June 2007 -- Florida Rock Industries Inc. enjoyed record performance in revenue and profitability growth for fiscal 2006, which concluded Sept. 30, 2006. Such records as a stand-alone company may be over for Florida Rock Industries, however, as Vulcan Materials Co. announced in February 2007 that it would acquire Florida Rock in a cash and stock transaction valued at about $4.6 billion.
For fiscal 2006, Florida Rock Industries' net income improved 34.1% to $211.4 million compared with $157.7 million in the previous fiscal year. Revenue grew 18.6% to $1.37 billion compared with $1.53 in the prior year.
Fiscal 2006 fourth-quarter net income and revenue also climbed over the previous year's comparable period, by 14.4% and 2.4% respectively.
President and CEO John Baker commented on the financials, saying, "Our fourth quarter and fiscal 2006 earnings results both proved to be new records despite substantial declines in residential construction in our markets during the last four months of the fiscal year."
The decline in residential construction showed in the first six months of the company's fiscal 2007, which ended March 31, 2007. Total sales declined 18.7% to $544.74 million over the comparable period one year previously and net income decreased 29.4% to $70.49 million.
