Sales Volume
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Quarter Ended March 31,
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Fiscal Year Ended March 31,
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2016
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2015
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Change
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2016
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2015
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Change
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Gypsum Wallboard (MMSF’s)
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630
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464
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+36
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%
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2,394
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2,210
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+8
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%
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Cement (M Tons):
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Wholly Owned
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665
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609
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+9
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%
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3,903
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3,744
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+4
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%
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Joint Venture
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214
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218
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-2
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%
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875
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1,055
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-17
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%
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879
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827
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+6
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%
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4,778
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4,799
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0
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%
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Paperboard (M Tons):
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Internal
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28
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23
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+22
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%
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113
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106
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+7
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%
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External
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45
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34
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+32
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%
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175
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170
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+3
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%
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73
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57
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+28
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%
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288
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276
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+4
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%
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Concrete (M Cubic Yards)
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262
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191
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+37
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%
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1,101
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958
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+15
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%
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Aggregates (M Tons)
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786
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654
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+20
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%
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3,009
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3,026
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-1
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%
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Average Net Sales Price*
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Quarter Ended March 31,
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Fiscal Year Ended March 31,
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2016
|
|
|
2015
|
|
|
Change
|
|
|
2016
|
|
|
2015
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MSF)
|
|
|
$
|
152.80
|
|
|
$
|
168.97
|
|
|
-10
|
%
|
|
|
$
|
157.91
|
|
|
$
|
162.06
|
|
|
-3
|
%
|
Cement (Ton)
|
|
|
$
|
100.41
|
|
|
$
|
100.03
|
|
|
0
|
%
|
|
|
$
|
98.07
|
|
|
$
|
92.91
|
|
|
+6
|
%
|
Paperboard (Ton)
|
|
|
$
|
502.21
|
|
|
$
|
516.75
|
|
|
-3
|
%
|
|
|
$
|
505.35
|
|
|
$
|
507.47
|
|
|
+0
|
%
|
Concrete (Cubic Yard)
|
|
|
$
|
93.22
|
|
|
$
|
92.56
|
|
|
+1
|
%
|
|
|
$
|
92.70
|
|
|
$
|
87.93
|
|
|
+5
|
%
|
Aggregates (Ton)
|
|
|
$
|
8.27
|
|
|
$
|
7.34
|
|
|
+13
|
%
|
|
|
$
|
8.28
|
|
|
$
|
7.50
|
|
|
+10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Net of freight and delivery costs billed to customers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment and Cement Revenues
|
|
|
Quarter Ended March 31,
|
|
Fiscal Year Ended March 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Intersegment Revenues:
|
|
|
|
|
|
|
|
|
Cement
|
|
$
|
2,867
|
|
$
|
1,838
|
|
$
|
13,939
|
|
$
|
9,598
|
Paperboard
|
|
|
14,785
|
|
|
12,415
|
|
|
59,001
|
|
|
55,060
|
Concrete and Aggregates
|
|
|
205
|
|
|
184
|
|
|
922
|
|
|
875
|
|
|
$
|
17,857
|
|
$
|
14,437
|
|
$
|
73,862
|
|
$
|
65,533
|
|
|
|
|
|
|
|
|
|
Cement Revenues:
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
$
|
72,344
|
|
$
|
61,365
|
|
$
|
407,102
|
|
$
|
352,826
|
Joint Venture
|
|
|
24,903
|
|
|
27,596
|
|
|
107,458
|
|
|
126,220
|
|
|
$
|
97,247
|
|
$
|
88,961
|
|
$
|
514,560
|
|
$
|
479,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Materials Inc. Attachment 4
|
|
|
|
|
|
|
|
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets –
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
5,391
|
|
$
|
7,514
|
Accounts and Notes Receivable, net
|
|
|
|
120,221
|
|
|
113,577
|
Inventories
|
|
|
|
243,595
|
|
|
235,464
|
Federal Income Tax Receivable
|
|
|
|
5,623
|
|
|
-
|
Prepaid and Other Assets
|
|
|
|
5,173
|
|
|
7,815
|
Total Current Assets
|
|
|
|
380,003
|
|
|
364,370
|
Property, Plant and Equipment –
|
|
|
|
2,072,776
|
|
|
1,962,215
|
Less: Accumulated Depreciation
|
|
|
|
(817,465)
|
|
|
(740,396)
|
Property, Plant and Equipment, net
|
|
|
|
1,255,311
|
|
|
1,221,819
|
Investments in Joint Venture
|
|
|
|
49,465
|
|
|
47,614
|
Notes Receivable
|
|
|
|
2,672
|
|
|
2,847
|
Goodwill and Intangibles
|
|
|
|
165,827
|
|
|
211,167
|
Other Assets
|
|
|
|
30,357
|
|
|
32,509
|
|
|
|
$
|
1,883,635
|
|
$
|
1,880,326
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current Liabilities –
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
66,614
|
|
$
|
77,749
|
Accrued Liabilities
|
|
|
|
45,975
|
|
|
49,782
|
Current Portion of Senior Notes
|
|
|
|
8,000
|
|
|
57,045
|
Total Current Liabilities
|
|
|
|
120,589
|
|
|
184,576
|
Long-term Liabilities
|
|
|
|
61,122
|
|
|
69,055
|
Bank Credit Facility
|
|
|
|
382,000
|
|
|
330,000
|
Senior Notes
|
|
|
|
117,714
|
|
|
125,714
|
Deferred Income Taxes
|
|
|
|
161,679
|
|
|
160,388
|
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 48,526,843 and 50,245,364 Shares,
respectively.
|
|
|
|
485
|
|
|
502
|
Capital in Excess of Par Value
|
|
|
|
168,969
|
|
|
272,441
|
Accumulated Other Comprehensive Losses
|
|
|
|
(11,409)
|
|
|
(12,067)
|
Retained Earnings
|
|
|
|
882,486
|
|
|
749,717
|
Total Stockholders’ Equity
|
|
|
|
1,040,531
|
|
|
1,010,593
|
|
|
|
$
|
1,883,635
|
|
$
|
1,880,326
|
|
|
|
|
|
|
|
|
|
|
|
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 segment for the quarter and fiscal year ended
March 31, 2016 and 2015:
|
|
|
|
|
|
Depreciation, Depletion and Amortization
($ in thousands)
|
|
|
Quarter Ended March 31,
|
|
Fiscal Year Ended March 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Cement
|
|
$
|
8,515
|
|
$
|
7,880
|
|
$
|
33,400
|
|
$
|
31,839
|
Gypsum Wallboard
|
|
|
4,938
|
|
|
4,996
|
|
|
19,988
|
|
|
20,092
|
Paperboard
|
|
|
2,103
|
|
|
2,055
|
|
|
8,312
|
|
|
8,251
|
Oil and Gas Proppants
|
|
|
5,253
|
|
|
4,913
|
|
|
27,227
|
|
|
8,839
|
Concrete and Aggregates
|
|
|
1,593
|
|
|
1,475
|
|
|
6,260
|
|
|
5,533
|
Other
|
|
|
458
|
|
|
428
|
|
|
1,918
|
|
|
1,745
|
|
|
$
|
22,860
|
|
$
|
21,747
|
|
$
|
97,105
|
|
$
|
76,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160518006216/en/ Copyright Business Wire 2016
Source: Business Wire
(May 18, 2016 - 4:15 PM EDT)
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