Shamrock: Texas Industries' recent performance shows need for change

By Angela McDaniels

Tacoma Wash., July 15 - Texas Industries, Inc. shareholder Shamrock Activist Value Fund, LP said the company's "disappointing" results for the fiscal quarter and year ended May 31 "validate the need for change at the company."

"TXI's quarterly loss demonstrates the need for new directors committed to providing the necessary oversight and holding management accountable for poor performance," Shamrock's Dennis A. Johnson said in a news release.

Shamrock has nominated Marjorie L. Bowen, Dennis A. Johnson and Gary L. Pechota for election to the company's board of directors at the 2009 annual meeting on Oct. 22.

The shareholder first announced its plans to nominate the three candidates on June 29.

Texas Industries reported a net loss of $42.4 million for the fiscal fourth quarter and a net loss of $17.6 million for the fiscal year. In a Wednesday news release, the company said the loss for the year was due to a goodwill impairment charge associated its with California cement operations.

Shamrock and its affiliates beneficially own 10.2% of the company's common stock.

Texas Industries is a Dallas-based supplier of heavy construction materials.

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