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Florida Rock Industries

Florida Rock Industries, Inc. Announces Record First Quarter Results & Stock Split

01/20/2004 How FRK has done for us: 60.1% annualized (up 20% in 4.7 months). This week Florida Rock Industries split their stock 3:2. The company also announced that their quarterly sales increased 37%. Details follow in the company's press release.

Jacksonville, Florida: January 21, 2004 - Florida Rock Industries, Inc. (NYSE-FRK) today announced record net income of $32,128,000 or $.73 per diluted share for the first quarter of fiscal year 2004 versus $12,729,000 or $.29 per diluted share for fiscal 2003. Real estate gains from the sale of the balance of the Company’s Naples, Florida closed quarry site contributed $8,273,000 of after tax gain ($.19 per diluted share) on gross sale proceeds of $20,250,000 during this 2004 first quarter.

Consolidated total sales for the quarter increased 37.2% to $225,392,000 from $164,246,000 in the same quarter last year. The cement operations acquired in August 2003 contributed sales of $25,384,000 during the quarter.

First quarter total operating profit was $49,517,000 inclusive of $12,932,000 of real estate gains from the sale of the Naples quarry site. Last years first quarter operating profit had no real estate gains and was $18,643,000. Excluding the real estate gains, the year-over-year increase in operating profit for first quarter was 96%.

Sales volumes increased in all three business segments over first quarter 2003 as more favorable weather prevailed in all major markets. The cement segment showed the most dramatic volume improvement as a result of the addition of the tonnages gained from the cement acquisition of August 2003. Cement volumes were also unusually high at our Newberry plant as certain of our trading partners transferred extra volumes to us during the quarter to accommodate short-term operating changes at their respective facilities.

The higher volumes in the aggregates and concrete segments enabled lower operating costs per ton and per yard respectively thereby enhancing margins in both segments. Year-over-year comparisons for the quarter show a 28% increase in aggregates volumes, a 16% increase in ready-mix yards sold and a strong 34% increase in block sales units.

Selling, general and administrative expenses for the first quarter increased to $22,218,000 versus $17,377,000 last year but declined as a percentage of sales from 10.6% last year to 9.9% this year. The real dollar increase in S,G&A expense was primarily the result of increased profit sharing expense (which is linked to profitability before real estate gains) and additional new site permitting costs. Net interest expense was up to $339,000 from a positive $60,000 last year as the closing of the Naples quarry site eliminated a 6% per
annum income stream on the remaining balance due for the property and net debt was slightly increased as a result of the cement acquisition in August 2003.

Included in other income is the Company’s interest in operating results of 50% owned joint ventures. The equity in these ventures was a gain of $655,000 for the first 2004 quarter versus a slight gain of $13,000 in first quarter 2003.

Commenting on the quarter results, President and CEO John Baker stated that “our 2004 first quarter clearly constituted a ‘sweet spot’ as very favorable weather, recovering commercial construction, resilient residential construction and strong road-building in Florida combined to give us record results! Our Newberry cement plant came through its planned shutdown admirably and combined with our newly acquired cement facilities in Tampa and Port Manatee to produce an impressive contribution to our first quarter operating profit. Once again this record performance is a credit to the efforts and abilities of all our Florida Rock employees to whom we express our continuing appreciation.”

OUTLOOK: While we can't anticipate the continuation of the very favorable weather we experienced in the first quarter, we remain very optimistic about our markets in the near term. Commercial construction demand does seem to be still slightly better than a year ago and residential construction continues to enjoy sustained strength.

Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include general business conditions, competitive factors, political, economic, regulatory and weather conditions, pricing, government spending levels on transportation projects, interest rate changes, energy and transportation costs and technological contingencies. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.

Contact:
Florida Rock Industries, Inc., Jacksonville
John D. Milton, Jr., 904/355-1781, Ext. 258

Source: Florida Rock Industries, Inc.

The complete press release can be found at:
http://www.flarock.com/

 




 

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