Eagle Materials Reports Third Quarter Results
Eagle Materials Inc. (NYSE: EXP) today reported financial results for
the third quarter of fiscal 2016 ended December 31, 2015. Notable items
for the quarter include (all comparisons, unless otherwise noted, are
with the prior fiscal year’s third quarter):
Company Quarterly Results
-
Quarterly revenues of $277.4 million, down 5%
-
Net earnings of $45.8 million, down 12%
-
Cash flow from operations of $108.7 million, up 66%
-
Net earnings per diluted share of $0.92, down 11%
Notable Highlights
-
Record third quarter Cement earnings of $41.8 million, up 11%
-
Net debt-to-capitalization ratio of 32%
-
The Company repurchased 870,000 shares of common stock during the
quarter
Eagle’s construction products and building materials businesses
performed well during the quarter, with the Cement business reporting
record third quarter operating earnings despite our cement businesses in
Texas and Oklahoma being impacted by heavy rains in October and December
which resulted in lower sales volumes in both of those markets.
Additionally, in Texas, increased demand for construction grade cement
continues to offset much of the impact from lower oil well cement demand.
Our third quarter Gypsum wallboard sales volumes did not benefit from
pre-buying activity in advance of a price increase, as had been the case
in the prior year’s third quarter, due to a shift in the timing of our
announced wallboard price increase for 2016 from January 1st
to March 31st.
Cash flow from operations improved 66% 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 32%.
The decline in oil prices throughout calendar 2015 adversely impacted
U.S. oil and gas drilling activity in the quarter leading to further
reductions in demand and pricing for proppants.
Cement, Concrete and Aggregates
Operating earnings from Cement during the quarter were a third quarter
record $41.8 million, and 11% higher than the same quarter a year ago.
The earnings increase was driven primarily by a 4% increase in average
net cement sales prices and record quarterly cement sales volumes.
Cement revenues for the third quarter, including joint venture and
intersegment revenues, totaled $135.4 million, 9% greater than the same
quarter last year. Our average net cement sales price for this quarter
was $97.10 per ton, 4% higher than the same quarter last year. Cement
sales volumes were a third quarter record 1.2 million tons, 1% higher
than the same quarter a year ago.
Concrete and Aggregates reported operating earnings of $1.5 million for
the third quarter, a 7% decline from the same quarter a year ago,
reflecting higher raw material and quarry maintenance costs offset by
improved concrete and aggregates pricing along with improved concrete
sales volumes.
Gypsum Wallboard and Paperboard
Gypsum Wallboard and Paperboard reported third quarter operating
earnings of $45.2 million, down 8% from the same quarter last year.
Lower Gypsum Wallboard and Paperboard sales volumes were the primary
drivers of the quarterly earnings decline.
Gypsum Wallboard and Paperboard revenues for the third quarter totaled
$131.7 million, a 9% decrease from the same quarter a year ago. The
revenue decrease reflects lower Gypsum Wallboard and Paperboard sales
volumes. The average Gypsum Wallboard net sales price this quarter was
$157.99 per MSF, 1% less than the same quarter a year ago. Gypsum
Wallboard sales volume for the quarter of 568 million square feet (MMSF)
represents a 7% decline from the same quarter last year. Our third
quarter Gypsum Wallboard sales volumes did not benefit from pre-buying
activity in advance of a price increase, as had been the case in the
prior year’s third quarter, due to a shift in the timing of our
announced wallboard price increase for 2016 from January 1st
to March 31st.
Paperboard sales volumes were 71,000 tons, 8% lower than the same
quarter a year ago. The average Paperboard net sales price this quarter
was $510.38 per ton, 1% higher than the same quarter a year ago.
Oil and Gas Proppants
Oil and Gas Proppants reported third quarter revenues of $8.5 million, a
73% decline from the prior year, which reflects the significant slowdown
in oil and gas drilling and completion activities partially offset by
our acquisition of CRS Proppants during the third quarter of the prior
fiscal year. Sequentially, our frac sand sales volumes and sales prices
declined 47% and 24%, respectively. The third quarter’s operating loss
of $9.2 million compares to operating income of $3.2 million in the same
quarter a year ago.
Details of Financial Results
We conduct one of our cement plant operations, Texas Lehigh Cement
Company LP, through a 50/50 joint venture (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 the Company 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 the amounts referred to above.
About Eagle Materials Inc.
Eagle Materials Inc. manufactures and distributes Cement, Gypsum
Wallboard, Recycled Paperboard, Concrete and Aggregates, and Oil and Gas
Proppants from 40 facilities across the US. Eagle is headquartered in
Dallas, Texas.
Eagle’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 Friday,
January 29, 2016. The conference call will be webcast
simultaneously on the Eagle Web site http://www.eaglematerials.com.
A replay of the webcast and the presentation will be archived on
that site for one year. For more information, contact
Eagle at (214) 432-2000.
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 September 30, 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
Nine Months)
|
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 December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
277,409
|
|
|
|
$
|
291,529
|
|
|
|
$
|
891,360
|
|
|
|
$
|
842,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
|
|
|
208,544
|
|
|
|
|
212,380
|
|
|
|
|
717,104
|
|
(1)
|
|
|
631,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
68,865
|
|
|
|
|
79,149
|
|
|
|
|
174,256
|
|
|
|
|
210,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of Unconsolidated JV
|
|
|
|
10,483
|
|
|
|
|
12,423
|
|
|
|
|
29,993
|
|
|
|
|
34,274
|
|
Other, net
|
|
|
|
1,163
|
|
|
|
|
488
|
|
|
|
|
2,170
|
|
|
|
|
2,050
|
|
Acquisition and Litigation Expense
|
|
|
|
-
|
|
|
|
|
(722
|
)
|
|
|
|
-
|
|
|
|
|
(2,825
|
)
|
Corporate General and Administrative Expenses
|
|
|
|
(8,304
|
)
|
|
|
|
(9,371
|
)
|
|
|
|
(26,659
|
)
|
|
|
|
(23,827
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Interest and Income Taxes
|
|
|
|
72,207
|
|
|
|
|
81,967
|
|
|
|
|
179,760
|
|
|
|
|
220,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, net
|
|
|
|
(4,002
|
)
|
|
|
|
(4,101
|
)
|
|
|
|
(12,830
|
)
|
|
|
|
(12,054
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes
|
|
|
|
68,205
|
|
|
|
|
77,866
|
|
|
|
|
166,930
|
|
|
|
|
208,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
|
|
(22,357
|
)
|
|
|
|
(25,836
|
)
|
|
|
|
(53,501
|
)
|
|
|
|
(68,170
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
|
$
|
45,848
|
|
|
|
$
|
52,030
|
|
|
|
$
|
113,429
|
|
|
|
$
|
140,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.93
|
|
|
|
$
|
1.05
|
|
|
|
$
|
2.29
|
|
|
|
$
|
2.82
|
|
Diluted
|
|
|
$
|
0.92
|
|
|
|
$
|
1.03
|
|
|
|
$
|
2.26
|
|
|
|
$
|
2.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
49,187,738
|
|
|
|
|
49,655,405
|
|
|
|
|
49,593,821
|
|
|
|
|
49,583,210
|
|
Diluted
|
|
|
|
49,770,020
|
|
|
|
|
50,411,147
|
|
|
|
|
50,230,091
|
|
|
|
|
50,375,619
|
|
(1) Includes $37.8 million (pre-tax) of Non-Routine Items
recorded in the second quarter of fiscal 2016
|
|
Eagle Materials Inc.
|
Attachment 2
|
|
Eagle Materials Inc.
|
Revenues and Segment Operating Earnings by Lines of Business
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
Revenues*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard and Paperboard:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard
|
|
|
$
|
108,907
|
|
|
|
$
|
118,573
|
|
|
|
$
|
343,660
|
|
|
|
$
|
342,905
|
|
Gypsum Paperboard
|
|
|
|
22,753
|
|
|
|
|
25,631
|
|
|
|
|
67,069
|
|
|
|
|
70,349
|
|
|
|
|
|
131,660
|
|
|
|
|
144,204
|
|
|
|
|
410,729
|
|
|
|
|
413,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement (Wholly Owned)
|
|
|
|
105,697
|
|
|
|
|
88,652
|
|
|
|
|
334,758
|
|
|
|
|
291,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Proppants
|
|
|
|
8,476
|
|
|
|
|
31,731
|
|
|
|
|
49,608
|
|
|
|
|
53,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete and Aggregates
|
|
|
|
31,576
|
|
|
|
|
26,942
|
|
|
|
|
96,265
|
|
|
|
|
84,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
277,409
|
|
|
|
$
|
291,529
|
|
|
|
$
|
891,360
|
|
|
|
$
|
842,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard and Paperboard:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard
|
|
|
$
|
37,289
|
|
|
|
$
|
40,013
|
|
|
|
$
|
118,185
|
|
|
|
$
|
114,443
|
|
Gypsum Paperboard
|
|
|
|
7,923
|
|
|
|
|
9,102
|
|
|
|
|
22,091
|
|
|
|
|
24,633
|
|
|
|
|
|
45,212
|
|
|
|
|
49,115
|
|
|
|
|
140,276
|
|
|
|
|
139,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
|
31,285
|
|
|
|
|
25,155
|
|
|
|
|
86,065
|
|
|
|
|
62,261
|
|
Joint Venture
|
|
|
|
10,483
|
|
|
|
|
12,423
|
|
|
|
|
29,993
|
|
|
|
|
34,274
|
|
|
|
|
|
41,768
|
|
|
|
|
37,578
|
|
|
|
|
116,058
|
|
|
|
|
96,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Proppants
|
|
|
|
(9,153
|
)
|
|
|
|
3,241
|
|
|
|
|
(59,389
|
)
|
(1)
|
|
|
3,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete and Aggregates
|
|
|
|
1,521
|
|
|
|
|
1,638
|
|
|
|
|
7,304
|
|
|
|
|
5,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
|
1,163
|
|
|
|
|
488
|
|
|
|
|
2,170
|
|
|
|
|
2,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total
|
|
|
|
80,511
|
|
|
|
|
92,060
|
|
|
|
|
206,419
|
|
|
|
|
246,935
|
|
Acquisition and Litigation Expenses
|
|
|
|
-
|
|
|
|
|
(722
|
)
|
|
|
|
-
|
|
|
|
|
(2,825
|
)
|
Corporate General and Administrative Expenses
|
|
|
|
(8,304
|
)
|
|
|
|
(9,371
|
)
|
|
|
|
(26,659
|
)
|
|
|
|
(23,827
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
$
|
72,207
|
|
|
|
$
|
81,967
|
|
|
|
$
|
179,760
|
|
|
|
$
|
220,283
|
|
* 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
|
|
|
Eagle Materials Inc.
|
Attachment 3
|
|
Eagle Materials Inc.
|
Sales Volume, Net Sales Prices and Intersegment and Joint Venture
Revenues
|
(unaudited)
|
|
|
|
|
Sales Volume
|
|
|
|
Quarter Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MMSF’s)
|
|
|
568
|
|
|
610
|
|
|
-7
|
%
|
|
|
1,764
|
|
|
1,746
|
|
|
+1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement (M Tons):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
999
|
|
|
935
|
|
|
+7
|
%
|
|
|
3,238
|
|
|
3,135
|
|
|
+3
|
%
|
Joint Venture
|
|
|
213
|
|
|
270
|
|
|
-21
|
%
|
|
|
661
|
|
|
837
|
|
|
-21
|
%
|
|
|
|
1,212
|
|
|
1,205
|
|
|
+1
|
%
|
|
|
3,899
|
|
|
3,972
|
|
|
-2
|
%
|
Paperboard (M Tons):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal
|
|
|
27
|
|
|
28
|
|
|
-4
|
%
|
|
|
85
|
|
|
83
|
|
|
+2
|
%
|
External
|
|
|
44
|
|
|
49
|
|
|
-10
|
%
|
|
|
130
|
|
|
136
|
|
|
-4
|
%
|
|
|
|
71
|
|
|
77
|
|
|
-8
|
%
|
|
|
215
|
|
|
219
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete (M Cubic Yards)
|
|
|
266
|
|
|
246
|
|
|
+8
|
%
|
|
|
839
|
|
|
767
|
|
|
+9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates (M Tons)
|
|
|
792
|
|
|
682
|
|
|
+16
|
%
|
|
|
2,223
|
|
|
2,372
|
|
|
-6
|
%
|
|
|
|
|
|
|
|
Average Net Sales Price*
|
|
|
|
Quarter Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gypsum Wallboard (MSF)
|
|
|
$
|
157.99
|
|
|
$
|
158.95
|
|
|
-1
|
%
|
|
|
$
|
159.74
|
|
|
$
|
160.23
|
|
|
0
|
%
|
Cement (Ton)
|
|
|
$
|
97.10
|
|
|
$
|
93.76
|
|
|
+4
|
%
|
|
|
$
|
97.54
|
|
|
$
|
91.43
|
|
|
+7
|
%
|
Paperboard (Ton)
|
|
|
$
|
510.38
|
|
|
$
|
504.30
|
|
|
+1
|
%
|
|
|
$
|
506.42
|
|
|
$
|
505.09
|
|
|
0
|
%
|
Concrete (Cubic Yard)
|
|
|
$
|
93.56
|
|
|
$
|
89.00
|
|
|
+5
|
%
|
|
|
$
|
92.54
|
|
|
$
|
86.77
|
|
|
+7
|
%
|
Aggregates (Ton)
|
|
|
$
|
8.34
|
|
|
$
|
7.36
|
|
|
+13
|
%
|
|
|
$
|
8.28
|
|
|
$
|
7.54
|
|
|
+10
|
%
|
*Net of freight and delivery costs billed to customers.
|
|
|
|
|
|
|
Intersegment and Cement Revenues
|
|
|
|
Quarter Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Intersegment Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement
|
|
|
$
|
3,714
|
|
|
$
|
2,489
|
|
|
$
|
11,072
|
|
|
$
|
7,760
|
Paperboard
|
|
|
|
14,069
|
|
|
|
14,305
|
|
|
|
44,216
|
|
|
|
42,645
|
Concrete and Aggregates
|
|
|
|
203
|
|
|
|
174
|
|
|
|
717
|
|
|
|
691
|
|
|
|
$
|
17,986
|
|
|
$
|
16,968
|
|
|
$
|
56,005
|
|
|
$
|
51,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned
|
|
|
$
|
105,697
|
|
|
$
|
88,652
|
|
|
$
|
334,758
|
|
|
$
|
291,461
|
Joint Venture
|
|
|
|
26,008
|
|
|
|
32,907
|
|
|
|
82,555
|
|
|
|
98,624
|
|
|
|
$
|
131,705
|
|
|
$
|
121,559
|
|
|
$
|
417,313
|
|
|
$
|
390,085
|
|
|
Eagle Materials Inc.
|
Attachment 4
|
|
Eagle Materials Inc.
|
Consolidated Balance Sheets
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
2015*
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current Assets –
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
15,756
|
|
|
|
$
|
13,697
|
|
|
|
$
|
7,514
|
|
Accounts and Notes Receivable, net
|
|
|
|
103,859
|
|
|
|
|
136,823
|
|
|
|
|
113,577
|
|
Inventories
|
|
|
|
232,447
|
|
|
|
|
207,043
|
|
|
|
|
235,464
|
|
Federal Income Tax Receivable
|
|
|
|
5,319
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Prepaid and Other Assets
|
|
|
|
8,013
|
|
|
|
|
4,995
|
|
|
|
|
10,080
|
|
Total Current Assets
|
|
|
|
365,394
|
|
|
|
|
362,558
|
|
|
|
|
366,635
|
|
Property, Plant and Equipment –
|
|
|
|
2,065,745
|
|
|
|
|
1,929,177
|
|
|
|
|
1,962,215
|
|
Less: Accumulated Depreciation
|
|
|
|
(799,494
|
)
|
|
|
|
(724,351
|
)
|
|
|
|
(740,396
|
)
|
Property, Plant and Equipment, net
|
|
|
|
1,266,251
|
|
|
|
|
1,204,826
|
|
|
|
|
1,221,819
|
|
Investments in Joint Venture
|
|
|
|
50,372
|
|
|
|
|
47,167
|
|
|
|
|
47,614
|
|
Notes Receivable
|
|
|
|
2,716
|
|
|
|
|
2,890
|
|
|
|
|
2,847
|
|
Goodwill and Intangibles
|
|
|
|
174,916
|
|
|
|
|
206,208
|
|
|
|
|
211,167
|
|
Other Assets
|
|
|
|
28,921
|
|
|
|
|
34,402
|
|
|
|
|
32,509
|
|
|
|
|
$
|
1,888,570
|
|
|
|
$
|
1,858,051
|
|
|
|
$
|
1,882,591
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Current Liabilities –
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
61,327
|
|
|
|
$
|
68,466
|
|
|
|
$
|
77,749
|
|
Accrued Liabilities
|
|
|
|
46,750
|
|
|
|
|
45,269
|
|
|
|
|
46,830
|
|
Federal Income Tax Payable
|
|
|
|
-
|
|
|
|
|
1,508
|
|
|
|
|
2,952
|
|
Current Portion of Long-term Debt
|
|
|
|
8,000
|
|
|
|
|
57,045
|
|
|
|
|
57,045
|
|
Total Current Liabilities
|
|
|
|
116,077
|
|
|
|
|
172,288
|
|
|
|
|
184,576
|
|
Long-term Liabilities
|
|
|
|
70,673
|
|
|
|
|
84,911
|
|
|
|
|
69,055
|
|
Bank Credit Facility
|
|
|
|
375,000
|
|
|
|
|
335,000
|
|
|
|
|
330,000
|
|
Senior Notes
|
|
|
|
117,714
|
|
|
|
|
125,714
|
|
|
|
|
125,714
|
|
Deferred Income Taxes
|
|
|
|
159,790
|
|
|
|
|
167,116
|
|
|
|
|
162,653
|
|
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 49,305,408; 50,277,425 and
|
|
|
|
|
|
|
|
|
|
50,245,364 Shares, respectively.
|
|
|
|
493
|
|
|
|
|
503
|
|
|
|
|
502
|
|
Capital in Excess of Par Value
|
|
|
|
211,781
|
|
|
|
|
269,736
|
|
|
|
|
272,441
|
|
Accumulated Other Comprehensive Losses
|
|
|
|
(11,109
|
)
|
|
|
|
(5,165
|
)
|
|
|
|
(12,067
|
)
|
Retained Earnings
|
|
|
|
848,151
|
|
|
|
|
707,948
|
|
|
|
|
749,717
|
|
Total Stockholders’ Equity
|
|
|
|
1,049,316
|
|
|
|
|
973,022
|
|
|
|
|
1,010,593
|
|
|
|
|
$
|
1,888,570
|
|
|
|
$
|
1,858,051
|
|
|
|
$
|
1,882,591
|
|
*From audited financial statements.
|
|
Eagle Materials Inc.
|
Attachment 5
|
|
Eagle Materials Inc.
|
Depreciation, Depletion and Amortization by Lines of Business
|
(unaudited)
|
The following presents depreciation, depletion and amortization by
segment for the quarters ended December 31, 2015 and 2014:
|
|
|
Depreciation, Depletion and
|
|
|
|
Amortization
|
|
|
|
($ in thousands)
|
|
|
|
Quarter Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
Cement
|
|
|
$
|
8,390
|
|
|
$
|
8,089
|
Gypsum Wallboard
|
|
|
|
5,445
|
|
|
|
4,967
|
Paperboard
|
|
|
|
2,093
|
|
|
|
2,069
|
Oil and Gas Proppants
|
|
|
|
7,210
|
|
|
|
2,673
|
Concrete and Aggregates
|
|
|
|
1,597
|
|
|
|
1,465
|
Other
|
|
|
|
476
|
|
|
|
425
|
|
|
|
$
|
25,211
|
|
|
$
|
19,688
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160128005740/en/ Copyright Business Wire 2016
Source: Business Wire
(January 28, 2016 - 4:15 PM EST)
News by QuoteMedia
www.quotemedia.com
|