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Eagle Materials Inc.$112.25($2.73)(2.37%)

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 Eagle Materials Inc. Reports Record Annual EPS up 34% on Record Revenues
   Thursday, May 18, 2017 6:30:00 AM ET

Eagle Materials Inc. (EXP ) today reported financial results for fiscal year 2017 and the fiscal fourth quarter ended March 31, 2017. Notable items for the fiscal year and quarter include (all comparisons, unless otherwise noted, are with the prior fiscal year or prior year’s fiscal fourth quarter):

Company Annual Results

-- Record revenues of $1.2 billion, up 6%

-- Cash flow from operations of $331.6 million, up 25%

-- Record net earnings per diluted share of $4.10, up 34%

Company Fourth Quarter Results

-- Record revenues of $278.7 million, up 11%

-- Net earnings per diluted share of $0.75, down 6%

-- Eagle’s fourth quarter financial results include approximately $9.4 million (pre-tax), or $0.13 per share, of costs associated with completing the acquisition of the Fairborn Business. (Described further below.)

On February 10, 2017, Eagle completed its previously announced acquisition of Cemex S.A.B. de C.V.’s Fairborn, Ohio cement plant and related assets (the "Fairborn Business"). Eagle used cash on-hand, along with borrowings under its bank credit facility, to fund the purchase. The results of operations of the Fairborn Business are included in the results disclosed in this press release for the period from February 10 through March 31, 2017. For information regarding the results of operations of the Fairborn Business for certain periods prior to February 10, 2017, including pro forma financial information that combines the results of operations of the Company and the Fairborn Business, please see our Form 8-K/A filed with the SEC on March 27, 2017.

Our fourth quarter results were impacted by non-routine acquisition related expenses of approximately $4.4 million (pre-tax), or $0.06 per diluted share, directly associated with completing the acquisition of the Fairborn Business. Additionally, our fourth quarter cement earnings were impacted by expenses of approximately $5.0 million (pre-tax), or $0.07 per share, associated with annual maintenance costs at the Fairborn Business and the impact of purchase accounting on inventory costs.

Fiscal 2017 cash flow from operations improved 25% and was used to partially fund the acquisition of the Fairborn Business, invest in capital improvements, pay dividends and repurchase shares. Eagle ended the year with a net debt-to-capitalization ratio of 36%.

Cement, Concrete and Aggregates

Fiscal 2017 operating earnings from Cement were a record $153.5 million, an increase of 11% compared to fiscal 2016. Revenues from Cement, including joint venture and intersegment sales, were $566.3 million for fiscal 2017, 7% higher than last year.

Fourth quarter operating earnings from Cement were a record $25.9 million, a 19% increase from the same quarter a year ago. Cement revenues for the quarter, including joint venture and intersegment revenues, totaled $116.7 million, 17% greater than the same quarter last year. Cement sales volumes for the quarter were 980,000 tons, 11% higher than the same quarter a year ago. The average net sales price for this quarter was $106.17 per ton, a 6% improvement from the same quarter last year. Like-for-like cement sales volumes and net sales prices both increased 5% versus the fourth quarter of fiscal 2016 (comparison excludes cement sales from the Fairborn Business since its acquisition date).

Concrete and Aggregates reported fiscal 2017 operating earnings of $18.1 million, up 84% compared to the prior year. Revenues from Concrete and Aggregates were $153.3 million for fiscal 2017, 21% higher than last year.

Concrete and Aggregates reported revenues for the fourth quarter of $39.5 million, an increase of 28%. Fourth quarter operating earnings were $5.0 million, a 99% improvement from the same quarter a year ago, reflecting record quarterly concrete sales volumes and record concrete and aggregates sales prices.

Gypsum Wallboard and Paperboard

Fiscal 2017 operating earnings from Gypsum Wallboard and Paperboard were $197.5 million, an increase of 3%. Revenues from Gypsum Wallboard and Paperboard were $578.6 million for fiscal 2017, 5% higher than last year’s revenues.

Gypsum Wallboard and Paperboard revenues for the fourth quarter totaled $138.3 million, a 2% decrease. The decline reflects lower wallboard and paperboard sales volumes partially offset by improved prices. The average Gypsum Wallboard net sales price for this quarter was $158.54 per MSF, 4% higher than the same quarter a year ago reflecting American Gypsum’s price increases implemented mid-quarter. Gypsum Wallboard sales volumes of 600 million square feet (MMSF) were down approximately 5%. The average Paperboard net sales price this quarter was $524.90 per ton, up 5%. Paperboard sales volumes for the quarter were 72,000 tons, 1% lower than the same quarter a year ago.

Underlying demand fundamentals in wallboard continue to be strong. This quarter’s comparative of wallboard sales volumes was affected by a shift in the timing of pre-buying activity ahead of our mid-quarter price increase this winter compared with a late quarter effective date in 2016. When we adjust for the timing shift, we estimate that wallboard demand improved 6% to 8% in our core markets.

Gypsum Wallboard and Paperboard reported fourth quarter operating earnings of $44.5 million, down 13%. The decline in operating earnings was due to lower wallboard sales volumes and increased operating costs, which were partially offset by higher wallboard and paperboard net sales prices. The increased operating costs reflect an increase in recycled paper fibers costs during the quarter.

Oil and Gas Proppants

Eagle’s Oil and Gas Proppants business reported fiscal 2017 revenues of $34.6 million, a decline of 40%, primarily reflecting lower average net sales prices and a 15% decline in frac sand sales volumes from the prior year. The fiscal 2017 operating loss was $14.6 million versus an operating loss of $68.5 million in the prior year.

Eagle’s Oil and Gas Proppants business reported fourth quarter revenues of $15.8 million, an increase of 98%, primarily reflecting a 144% increase in frac sand sales volumes. The fourth quarter’s operating loss of $2.9 million includes depreciation, depletion and amortization of $3.8 million.

Details of Financial Results

We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the "Joint Venture"). We utilize the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenues and operating earnings, which is consistent with the way management organizes the segments within Eagle for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenues as a part of a segment’s total revenues. Intersegment sales are eliminated on the income statement. Refer to Attachment 3 for a reconciliation of these amounts.

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Cement, Aggregates, Concrete, Gypsum Wallboard, Recycled Paperboard and Frac Sand from over 40 facilities across the U.S. Eagle is headquartered in Dallas, Texas.

EXP’s senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, May 18, 2017. The conference call will be webcast simultaneously on the EXP Web site http://www.eaglematerials.com . A replay of the webcast and the presentation will be archived on that site for one year.

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; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in activity in the oil and gas industry, including the level of fracturing activities and the demand for frac sand; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; competition; a cyber-attack or data security breach; announced increases in capacity in the gypsum wallboard, cement and frac sand industries; changes in the demand for residential housing construction or commercial construction; risks related to pursuit of acquisitions, joint ventures and other transactions; 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, coal 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 fiscal year ended March 31, 2016 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2016. These reports are filed with the Securities and Exchange Commission. With respect to our completed acquisition of the Fairborn Business as described in this press release, factors, risks and uncertainties that may cause actual events and developments to vary materially from those anticipated in such forward-looking statements include, but are not limited to, failure to realize any expected synergies from or other benefits of the transaction, possible negative effects of consummation of the transaction, significant transaction or ownership transition costs, unknown liabilities or other adverse developments affecting the Fairborn Business, including the results of operations of the Fairborn Business prior and after the closing, the effect on the Fairborn Business of the same or similar factors discussed above to which our business is subject, including changes in market conditions in the construction industry and general economic and business conditions that may affect us following the acquisition. 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.

Attachment 1   Statement of Consolidated Earnings
Attachment 2                      Revenues and Earnings by Lines of Business (Quarter and Fiscal Year)
Attachment 3                      Sales Volume, Net Sales Prices and Intersegment and Cement Revenues
Attachment 4                      Consolidated Balance Sheets
Attachment 5                      Depreciation, Depletion and Amortization by Lines of Business
                                                                                                                                                                               
Eagle Materials Inc.
Attachment 1
 
                                                                                                                                                                Eagle Materials Inc.
                                                                                                                                                         Statement of Consolidated Earnings
                                                                                                                                                    (dollars in thousands, except per share data)
                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                       
                                                                                                                           Quarter Ended                                                                                                                                     Fiscal Year Ended
                                                                                                                             March 31,                                                                                                                                           March 31,
                                                                  ------------------------------------------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------------------------------------------
                                                                       2017             2016                                2017             2016     
                                                                  -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                 
Revenues                                                                             $    278,663                                                              $    252,132                                                              $  1,211,220                                                              $  1,143,492
                                                                                                                                                                                                                                                                                                 
Cost of Goods Sold                                                     217,163                             194,771                             899,175                             911,875  
                                                                  -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                 
   Gross Profit                                                                            61,500                                                                    57,361                                                                   312,045                                                                   231,617
                                                                                                                                                                                                                                                                                                 
Equity in Earnings of Unconsolidated JV                                                    11,015                                                                     9,090                                                                    42,386                                                                    39,083
Corporate General and Administrative Expense                                               (7,198 )                                                                 (10,534 )                                                                 (33,940 )                                                                 (37,193 )
Acquisition and Litigation Expense                                                         (4,391 )                                                                       -                                                                    (5,480 )                                                                       -
Other Operating Income                                                     131                                 158                               2,139                               2,328  
                                                                  -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                 
   Earnings before Interest and Income Taxes                                               61,057                                                                    56,075                                                                   317,150                                                                   235,835
                                                                                                                                                                                                                                                                                                 
Interest Expense, Net                                                   (6,876 )                                               (3,753 )                                              (22,631 )                                              (16,583 )
                                                                  -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                 
   Earnings before Income Taxes                                                            54,181                                                                    52,322                                                                   294,519                                                                   219,252
                                                                                                                                                                                                                                                                                                 
Income Tax Expense                                                     (17,930 )                                              (13,159 )                                              (96,300 )                                              (66,660 )
                                                                  -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                 
   Net Earnings                                                                      $     36,251                                           $     39,163                                           $    198,219                                           $    152,592  
                                                                  ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
 
NET EARNINGS PER SHARE
   Basic                                                                             $       0.75                                           $       0.81                                           $       4.14                                           $       3.08  
                                                                  ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
   Diluted                                                                           $       0.75                                           $       0.80                                           $       4.10                                           $       3.05  
                                                                  ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                 
AVERAGE SHARES OUTSTANDING
   Basic                                                            48,023,641                          48,556,830                          47,931,518                          49,471,157  
                                                                  ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
   Diluted                                                          48,472,916                          49,050,937                          48,361,286                          50,070,829  
                                                                  ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                         
Eagle Materials Inc.
Attachment 2
 
                                                                                                                                                            Eagle Materials Inc.
                                                                                                                                                 Revenues and Earnings by Lines of Business
                                                                                                                                                           (dollars in thousands)
                                                                                                                                                                 (unaudited)
                                                                                                                                                                                                                 
                                                                                                                        Quarter Ended                                                                                                                                 Fiscal Year Ended
                                                                                                                          March 31,                                                                                                                                       March 31,
                                                                  ------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------
                                                                      2017          2016                              2017            2016    
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Revenues*
                                                                                                                                                                                                                                                                                          
Gypsum Wallboard and Paperboard:
     Gypsum Wallboard                                                                $ 115,962                                                              $ 117,797                                                              $   473,651                                                              $   461,457
     Gypsum Paperboard                                               22,309                           23,122                            104,992                             90,191  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                       138,271                                                                140,919                                                                  578,643                                                                  551,648
                                                                                                                                                                                                                                                                                          
Cement (Wholly Owned)                                                                   85,153                                                                 72,344                                                                  444,624                                                                  407,102
                                                                                                                                                                                                                                                                                          
Oil and Gas Proppants                                                                   15,772                                                                  7,983                                                                   34,623                                                                   57,591
                                                                                                                                                                                                                                                                                          
Concrete and Aggregates                                              39,467                           30,886                            153,330                            127,151  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                          
                   Total Revenues                                                    $ 278,663                                           $ 252,132                                           $ 1,211,220                                           $ 1,143,492  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
 
Segment Operating Earnings
                                                                                                                                                                                                                                                                                          
Gypsum Wallboard and Paperboard:
     Gypsum Wallboard                                                                $  37,757                                                              $  41,167                                                              $   159,866                                                              $   159,352
     Gypsum Paperboard                                                6,774                           10,062                             37,601                             32,153  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                        44,531                                                                 51,229                                                                  197,467                                                                  191,505
                                                                                                                                                                                                                                                                                          
Cement:
     Wholly Owned                                                                       14,887                                                                 12,706                                                                  111,139                                                                   98,771
     Joint Venture                                                   11,015                            9,090                             42,386                             39,083  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                        25,902                                                                 21,796                                                                  153,525                                                                  137,854
                                                                                                                                                                                                                                                                                          
Oil and Gas Proppants                                                                   (2,905 )                                                               (9,077 )                                                                (14,633 )                                                                (68,466 )
                                                                                                                                                                                                                                                                                          
Concrete and Aggregates                                                                  4,987                                                                  2,503                                                                   18,072                                                                    9,807
                                                                                                                                                                                                                                                                                          
Other, net                                                              131                              158                              2,139                              2,328  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                          
                    Sub-total                                                           72,646                                                                 66,609                                                                  356,570                                                                  273,028
                                                                                                                                                                                                                                                                                          
Corporate General and Administrative Expense                                            (7,198 )                                                              (10,534 )                                                                (33,940 )                                                                (37,193 )
Acquisition and Litigation Expense                                   (4,391 )                                                 -                             (5,480 )                                                   -  
                                                                  -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                          
   Earnings before Interest and Income Taxes                                         $  61,057                                           $  56,075                                           $   317,150                                           $   235,835  
                                                                  ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
 
* Net of Intersegment and Joint Venture Revenues listed on
Attachment 3.
                                                      
Eagle Materials Inc.
Attachment 3
 
                                                                                                         Eagle Materials Inc.
                                                                                      Sales Volume, Net Sales Prices and Intersegment and Cement
                                                                                                               Revenues
                                                                                                              (unaudited)
                                                                           
                                                                                                                                                  Sales Volume
                                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  Quarter Ended                                                       Fiscal Year Ended
                                                                                                    March 31,                                                                                March 31,
                                                                          -------------------------------------------------------                           ---------------------------------------------------------------------
                                                                          2017   2016    Change                        2017    2016          Change
                                                                          ----                      ----                      ---------                     -----                      -----                      ---------------------
                                                                                                                                                                                                                   
Gypsum Wallboard (MMSF’s)                       600                       630                        -5 %                        2,483                      2,394                              +4 %
                                                                                                                                                                                                                   
Cement (M Tons):
   Wholly Owned                                                            734                       665                       +10 %                        3,934                      3,903                              +1 %
   Joint Venture                                                           246                       214                       +15 %                          937                        875                              +7 %
                                                                          ----                      ----                      ---- ---                      -----                      -----                      ---------- ---------
                                                                           980                       879                       +11 %                        4,871                      4,778                              +2 %
Paperboard (M Tons):
   Internal                                                                 30                        28                        +7 %                          118                        113                              +4 %
   External                                                                 42                        45                        -7 %                          199                        175                             +14 %
                                                                          ----                      ----                      ---- ---                      -----                      -----                      ---------- ---------
                                                                            72                        73                        -1 %                          317                        288                             +10 %
                                                                                                                                                                                                                   
Concrete (M Cubic Yards)                                                   310                       262                       +18 %                        1,260                      1,101                             +14 %
                                                                                                                                                                                                                   
Aggregates (M Tons)                                                        772                       786                        -2 %                        3,649                      3,009                             +21 %
                                                                                                                                                                                                                   
Frac Sand (M Tons)                                                         251                       103                      +144 %                          550                        644                             -15 %
                        
                                                                                                                                                           Average Net Sales Price*
                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           Quarter Ended                                                                                                   Fiscal Year Ended
                                                                                             March 31,                                                                                                                            March 31,
                                            --------------------------------------------------------------------------------------------------                             ---------------------------------------------------------------------------------------------------------------
                                               2017       2016     Change                         2017       2016           Change
                                            -------------------- ------                      -------------------- ------                      --------                     -------------------- ------                      -------------------- ------                      ---------------------
                                                                                                                                                                                                                                                                              
Gypsum Wallboard (MSF)                                         $ 158.54                                         $ 152.80                       +4 %                                           $ 155.90                                         $ 157.91                              -1 %
Cement (Ton)                                                   $ 106.17                                         $ 100.41                       +6 %                                           $ 101.60                                         $  98.07                              +4 %
Paperboard (Ton)                                               $ 524.90                                         $ 502.21                       +5 %                                           $ 511.82                                         $ 505.35                              +1 %
Concrete (Cubic Yard)                                          $ 105.13                                         $  93.22                      +13 %                                           $  96.80                                         $  92.70                              +4 %
Aggregates (Ton)                                               $   9.22                                         $   8.27                      +11 %                                           $   8.65                                         $   8.28                              +4 %
 
*Net of freight and delivery costs billed to customers.
                            
                                                                                                                          Intersegment and Cement Revenues
                                                -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                 Quarter Ended                                                                   Fiscal Year Ended
                                                                                   March 31,                                                                                            March 31,
                                                -------------------------------------------------------------------------                          -----------------------------------------------------------------------------
                                                    2017       2016                           2017         2016
                                                -------------------- -------                      -------------------- ------                      -------------------- -------                      -------------------- ----------
Intersegment Revenues:
   Cement                                                          $   3,374                                         $  2,867                                         $  15,781                                         $     13,939
   Paperboard                                                         16,228                                           14,785                                            62,073                                               59,001
   Concrete and Aggregates                            391                           205                          1,262                               922
                                                -------------------- -------                      -------------------- ------                      -------------------- -------                      -------------------- ----------
                                                                   $  19,993                                         $ 17,857                                         $  79,116                                         $     73,862
                                                ==================== =======                      ==================== ======                      ==================== =======                      ==================== ==========
                                                                                                                                                                                                      
Cement Revenues:
   Wholly Owned                                                    $  85,153                                         $ 72,344                                         $ 444,624                                         $    407,102
   Joint Venture                                   28,144                        24,903                        105,916                           107,458
                                                -------------------- -------                      -------------------- ------                      -------------------- -------                      -------------------- ----------
                                                                   $ 113,297                                         $ 97,247                                         $ 550,540                                         $    514,560
                                                ==================== =======                      ==================== ======                      ==================== =======                      ==================== ==========
                                                                      
Eagle Materials Inc.
Attachment 4
 
                                                                                                 Eagle Materials Inc.
                                                                                              Consolidated Balance Sheets
                                                                                                (dollars in thousands)
                                                                                                      (unaudited)
                                                                                           
                                                                                                                                                    March 31,
                                                                                          -----------------------------------------------------------------------------------------------------------------------------
                                                                                               2017            2016    
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
ASSETS
--------------------------------------------------------------------
Current Assets -
      Cash and Cash Equivalents                                                                              $     6,561                                                              $     5,391
      Accounts and Notes Receivable, net                                                                         136,313                                                                  120,221
      Inventories                                                                                                252,846                                                                  243,595
      Federal Income Tax Receivable                                                                                    -                                                                    5,623
      Prepaid and Other Assets                                                                  4,904                              5,173  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
            Total Current Assets                                                              400,624                            380,003  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
Property, Plant and Equipment -                                                                   2,439,438                                                                2,072,776
     Less: Accumulated Depreciation                                                          (892,601 )                                            (817,465 )
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
          Property, Plant and Equipment, net                                                                   1,546,837                                                                1,255,311
Investments in Joint Venture                                                                                      48,620                                                                   49,465
Notes Receivable                                                                                                     815                                                                    2,672
Goodwill and Intangibles                                                                                         235,505                                                                  165,827
Other Assets                                                                                   14,723                             30,357  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                             $ 2,247,124                                           $ 1,883,635  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
LIABILITIES AND STOCKHOLDERS’ EQUITY
--------------------------------------------------------------------
Current Liabilities -
      Accounts Payable                                                                                       $    92,193                                                              $    66,614
      Accrued Liabilities                                                                                         56,112                                                                   45,975
      Current Portion of Senior Notes                                                          81,214                              8,000  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
            Total Current Liabilities                                                         229,519                            120,589  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
Long-term Liabilities                                                                                             42,878                                                                   61,122
Bank Credit Facility                                                                                             225,000                                                                  382,000
Private Placement Senior Unsecured Notes                                                                          36,500                                                                  117,714
4.500% Senior Unsecured Notes due 2026                                                                           343,753                                                                        -
Deferred Income Taxes                                                                                            166,024                                                                  161,679
Stockholders’ Equity -
      Preferred Stock, Par Value $0.01; Authorized 5,000,000
            Shares; None Issued                                                                                        -                                                                        -
      Common Stock, Par Value $0.01; Authorized 100,000,000 Shares;
            Issued and Outstanding 48,453,268 and 48,526,843 Shares,                                                 485                                                                      485
            respectively.
Capital in Excess of Par Value                                                                                   149,014                                                                  168,969
Accumulated Other Comprehensive Losses                                                                            (7,396 )                                                                (11,409 )
Retained Earnings                                                                           1,061,347                            882,486  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
      Total Stockholders’ Equity                                 1,203,450                          1,040,531  
                                                                                          -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                             $ 2,247,124                                           $ 1,883,635  
                                                                                          ==================== ========= ====================                      ==================== ========= ====================
                         
Eagle Materials Inc.
Attachment 5
 
                                                                                                      Eagle Materials Inc.
                                                                                  Depreciation, Depletion and Amortization by Lines of Business
                                                                                                           (unaudited)
 
 
The following table presents depreciation, depletion and
amortization by lines of business for the
 quarter and fiscal year ended March 31, 2017 and 2016:
                                              
                                                                                                                  Depreciation, Depletion and Amortization
                                                                                                                              ($ in thousands)
                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             Quarter Ended                                                                  Fiscal Year Ended
                                                                               March 31,                                                                                           March 31,
                                             ------------------------------------------------------------------------                          ----------------------------------------------------------------------------
                                                2017       2016                          2017         2016
                                             -------------------- ------                      -------------------- ------                      -------------------- ------                      -------------------- ----------
                                                                                                                                                                                                 
Cement                                                          $ 10,569                                         $  8,515                                         $ 36,727                                         $     33,400
Gypsum Wallboard                                                   4,562                                            4,938                                           18,728                                               19,988
Paperboard                                                         2,114                                            2,103                                            8,425                                                8,312
Oil and Gas Proppants                                              3,823                                            5,253                                           18,255                                               27,227
Concrete and Aggregates                                            2,457                                            1,593                                            7,931                                                6,260
Other                                             372                           458                         1,725                             1,918
                                             -------------------- ------                      -------------------- ------                      -------------------- ------                      -------------------- ----------
                                                                $ 23,897                                         $ 22,860                                         $ 91,791                                         $     97,105
                                             ==================== ======                      ==================== ======                      ==================== ======                      ==================== ==========

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170518005078r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170518005078/en/

SOURCE: Eagle Materials Inc.

Eagle Materials Inc. 
David B. Powers, 214-432-2000 
President and Chief Executive Officer 
or 
D. Craig Kesler, 214-432-2000 
Executive Vice President and Chief Financial Officer 
or 
Robert S. Stewart, 214-432-2000 
Executive Vice President, Strategy, Corporate Development and Communications


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