Q4 2013 Earnings Call Transcript

Transcript Call Date 07/11/2013

Operator: Good day, ladies and gentlemen. Thank you for standing by. Welcome to the TXI Fourth Quarter and Year-End Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. This conference is being recorded today, July 11, 2013.

I would now like to turn the conference over to Les Vines, Treasurer. Please go ahead, sir.

T. Lesley Vines - VP, Corporate Controller and Treasurer: Thank you, Theresa, and good morning, everyone. Thank you for joining us for our fourth quarter and year end conference call and webcast. As always, we appreciate your time and interest in TXI. On the call with me today are President and CEO, Mel Brekhus; CFO, Ken Allen; and Chief Operating Officer, Jamie Rogers.

We will follow the same format as in previous calls, with management providing comments for the quarter and year and then follow with your Q&A. As usual in an effort to ensure that everyone has an opportunity to ask his or her questions we would ask that you limit your initial questions. Thanks for your help.

Before turning things over to Mel, I need to remind you that certain statements contained in this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date hereof and we assume no obligation to publicly update such statements. 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 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 and changes in governmental and public policy, and the risks and uncertainties described in our reports on Forms 10-K, 10-Q and 8-K.

With that, I'll turn it over to you, Mel.

Mel G. Brekhus - President and CEO: Thanks, Les, and good morning everyone. My message on our last call remains valid today. I'll remind you that, that message was that all of our markets are improving, all of our markets still have a lot of upside before getting back to historic averages and peaks, and we are positioned better than ever to take advantage of the potential in all of our markets. Construction activity continues to improve in our major markets. Shipments during the fourth quarter were at levels we haven't seen for quite some time.

The cement shipments in the fourth quarter were up 32% compared to a year ago. Texas shipments were the highest May quarter shipments since 2008 and California shipments for the quarter were the highest May quarter shipments since 2007. I expect demand for building materials to improve further during the upcoming year, and I believe we are uniquely positioned to meet this growing demand.

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