Earnings Call Excerpt
Texas Industries, Inc. (TXI)
F2Q08 Earnings Call
January 4, 2008 2 pm ET
Executives
Ken Allen - Treasurer
Mel Brekhus – Chief Executive Officer
Dick Fowler – Chief Financial Officer
Analysts
Ken Zener – Merrill Lynch
Jack Kasprzak – BB&T Capital Markets
Todd Vencil – Davenport
[Miten Dehia] – Lehman Brothers
Andrew Root – Alkeon Capital
David MacGregor – Longbow Research
[Chris Emrol – TD Capital Markets]
Presentation
Operator
Welcome to the TXI second quarter results conference call. [Operator Instructions] I would now like to turn the conference over to Mr. Ken Allen, Treasurer.
Ken Allen
Welcome again to TXI second quarter teleconference. With us today, as usual, are Mel Brekhus, Chief Executive Officer of TXI and also Dick Fowler, Chief Financial Officer. We’ll follow a similar format as in previous teleconferences with Mel and Dick first providing comments and then we’ll follow up with a Q&A session.
Before we begin we’d like to remind you that certain statements contained in this teleconference are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 level of construction activity in our markets, abnormal periods of inclement weather, unexpected periods of equipment down time, changes in the cost of raw materials, fuel and energy and the impact of environmental laws and other regulations.
For further information please refer to form 10K and with that I’ll turn things over to Mel for opening comments.
Mel Brekhus
Good afternoon and Happy New Year to everyone. As we begin a new year it’s almost impossible not to pick up a paper and read about challenging economic conditions in the economy. Oil prices have exceeded $100 per barrel. In construction residential building is off by 25% throughout the nation and even more in some markets like California. Credit for residential construction is certainly more difficult today and the credit markets in general are tighter. Even so as we look at the market conditions for construction materials, particularly in Texas Industries markets in Texas and California and even more particularly for TXI’s major product line of cement we continue to be encouraged.
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