Centex Construction Products Reports Fourth Quarter and Fiscal 2001 Results And Conference Call

Apr 23, 2001, 01:00 ET from Centex Construction Products, Inc.

    DALLAS, April 23 /PRNewswire Interactive News Release/ --  Centex
 Construction Products, Inc. (NYSE:   CXP) today reported financial results for
 the quarter ended March 31, 2001, the fourth quarter of fiscal 2001, and for
 the fiscal year.  CXP produces and distributes Cement, Gypsum Wallboard,
 Recycled Paperboard, and Concrete and Aggregates.
     CXP's senior management will conduct a conference call to discuss the
 financial results and other matters at 2 p.m. Eastern Time (1 p.m. Central
 Time) today.  The conference call will be webcast simultaneously on the CXP
 Web site, www.centex-cxp.com.  A replay of the call will be available on that
 site until midnight on Monday, April 30, 2001.  For more information, contact
 CXP at 214-981-6565.
     Fourth quarter sales volumes for fiscal 2001 exceeded sales volumes for
 the fourth quarter last year in each of CXP's business segments, and Cement,
 along with Concrete and Aggregates, reported all-time high fourth quarter
 operating earnings.  However, CXP's total net earnings for this year's quarter
 declined due to lower Gypsum Wallboard pricing and higher Wallboard fuel and
 energy costs, along with increased corporate interest expense.  CXP's net
 earnings declined 84% to $3,652,000 or $0.20 per diluted share for the fourth
 quarter this year from $23,197,000 or $1.24 per diluted share for the same
 quarter last year.  Revenues for the fourth quarter this year totaled
 $105,891,000, 3% less than $109,109,000 for the same quarter a year ago.
     For the fiscal year ended March 31, 2001, CXP's net earnings and diluted
 earnings per share declined 45% and 43%, respectively, to $59,429,000 or
 $3.22 per diluted share from $108,232,000 or $5.63 per diluted share for the
 same period a year ago.  Revenues for fiscal 2001 of $441,127,000 were
 6% below $470,465,000 for the prior fiscal year.
     Diluted earnings per share for the fiscal year declined less than net
 earnings due to fewer average shares outstanding in the current fiscal year
 versus last year.
 
     CEMENT
     Operating earnings from Cement were a record $11.5 million for the fourth
 quarter this year, 29% greater than earnings of $8.9 million for the same
 quarter in fiscal 2000.  The earnings gain resulted from higher sales volumes
 and increased operating margins.  Most of the margin gain was due to lower
 production costs at the Laramie operation this year versus last year when a
 kiln was down 35 days for major renovations.  This year, higher-margin
 manufactured Cement sales replaced 45,000 tons of lower-margin purchased
 Cement sales last year.  Cement revenues for the fourth quarter this year
 totaled $35.5 million, 4% higher than $34.3 million for the same quarter a
 year ago.
     Cement's average net sales price for the fourth quarter this year was
 $65.98 per ton, 2% lower than $67.40 per ton for the same quarter a year ago.
 Cement sales volume for the quarter was 486,000 tons, 6% above 459,000 tons
 for the same quarter last year, due to increased sales at the Laramie plant.
 Product demand continues to be strong in all of CXP's Cement markets.
     Operating earnings from Cement were an all-time high $59.6 million for
 fiscal 2001, 12% above $53.0 million in fiscal 2000, primarily due to
 increased sales volume and higher operating margins.  The operating margin
 gain resulted from a 5% decline in manufacturing costs and the utilization of
 higher-margin manufactured cement sales volume this year instead of
 123,000 tons of lower-margin purchased cement sales volume last year.  For the
 fiscal year, revenues from Cement were $178.8 million, up 2% from the same
 period a year ago.  The average net sales price this fiscal year was
 $67.65 per ton, down 2% from fiscal 2000 primarily due to pricing pressures
 from imports in the Houston, Texas market.
     Cement sales volume of 2,387,000 tons for fiscal 2001 was 4% higher than
 sales volume for fiscal 2000, mostly due to a 17% increase in Cement sales
 volume at the Laramie plant.  Purchased Cement sales volume of 157,000 tons
 for this fiscal year was 44% less than purchased Cement sales volume for
 fiscal 2000.
 
     GYPSUM WALLBOARD
     Impacted by a 53% decline in average net sales price, CXP's Gypsum
 Wallboard operation reported a $4.2 million loss for this year's fourth
 quarter compared to a $25.4 million profit for the fourth quarter a year ago.
 Gypsum Wallboard revenues for the current quarter declined 27% to
 $46.4 million from $63.7 million for the same quarter in fiscal 2000.
     Gypsum Wallboard sales volume of 486 million square feet (MMSF) for this
 year's fourth quarter was 32% higher than the 369 MMSF sold during the same
 quarter last year.  All of the volume gain came from the Duke, Oklahoma plant
 acquired in November 2000.  Gypsum Wallboard's average net sales price for the
 fourth quarter was $68.49 per thousand square feet (MSF), 53% below
 $144.71 per MSF for the same quarter a year ago, due to industry-wide excess
 production capacity.  The cost of sales of $77.12 per MSF this year was
 2% greater than the prior year's cost of sales due to higher gas costs.
     Operating earnings from Gypsum Wallboard were $27.1 million for the fiscal
 year, 75% below $107.6 million for the similar period in fiscal 2000.  Lower
 operating margins accounted for the decline for both the quarter and the
 fiscal year.  For the current fiscal year, Gypsum Wallboard revenues were
 $187.3 million, a 23% decrease from $244.2 million for the same period a year
 ago.
     For fiscal 2001, Gypsum Wallboard sales volume increased 16% to 1,584 MMSF
 from 1,363 MMSF for fiscal year 2000.  Excluding the sales volume from the
 recently purchased Duke, Oklahoma plant, the sales volume for the current
 fiscal year is level with last year's sales volume.  The average net sales
 price for this fiscal year was $91.12 per MSF, 41% below $153.57 per MSF for
 fiscal 2000.  The cost of sales for fiscal 2001 declined 1% to $74.01 per MSF
 despite higher gas costs.
 
     PAPERBOARD
     CXP's Paperboard operation, which was acquired in the third quarter of
 fiscal 2001, had fourth quarter revenues of $22.5 million and reported a
 $1.6 million profit.  Paperboard sales volume was 56,000 tons, and
 Paperboard's average net sales price for the quarter was $391.09 per ton.  The
 Lawton mill, which began manufacturing Gypsum Wallboard Paper in June 2000, is
 now producing near its rated capacity.
     For  fiscal 2001, Paperboard revenues were $31.5 million and operating
 earnings were $1.4 million.  Sales volume was 80,000 tons at a net sales price
 of $386.32 per ton.  Both the quarter and fiscal year net sales price was
 negatively impacted by lower-priced, off-grade paper sales.
 
     CONCRETE AND AGGREGATES
     Due primarily to higher sales volume, operating earnings from Concrete and
 Aggregates were a record $1.7 million for the fourth quarter this year, a
 5% increase over $1.6 million for the same quarter a year ago.  Revenues from
 Concrete and Aggregates were $13.6 million for the quarter, 11% higher than
 $12.3 million for the same quarter in fiscal 2000.
     Concrete sales volume for this year's fourth quarter was 186,000 cubic
 yards, 5% higher than 177,000 cubic yards for the same quarter last year, due
 to increased sales in both the Austin, Texas and northern California markets.
 The average Concrete net sales price of $54.02 per cubic yard for the quarter
 this year was 4% higher than $51.70 per cubic yard for the same quarter in the
 prior year.
     Aggregates sales volume of 815,000 tons for the fourth quarter this year
 was 14% higher than 717,000 tons for the same quarter a year ago.  The
 increase was due to 67,000 tons of additional sales at the northern California
 aggregates operation and from increased sales at CXP's new Georgetown, Texas
 Aggregates operation.  The majority of the product mix consisted of the
 lower-priced Georgetown road aggregates,  resulting in average Aggregates
 pricing of $4.12 per ton for this year's quarter, 3% lower than $4.25 per ton
 for the same quarter a year ago.
     Operating earnings from Concrete and Aggregates were $7.6 million for the
 current fiscal year, 18% below $9.3 million in operating earnings for fiscal
 2000, due primarily to lower Aggregates operating margins.  The lower margins
 for the fiscal year resulted from increased maintenance costs and lower
 average net sales prices.  Concrete and Aggregates revenues for fiscal 2001
 were $61.1 million, 9% above $55.9 million for the same period last year.
     Aggregates sales volume of 4,009,000 tons for fiscal 2001 was 19% higher
 than 3,368,000 tons for the prior fiscal year.  The majority of the sales
 volume gain came from the new Georgetown road Aggregates operation.  The
 average net sales price of CXP's Aggregates was $4.16 per ton for the fiscal
 year, 3% below last fiscal year's sales price of $4.29 per ton, due to the
 lower-priced Georgetown road Aggregates sales volume.
 
     OTHER DEVELOPMENTS
     During fiscal year 2001, CXP repurchased 264,300 shares of its own stock
 under its repurchase authorization.  As of March 31, 2001, there were
 approximately 743,300 shares remaining under the Company's current
 authorization.  Ownership of CXP by Centex Corporation was 65.2% at March 31,
 2001.
     In addition, included in other income for the fiscal year is a gain of
 $1.9 million from the disposition of stock in Republic Group Incorporated
 owned by CXP.
 
     OUTLOOK
     Demand for CXP's products remains strong and Cement price increases have
 been announced in certain of CXP's markets.  Gypsum Wallboard prices fell
 precipitously during the past year, mainly due to excessive new production
 capacity coming on stream, but currently, Wallboard pricing appears to have
 stabilized.  CXP's earnings from Gypsum Wallboard, Cement, Paperboard and
 Aggregates continue to be negatively impacted by higher fuel and power costs.
     CXP will report lower earnings for fiscal 2002 than it did for fiscal
 2001.  However, the Company's earnings can rebound significantly if Wallboard
 prices increase from current levels.
 
     This release includes forward-looking statements which reflect the
 Company's current view of future events and financial performance and involve
 known and unknown risks and uncertainties that may cause the Company's actual
 results to be materially different from planned or expected results.  Those
 risks and uncertainties include, but are not limited to, the cyclical and
 seasonal nature of the Company's business, public infrastructure expenditures,
 adverse weather, availability of raw materials, unexpected operational
 difficulties, governmental regulation and changes in governmental and public
 policy, changes in economic conditions specific to any one or more of the
 Company's markets, competition, announced increase in capacity in the gypsum
 wallboard and cement industries, general economic conditions, and interest
 rates.  Investors should take such risks and uncertainties into account when
 making investment decisions.  These and other factors are described in the
 Annual Report on Form 10-K for Centex Construction Products, Inc. for the
 fiscal year ended March 31, 2000.  The report is filed with the Securities and
 Exchange Commission.
 
      Note attachments:
      (1)  Summary of Consolidated Earnings
      (2)  Revenues and Earnings by Lines of Business (Quarter)
      (3)  Revenues and Earnings by Lines of Business (Nine Months)
      (4)  Sales Volume and Net Sales Prices
 
 
      Centex Construction Products, Inc.
      Attachment 1
 
                       Centex Construction Products, Inc.
                        Summary of Consolidated Earnings
              (dollar amounts in thousands, except per share data)
                                  (unaudited)
 
                                                   Quarter Ended
                                                     March 31,
 
                                           2001           2000       Change
 
     Revenues*                          $105,891       $109,109        -3%
 
     Earnings Before Income Taxes         $4,563        $36,475       -87%
 
     Net Earnings                         $3,652        $23,197       -84%
 
     Earnings Per Share:
 
                       - Basic             $0.20          $1.24       -84%
 
                       - Diluted           $0.20          $1.24       -84%
 
     Average Shares Outstanding:
 
                       - Basic        18,333,520     18,660,546        -2%
 
                       - Diluted      18,433,586     18,714,782        -2%
 
                                                  Fiscal Year Ended
                                                      March 31,
 
                                           2001           2000        Change
 
     Revenues*                          $441,127       $470,465        -6%
 
     Earnings Before Income Taxes        $92,263       $170,177       -46%
 
     Net Earnings                        $59,429       $108,232       -45%
 
     Earnings Per Share:
 
                       - Basic             $3.23          $5.66       -43%
 
                       - Diluted           $3.22          $5.63       -43%
 
     Average Shares Outstanding:
 
                       - Basic        18,405,116     19,130,084        -4%
 
                       - Diluted      18,473,114     19,211,324        -4%
 
     * The company adopted the provisions of Emerging Issues Task Force Issue
 No. 00-10, Accounting for Shipping and Handling Fees and Costs, during the
 quarter ended March 31, 2001.  As a result of this adoption, net revenues have
 been restated to include freight and delivery costs billed to customers.
 Previously such billings were offset against corresponding expenses in cost of
 sales.
 
 
      Centex Construction Products, Inc.
      Attachment 2
 
                       Centex Construction Products, Inc.
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
                                  (unaudited)
 
                                                     Quarter Ended
                                                       March 31,
 
                                            2001          2000        Change
 
     Revenues
 
      Cement                               $35,529      $34,321        +4%
                                               34%          31%
 
      Gypsum Wallboard                      46,379       63,677       -27%
                                               44%          58%
 
      Paperboard                            22,525          ---        ---
                                               21%          ---
 
      Concrete & Aggregates                 13,589       12,265       +11%
                                               13%          11%
 
      Other, net                              (262)         411      -164%
                                               (1%)          1%
 
      Less: Intersegment Sales             (11,869)      (1,565)
                                              (11%)         (1%)
 
     Total                                $105,891     $109,109        -3%
                                              100%         100%
 
     Operating Earnings
 
      Cement                               $11,469       $8,874       +29%
                                              112%          24%
 
      Gypsum Wallboard                      (4,191)      25,361      -117%
                                              (41%)         70%
 
      Paperboard                             1,553          ---        ---
                                               15%          ---
 
      Concrete & Aggregates                  1,713        1,634        +5%
                                               17%           5%
 
      Other, net                              (262)         411      -164%
                                               (3%)          1%
 
     Total Operating Earnings               10,282       36,280       -72%
                                              100%         100%
 
      Corporate General Expenses            (1,171)      (1,171)
      Interest (Expense) Income, net        (4,548)       1,366
 
     Earnings Before Income Taxes           $4,563      $36,475       -87%
 
 
      Centex Construction Products, Inc.
      Attachment 3
 
                       Centex Construction Products, Inc.
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
                                  (unaudited)
 
                                                   Fiscal Year Ended
                                                       March 31,
 
                                            2001          2000       Change
 
     Revenues
 
      Cement                              $178,783      $175,395       +2%
                                               41%           37%
 
      Gypsum Wallboard                     187,347       244,245      -23%
                                               42%           52%
 
      Paperboard                            31,492           ---       ---
                                                7%           ---
 
      Concrete & Aggregates                 61,101        55,906       +9%
                                               14%           12%
 
      Other, net                             3,673         1,231     +198%
                                                1%           ---
 
      Less: Intersegment Sales             (21,269)       (6,312)
                                               (5%)          (1%)
 
     Total                                $441,127      $470,465       -6%
                                              100%          100%
 
     Operating Earnings
 
      Cement                               $59,614       $53,005      +12%
                                               60%           31%
 
      Gypsum Wallboard                      27,097       107,624      -75%
                                               27%           63%
 
      Paperboard                             1,368           ---       ---
                                                1%           ---
 
      Concrete & Aggregates                  7,554         9,263      -18%
                                                8%            5%
 
      Other, net                             3,673         1,231     +198%
                                                4%            1%
 
     Total Operating Earnings               99,306       171,123      -42%
                                              100%          100%
 
      Corporate General Expenses            (4,691)       (4,683)
      Interest (Expense) Income, net        (2,352)        3,737
 
     Earnings Before Income Taxes          $92,263      $170,177      -46%
 
 
      Centex Construction Products, Inc.
      Attachment 4
 
                       Centex Construction Products, Inc.
                       Sales Volume and Net Sales Prices
                                  (unaudited)
 
 
                                                  Sales Volume
 
                                       Quarter Ended        Fiscal Year Ended
                                         March 31,              March 31,
 
                                     2001        2000       2001        2000
 
     Cement (M Tons)                  486         459       2,387      2,295
 
     Gypsum Wallboard (MMSF's)        486         369       1,584      1,363
 
     Paperboard (M Tons)               56         ---          80        ---
 
     Concrete (M Cubic Yards)         186         177         808        788
 
     Aggregates (M Tons)              815         717       4,009      3,368
 
 
                                            Average Net Sales Price*
 
                                     Quarter Ended         Fiscal Year Ended
                                       March 31,               March 31,
 
                                    2001         2000       2001        2000
 
     Cement (Ton)                  $65.98      $67.40      $67.65     $69.25
 
     Gypsum Wallboard (MSF)        $68.49     $144.71      $91.12    $153.57
 
     Paperboard (Ton)             $391.09         ---     $386.32        ---
 
     Concrete (Cubic Yards)        $54.02      $51.70      $53.70     $52.07
 
     Aggregates (Ton)               $4.12       $4.25       $4.16      $4.29
 
      * Net of freight and delivery costs billed to customers.
 
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SOURCE Centex Construction Products, Inc.
    DALLAS, April 23 /PRNewswire Interactive News Release/ --  Centex
 Construction Products, Inc. (NYSE:   CXP) today reported financial results for
 the quarter ended March 31, 2001, the fourth quarter of fiscal 2001, and for
 the fiscal year.  CXP produces and distributes Cement, Gypsum Wallboard,
 Recycled Paperboard, and Concrete and Aggregates.
     CXP's senior management will conduct a conference call to discuss the
 financial results and other matters at 2 p.m. Eastern Time (1 p.m. Central
 Time) today.  The conference call will be webcast simultaneously on the CXP
 Web site, www.centex-cxp.com.  A replay of the call will be available on that
 site until midnight on Monday, April 30, 2001.  For more information, contact
 CXP at 214-981-6565.
     Fourth quarter sales volumes for fiscal 2001 exceeded sales volumes for
 the fourth quarter last year in each of CXP's business segments, and Cement,
 along with Concrete and Aggregates, reported all-time high fourth quarter
 operating earnings.  However, CXP's total net earnings for this year's quarter
 declined due to lower Gypsum Wallboard pricing and higher Wallboard fuel and
 energy costs, along with increased corporate interest expense.  CXP's net
 earnings declined 84% to $3,652,000 or $0.20 per diluted share for the fourth
 quarter this year from $23,197,000 or $1.24 per diluted share for the same
 quarter last year.  Revenues for the fourth quarter this year totaled
 $105,891,000, 3% less than $109,109,000 for the same quarter a year ago.
     For the fiscal year ended March 31, 2001, CXP's net earnings and diluted
 earnings per share declined 45% and 43%, respectively, to $59,429,000 or
 $3.22 per diluted share from $108,232,000 or $5.63 per diluted share for the
 same period a year ago.  Revenues for fiscal 2001 of $441,127,000 were
 6% below $470,465,000 for the prior fiscal year.
     Diluted earnings per share for the fiscal year declined less than net
 earnings due to fewer average shares outstanding in the current fiscal year
 versus last year.
 
     CEMENT
     Operating earnings from Cement were a record $11.5 million for the fourth
 quarter this year, 29% greater than earnings of $8.9 million for the same
 quarter in fiscal 2000.  The earnings gain resulted from higher sales volumes
 and increased operating margins.  Most of the margin gain was due to lower
 production costs at the Laramie operation this year versus last year when a
 kiln was down 35 days for major renovations.  This year, higher-margin
 manufactured Cement sales replaced 45,000 tons of lower-margin purchased
 Cement sales last year.  Cement revenues for the fourth quarter this year
 totaled $35.5 million, 4% higher than $34.3 million for the same quarter a
 year ago.
     Cement's average net sales price for the fourth quarter this year was
 $65.98 per ton, 2% lower than $67.40 per ton for the same quarter a year ago.
 Cement sales volume for the quarter was 486,000 tons, 6% above 459,000 tons
 for the same quarter last year, due to increased sales at the Laramie plant.
 Product demand continues to be strong in all of CXP's Cement markets.
     Operating earnings from Cement were an all-time high $59.6 million for
 fiscal 2001, 12% above $53.0 million in fiscal 2000, primarily due to
 increased sales volume and higher operating margins.  The operating margin
 gain resulted from a 5% decline in manufacturing costs and the utilization of
 higher-margin manufactured cement sales volume this year instead of
 123,000 tons of lower-margin purchased cement sales volume last year.  For the
 fiscal year, revenues from Cement were $178.8 million, up 2% from the same
 period a year ago.  The average net sales price this fiscal year was
 $67.65 per ton, down 2% from fiscal 2000 primarily due to pricing pressures
 from imports in the Houston, Texas market.
     Cement sales volume of 2,387,000 tons for fiscal 2001 was 4% higher than
 sales volume for fiscal 2000, mostly due to a 17% increase in Cement sales
 volume at the Laramie plant.  Purchased Cement sales volume of 157,000 tons
 for this fiscal year was 44% less than purchased Cement sales volume for
 fiscal 2000.
 
     GYPSUM WALLBOARD
     Impacted by a 53% decline in average net sales price, CXP's Gypsum
 Wallboard operation reported a $4.2 million loss for this year's fourth
 quarter compared to a $25.4 million profit for the fourth quarter a year ago.
 Gypsum Wallboard revenues for the current quarter declined 27% to
 $46.4 million from $63.7 million for the same quarter in fiscal 2000.
     Gypsum Wallboard sales volume of 486 million square feet (MMSF) for this
 year's fourth quarter was 32% higher than the 369 MMSF sold during the same
 quarter last year.  All of the volume gain came from the Duke, Oklahoma plant
 acquired in November 2000.  Gypsum Wallboard's average net sales price for the
 fourth quarter was $68.49 per thousand square feet (MSF), 53% below
 $144.71 per MSF for the same quarter a year ago, due to industry-wide excess
 production capacity.  The cost of sales of $77.12 per MSF this year was
 2% greater than the prior year's cost of sales due to higher gas costs.
     Operating earnings from Gypsum Wallboard were $27.1 million for the fiscal
 year, 75% below $107.6 million for the similar period in fiscal 2000.  Lower
 operating margins accounted for the decline for both the quarter and the
 fiscal year.  For the current fiscal year, Gypsum Wallboard revenues were
 $187.3 million, a 23% decrease from $244.2 million for the same period a year
 ago.
     For fiscal 2001, Gypsum Wallboard sales volume increased 16% to 1,584 MMSF
 from 1,363 MMSF for fiscal year 2000.  Excluding the sales volume from the
 recently purchased Duke, Oklahoma plant, the sales volume for the current
 fiscal year is level with last year's sales volume.  The average net sales
 price for this fiscal year was $91.12 per MSF, 41% below $153.57 per MSF for
 fiscal 2000.  The cost of sales for fiscal 2001 declined 1% to $74.01 per MSF
 despite higher gas costs.
 
     PAPERBOARD
     CXP's Paperboard operation, which was acquired in the third quarter of
 fiscal 2001, had fourth quarter revenues of $22.5 million and reported a
 $1.6 million profit.  Paperboard sales volume was 56,000 tons, and
 Paperboard's average net sales price for the quarter was $391.09 per ton.  The
 Lawton mill, which began manufacturing Gypsum Wallboard Paper in June 2000, is
 now producing near its rated capacity.
     For  fiscal 2001, Paperboard revenues were $31.5 million and operating
 earnings were $1.4 million.  Sales volume was 80,000 tons at a net sales price
 of $386.32 per ton.  Both the quarter and fiscal year net sales price was
 negatively impacted by lower-priced, off-grade paper sales.
 
     CONCRETE AND AGGREGATES
     Due primarily to higher sales volume, operating earnings from Concrete and
 Aggregates were a record $1.7 million for the fourth quarter this year, a
 5% increase over $1.6 million for the same quarter a year ago.  Revenues from
 Concrete and Aggregates were $13.6 million for the quarter, 11% higher than
 $12.3 million for the same quarter in fiscal 2000.
     Concrete sales volume for this year's fourth quarter was 186,000 cubic
 yards, 5% higher than 177,000 cubic yards for the same quarter last year, due
 to increased sales in both the Austin, Texas and northern California markets.
 The average Concrete net sales price of $54.02 per cubic yard for the quarter
 this year was 4% higher than $51.70 per cubic yard for the same quarter in the
 prior year.
     Aggregates sales volume of 815,000 tons for the fourth quarter this year
 was 14% higher than 717,000 tons for the same quarter a year ago.  The
 increase was due to 67,000 tons of additional sales at the northern California
 aggregates operation and from increased sales at CXP's new Georgetown, Texas
 Aggregates operation.  The majority of the product mix consisted of the
 lower-priced Georgetown road aggregates,  resulting in average Aggregates
 pricing of $4.12 per ton for this year's quarter, 3% lower than $4.25 per ton
 for the same quarter a year ago.
     Operating earnings from Concrete and Aggregates were $7.6 million for the
 current fiscal year, 18% below $9.3 million in operating earnings for fiscal
 2000, due primarily to lower Aggregates operating margins.  The lower margins
 for the fiscal year resulted from increased maintenance costs and lower
 average net sales prices.  Concrete and Aggregates revenues for fiscal 2001
 were $61.1 million, 9% above $55.9 million for the same period last year.
     Aggregates sales volume of 4,009,000 tons for fiscal 2001 was 19% higher
 than 3,368,000 tons for the prior fiscal year.  The majority of the sales
 volume gain came from the new Georgetown road Aggregates operation.  The
 average net sales price of CXP's Aggregates was $4.16 per ton for the fiscal
 year, 3% below last fiscal year's sales price of $4.29 per ton, due to the
 lower-priced Georgetown road Aggregates sales volume.
 
     OTHER DEVELOPMENTS
     During fiscal year 2001, CXP repurchased 264,300 shares of its own stock
 under its repurchase authorization.  As of March 31, 2001, there were
 approximately 743,300 shares remaining under the Company's current
 authorization.  Ownership of CXP by Centex Corporation was 65.2% at March 31,
 2001.
     In addition, included in other income for the fiscal year is a gain of
 $1.9 million from the disposition of stock in Republic Group Incorporated
 owned by CXP.
 
     OUTLOOK
     Demand for CXP's products remains strong and Cement price increases have
 been announced in certain of CXP's markets.  Gypsum Wallboard prices fell
 precipitously during the past year, mainly due to excessive new production
 capacity coming on stream, but currently, Wallboard pricing appears to have
 stabilized.  CXP's earnings from Gypsum Wallboard, Cement, Paperboard and
 Aggregates continue to be negatively impacted by higher fuel and power costs.
     CXP will report lower earnings for fiscal 2002 than it did for fiscal
 2001.  However, the Company's earnings can rebound significantly if Wallboard
 prices increase from current levels.
 
     This release includes forward-looking statements which reflect the
 Company's current view of future events and financial performance and involve
 known and unknown risks and uncertainties that may cause the Company's actual
 results to be materially different from planned or expected results.  Those
 risks and uncertainties include, but are not limited to, the cyclical and
 seasonal nature of the Company's business, public infrastructure expenditures,
 adverse weather, availability of raw materials, unexpected operational
 difficulties, governmental regulation and changes in governmental and public
 policy, changes in economic conditions specific to any one or more of the
 Company's markets, competition, announced increase in capacity in the gypsum
 wallboard and cement industries, general economic conditions, and interest
 rates.  Investors should take such risks and uncertainties into account when
 making investment decisions.  These and other factors are described in the
 Annual Report on Form 10-K for Centex Construction Products, Inc. for the
 fiscal year ended March 31, 2000.  The report is filed with the Securities and
 Exchange Commission.
 
      Note attachments:
      (1)  Summary of Consolidated Earnings
      (2)  Revenues and Earnings by Lines of Business (Quarter)
      (3)  Revenues and Earnings by Lines of Business (Nine Months)
      (4)  Sales Volume and Net Sales Prices
 
 
      Centex Construction Products, Inc.
      Attachment 1
 
                       Centex Construction Products, Inc.
                        Summary of Consolidated Earnings
              (dollar amounts in thousands, except per share data)
                                  (unaudited)
 
                                                   Quarter Ended
                                                     March 31,
 
                                           2001           2000       Change
 
     Revenues*                          $105,891       $109,109        -3%
 
     Earnings Before Income Taxes         $4,563        $36,475       -87%
 
     Net Earnings                         $3,652        $23,197       -84%
 
     Earnings Per Share:
 
                       - Basic             $0.20          $1.24       -84%
 
                       - Diluted           $0.20          $1.24       -84%
 
     Average Shares Outstanding:
 
                       - Basic        18,333,520     18,660,546        -2%
 
                       - Diluted      18,433,586     18,714,782        -2%
 
                                                  Fiscal Year Ended
                                                      March 31,
 
                                           2001           2000        Change
 
     Revenues*                          $441,127       $470,465        -6%
 
     Earnings Before Income Taxes        $92,263       $170,177       -46%
 
     Net Earnings                        $59,429       $108,232       -45%
 
     Earnings Per Share:
 
                       - Basic             $3.23          $5.66       -43%
 
                       - Diluted           $3.22          $5.63       -43%
 
     Average Shares Outstanding:
 
                       - Basic        18,405,116     19,130,084        -4%
 
                       - Diluted      18,473,114     19,211,324        -4%
 
     * The company adopted the provisions of Emerging Issues Task Force Issue
 No. 00-10, Accounting for Shipping and Handling Fees and Costs, during the
 quarter ended March 31, 2001.  As a result of this adoption, net revenues have
 been restated to include freight and delivery costs billed to customers.
 Previously such billings were offset against corresponding expenses in cost of
 sales.
 
 
      Centex Construction Products, Inc.
      Attachment 2
 
                       Centex Construction Products, Inc.
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
                                  (unaudited)
 
                                                     Quarter Ended
                                                       March 31,
 
                                            2001          2000        Change
 
     Revenues
 
      Cement                               $35,529      $34,321        +4%
                                               34%          31%
 
      Gypsum Wallboard                      46,379       63,677       -27%
                                               44%          58%
 
      Paperboard                            22,525          ---        ---
                                               21%          ---
 
      Concrete & Aggregates                 13,589       12,265       +11%
                                               13%          11%
 
      Other, net                              (262)         411      -164%
                                               (1%)          1%
 
      Less: Intersegment Sales             (11,869)      (1,565)
                                              (11%)         (1%)
 
     Total                                $105,891     $109,109        -3%
                                              100%         100%
 
     Operating Earnings
 
      Cement                               $11,469       $8,874       +29%
                                              112%          24%
 
      Gypsum Wallboard                      (4,191)      25,361      -117%
                                              (41%)         70%
 
      Paperboard                             1,553          ---        ---
                                               15%          ---
 
      Concrete & Aggregates                  1,713        1,634        +5%
                                               17%           5%
 
      Other, net                              (262)         411      -164%
                                               (3%)          1%
 
     Total Operating Earnings               10,282       36,280       -72%
                                              100%         100%
 
      Corporate General Expenses            (1,171)      (1,171)
      Interest (Expense) Income, net        (4,548)       1,366
 
     Earnings Before Income Taxes           $4,563      $36,475       -87%
 
 
      Centex Construction Products, Inc.
      Attachment 3
 
                       Centex Construction Products, Inc.
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
                                  (unaudited)
 
                                                   Fiscal Year Ended
                                                       March 31,
 
                                            2001          2000       Change
 
     Revenues
 
      Cement                              $178,783      $175,395       +2%
                                               41%           37%
 
      Gypsum Wallboard                     187,347       244,245      -23%
                                               42%           52%
 
      Paperboard                            31,492           ---       ---
                                                7%           ---
 
      Concrete & Aggregates                 61,101        55,906       +9%
                                               14%           12%
 
      Other, net                             3,673         1,231     +198%
                                                1%           ---
 
      Less: Intersegment Sales             (21,269)       (6,312)
                                               (5%)          (1%)
 
     Total                                $441,127      $470,465       -6%
                                              100%          100%
 
     Operating Earnings
 
      Cement                               $59,614       $53,005      +12%
                                               60%           31%
 
      Gypsum Wallboard                      27,097       107,624      -75%
                                               27%           63%
 
      Paperboard                             1,368           ---       ---
                                                1%           ---
 
      Concrete & Aggregates                  7,554         9,263      -18%
                                                8%            5%
 
      Other, net                             3,673         1,231     +198%
                                                4%            1%
 
     Total Operating Earnings               99,306       171,123      -42%
                                              100%          100%
 
      Corporate General Expenses            (4,691)       (4,683)
      Interest (Expense) Income, net        (2,352)        3,737
 
     Earnings Before Income Taxes          $92,263      $170,177      -46%
 
 
      Centex Construction Products, Inc.
      Attachment 4
 
                       Centex Construction Products, Inc.
                       Sales Volume and Net Sales Prices
                                  (unaudited)
 
 
                                                  Sales Volume
 
                                       Quarter Ended        Fiscal Year Ended
                                         March 31,              March 31,
 
                                     2001        2000       2001        2000
 
     Cement (M Tons)                  486         459       2,387      2,295
 
     Gypsum Wallboard (MMSF's)        486         369       1,584      1,363
 
     Paperboard (M Tons)               56         ---          80        ---
 
     Concrete (M Cubic Yards)         186         177         808        788
 
     Aggregates (M Tons)              815         717       4,009      3,368
 
 
                                            Average Net Sales Price*
 
                                     Quarter Ended         Fiscal Year Ended
                                       March 31,               March 31,
 
                                    2001         2000       2001        2000
 
     Cement (Ton)                  $65.98      $67.40      $67.65     $69.25
 
     Gypsum Wallboard (MSF)        $68.49     $144.71      $91.12    $153.57
 
     Paperboard (Ton)             $391.09         ---     $386.32        ---
 
     Concrete (Cubic Yards)        $54.02      $51.70      $53.70     $52.07
 
     Aggregates (Ton)               $4.12       $4.25       $4.16      $4.29
 
      * Net of freight and delivery costs billed to customers.
 
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 SOURCE  Centex Construction Products, Inc.