Despite weak demand in the commercial development sector, the 58-year-old, NYSE-traded company finished the quarter strongly, largely due to the sale of two land tracts no longer used in the firm's general operations. The after-tax gain from the two sales was $1.58 million.
Consolidated total sales for the quarter decreased 4.1% to $163.6 million from $170.6 million last year. Sales in the aggregates and concrete products segments were down.
The company's cement division showed the only revenue increase with $14.8 million of sales versus $13.7 million last year. The cement segment operating profit improved even more to $6 million from $4 million in fiscal 2002.
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