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Sunday, August 12, 2012

Eagle Materials Inc. (American Gypsum) Reports Strong Volume and Earnings Improvement in the First Quarter

Eagle Materials Inc. Reports Strong Volume and Earnings Improvement in the First Quarter

DALLAS--(BUSINESS WIRE)-- Eagle Materials Inc. (NYSE: EXP) today reported financial results for the first quarter of fiscal 2013 ended June 30, 2012. Notable items for the quarter include (all comparisons, unless noted, are with the prior-year's first quarter):

* Revenues of $154.0 million, up 29%
* Segment operating earnings of $29.1 million, up 198%
* Net earnings per diluted share of $0.31 versus $0.02

Gypsum Wallboard and Paperboard

Gypsum Wallboard and Paperboard's first quarter operating earnings of $19.3 million increased 1,421% from $1.3 million in same quarter last year. Improved Gypsum Wallboard net sales prices were the primary driver of the quarterly earnings increase. Additional contribution came from improved sales volumes in both wallboard and paperboard.

Gypsum Wallboard and Paperboard revenues for the first quarter totaled $89.6 million, a 27% increase from the same quarter a year ago. The revenue increase reflects higher average Gypsum Wallboard net sales prices and higher Gypsum Wallboard and Paperboard sales volumes slightly offset by lower Paperboard net sales prices. Gypsum Wallboard sales volume for the quarter of 457 million square feet (MMSF) represents an 11% increase from the same quarter last year. The average Paperboard net sales price this quarter was $502.89 per ton, 1% lower than the same quarter a year ago. Paperboard sales volume for the quarter was 60,000 tons, 5% higher than the same quarter a year ago.

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