Florida Rock Industries, Inc. (NYSE:FRK) today announced record
sales, record net income and record diluted earnings per share for
the fourth quarter and fiscal year ended September 30, 2006: Fourth
quarter 2006 revenues increased 2.4% to $336,457,000 from
$328,460,000 in the fourth quarter of 2005; Fourth quarter net
income increased 14.4% to $53,267,000 from $46,548,000 in same
quarter of 2005; 2006 fourth quarter diluted earnings per share
were $.80 per share versus $.69 per share for 2005�s fourth
quarter. For the full 2006 year, net income improved 34.1% to
$211,409,000 versus $157,653,000 in 2005 with a 33.9% increase in
earnings per diluted share from $2.36 per share in 2005 to $3.16
per share in 2006. Fourth quarter 2006 earnings included $163,000
of after-tax real estate gains versus $2,485,000 of after-tax real
estate gains in fourth quarter 2005. Fourth Quarter Results. Gross
profit for the 2006 fourth quarter rose to $110,900,000 from the
fourth quarter 2005 level of $102,066,000, an increase of 8.7%
despite lower volumes in all three segments (see chart below for
average price and volume information). Fourth quarter 2006
operating profit was $77,054,000 versus $69,808,000 in fourth
quarter 2005, up 10.4%. With a lower effective income tax rate
attributable to an increase in excess percentage depletion as a
result of the increased percentage of aggregate and cement
production revenues, net income increased 14.4% to $53,267,000 in
fourth quarter 2006. Prices were up in all segments when compared
to the last quarter of 2005 (see chart below). Fiscal Year Results.
Fiscal 2006 as a whole was a record performance for revenue and
profitability growth in all three business segments, with improved
aggregate and ready mix volumes helping to offset slightly lower
cement and block volumes. Fiscal 2006 revenues were a record
$1,367,789,000 up 18.6% from $1,153,452,000 in fiscal 2005. The
percentage improvement in gross profit was even better at 26.9%
with $445,703,000 compared to fiscal 2005's $351,242,000. The
Company achieved record operating profit of $319,475,000 for fiscal
2006 versus fiscal 2005 operating profit of $249,473,000, a year
over year improvement of 28.1%. At the bottom line, fiscal 2006 net
income was a record $211,409,000 versus fiscal 2005 net income of
$157,653,000, a 34.1% year over year improvement. Selling, general
and administrative expenses ("SG&A Expenses") for 2006 remained
nearly constant as a percentage of sales at 9.5% versus 9.4% for
fiscal 2005, although in absolute terms they increased 20.0% over
fiscal 2005. The primary items contributing to the absolute
increase were: (a) higher profit-sharing expense and management
incentive compensation expense resulting from increased earnings;
(b) stock option expense of $5,192,000 attributable to the adoption
of FAS 123R; and (c) higher legal costs primarily caused by the
Miami federal court litigation related to our Miami quarry permit.
Commenting on the fourth quarter and fiscal 2006 results, President
and CEO, John Baker, stated, �Our fourth quarter and fiscal 2006
earnings results both proved to be new records despite substantial
declines in residential construction in our markets during the last
four months of the fiscal year. With this slowing demand in the
last third of the year, our people deserve tremendous credit for
their disciplined efforts as they still enabled us to achieve a
34.1% increase in earnings year over year. In announcing these
tremendous results, we applaud their continuing efforts to help us
improve and thank them all for their contributions.� Outlook.
Residential construction in the Company�s markets shows significant
weakness, with non-residential construction showing a slight dip in
the most recent quarter but highway opportunities still better year
over year. The Company also will host a conference call at 10:00
a.m. E.S.T. Thursday, November 30, 2006. Analysts, stockholders and
other interested parties may access the teleconference live by
calling 1-888-682-4386 (security code FLAROCK), or via the Internet
through the Conference America, Inc. website at
http://www.yourcall.com/real/players/frk113006.smil or via the
Company's website at www.flarock.com. If using the Company's
website, click on Investor Relations - Florida Rock Industries,
Inc. Conference Stream. There will be a 30-40 minute delay until
the archive is available following the conclusion of the conference
call. Florida Rock Industries, Inc. is one of the nation�s leading
producers of construction aggregates, a major provider of
ready-mixed concrete and concrete products in the Southeastern and
Mid-Atlantic States and a significant supplier of cement in Florida
and Georgia. 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. FLORIDA ROCK INDUSTRIES, INC.
Summary of Consolidated Sales and Earnings (Amounts in thousands
except per share amounts) (Unaudited) � FOR THE QUARTER AND TWELVE
MONTHS ENDED SEPTEMBER 30 Three Months Ended Twelve Months Ended �
2006� 2005� 2006� 2005� Net Sales $ 326,604� 320,754� $ 1,328,271�
1,126,608� Freight Revenues 9,853� 7,706� 39,518� 26,844� Total
Sales 336,457� 328,460� 1,367,789� 1,153,452� Gross Profit 110,900�
102,066� 445,703� 351,242� Operating Profit 77,054� 69,808�
319,475� 249,473� Interest Income/Expense (net) 1,148� 224� 2,902�
(295) Other Income/Expense (net) 2,812� 4,775� 7,707� 6,454� Income
before taxes 81,014� 74,807� 330,084� 255,632� Net Income $ 53,267�
46,548� $ 211,409� 157,653� Earnings per common share: � � � �
Basic $.81� $.71� $3.22� $2.41� Diluted $ .80� $.69� $3.16� $2.36�
Weighted average shares outstanding: � � � � Basic 65,473� 65,499�
65,621� 65,306� Diluted 66,552� 67,083� 66,829� 66,764� FLORIDA
ROCK INDUSTRIES, INC. Balance Sheet Data (Amounts in thousands)
(Unaudited) September 30, 2006 September 30, 2005 Cash and cash
equivalents $ 93,353� 68,921� Accounts receivable, net 150,088�
146,501� Inventories 53,015� 43,682� Other current assets 8,735�
7,721� Property, plant and equipment, net 690,012� 578,500� Other
non-current assets 241,057� 207,666� � Total Assets $ 1,236,260�
1,052,991� � Current liabilities 151,266� 145,280� Long-term debt
(excluding current maturities) 16,423� 18,437� Deferred income
taxes 92,449� 87,789� Other non-current liabilities 60,226� 53,552�
Shareholders' equity 915,896� 747,933� Total Liabilities and
Shareholders' Equity $ 1,236,260� 1,052,991� FLORIDA ROCK
INDUSTRIES, INC. Business Segments Volumes and Price Comparisons.
(Unaudited) � 2006 Fourth Quarter 2005 Fourth Quarter 2006 YTD 2005
YTD Product Volumes: Ready-Mix Yards 1,727,440� 2,004,579�
7,443,826� 7,215,915� Block 17,043,945� 21,961,018� 84,093.212�
85,695,869� Aggregate Producing Tons 11,255,353� 11,313,154�
44,712,712� 41,791,450� Cement Tons 525,062� 589,511� 2,336,156�
2,386,206� � Average Prices: Ready-Mix Yards $ 100.31� 86.17� $
95.02� 81.32� Block $ 1.43� 1.25� $ 1.37� 1.13� Aggregate Producing
Tons $ 8.10� 6.95� $ 7.62� 6.72� Cement Tons $ 103.76� 91.10� $
99.20� 84.85� FLORIDA ROCK INDUSTRIES, INC. Business Segments
(Amounts in thousands) (Unaudited) � The Company has identified its
business segments as Aggregates, Concrete Products, Cement and
Calcium Products.��All of the company's operations are located in
the Southeastern and Mid-Atlantic states and each is managed
separately along product lines.��Operating results for the
Company's business segments are as follows: � Three Months
EndedSeptember 30 Twelve Months EndedSeptember 30 � 2006� 2005�
2006� 2005� Net Sales, excluding freight Aggregates $ 105,324�
91,383� $ 387,590� 325,254� Concrete products 206,510� 212,077�
867,123� 728,272� Cement and calcium 54,722� 54,370� 235,244�
206,254� Inter-segment sales (39,952) (37,076) (161,686) (133,172)
Total Net Sales, excluding freight $ 326,604� 320,754� $ 1,328,271�
1,126,608� Operating Profit Aggregates $ 35,459� 23,608� $ 117,215�
94,552� Concrete products 28,543� 37,109� 148,149� 118,161� Cement
and calcium 19,455� 11,941� 83,600� 57,336� Corporate overhead
(6,403) (2,850) (29,489) (20,576) Total Operating profit $ 77,054�
69,808� $ 319,475� 249,473� Florida Rock Industries, Inc.
(NYSE:FRK) today announced record sales, record net income and
record diluted earnings per share for the fourth quarter and fiscal
year ended September 30, 2006: -- Fourth quarter 2006 revenues
increased 2.4% to $336,457,000 from $328,460,000 in the fourth
quarter of 2005; -- Fourth quarter net income increased 14.4% to
$53,267,000 from $46,548,000 in same quarter of 2005; -- 2006
fourth quarter diluted earnings per share were $.80 per share
versus $.69 per share for 2005's fourth quarter. -- For the full
2006 year, net income improved 34.1% to $211,409,000 versus
$157,653,000 in 2005 with a 33.9% increase in earnings per diluted
share from $2.36 per share in 2005 to $3.16 per share in 2006.
Fourth quarter 2006 earnings included $163,000 of after-tax real
estate gains versus $2,485,000 of after-tax real estate gains in
fourth quarter 2005. Fourth Quarter Results. Gross profit for the
2006 fourth quarter rose to $110,900,000 from the fourth quarter
2005 level of $102,066,000, an increase of 8.7% despite lower
volumes in all three segments (see chart below for average price
and volume information). Fourth quarter 2006 operating profit was
$77,054,000 versus $69,808,000 in fourth quarter 2005, up 10.4%.
With a lower effective income tax rate attributable to an increase
in excess percentage depletion as a result of the increased
percentage of aggregate and cement production revenues, net income
increased 14.4% to $53,267,000 in fourth quarter 2006. Prices were
up in all segments when compared to the last quarter of 2005 (see
chart below). Fiscal Year Results. Fiscal 2006 as a whole was a
record performance for revenue and profitability growth in all
three business segments, with improved aggregate and ready mix
volumes helping to offset slightly lower cement and block volumes.
Fiscal 2006 revenues were a record $1,367,789,000 up 18.6% from
$1,153,452,000 in fiscal 2005. The percentage improvement in gross
profit was even better at 26.9% with $445,703,000 compared to
fiscal 2005's $351,242,000. The Company achieved record operating
profit of $319,475,000 for fiscal 2006 versus fiscal 2005 operating
profit of $249,473,000, a year over year improvement of 28.1%. At
the bottom line, fiscal 2006 net income was a record $211,409,000
versus fiscal 2005 net income of $157,653,000, a 34.1% year over
year improvement. Selling, general and administrative expenses
("SG&A Expenses") for 2006 remained nearly constant as a
percentage of sales at 9.5% versus 9.4% for fiscal 2005, although
in absolute terms they increased 20.0% over fiscal 2005. The
primary items contributing to the absolute increase were: (a)
higher profit-sharing expense and management incentive compensation
expense resulting from increased earnings; (b) stock option expense
of $5,192,000 attributable to the adoption of FAS 123R; and (c)
higher legal costs primarily caused by the Miami federal court
litigation related to our Miami quarry permit. Commenting on the
fourth quarter and fiscal 2006 results, President and CEO, John
Baker, stated, "Our fourth quarter and fiscal 2006 earnings results
both proved to be new records despite substantial declines in
residential construction in our markets during the last four months
of the fiscal year. With this slowing demand in the last third of
the year, our people deserve tremendous credit for their
disciplined efforts as they still enabled us to achieve a 34.1%
increase in earnings year over year. In announcing these tremendous
results, we applaud their continuing efforts to help us improve and
thank them all for their contributions." Outlook. Residential
construction in the Company's markets shows significant weakness,
with non-residential construction showing a slight dip in the most
recent quarter but highway opportunities still better year over
year. The Company also will host a conference call at 10:00 a.m.
E.S.T. Thursday, November 30, 2006. Analysts, stockholders and
other interested parties may access the teleconference live by
calling 1-888-682-4386 (security code FLAROCK), or via the Internet
through the Conference America, Inc. website at
http://www.yourcall.com/real/players/frk113006.smil or via the
Company's website at www.flarock.com. If using the Company's
website, click on Investor Relations - Florida Rock Industries,
Inc. Conference Stream. There will be a 30-40 minute delay until
the archive is available following the conclusion of the conference
call. Florida Rock Industries, Inc. is one of the nation's leading
producers of construction aggregates, a major provider of
ready-mixed concrete and concrete products in the Southeastern and
Mid-Atlantic States and a significant supplier of cement in Florida
and Georgia. 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. -0- *T FLORIDA ROCK INDUSTRIES,
INC. Summary of Consolidated Sales and Earnings (Amounts in
thousands except per share amounts) (Unaudited) FOR THE QUARTER AND
TWELVE MONTHS ENDED SEPTEMBER 30 Three Months Ended Twelve Months
Ended 2006 2005 2006 2005 --------- -------- ----------- ----------
Net Sales $326,604 320,754 $1,328,271 1,126,608 Freight Revenues
9,853 7,706 39,518 26,844 --------- -------- ----------- ----------
Total Sales 336,457 328,460 1,367,789 1,153,452 Gross Profit
110,900 102,066 445,703 351,242 Operating Profit 77,054 69,808
319,475 249,473 Interest Income/Expense (net) 1,148 224 2,902 (295)
Other Income/Expense (net) 2,812 4,775 7,707 6,454 Income before
taxes 81,014 74,807 330,084 255,632 Net Income $53,267 46,548
$211,409 157,653 Earnings per common share: Basic $.81 $.71 $3.22
$2.41 Diluted $.80 $.69 $3.16 $2.36 Weighted average shares
outstanding: Basic 65,473 65,499 65,621 65,306 Diluted 66,552
67,083 66,829 66,764 *T -0- *T FLORIDA ROCK INDUSTRIES, INC.
Balance Sheet Data (Amounts in thousands) (Unaudited) September 30,
2006 September 30, 2005 Cash and cash equivalents $ 93,353 68,921
Accounts receivable, net 150,088 146,501 Inventories 53,015 43,682
Other current assets 8,735 7,721 Property, plant and equipment, net
690,012 578,500 Other non-current assets 241,057 207,666
------------------ ------------------ Total Assets $ 1,236,260
1,052,991 ================== ================== Current liabilities
151,266 145,280 Long-term debt (excluding current maturities)
16,423 18,437 Deferred income taxes 92,449 87,789 Other non-current
liabilities 60,226 53,552 Shareholders' equity 915,896 747,933
------------------ ------------------ Total Liabilities and
Shareholders' Equity $ 1,236,260 1,052,991 ==================
================== *T -0- *T FLORIDA ROCK INDUSTRIES, INC. Business
Segments Volumes and Price Comparisons. (Unaudited) 2006 2005 2006
2005 Fourth Fourth YTD YTD Quarter Quarter ----------- -----------
----------- ----------- Product Volumes: Ready-Mix Yards 1,727,440
2,004,579 7,443,826 7,215,915 Block 17,043,945 21,961,018
84,093.212 85,695,869 Aggregate Producing Tons 11,255,353
11,313,154 44,712,712 41,791,450 Cement Tons 525,062 589,511
2,336,156 2,386,206 Average Prices: Ready-Mix Yards $ 100.31 86.17
$ 95.02 81.32 Block $ 1.43 1.25 $ 1.37 1.13 Aggregate Producing
Tons $ 8.10 6.95 $ 7.62 6.72 Cement Tons $ 103.76 91.10 $ 99.20
84.85 *T -0- *T FLORIDA ROCK INDUSTRIES, INC. Business Segments
(Amounts in thousands) (Unaudited) The Company has identified its
business segments as Aggregates, Concrete Products, Cement and
Calcium Products. All of the company's operations are located in
the Southeastern and Mid-Atlantic states and each is managed
separately along product lines. Operating results for the Company's
business segments are as follows: Three Months Ended Twelve Months
Ended September 30 September 30 2006 2005 2006 2005 ---------
-------- ----------- ---------- Net Sales, excluding freight
Aggregates $105,324 91,383 $387,590 325,254 Concrete products
206,510 212,077 867,123 728,272 Cement and calcium 54,722 54,370
235,244 206,254 Inter-segment sales (39,952) (37,076) (161,686)
(133,172) --------- -------- ----------- ---------- Total Net
Sales, excluding freight $326,604 320,754 $1,328,271 1,126,608
========= ======== =========== ========== Operating Profit
Aggregates $35,459 23,608 $117,215 94,552 Concrete products 28,543
37,109 148,149 118,161 Cement and calcium 19,455 11,941 83,600
57,336 Corporate overhead (6,403) (2,850) (29,489) (20,576)
--------- -------- ----------- ---------- Total Operating profit
$77,054 69,808 $319,475 249,473 ========= ======== ===========
========== *T
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