Q1 2009 Earning Report of Eagle Materials Inc.

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Q1 2009 Earning Report of Eagle Materials Inc.

  1. 1. Eagle Materials Inc. Fourth Quarter and Fiscal Year 2009 Earnings Release and Conference Call E i Rl dC f C ll April 23, 2009 1
  2. 2. Forward-Looking Statements 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 business; public infrastructure expenditures; adverse weather conditions; availability of raw materials; changes in energy costs including, without limitation, natural gas and oil; changes in the cost and availability of transportation; unexpected operational difficulties; inability to timely execute announced capacity expansions; governmental regulation and changes in governmental and public policy (including, without limitation, climate change regulation); changes in economic conditions specific to any one or more of the Company’s markets; competition; announced increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction; 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 and oil) could affect the revenues 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. These and other factors are described in the Company’s Annual Report on Form 10-K for the py fp f py p f fiscal year ended March 31, 2008 and in its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2008. 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. py p 2
  3. 3. Eagle Materials Results ($ millions, except per share data) Fourth Quarter Fiscal Year 2008 2009 2008 2009 Revenues $144.8 $108.9 -25% $749.6 $602.2 -20% Operating Earnings $18.4 $20.4 +11% $184.2 $108.0 -41% Earnings Per Share Basic $0.07 $0.16 +129% 129% $2.15 $0.95 -55% 55% Diluted $0.07 $0.16 +129% $2.12 $0.95 -55% 3
  4. 4. Wallboard and Paperboard Revenues ($ Millions) Fourth Quarter Fiscal Year $180 $550 $422.4 $346.1 $93.7 $90 $275 $73.0 $0 $0 FY2008 FY2009 FY2008 FY2009 4
  5. 5. Wallboard and Paperboard Operating Earnings ($ Millions) Fourth Quarter Fiscal Year $80 $80 $70 $70 $63.0 $63 0 $60 $60 $50 $50 $40 $40 $30 $30 $17.8 $20 $20 $9.6 $10 $10 $0.4 $0 $0 -$10 -$10 FY2008 FY2009 FY2008 FY2009 5
  6. 6. Cement Revenues ($ Millions) Fourth Quarter Fiscal Year $345.2 $110 $350 $289.4 $61.2 $55 $175 $46.0 $0 $0 FY2008 FY2009 FY2008 FY2009 - Includes intersegment and proportional share of joint venture revenues. 6
  7. 7. Cement Operating Earnings ($ Millions) Fourth Quarter Fiscal Year $30 $150 $106.6 $100 $16.1 $82.0 $15 $10.3 $50 $0 $0 FY2008 FY2009 FY2008 FY2009 7
  8. 8. Concrete and Aggregates Results ($ Millions) Fourth Quarter Fiscal Year FY2008 FY2009 FY2008 FY2009 Sales Volume: Concrete (cubic yards) 157,000 110,000 -30% 802,000 611,000 -24% Aggregates (t A t (tons) ) 551,000 551 000 446,000 446 000 -19% 19% 3,754,000 3 754 000 3,281,000 3 281 000 -13% 13% Revenues including intersegment $16.3 $10.8 -34% $87.6 $66.2 -24% Operating Earnings $1.8 $0.7 -60% $13.1 $4.6 -65% 8
  9. 9. Eagle Materials Inc. Cash Flow Information ($ in millions) Fiscal Year Ended FY 2008 FY 2009 Operating Cash Flow (1) $ 150 6 150.6 $ 79 4 79.4 -47% 47% Tax Payment (2) (45.8) - Capex, net (96.9) (12.1) -88% Free Cash Flow F C h Fl $ 79 7.9 $ 67 3 67.3 +752% Dividends Paid (35.6) (30.4) Purchase of Common Stock (176.9) - (3) Net Proceeds from Senior Notes 200.0 (95.0) Net Proceeds from Bank Credit Facility - 55.0 Other 6.3 1.9 Increase (Decrease) in Cash $ 1.7 $ (1.2) (1) Includes depreciation of $44.9 million and $51.2 million for the years ended March 31, 2008 and 2009, respectively. (2) Applicable to the Audit of our 2001-2003 Tax Returns (3) The Senior Notes were reduced by $100 million in total after consideration of the 5% discount on purchase 9
  10. 10. Eagle Materials Inc. Net Debt vs. Capitalization ($ Millions) Ratio 45% 44% $428 $425 450 400 $352 $337 350 300 $ 250 200 150 100 50 0 12/31/08 3/31/09 Net Debt Equity 10
  11. 11. Eagle Materials Inc. Question & Answer 11
  12. 12. Eagle Materials Inc. Thank you for participating in today s today’s conference call webcast. An archive of this webcast will be available at http://www.eaglematerials.com later today. 12

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