Texas Industries posts 1Q loss on financing charge

Texas Industries posts 1Q loss on financing charge
Published: 24 September 2010

Cement producer Texas Industries Inc. on Thursday posted a US$23.7m net loss in the fiscal first quarter, mostly due to a huge charge related to recent refinancing.

"Conditions in our markets remain challenging," CEO Mel Brekhus said. "We continue to focus on meeting market demand as cost effectively as possible."
 
The loss worked out to 85 cents per share for the quarter than ended in August. The results included an after-tax refinancing charge of US$18m, or 65 cents per share.

The Dallas company earned US$1.7m, or 6 cents per share a year earlier.
 
Revenue fell about 6 percent to US$172.1m from US$184m a year ago.