Florida Rock Industries has announced record net sales, record net earnings and record diluted earnings per share for the fourth quarter and fiscal year ended September 30, 2005. Fourth quarter net earnings increased to $46,548,000 compared to $23,995,000 for the 2004 hurricane affected fourth quarter. Fourth quarter earnings included $139,000 of after-tax real estate gains and $2,346,000 of after-tax real estate gains from a litigation settlement, offset by a $723,000 accrual of an additional reclamation liability (after tax) for a closed quarry site. Last year’s fourth quarter included $190,000 of after tax real estate gain. For the full year, net earnings improved to $157,653,000 versus $113,670,000 in 2004.
Fiscal 2005 as a whole was a record performance with volume, revenue and profitability growth in all three business segments. Fiscal 2005 revenues were a record $1,153,452,000, up 21.6% from $948,519,000 in fiscal 2004. The percentage improvement in gross profit was even better at 37.6% with $351,242,000 compared to fiscal 2004’s $255,202,000. The Company achieved record operating profit of $249,473,000 for fiscal 2005 versus fiscal 2004 operating profit of $175,928,000, a year over year improvement of 41.8%. At the bottom line, fiscal 2005 net income was a record $157,653,000 versus fiscal 2004 net income of $113,670,000, a 38.7% year over year improvement.
Commenting on the fourth quarter and fiscal 2005 results, President and CEO, John Baker, stated, "Our 2005 results proved to be another record as we enjoyed a 39% increase in earnings year over year without benefit of an acquisition like we had in 2004 from the cement terminals at Tampa and Port Manatee. While our markets have certainly continued to be quite strong, our Florida Rock people have done a great job enabling our businesses to profit from these market opportunities. We recognize their tremendous efforts and thank them all for their contributions." Residential construction in the Company’s markets continues to show strength, if not growth, and non-residential and highway opportunities appear to be improving slightly.