Texas Industries, Inc. reported net income of $37.6 million on net sales of $519.9 million for the quarter ended May 31, 2004.

Net income of $37.6 million ($1.59 per share) for the quarter compares to a loss of $7.6 million ($.36 per share) for the same quarter last year.

"The trend of improving margins continued in the fourth quarter," stated Mel Brekhus, CEO. "Realized steel prices climbed by 33% compared to the third quarter, outpacing unprecedented increases in raw material costs. Cement price increases announced earlier in the calendar year are also taking hold."

Steel operating profit of $48.4 million, a record, compares to a loss of $19.0 million in last year's fourth quarter. Steel shipments improved 19% while realized prices were up 60%.

Cement, aggregate and concrete operations generated an operating profit of $31.0 million, up from $24.0 million a year ago. Major product shipments were up 5-12%; realized prices were equal to or slightly better than those of a year ago.

"Fourth quarter net income was a record for Texas Industries," added Brekhus. "More importantly, current market and industry conditions are consistent with continued robust earnings."

TXI is a leading supplier of building materials, primarily cement and structural steel. Cement operations serve Texas and California, the two largest cement markets in the nation. Structural steel products are distributed throughout North America.