EXHIBIT 99.1

TXI Reports Second Quarter Results

DALLAS, Jan. 8, 2014 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter ended November 30, 2013. Results for the quarter were a net loss of $17.6 million or $0.62 per share. Results for the quarter ended November 30, 2012 were a net loss of $11.1 million or $0.40 per share.

EBITDA from continuing operations for the November quarter equaled $19.5 million and EBITDA from continuing operations for the prior year's November quarter equaled $10.6 million. EBITDA for discontinued operations equaled $1.2 million in last year's November quarter. Continuing operations' EBITDA as a percentage of net sales for the November quarter this year and last year equaled 9.3% and 6.3%, respectively.

General Comments

"We were able to restart the original kiln in central Texas two months ahead of our original schedule," stated Mel Brekhus, Chief Executive Officer. "The ability to supply an additional 900,000 tons annually from this kiln will increase our ability to take advantage of increased demand for cement in south and central Texas. This additional production capability and improving operational efficiencies associated with the new second kiln that started production last year places us in a strong position as we enter the spring shipping season. Further reflecting the increasing improvement in construction, we have announced cement price increases of $8 per ton in Texas for April 2014 and $3.50 per ton in California for January 2014 and $5 per ton in April 2014."

A number of non-recurring and short-term factors masked the improvement in both demand and pricing we are experiencing in our markets. Abnormal periods of inclement weather in Texas negatively impacted shipments in the quarter and product and geographic mix shifts reduced our reported average sales price. Normal inefficiencies associated with a new kiln operation along with repair and maintenance costs incurred to accelerate the resumption of production from our original kiln in central Texas combined to increase our costs. We believe the results for the quarter were negatively impacted by the following items:

"The quality and value of our assets and the earnings potential we have previously discussed are as strong as ever and I look forward to capitalizing on current demand and pricing trends," added Brekhus.

A teleconference will be held January 9, 2014 at 10:00 Central Daylight Time to further discuss quarter results. A real-time webcast of the conference is available by logging on to TXI's website at www.txi.com.

The following is a summary of operating results for our business segments and certain other operating information related to our principal products.

Three months ended November 30, 2013

Cement operating profit for the three-month periods ended November 30, 2013 and 2012 was $3.7 million and $6.1 million, respectively.

Total segment sales for the three-month period ended November 30, 2013 were $102.4 million compared to $91.4 million for the prior year period. Cement sales increased $12.3 million from the prior year period. Our Texas market area accounted for approximately 69% of cement sales in the current period compared to 70% of cement sales in the prior year period. Average cement prices increased 0.8% in our Texas market from the prior year period. Average cement prices decreased 0.7% in our California market from the prior year period. Price increases on a same product and same market basis in both Texas and California were offset by changes in product, geographic and customer mix. Shipments increased 14.7% in our Texas market area and 14.4% in our California market area from prior year period. Shipments during the period were negatively impacted by more inclement weather in Texas compared to the prior year period.

Cost of products sold for the three-month period ended November 30, 2013 increased $12.6 million from the prior year period primarily due to higher shipments, depreciation expense related to our new production line at our Hunter cement plant, repair and maintenance costs at our Texas plants, and emission allowance credits associated with our compliance with The California Global Warming Solutions Act of 2006, which took effect on January 1, 2013. Cement unit cost of sales increased 2.7% from the prior year period as the impact of higher costs including depreciation, repair and maintenance, and emission allowance credits were partially offset by higher shipments.

Selling, general and administrative expense for the three-month period ended November 30, 2013 increased $1.2 million from the prior year period primarily due to higher legal expenses related to the litigation matters associated with our facilities in California.

Other income for the three-month period ended November 30, 2013 increased $0.5 million from the prior year period on higher income from royalties.

Previously, the aggregates segment included our expanded shale and clay lightweight aggregates operations which has been classified as discontinued operations in the prior period. Therefore, amounts for these operations are not included in the information presented.

Three months ended November 30, 2013

Aggregates operating profit for the three-month periods ended November 30, 2013 and 2012 was $5.4 million and $3.5 million, respectively.

Total segment sales for the three-month period ended November 30, 2013 were $42.6 million compared to $40.2 million for the prior year period. Stone, sand and gravel sales increased $4.2 million from the prior year period on 0.8% higher shipments and 14.1% higher average prices. Average selling prices increased primarily due to the impact of product and geographic mix associated with the aggregate terminals acquired in the asset exchange on March 22, 2013. Shipments during the period were negatively impacted by more inclement weather in Texas compared to the prior year period.

Delivery fees decreased $1.9 million due to the acquisition of aggregate terminals in our asset exchange on March 22, 2013. Delivery costs associated with shipments to the acquired terminals are not directly billed to our customers.

Cost of products sold for the three-month period ended November 30, 2013 increased $0.1 million compared to the prior year period. Stone, sand and gravel unit costs increased 9.7% from the prior year period primarily due to the impact of including delivery costs associated with shipments to the acquired terminals in unit costs of sales.

Selling, general and administrative expense for the three-month period ended November 30, 2013 increased $0.7 million from the prior year period primarily due to higher bad debt and compensation related expenses.

Other income for the three-month period ended November 30, 2013 increased $0.3 million from the prior year period on sale of surplus assets.

Three months ended November 30, 2013

Concrete operating loss for the three-month periods ended November 30, 2013 and 2012 was $1.5 million and $2.6 million, respectively.

Total segment sales for the three-month period ended November 30, 2013 were $93.1 million compared to $52.9 million for the prior year period. Segment sales increased $40.3 million from the prior year period primarily due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange on March 22, 2013, which accounted for 66% of the increase in shipments compared to the prior year period.   Shipments during the period were negatively impacted by more inclement weather in Texas compared to the prior year period. Price improvement in every market combined with the effect geographic market mix shifts attributable to the additional 42 ready-mix plants resulted in 5.3% higher average prices.

Cost of products sold for the three-month period ended November 30, 2013 increased $38.5 million from the prior year period as a result of the 42 additional ready-mix concrete plants acquired through an asset exchange on March 22, 2013, along with increased shipments from existing locations. Ready-mix concrete unit costs increased 1.9% from the prior year period primarily due to increased material and delivery costs partially offset by the effects of higher shipments.

Selling, general and administrative expense for the three-month period ended November 30, 2013 increased $1.0 million from the prior year period primarily attributable to higher compensation costs resulting from an increase in head count due to the addition of the 42 ready-mix concrete plants acquired through an asset exchange on March 22, 2013.

Other income for the three-month period ended November 30, 2013 increased $0.3 million from the prior year period primarily due to higher earnings from our joint venture of $0.2 million.

Three months ended November 30, 2013

Other income for the three-month period ended November 30, 2013 contains a gain of $2.1 million for a routine sale of real estate.

Selling, general and administrative expense for the three-month period ended November 30, 2013 decreased by $0.3 million compared to the prior year period primarily due to lower stock based compensation associated with the Company's stock appreciation rights and deferred compensation agreements. Previously, these agreements were accounted for as liabilities that impacted stock-based compensation expense based on changes in our company's stock price. On January 4, 2013 these agreements were amended, and changes in our stock price no longer impact stock -based compensation expense.

Interest

Interest expense incurred for the three-month period ended November 30, 2013 was $17.4 million. Interest expense incurred for the three-month period ended November 30, 2012 was $17.4 million, of which $9.9 million was capitalized in connection with our Hunter, Texas cement plant expansion project and $7.5 million was expensed.

Income Taxes

Income taxes for the interim periods ended November 30, 2013 and 2012 have been included in the accompanying financial statements on the basis of an estimated annual rate. The tax rate differs from the 35% federal statutory corporate rate primarily due to percentage depletion that is tax deductible, state income taxes and valuation allowances against deferred tax assets. The estimated annualized rate for continuing operations is (1.8)% for fiscal year 2014 compared to (4.3)% for fiscal year 2013. We received income tax refunds of $0.4 million in the six-month period ended November 30, 2013 and none in the six-month period ended November 30, 2012. We made no income tax payments in the six-month periods ended November 30, 2013 and 2012.

Net deferred tax assets totaled $6.7 million at November 30, 2013 and May 31, 2013. Net deferred tax assets classified as current were $15.4 million at November 30, 2013 and $18.8 million at May 31, 2013. Management reviews our deferred tax position and in particular our deferred tax assets whenever circumstances indicate that the assets may not be realized in the future and records a valuation allowance unless such deferred tax assets are deemed more likely than not to be recoverable. The ultimate realization of these deferred tax assets depends upon various factors including the generation of taxable income during future periods. The Company's deferred tax assets exceeded deferred tax liabilities as of November 30, 2013 and May 31, 2013 primarily as a result of recent losses. Management has concluded that the sources of taxable income we are permitted to consider do not assure the realization of the entire amount of our net deferred tax assets. Accordingly, a valuation allowance is required due to the uncertainty of realizing the deferred tax assets. We released valuation allowance of $1.5 million in fiscal year 2013 through a benefit related to gains in discontinued operations. We will continue to record additional valuation allowance against additions to our net deferred tax assets for fiscal year 2014 until Management believes it is more likely than not the deferred tax assets will be realized.

Certain statements contained in this quarterly report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan," "anticipate," and other similar words. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of competitive pressures and changing economic and financial conditions on our business, the cyclical and seasonal nature of our business, the level of construction activity in our markets, abnormal periods of inclement weather, unexpected periods of equipment downtime, unexpected operational difficulties, changes in the cost of raw materials, fuel and energy, changes in cost or availability of transportation, changes in interest rates, the timing and amount of federal, state and local funding for infrastructure, delays in announced capacity expansions, ongoing volatility and uncertainty in the capital or credit markets, the impact of environmental laws, regulations and claims, changes in governmental and public policy, and the risks and uncertainties described in our reports on Forms 10-K, 10-Q and 8-K. Forward-looking statements speak only as of the date hereof, and we assume no obligation to publicly update such statements.

TXI is the largest producer of cement in Texas and major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix concrete and concrete products.

EBITDA represents income before interest, income taxes, depreciation and amortization and is presented because we believe it is a useful indicator of our performance and our ability to meet debt service and capital expenditure requirements. It is not, however, intended as an alternative measure of operating results or cash flow from operations as determined in accordance with generally accepted accounting principles. EBITDA is not necessarily comparable to similarly titled measures used by other companies.

Adjusted EBITDA represents income before interest, income taxes, depreciation and amortization adjusted for certain operating and non-operating costs, which we believe provides a more meaningful comparison of the results for the current and prior year periods. It is not, however, intended as an alternative measure of operating results or cash flow from operations as determined in accordance with generally accepted accounting principles. Adjusted EBITDA is not necessarily comparable to similarly titled measures used by other companies.

CONTACT: T. Lesley Vines, Jr.
         Corporate Controller & Treasurer
         Direct 972.647.6722 E-mail lvines@txi.com

 

 

 

---

 

Texas Industries, Inc.
Consolidated Statements of Operations
$ In thousands except per share

 

	FY2005	FY2006	FY2007	FY2008	FY2009	FY2010	FY2011		FY2012						FY2013						FY2014
									Q1	Q2	Q3	Q4	Total		Q1	Q2	Q3	Q4	Total		Q1	Q2	Total
Shipments
Cement (thousands of tons)	5,394	5,136	5,074	5,035	4,035	3,226	3,301		969	884	743	984	3,580		1,119	1,034	933	1,299	4,385		1,314	1,185	2,499
Aggregates (thousands of tons)	23,616	25,246	22,114	21,851	16,470	11,363	12,065		3,143	2,818	2,363	3,514	11,838		3,914	3,808	3,029	4,042	14,793		4,447	3,840	8,287
Ready-mix (thousands of cubic yards)	3,678	3,830	3,665	3,844	2,902	2,147	2,415		741	587	508	563	2,399		649	643	541	968	2,801		1,134	1,079	2,214
Price
Cement ($ per ton)	$75.05	$87.14	$95.06	$93.07	$90.31	$82.51	$77.68		$78.41	$78.07	$77.76	$76.79	$77.75		$78.07	$79.82	$78.39	$79.27	$78.90		$79.43	$80.10	$79.75
Aggregates ($ per ton)	$5.68	$6.08	$7.03	$7.44	$7.97	$7.75	$7.38		$7.06	$7.45	$7.12	$7.26	$7.23		$7.19	$7.28	$7.27	$7.95	$7.44		$8.02	$8.31	$8.16
Ready-mix ($ per cubic yard)	$60.54	$69.25	$75.87	$80.83	$85.46	$81.83	$74.87		$75.93	$75.85	$73.80	$78.50	$76.06		$80.08	$81.99	$82.49	$84.83	$82.62		$86.86	$86.32	$86.60
Net Sales
Cement	404,823	447,594	482,379	468,673	364,386	266,180	256,385		75,978	68,994	57,830	75,611	278,413		87,313	82,584	73,086	102,975	345,958		104,426	94,856	199,282
Aggregates	134,220	153,480	155,562	162,582	131,197	88,019	89,045		22,200	20,993	16,829	25,515	85,537		28,151	27,739	22,021	32,128	110,039		35,670	31,923	67,593
Ready-mix	222,680	265,254	278,067	310,652	247,931	175,712	180,826		56,228	44,579	37,481	44,190	182,478		51,918	52,776	44,582	82,082	231,358		98,234	93,171	191,405
Other	104,847	118,555	119,798	132,606	121,321	101,526	101,654		15,845	14,394	12,732	10,101	53,072		2,867	2,685	2,272	2,971	10,795		3,738	2,214	5,952
Interplant	(105,576)	(121,127)	(118,406)	(130,461)	(103,030)	(69,779)	(74,054)		(19,348)	(18,033)	(16,071)	(16,821)	(70,273)		(15,708)	(16,827)	(14,663)	(24,560)	(71,758)		(29,344)	(29,202)	(58,546)
Delivery Fees	73,809	80,166	78,850	84,802	77,397	59,406	67,957		16,726	15,246	13,093	19,813	64,878		19,982	18,736	14,061	17,910	70,689		20,358	15,930	36,288
Net Sales	834,803	943,922	996,250	1,028,854	839,202	621,064	621,813		167,629	146,173	121,894	158,409	594,105		174,523	167,693	141,359	213,506	697,081		233,082	208,892	441,974
Costs and Expenses (Income)
Cost of products sold	692,414	766,941	754,088	834,333	726,133	562,066	596,510		157,001	144,689	123,774	135,109	560,573		159,323	155,939	129,035	185,506	629,803		202,416	194,735	397,151
Selling, general and administrative	78,434	88,663	108,106	96,220	72,093	79,415	76,420		16,729	12,780	17,265	21,589	68,363		17,556	17,067	17,056	15,978	67,657		18,553	19,655	38,207
Restructuring charges and goodwill impairment	-	-	-	-	58,395	-	-		-	3,153	-	-	3,153		-	-	-	-	-		-	-	-
Interest	23,533	31,155	14,074	2,505	33,286	52,240	47,583		9,460	8,838	8,512	8,025	34,835		7,777	7,457	7,227	10,346	32,807		17,371	17,423	34,794
Loss on debt retirements and spin-off charges	894	113,247	48	-	907	-	29,619		-	-	-	-	-		-	-	-	-	-		-	-	-
Other income	(22,727)	(47,270)	(36,629)	(31,563)	(21,191)	(10,666)	(21,512)		(5,869)	(1,522)	(1,334)	(64,381)	(73,106)		(2,599)	(1,924)	(2,091)	(2,312)	(8,926)		(5,857)	(5,406)	(11,263)
	772,548	952,736	839,687	901,495	869,623	683,055	728,620		177,321	167,938	148,217	100,342	593,818		182,057	178,539	151,227	209,518	721,341		232,483	226,407	458,889
Income (Loss) from Continuing Operations
before Income Taxes	62,255	(8,814)	156,563	127,359	(30,421)	(61,991)	(106,807)		(9,692)	(21,765)	(26,323)	58,067	287		(7,534)	(10,846)	(9,868)	3,988	(24,260)		599	(17,515)	(16,915)
Income Taxes (Benefits)	16,811	(8,225)	51,852	39,728	(12,774)	(23,138)	(41,894)		(310)	(1,143)	(1,148)	960	(1,641)		(139)	(657)	(1,355)	(11,615)	(13,766)		170	125	295
Income (Loss) from Continuing Operations	45,444	(589)	104,711	87,631	(17,647)	(38,853)	(64,913)		(9,382)	(20,622)	(25,175)	57,107	1,928		(7,395)	(10,189)	(8,513)	15,603	(10,494)		429	(17,640)	(17,210)
Income from Discontinued Operations
net of Income Taxes	79,079	8,691	-	-	-	-	-		1,962	(415)	895	3,106	5,548		4,738	(933)	2,699	28,540	35,044		-	-	-
Income (Loss) before Accounting Change	124,523	8,102	104,711	87,631	(17,647)	(38,853)	(64,913)		(7,420)	(21,037)	(24,280)	60,213	7,476		(2,658)	(11,122)	(5,814)	44,143	24,550		429	(17,640)	(17,210)
Cumulative Effect of Accounting Change
net of Income Taxes	-	-	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Net Income (Loss)	124,523	8,102	104,711	87,631	(17,647)	(38,853)	(64,913)		(7,420)	(21,037)	(24,280)	60,213	7,476		(2,658)	(11,122)	(5,814)	44,143	24,550		429	(17,640)	(17,210)

Texas Industries, Inc.
Consolidated Balance Sheets
$ In thousands

 

	5/31/2005	5/31/2006	5/31/2007	5/31/2008	5/31/2009	5/31/2010	5/31/2011		8/31/2011	11/30/2011	2/29/2012	5/31/2012		8/31/2012	11/30/2012	2/28/2013	5/31/2013		8/31/2013	11/30/2013
Cash	251,600	84,139	15,138	39,527	19,796	74,946	116,432		60,600	67,462	27,155	88,027		60,871	71,782	31,664	61,296		48,472	82,362
Short-term investments	-	50,606	-	-	-	-	-		-	-	-	-		-	-	-	-		-	-
Receivables - net	117,363	132,849	142,610	170,943	129,432	112,184	85,817		94,617	82,378	78,597	98,836		113,354	107,760	98,458	126,922		142,032	122,382
Inventories	83,291	109,767	135,254	144,654	155,724	142,419	140,646		110,537	99,038	100,858	99,441		89,493	85,530	100,282	105,054		107,678	112,557
Deferred income taxes and prepaid expenses	28,754	33,599	17,621	17,943	22,039	23,426	22,040		21,001	20,529	21,398	19,007		17,640	16,672	20,282	27,294		26,564	21,929
Discontinued Operations Held for Sale									40,406	40,096	40,124	40344		38,833	39,360	38,769	-		-	-
Total Current Assets	481,008	410,960	310,623	373,067	326,991	352,975	364,935		327,161	309,503	268,132	345,655		320,191	321,104	289,455	320,566		324,746	339,230
Property, plant and equipment	886,447	956,896	1,293,360	1,546,125	1,791,546	1,758,778	1,797,750		1,781,055	1,803,149	1,815,060	1,796,731		1,819,995	1,838,019	1,859,417	1,887,850		1,891,860	1,901,371
Less depreciation and depletion	473,794	486,585	509,138	518,361	572,195	604,269	642,329		611,454	623,280	630,750	611,406		622,619	633,973	647,281	661,454		680,804	697,717
Net Property, Plant and Equipment	412,653	470,311	784,222	1,027,764	1,219,351	1,154,509	1,155,421		1,169,601	1,179,869	1,184,310	1,185,325		1,197,376	1,204,046	1,212,136	1,226,396		1,211,056	1,203,654
Goodwill	58,395	58,395	58,395	60,110	1,715	1,715	1,715		1,715	1,715	1,715	1,715		1,715	1,715	1,715	40,575		40,575	40,575
Real estate and investments	99,491	125,159	110,761	59,261	10,001	6,774	6,749		6,447	11,472	11,044	20,865		20,716	23,168	23,024	29,471		30,062	31,582
Deferred income taxes, intangibles and other charges	27,571	22,706	11,369	11,332	14,486	15,774	22,191		24,031	22,481	21,566	23,368		24,400	23,234	22,141	18,817		19,359	18,050
Assets of discontinued operations	1,114,627	-	-	-	-	-	-		-	-	-	-		-	-	-	-		-	-
	1,300,084	206,260	180,525	130,703	26,202	24,263	30,655		32,193	35,668	34,325	45,948		46,831	48,117	46,880	88,863		89,996	90,207
Total Assets	2,193,745	1,087,531	1,275,370	1,531,534	1,572,544	1,531,747	1,551,011		1,528,955	1,525,041	1,486,766	1,576,928		1,564,398	1,573,267	1,548,471	1,635,825		1,625,798	1,633,091
Accounts payable	44,560	50,931	96,883	111,478	55,749	56,214	56,787		54,320	57,389	60,759	64,825		68,673	64,520	57,000	69,061		69,617	73,943
Accrued interest, compensation and other items	62,202	66,955	70,104	66,967	51,856	51,455	58,848		49,290	63,829	43,189	61,317		44,656	67,712	48,134	62,336		49,541	72,197
Current portion of long term debt	688	681	1,340	7,725	243	234	73		74	499	486	1,214		1,455	1,432	1,816	1,872		1,911	2,229
Total Current Liabilities	107,450	118,567	168,327	186,170	107,848	107,903	115,708		103,684	121,717	104,434	127,356		114,784	133,664	106,950	133,269		121,069	148,369
Long-term Debt	603,126	251,505	274,416	401,880	541,540	538,620	652,403		652,385	654,138	654,014	656,949		657,803	657,269	658,392	657,935		657,449	657,068
Convertible subordinated debentures	199,937	159,725	-	-	-	-	-		-	-	-	-		-	-	-	-		-	-
Deferred income taxes and other credits	77,138	79,837	95,508	118,117	120,011	123,976	87,318		85,223	80,919	81,278	96,352		95,935	95,995	88,088	91,157		89,954	85,967
Liabilities of discontinued operations	278,527	-	-	-	-	-			-	-	-	-		-	-	-	-		-	-
Shareholders' equity	927,567	477,897	737,119	825,367	803,145	761,248	695,582		687,663	668,267	647,040	696,271		695,876	686,339	695,041	753,464		757,326	741,687
Total Liabilities and Shareholders' Equity	2,193,745	1,087,531	1,275,370	1,531,534	1,572,544	1,531,747	1,551,011		1,528,955	1,525,041	1,486,766	1,576,928		1,564,398	1,573,267	1,548,471	1,635,825		1,625,798	1,633,091
	-	-	-	-	-	-

Texas Industries, Inc.
Consolidated Statements of Cash Flows
$ In thousands

 

	FY2005	FY2006	FY2007	FY2008	FY2009	FY2010	FY2011		FY2012						FY2013						FY2014
									Q1	Q2	Q3	Q4	Total		Q1	Q2	Q3	Q4	Total		Q1	Q2	Total
Operating Activities
Income (Loss) from Operations	45,444	(589)	104,711	87,631	(17,647)	(38,853)	(64,913)		(7,420)	(21,037)	(24,280)	60,213	7,476		(2,658)	(11,122)	(5,814)	44,144	24,550		429	(17,639)	(17,210)
Adjustments to reconcile income (loss) from
operations to cash provided by
operating activities
Depreciation, depletion and amortization	46,474	44,955	46,356	55,577	68,192	63,925	64,297		15,980	15,405	15,110	14,457	60,952		14,216	14,327	14,425	16,897	59,865		19,862	19,571	39,433
Goodwill impairment	-	-	-	-	58,395	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Loss (gain) on asset disposals	(6,582)	(34,768)	(2,917)	(19,410)	(6,759)	(1,350)	(13,638)		(2,368)	(383)	(985)	(63,874)	(67,610)		(2,503)	(376)	(1,943)	(59,603)	(64,425)		(3,069)	(2,697)	(5,766)
Deferred income taxes (benefit)	33,811	6,581	13,622	20,036	(1,938)	(9,132)	(42,875)		(241)	(704)	(708)	1,565	(88)		(3)	960	68	2,398	3,423		51	(60)	(9)
Stock-based compensation expense (credit)	-	-	13,866	2,395	(4,400)	5,097	5,581		107	(1,336)	2,939	677	2,387		2,766	2,739	1,510	2,498	9,513		2,298	1,664	3,962
Excess tax benefits from stock-based compensation	8,000	9,969	(1,694)	(3,299)	(1,596)	(250)	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Loss on debt retirements	-	107,006	48	-	907	-	29,619		-	-	-	-	-		-	-	-	-	-		-	-	-
Other - net	889	(2,399)	3,234	2,475	5,931	13,998	3,158		(1,567)	(3,618)	761	5,647	1,223		(3,026)	(5,441)	912	590	(6,965)		(1,848)	(5,855)	(7,703)
Changes in operating assets and liabilities																							-
Receivables - net	(8,873)	(5,060)	846	(29,507)	55,397	(5,421)	13,379		(8,670)	12,366	3,928	(20,927)	(13,303)		(14,013)	5,525	9,318	(27,968)	(27,138)		(16,136)	20,537	4,401
Inventories	6,082	(18,761)	(25,047)	(9,400)	(11,070)	13,706	2,164		894	11,295	(2,141)	781	10,829		10,846	3,121	(14,677)	22,143	21,433		(2,824)	(4,896)	(7,720)
Prepaid expenses	(1,680)	63	1,392	(2,033)	(1,894)	387	1,301		1,729	1,125	407	(1,876)	1,385		1,099	588	(3,845)	1,920	(238)		278	1,671	1,949
Accounts payable and accrued liabilities	17,017	(12,155)	31,541	(2,910)	(36,232)	6,046	11,172		(5,809)	6,739	(5,396)	11,389	6,923		(4,632)	12,565	(15,161)	20,510	13,282		(5,113)	26,981	21,868
Other credits	3,838	2,527	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Cash Provided by Operating Activities	144,420	97,369	185,958	101,555	107,286	48,153	9,245		(7,365)	19,852	(10,365)	8,052	10,174		2,092	22,886	(15,207)	23,529	33,300		(6,072)	39,277	33,205
Investing Activities
Capital expenditures	(46,178)	(110,245)	(317,658)	(312,525)	(288,544)	(13,659)	(45,683)		(45,588)	(16,678)	(34,029)	(10,041)	(106,336)		(32,610)	(14,353)	(32,133)	(13,725)	(92,821)		(12,498)	(11,922)	(24,420)
Cash designated for property acquisitions		-	-	(28,733)	28,733	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Proceeds from asset disposals	7,136	23,107	5,552	34,922	7,981	21,592	3,596		863	786	2,539	62,657	66,845		3,578	380	1,825	12,698	18,481		4,319	3,363	7,682
Investments in insurance contracts	(58,798)	(4,366)	(6,061)	99,203	2,876	6,967	4,073		-	2,989	365	-	3,354		146	2,220	-	101	2,467		934	3,125	4,059
Purchases of short-term investments - net	-	(50,500)	50,500	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Other - net	(677)	612	(336)	101	(21)	2,079	1,266		(82)	(46)	(174)	57	(245)		(59)	(27)	19	(35)	(102)		-	-	-
Cash Provided (Used) by Investing Activities	(98,517)	(141,392)	(268,003)	(207,032)	(248,975)	16,979	(36,748)		(44,807)	(12,949)	(31,299)	52,673	(36,382)		(28,945)	(11,780)	(30,289)	(961)	(71,975)		(7,245)	(5,434)	(12,679)
Financing Activities
Long-term borrowings	-	250,000	38,000	366,000	327,250	-	650,000		-	-	-	-	-		-	-	-	-	-		-	-	-
Debt retirements	(699)	(600,700)	(25,521)	(232,366)	(197,772)	(245)	(561,627)		(18)	(18)	(137)	(127)	(300)		(1,028)	(557)	(651)	(448)	(2,684)		(447)	(463)	(910)
Debt issuance costs	(39)	(7,363)	-	(2,160)	(5,470)	(2,552)	(12,492)		(1,629)	(103)	(97)	-	(1,829)		-	-	-	-	-		-	-	-
Debt retirement costs	-	(96,029)	(6)	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Interest rate swap terminations	(6,315)	-	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Stock option exercises	41,399	7,510	6,394	3,315	4,641	893	1,462		78	80	1,591	274	2,023		725	364	6,027	7,512	14,628		940	510	1,450
Excess tax benefits from stock-based compensation	-	-	1,694	3,299	1,596	250	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Common dividends paid	(6,643)	(6,908)	(7,517)	(8,222)	(8,287)	(8,328)	(8,354)		(2,091)	-	-	-	(2,091)		-	-	-	-	-		-	-	-
Other - net	-	-	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Cash Provided (Used) by Financing Activities	27,703	(453,490)	13,044	129,866	121,958	(9,982)	68,989		(3,660)	(41)	1,357	147	(2,197)		(303)	(193)	5,376	7,064	11,944		493	47	540
Net Cash Provided (Used) by  Operations	73,606	(497,513)	(69,001)	24,389	(19,731)	55,150	41,486		(55,832)	6,862	(40,307)	60,872	(28,405)		(27,156)	10,913	(40,120)	29,632	(26,731)		(12,824)	33,890	21,066
DISCONTINUED OPERATIONS
Cash Provided (Used) by Operating Activities	73,104	(7,778)	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Cash Used by Investing Activities	(28,163)	(2,757)	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Cash Provided by Financing Activities	-	340,587	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Net Cash Provided by Discontinued Operations	44,941	330,052	-	-	-	-	-		-	-	-	-	-		-	-	-	-	-		-	-	-
Increase (Decrease) in Cash and Cash Equivalents	118,547	(167,461)	(69,001)	24,389	(19,731)	55,150	41,486		(55,832)	6,862	(40,307)	60,872	(28,405)		(27,156)	10,913	(40,120)	29,632	(26,731)		(12,824)	33,890	21,066
Cash and Cash Equivalents at Beginning of Period	133,053	251,600	84,139	15,138	39,527	19,796	74,946		116,432	60,600	67,462	27,155	116,432		88,027	60,871	71,781	31,664	88,027		61,296	48,472	61,296
Cash and Cash Equivalents at End of Period	251,600	84,139	15,138	39,527	19,796	74,946	116,432		60,600	67,462	27,155	88,027	88,027		60,871	71,781	31,664	61,299	61,296		48,472	82,362	82,362