Financial Information Related to Operations by Segment |
The following table sets forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level; these costs are disclosed at the consolidated company level.
|
|
For the Three Months Ended December 31, |
|
|
For the Nine Months Ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
(dollars in thousands) |
|
Revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
183,031 |
|
|
$ |
163,732 |
|
|
$ |
605,357 |
|
|
$ |
543,681 |
|
Concrete and Aggregates |
|
|
47,147 |
|
|
|
30,841 |
|
|
|
142,895 |
|
|
|
111,425 |
|
Gypsum Wallboard |
|
|
125,070 |
|
|
|
130,954 |
|
|
|
380,454 |
|
|
|
402,978 |
|
Paperboard |
|
|
37,813 |
|
|
|
39,638 |
|
|
|
122,360 |
|
|
|
126,048 |
|
Oil and Gas Proppants |
|
|
7,345 |
|
|
|
14,100 |
|
|
|
36,535 |
|
|
|
65,266 |
|
|
|
|
400,406 |
|
|
|
379,265 |
|
|
|
1,287,601 |
|
|
|
1,249,398 |
|
Less: Intersegment Revenue |
|
|
(21,775 |
) |
|
|
(20,611 |
) |
|
|
(66,454 |
) |
|
|
(62,746 |
) |
Less: Joint Venture Revenue |
|
|
(28,382 |
) |
|
|
(25,369 |
) |
|
|
(85,775 |
) |
|
|
(78,112 |
) |
|
|
$ |
350,249 |
|
|
$ |
333,285 |
|
|
$ |
1,135,372 |
|
|
$ |
1,108,540 |
|
|
|
For the Three Months Ended December 31, |
|
|
For the Nine Months Ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
(dollars in thousands) |
|
Intersegment Revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
6,174 |
|
|
$ |
3,518 |
|
|
$ |
17,130 |
|
|
$ |
11,769 |
|
Concrete and Aggregates |
|
|
350 |
|
|
|
346 |
|
|
|
1,134 |
|
|
|
1,178 |
|
Paperboard |
|
|
15,251 |
|
|
|
16,747 |
|
|
|
48,190 |
|
|
|
49,799 |
|
|
|
$ |
21,775 |
|
|
$ |
20,611 |
|
|
$ |
66,454 |
|
|
$ |
62,746 |
|
Cement Sales Volume (M tons) - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
|
|
1,199 |
|
|
|
1,126 |
|
|
|
4,046 |
|
|
|
3,740 |
|
Joint Venture |
|
|
240 |
|
|
|
218 |
|
|
|
721 |
|
|
|
672 |
|
|
|
|
1,439 |
|
|
|
1,344 |
|
|
|
4,767 |
|
|
|
4,412 |
|
|
|
For the Three Months Ended December 31, |
|
|
For the Nine Months Ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
(dollars in thousands) |
|
Operating Earnings (Loss) - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
54,180 |
|
|
$ |
47,197 |
|
|
$ |
156,827 |
|
|
$ |
142,078 |
|
Concrete and Aggregates |
|
|
3,334 |
|
|
|
1,037 |
|
|
|
15,023 |
|
|
|
10,621 |
|
Gypsum Wallboard |
|
|
38,484 |
|
|
|
43,543 |
|
|
|
114,872 |
|
|
|
139,694 |
|
Paperboard |
|
|
9,021 |
|
|
|
7,475 |
|
|
|
29,060 |
|
|
|
26,078 |
|
Oil and Gas Proppants |
|
|
(6,805 |
) |
|
|
(9,324 |
) |
|
|
(15,944 |
) |
|
|
(19,554 |
) |
Sub-Total |
|
|
98,214 |
|
|
|
89,928 |
|
|
|
299,838 |
|
|
|
298,917 |
|
Corporate General and Administrative Expense |
|
|
(13,794 |
) |
|
|
(9,408 |
) |
|
|
(48,506 |
) |
|
|
(27,333 |
) |
Impairment Losses |
|
|
(224,267 |
) |
|
|
— |
|
|
|
(224,267 |
) |
|
|
— |
|
Litigation Settlements and Losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,800 |
) |
Other Non-Operating Income |
|
|
825 |
|
|
|
1,292 |
|
|
|
1,967 |
|
|
|
2,291 |
|
Earnings (Loss) Before Interest and Income Taxes |
|
|
(139,022 |
) |
|
|
81,812 |
|
|
|
29,032 |
|
|
|
272,075 |
|
Interest Expense, net |
|
|
(9,543 |
) |
|
|
(7,294 |
) |
|
|
(28,526 |
) |
|
|
(20,743 |
) |
Earnings (Loss) Before Income Taxes |
|
$ |
(148,565 |
) |
|
$ |
74,518 |
|
|
$ |
506 |
|
|
$ |
251,332 |
|
Cement Operating Earnings - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned |
|
$ |
43,480 |
|
|
$ |
37,690 |
|
|
$ |
124,338 |
|
|
$ |
113,147 |
|
Joint Ventures |
|
|
10,700 |
|
|
|
9,507 |
|
|
|
32,489 |
|
|
|
28,931 |
|
|
|
$ |
54,180 |
|
|
$ |
47,197 |
|
|
$ |
156,827 |
|
|
$ |
142,078 |
|
Capital Expenditures - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
7,379 |
|
|
$ |
17,691 |
|
|
$ |
26,125 |
|
|
$ |
51,524 |
|
Concrete and Aggregates |
|
|
3,233 |
|
|
|
2,263 |
|
|
|
9,324 |
|
|
|
4,786 |
|
Gypsum Wallboard |
|
|
273 |
|
|
|
2,054 |
|
|
|
8,647 |
|
|
|
8,533 |
|
Paperboard |
|
|
12,885 |
|
|
|
1,486 |
|
|
|
42,484 |
|
|
|
7,896 |
|
Oil and Gas Proppants |
|
|
86 |
|
|
|
5,818 |
|
|
|
151 |
|
|
|
48,684 |
|
Corporate and Other |
|
|
— |
|
|
|
3,690 |
|
|
|
— |
|
|
|
5,023 |
|
|
|
$ |
23,856 |
|
|
$ |
33,002 |
|
|
$ |
86,731 |
|
|
$ |
126,446 |
|
Depreciation, Depletion, and Amortization - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cement |
|
$ |
14,189 |
|
|
$ |
13,242 |
|
|
$ |
42,275 |
|
|
$ |
38,909 |
|
Concrete and Aggregates |
|
|
3,105 |
|
|
|
2,049 |
|
|
|
8,050 |
|
|
|
6,154 |
|
Gypsum Wallboard |
|
|
5,050 |
|
|
|
4,978 |
|
|
|
15,149 |
|
|
|
15,009 |
|
Paperboard |
|
|
2,244 |
|
|
|
2,150 |
|
|
|
6,610 |
|
|
|
6,387 |
|
Oil and Gas Proppants |
|
|
3,445 |
|
|
|
6,964 |
|
|
|
11,087 |
|
|
|
24,403 |
|
Corporate and Other |
|
|
578 |
|
|
|
402 |
|
|
|
1,773 |
|
|
|
1,099 |
|
|
|
$ |
28,611 |
|
|
$ |
29,785 |
|
|
$ |
84,944 |
|
|
$ |
91,961 |
|
|
|
December 31, |
|
|
March 31, |
|
|
|
2019 |
|
|
2019 |
|
|
|
(dollars in thousands) |
|
Identifiable Assets |
|
|
|
|
|
|
|
|
Cement |
|
$ |
1,282,081 |
|
|
$ |
1,289,468 |
|
Concrete and Aggregates |
|
|
139,769 |
|
|
|
95,084 |
|
Gypsum Wallboard |
|
|
367,833 |
|
|
|
372,206 |
|
Paperboard |
|
|
169,508 |
|
|
|
138,614 |
|
Oil and Gas Proppants |
|
|
18,029 |
|
|
|
236,357 |
|
Corporate and Other, net |
|
|
153,005 |
|
|
|
37,434 |
|
|
|
$ |
2,130,225 |
|
|
$ |
2,169,163 |
|
|