Martin Marietta Announces First Quarter Results
Martin Marietta Materials, Inc. recently reported financial results for the first quarter ended March 31, 2001. Net sales of $263.6 million for the first quarter declined 4.5%, as compared with 2000 first quarter net sales of $276.1 million. First quarter earnings from operations were $2.2 million, a decline of $17.9 million, from the $20.1 million in the comparable prior year period. Net loss for the quarter was $4.7 million, or $0.10 per diluted share, compared with 2000 first quarter net earnings of $7.3 million, or $0.16 per diluted share. Interest expense of $10.5 million, and other income and expenses, net, of $1.3 million of income for the first quarter, were relatively consistent with the 2000 first quarter comparison. Interest expense is expected to increase as a result of the issuance of $250 million in 6-7/8 percent Notes due 2011, with interest payable April 1 and October 1. The net proceeds from the sale of the Notes were used to finance the acquisition of Meridian Aggregates Co. and for general corporate purposes. Martin Marietta Materials' debt-to-capitalization ratio was 52% at March 31, 2001, after issuance of the Notes and prior to the purchase of Meridian.
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