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| U.S. Concrete Reports Third Quarter 2005 Results U.S. Concrete Inc., a Houston-based company, reported net income of $9.0 million for the quarter ended September 30, 2005, compared to net income of $8.0 million in the third quarter of 2004. Net income for the first nine months of 2005 was $8.6 million compared to a net loss of $10.6 million for the first nine months of 2004, which included a $28.8 million loss on the early extinguishment of debt. Revenues in the third quarter of 2005 increased 16.2 percent to $172.3 million compared to $148.3 million in the third quarter of 2004. The Company's ready-mixed concrete sales volume in the third quarter of 2005 was approximately 1.57 million cubic yards, up 5.5 percent from 1.49 million cubic yards of ready-mixed concrete sold in the third quarter of 2004. Gross profit in the third quarter of 2005 was $35.3 million (20.5 percent gross profit margin), an increase of 17.3 percent compared to $30.1 million (20.3 percent gross profit margin) in the third quarter of 2004. EBITDA was $22.8 million in the third quarter of 2005, up 21.5 percent compared with EBITDA of $18.8 million in the third quarter of 2004. The Company's selling, general and administrative expenses were $12.9 million for the third quarter of 2005, compared to $11.5 million for the third quarter of 2004. The Company's net cash provided by operations for the third quarter of 2005 was $20.8 million compared to $11.1 million for the third quarter of 2004. The Company's free cash flow (defined as net cash provided by operations less capital expenditures for property, plant and equipment, net of disposals) for the third quarter of 2005 was $16.4 million compared to $9.6 million in the third quarter of 2004. The Company's net debt at September 30, 2005 was $152 million, down $16.2 million from June 30, 2005. Net debt at September 30, 2005 was comprised of total debt of $200.0 million less cash and cash equivalents of $48.0 million. write your comments about the article :: © 2005 Construction News :: home page |