Florida Rock record second quarter results

Florida Rock record second quarter results
Published: 26 April 2006

Florida Rock Industries, Inc today announced record net income of US$57,810,000 or US$0.86 per diluted share for the second quarter of fiscal year 2006 versus US$35,140,000 or US$0.53 per diluted share for the same quarter of fiscal year 2005. This year’s second quarter included US$314,000 of after-tax gain on real estate versus after-tax gain from real estate of US$2,694,000 in the second quarter of 2005. 
Consolidated total sales for the quarter increased 39.7 per cent to US$364,087,000 from US$260,565,000 in the same quarter last year driven by volume increases and improved pricing in all three segments. Aggregate volumes increased 19.5 per cent, ready-mix yards increased 26 per cent, block volume rose 6.4 per cent and cement tonnage increased 8.2 per cent over the second quarter of 2005. Gross profit increased 60.1 per cent to US$124,073,000 compared to US$77,521,000 in the same quarter last year. 
Commenting on the second quarter of fiscal year 2006 results, President and CEO John Baker stated that: Our second quarter results benefited from improved weather, pricing and demand in substantially all of our markets. Despite substantial cost increases in diesel fuel, coal, electricity and petroleum and steel-dependent products, our people still managed to produce record results, not just for the second fiscal quarter, but for any other prior quarter in our history. Our employees are certainly entitled to the credit for these results, and I commend them all again for their demonstrated commitment to continuous improvement. 

Our demand levels continue to be strong even with the ratio of our residential business to other sources declining slightly. July pricing improvements still appear probable in most of our markets. Subject to continued mining privileges at our Miami quarry, our outlook remains quite positive.