Florida Rock Industries, Inc announced record net income of US$24,497,000 for the second quarter of fiscal year 2004 versus $16,300,000 for the same quarter of fiscal 2003.
Consolidated total sales for the quarter increased 40 per cent to US$228,602,000 from US$163,615,000 in the same quarter last year. Second quarter operating profit increased 55 per cent to US$38,561,000 versus US$24,891,000 in the second quarter of fiscal 2003.
During the second quarter, the availability of cement in the Florida market tightened significantly as the high demand for ocean shipping vessels led to delayed shipping schedules for import terminals and short term maintenance shutdowns at several other producers resulted in greater demands on Florida production facilities.
Commenting on the second quarter results, President and CEO John Baker stated that: "Our second quarter results were practically a repeat of our remarkable first quarter of 2004 as relatively favorable weather and continued improved demand in our concrete and aggregate segments yielded another quarter of record results. The cement facilities in Tampa and Port Manatee which were acquired in the fourth quarter last year made another impressive contribution to our operating profit. Our Newberry Cement Plant operated at its most efficient levels ever since coming into production in fiscal 2000. These excellent results are again the product of the dedicated efforts of all of our employees."