8-K
EAGLE MATERIALS INC false 0000918646 0000918646 2020-10-29 2020-10-29

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2020

 

 

Eagle Materials Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Delaware   1-12984   75-2520779

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

5960 Berkshire Ln., Suite 900

Dallas, Texas

  75225
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (214) 432-2000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.01 par value   EXP   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02

Results of Operations and Financial Condition

On October 29, 2020, Eagle Materials Inc., a Delaware corporation (“Eagle”), announced its results of operations for the quarter ended September 30, 2020. A copy of Eagle’s earnings press release announcing these results is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits

 

Exhibit
Number

  

Description

99.1    Earnings Press Release dated October 29, 2020 issued by Eagle Materials Inc. (announcing quarterly operating results)
104    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

EAGLE MATERIALS INC.
By:  

/s/ D. Craig Kesler

D. Craig Kesler

Executive Vice President – Finance and Administration and Chief Financial Officer

Date: October 29, 2020

EX-99.1

EXHIBIT 99.1

 

   Contact at 214-432-2000
LOGO   

Michael R. Haack

President and CEO

D. Craig Kesler

Executive Vice President & CFO

Robert S. Stewart

Executive Vice President

 

 

News For Immediate Release

EAGLE MATERIALS REPORTS RECORD SECOND QUARTER RESULTS

EPS FROM CONTINUING OPERATIONS UP 20%

ON RECORD REVENUE OF $448 MILLION

DALLAS, TX (October 29, 2020) Eagle Materials Inc. (NYSE: EXP) today reported financial results for the second quarter of fiscal 2021 ended September 30, 2020. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal second quarter):

Second Quarter Fiscal 2021 Results

 

   

Record second quarter revenue of $447.7 million, up 12%

 

   

Record second quarter diluted earnings per share from continuing operations of $2.16, up 20%

 

   

Net earnings from continuing operations include a non-recurring tax benefit of $5.9 million, or $0.14 per share, due to regulations issued during the quarter clarifying the calculation of certain interest deduction limitations.

Commenting on the second quarter results, Michael Haack, President and CEO, said, “We are pleased to have delivered another quarter of record revenue and net earnings growth while further strengthening our balance sheet. Our end markets remain resilient as COVID-related uncertainty persists: the housing market continued its strong rebound, and cement demand remained robust, despite wet weather in the first half of September. Our wallboard shipments were up 6%, and we shipped an all-time record 2.2 million tons of cement during the quarter. We generated strong operating cash flow, which, combined with the receipt of the majority of our tax refund in the quarter, significantly improved our balance sheet and liquidity position.”

Mr. Haack continued, “We also achieved a major strategic goal of exiting a non-core business with the sale of our Oil and Gas Proppants business in September. We are very pleased with our second-quarter performance and the resilience of our markets, and we are closely monitoring the disruptions caused by the COVID-19 pandemic and their possible impact on our business in current and future periods. We continue to enforce strict health and safety protocols to protect our employees, customers and business partners, and we will continue to manage our cash flow prudently and protect our balance sheet.”


Segment Results

Heavy Materials: Cement, Concrete and Aggregates

Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates as well as Joint Venture and intersegment Cement revenue, was $324.4 million, a 15% improvement. Heavy Materials operating earnings increased 15% to $85.2 million primarily because of improved Cement net sales prices and earnings from the recently acquired Kosmos Cement Business.

Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 22% to $278.1 million and operating earnings were a record $79.9 million, up 20%. These increases reflect improved Cement net sales prices and the contribution of the recently acquired Kosmos Cement Business, which accounted for approximately $50.0 million of revenue and $14.4 million of operating earnings during the quarter.

The average net sales price for the quarter increased 2% to $111.59 per ton. Excluding the impact from the Kosmos Cement Business, the average net sales price increased 4%. Cement sales volume for the quarter was a record 2.2 million tons, up 23% versus the prior year. Excluding sales volume from the recently acquired Kosmos Cement Business and the impact from selling our Northern California concrete business, our Cement sales volume would have been up 1%.

Concrete and Aggregates revenue decreased 17% to $46.3 million. The decline reflects the sale of our Northern California concrete and aggregates businesses during the first quarter of fiscal 2021. Excluding the results from the sold businesses, Concrete and Aggregates revenue was up 1%. Second quarter operating earnings for Concrete and Aggregates were down 28% to $5.3 million, primarily reflecting the sale of our northern California businesses. Excluding the results from the sold businesses, operating earnings decreased 8% reflecting lower concrete sales volume.                

Light Materials: Gypsum Wallboard and Paperboard

Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 1% from the prior year, as improved sales volume was partially offset by lower pricing. Gypsum Wallboard sales volume was a second quarter record 720 million square feet (MMSF), up 6%, while the average Gypsum Wallboard net sales price declined 3% to $143.41 per MSF.

Paperboard sales volume for the quarter also increased 1% to a record 87,000 tons. The average Paperboard net sales price was $513.11 per ton, up 8% from the prior year, consistent with the pricing provisions in our long-term sales agreements.    

Operating earnings were $48.3 million in the sector, a decline of 1%, reflecting improved Wallboard and Paperboard sales volume offset by lower Wallboard net sales prices.

 

2


Sale of Oil and Gas Proppants Business

On September 18, 2020, the Company sold its Oil and Gas Proppants business to Smart Sand, Inc. The purchase price was $2 million, paid in shares of Smart Sand, Inc. The Company also agreed to make available up to $5 million in loans for working capital and expenses of the sold business for up to one-year, after which, any unpaid borrowings will convert to a note receivable maturing in September 2024. The sale of the business resulted in a $9 million gain on sale. The gain on sale and current-year and prior-year financial results of the Oil and Gas Proppants segment have been classified as Discontinued Operations on the Statement of Earnings. The assets and liabilities of the Oil and Gas Proppants segment have been reflected on separate lines for Discontinued Operations on the Balance Sheet.

Planned Separation of Heavy Materials and Light Materials Businesses

As previously announced on May 30, 2019, the Company plans to separate its Heavy Materials and Light Materials businesses into two independent, publicly traded corporations by means of a tax-free spin-off to Eagle shareholders. We remain committed to the separation and continue to make preparations to ensure that the two businesses are well-positioned for the separation, although the timing of the separation remains uncertain given the effects of the COVID-19 pandemic.

Details of Financial Results

We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.                

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Gypsum Paperboard and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in Dallas, Texas.

Eagle’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, October 29, 2020. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.

###

 

3


Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in or changes in the nature of activity in the oil and gas industry, including fluctuations in the level of fracturing activities and the demand for frac sand and changes in processes or substitutions in materials used in well fracturing; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; competition; cyber-attacks or data security breaches; announced increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. With respect to our acquisition of certain assets from Kosmos Cement Company, factors, risks and uncertainties that may cause actual future events and developments to vary materially from those anticipated in such forward-looking statements include, but are not limited to, failure to realize expected synergies from or other benefits of the transaction, significant difficulties encountered in integration or unexpected ownership transition costs, unknown liabilities or other adverse developments affecting the assets acquired and the target business, including the effect on the acquired business of the same or similar factors discussed above to which our Heavy Materials business is subject. Additionally, the proposed separation of our Heavy Materials and Light Materials businesses into two independent, publicly traded corporations is subject to various risks and uncertainties, including risks related to conditions in debt and equity markets and risks related to the effects of the COVID-19 pandemic, and may not be completed on the terms or timeline currently contemplated, or at all. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on economic conditions, capital and financial markets. The COVID-19 pandemic and responses thereto may disrupt our business and are likely to have an adverse effect on demand for our products, attributable to, among other things, reductions in consumer spending, increases in unemployment and decreases in revenues and construction budgets of state or local governments. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.

For additional information, contact at 214-432-2000.

Michael R. Haack

President and Chief Executive Officer

D. Craig Kesler

Executive Vice President and Chief Financial Officer

Robert S. Stewart

Executive Vice President, Strategy, Corporate Development and Communications

Attachment 1    Statement of Consolidated Earnings

Attachment 2    Revenue and Earnings by Lines of Business

Attachment 3    Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

Attachment 4    Consolidated Balance Sheets

Attachment 5    Depreciation, Depletion and Amortization by Lines of Business

 

4


Attachment 1

Eagle Materials Inc.

Statement of Consolidated Earnings

(dollars in thousands, except per share data)

(unaudited)

 

     Quarter Ended
September 30,
    Six Months Ended
September 30,
 
     2020     2019     2020     2019  

Revenue

   $ 447,684     $ 400,569     $ 874,673     $ 755,934  

Cost of Goods Sold

     324,835       291,549       649,527       568,820  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit

     122,849       109,020       225,146       187,114  

Equity in Earnings of Unconsolidated JV

     10,577       12,357       18,373       21,789  

Corporate General and Administrative Expenses

     (11,109     (13,458     (28,898     (34,712

Gain on Sale of Businesses

     —         —         51,973       —    

Other Non-Operating (Loss) Income

     (90     585       (399     723  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from Continuing Operations before Interest and Income Taxes

     122,227       108,504       266,195       174,914  

Interest Expense, net

     (12,556     (10,137     (26,597     (18,983
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from Continuing Operations before Income Taxes

     109,671       98,367       239,598       155,931  

Income Tax Expense

     (19,800     (23,303     (52,636     (37,534
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from Continuing Operations

   $ 89,871     $ 75,064     $ 186,962     $ 118,397  

Gain (Loss) from Discontinued Operations, net of tax

     6,163       (3,271     5,278       (5,300
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Earnings

   $ 96,034     $ 71,793     $ 192,240     $ 113,097  
  

 

 

   

 

 

   

 

 

   

 

 

 

BASIC EARNINGS (LOSS) PER SHARE

        

Continuing Operations

   $ 2.17     $ 1.81     $ 4.51     $ 2.77  

Discontinued Operations

   $ 0.15     $ (0.08   $ 0.13     $ (0.12
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Earnings

   $ 2.32     $ 1.73     $ 4.64     $ 2.65  
  

 

 

   

 

 

   

 

 

   

 

 

 

DILUTED EARNINGS (LOSS) PER SHARE

        

Continuing Operations

   $ 2.16     $ 1.80     $ 4.49     $ 2.75  

Discontinued Operations

   $ 0.15     $ (0.08   $ 0.13     $ (0.12
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Earnings

   $ 2.31     $ 1.72     $ 4.62     $ 2.63  
  

 

 

   

 

 

   

 

 

   

 

 

 

AVERAGE SHARES OUTSTANDING

        

Basic

     41,450,013       41,572,127       41,430,511       42,714,896  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     41,649,319       41,833,775       41,606,401       42,985,715  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

5


Attachment 2

Eagle Materials Inc.

Revenue and Earnings by Lines of Business

(dollars in thousands)

(unaudited)

 

     Quarter Ended
September 30,
    Six Months Ended
September 30,
 
     2020     2019     2020     2019  

Revenue*

        

Heavy Materials:

        

Cement (Wholly Owned)

   $ 244,602     $ 190,422     $ 474,682     $ 353,977  

Concrete and Aggregates

     46,300       55,564       90,384       94,965  
  

 

 

   

 

 

   

 

 

   

 

 

 
     290,902       245,986       565,066       448,942  

Light Materials:

        

Gypsum Wallboard

     131,210       128,660       261,360       255,384  

Gypsum Paperboard

     25,572       25,923       48,247       51,608  
  

 

 

   

 

 

   

 

 

   

 

 

 
     156,782       154,583       309,607       306,992  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenue

   $ 447,684     $ 400,569     $ 874,673     $ 755,934  
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment Operating Earnings

        

Heavy Materials:

        

Cement (Wholly Owned)

   $ 69,336     $ 54,169     $ 121,995     $ 80,858  

Cement (Joint Venture)

     10,577       12,357       18,373       21,789  

Concrete and Aggregates

     5,255       7,255       10,673       11,689  
  

 

 

   

 

 

   

 

 

   

 

 

 
     85,168       73,781       151,041       114,336  

Light Materials:

        

Gypsum Wallboard

     37,606       38,456       78,931       76,388  

Gypsum Paperboard

     10,652       10,095       13,547       20,039  
  

 

 

   

 

 

   

 

 

   

 

 

 
     48,258       48,551       92,478       96,427  

Other Operations

     —         (955     —         (1,860
  

 

 

   

 

 

   

 

 

   

 

 

 

Sub-total

     133,426       121,377       243,519       208,903  

Corporate General and Administrative Expense

     (11,109     (13,458     (28,898     (34,712

Gain on Sale of Businesses

     —         —         51,973       —    

Other Non-Operating Income

     (90     585       (399     723  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from Continuing Operations before Interest and Income Taxes

   $ 122,227     $ 108,504     $ 266,195     $ 174,914  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Excluding Intersegment and Joint Venture Revenue listed on Attachment 3

 

6


Attachment 3

Eagle Materials Inc.

Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

(unaudited)

 

     Sales Volume  
     Quarter Ended
September 30,
    Six Months Ended
September 30,
 
     2020      2019      Change     2020      2019      Change  

Cement (M Tons):

                

Wholly Owned

     1,947        1,529        +27     3,813        2,847        +34

Joint Venture

     233        249        -6     452        481        -6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 
     2,180        1,778        +23     4,265        3,328        +28

Concrete (M Cubic Yards)

     357        428        -17     705        738        -4

Aggregates (M Tons)

     475        1,060        -55     950        1,859        -49

Gypsum Wallboard (MMSFs)

     720        681        +6     1,424        1,341        +6

Paperboard (M Tons):

                

Internal

     39        33        +18     69        66        +5

External

     48        53        -9     95        101        -6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 
     87        86        +1     164        167        -2

 

     Average Net Sales Price*  
     Quarter Ended
September 30,
    Six Months Ended
September 30,
 
     2020      2019      Change     2020      2019      Change  

Cement (Ton)

   $ 111.59      $ 109.35        +2   $ 110.38      $ 109.51        +1

Concrete (Cubic Yard)

   $ 116.55      $ 107.69        +8   $ 115.10      $ 105.94        +9

Aggregates (Ton)

   $ 10.02      $ 9.25        +8   $ 9.90      $ 9.42        +5

Gypsum Wallboard (MSF)

   $ 143.41      $ 148.16        -3   $ 144.83      $ 149.53        -3

Paperboard (Ton)

   $ 513.11      $ 475.98        +8   $ 489.13      $ 492.71        -1

 

*

Net of freight and delivery costs billed to customers.

 

     Intersegment and Cement Revenue  
     Quarter Ended
September 30,
     Six Months Ended
September 30,
 
     2020      2019      2020      2019  

Intersegment Revenue:

           

Cement

   $ 6,267      $ 6,703      $ 12,298      $ 10,956  

Concrete and Aggregates

     —          407        106        784  

Paperboard

     20,499        15,924        34,568        32,939  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 26,766      $ 23,034      $ 46,972      $ 44,679  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cement Revenue:

           

Wholly Owned

   $ 244,602      $ 190,422      $ 474,682      $ 353,977  

Joint Venture

     27,193        29,888        52,493        57,393  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 271,795      $ 220,310      $ 527,175      $ 411,370  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

7


Attachment 4

Eagle Materials Inc.

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)

 

     September 30,     March 31,  
     2020     2019     2020*  

ASSETS

      

Current Assets –

      

Cash and Cash Equivalents

   $ 200,858     $ 53,684     $ 118,648  

Restricted Cash

     5,000       —         —    

Accounts and Notes Receivable, net

     177,138       170,268       145,808  

Inventories

     227,106       233,661       272,121  

Federal Income Tax Receivable

     28,671       —         128,413  

Prepaid and Other Assets

     9,634       7,520       6,135  

Current Assets of Discontinued Operations

     —         21,922       7,092  
  

 

 

   

 

 

   

 

 

 

Total Current Assets

     648,407       487,055       678,217  
  

 

 

   

 

 

   

 

 

 

Property, Plant and Equipment, net

     1,706,200       1,268,495       1,756,417  

Investments in Joint Venture

     74,331       71,662       73,958  

Operating Lease Right of Use Asset

     28,139       40,605       29,483  

Notes Receivable

     8,287       6,436       9,139  

Goodwill and Intangibles

     394,524       230,619       396,463  

Assets from Discontinued Operations

     —         210,715       6,739  

Other Assets

     11,395       10,624       10,604  
  

 

 

   

 

 

   

 

 

 
   $ 2,871,283     $ 2,326,211     $ 2,961,020  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

      

Current Liabilities –

      

Accounts Payable and Accrued Liabilities

   $ 156,275     $ 139,511     $ 154,625  

Operating Lease Liabilities

     6,810       5,971       6,585  

Current Portion of Senior Notes

     —         36,500       —    

Current Liabilities of Discontinued Operations

     —         12,793       8,487  
  

 

 

   

 

 

   

 

 

 

Total Current Liabilities

     163,085       194,775       169,697  
  

 

 

   

 

 

   

 

 

 

Long-term Liabilities

     79,005       67,816       74,071  

Bank Credit Facility

     245,000       585,000       560,000  

Bank Term Loan

     661,621       —         660,761  

4.500% Senior Unsecured Notes due 2026

     346,095       345,426       346,554  

Deferred Income Taxes

     208,446       98,298       166,667  

Liabilities from Discontinued Operations

     —         24,141       15,427  

Stockholders’ Equity –

      

Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued

     —         —         —    

Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 41,816,942; 41,625,996 and 41,649,041 Shares, respectively

     418       416       416  

Capital in Excess of Par Value

     18,584       2,990       10,943  

Accumulated Other Comprehensive Losses

     (3,276     (3,248     (3,581

Retained Earnings

     1,152,305       1,010,597       960,065  
  

 

 

   

 

 

   

 

 

 

Total Stockholders’ Equity

     1,168,031       1,010,755       967,843  
  

 

 

   

 

 

   

 

 

 
   $ 2,871,283     $ 2,326,211     $ 2,961,020  
  

 

 

   

 

 

   

 

 

 

 

*

From audited financial statements

 

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Attachment 5

Eagle Materials Inc.

Depreciation, Depletion and Amortization by Lines of Business

(dollars in thousands)

(unaudited)

The following table presents Depreciation, Depletion and Amortization by lines of business for the quarters ended September 30, 2020 and 2019:

 

     Depreciation, Depletion and Amortization  
     Quarter Ended
September 30,
 
     2020      2019  

Cement

   $ 19,258      $ 13,868  

Concrete and Aggregates

     2,698        2,754  

Gypsum Wallboard

     5,661        5,147  

Paperboard

     3,344        2,203  

Corporate and Other

     1,201        598  
  

 

 

    

 

 

 
   $ 32,162      $ 24,570  
  

 

 

    

 

 

 

 

9