Texas Industries posts loss on spinoff costs

Texas Industries posts loss on spinoff costs
Published: 23 September 2005

Texas and California cement producer Texas Industries Inc. on Thursday reported a quarterly loss on debt retirement costs and other expenses related to the spinoff of its steel unit. 
 
Texas Industries posted a loss of $51.3m, or $2.25 per share, for the fiscal first quarter ended Aug. 31, compared with a year-earlier profit of $35.9m, or $1.68 per share. 
 
The company said the costs and expenses related to the spinoff of Chaparral Steel came to $73.4m, or $3.22 per share. 
 
Excluding those costs, the company said it benefited from rising cement prices, partially offset by a rise in energy costs.