Vulcan Announces Full Year And Fourth Quarter 2012 Earnings Continued Improvement in Aggregates Profitability Driven by Higher Pricing and Effective Cost Control PR Newswire BIRMINGHAM, Ala., Feb. 14, 2013 BIRMINGHAM, Ala., Feb. 14, 2013 /PRNewswire/ --Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced earnings for 2012. (Logo: http://photos.prnewswire.com/prnh/20090710/CL44887LOGO) Full Year Highlights oAdjusted EBITDA increased $59 million on flat revenues. oGross profit increased $50 million and gross profit margins improved 210 basis points. oAggregates segment gross profit margins improved 270 basis points from the prior year due to lower unit cost of sales and higher pricing. oAggregates shipments declined 1 percent and pricing increased 2 percent. oCash gross profit per ton increased 5 percent. oSAG expenses were $259 million versus $290 million in the prior year. oCash earnings were $210 million, an increase of 8 percent from the prior year. oGross cash proceeds of $174 million were realized from asset sales. oThe Company retired $135 million of debt as scheduled. Don James, Chairman and Chief Executive Officer, said, "Our full year results demonstrate our employees' efforts in managing those aspects of the business that are under their control. Despite slightly weaker aggregates shipments, we achieved a 17 percent increase in Adjusted EBITDA, reflecting aggressive actions to reduce costs and to take advantage of pricing opportunities across the markets we serve." Fourth Quarter 2012 Results Summary oFourth quarter EBITDA, including gains on sale of real estate and businesses, restructuring charges and exchange offer costs, was $137 million as compared to $85 million in the prior year. Excluding these items, Adjusted EBITDA was $90 million versus $95 million in the prior year. oGross profit increased $5 million, or 7 percent, and gross profit margins improved 90 basis points on slightly lower net sales. oAggregates segment gross profit increased $2 million and margins improved 40 basis points despite a 3 percent decline in shipments versus the prior year. oAggregates pricing increased 4 percent versus the prior year. oVolumes in ready-mixed concrete and cement increased 11 percent and 8 percent, respectively, due to improving levels of private construction. oEarnings from continuing operations were $0.03 per diluted share versus a loss of $0.20 per diluted share in the prior year. Commentary on Fourth Quarter 2012 Segment Results Aggregates segment gross profit increased $2 million from the prior year's fourth quarter and gross profit margin expanded due in part to a 4 percent increase in pricing and despite a 3 percent decline in aggregates shipments. Aggregates shipments in Florida, North Carolina, Texas and Arizona showed strength, each increasing more than 10 percent versus the prior year. Some markets reported declines versus the prior year's fourth quarter, due in part to very favorable weather in December 2011, as compared to more normalized weather in 2012. Shipments in Virginia, California, Georgia and the Midwest were lower versus the prior year due in part to less large-project work than in the prior year. Virtually all of the Company's markets realized increased pricing. Improved productivity in key energy efficiency metrics helped offset a 7 percent increase in the unit cost for diesel fuel. Gross profit from non-aggregates businesses improved approximately $3 million to a loss of $2 million. Asphalt Mix segment gross profit was $7 million versus $5 million in the prior year. Unit profitability, as measured by materials margin, increased 13 percent despite a 4 percent increase in the unit cost of liquid asphalt. Asphalt volumes decreased 11 percent from the prior year's fourth quarter. Concrete segment gross profit improved $3 million due in part to an 11 percent increase in shipments. Cement segment earnings in the fourth quarter were a loss of $1 million versus earnings of $1 million in the prior year due primarily to the effects of an unscheduled production outage. 2013 Outlook "Our outlook for another year of earnings growth is supported by improved pricing, aggressive cost control and some volume growth," said Mr. James. "Our expectations are for aggregates margins and profitability to continue to expand. "We believe economic and construction-related fundamentals that drive demand for our products are continuing to improve from the historically low levels created by the economic downturn. The passage of the new federal highway bill in July 2012 is providing stability and predictability to future highway funding. Through the first three months of fiscal year 2013, obligation of federal funds for future highway projects is up sharply versus the prior year, a positive indicator of growth in future contract awards. The large increase in TIFIA (Transportation Infrastructure Finance and Innovation Act) funding contained in the new highway bill should also positively impact demand going forward. "Leading indicators of private construction activity, specifically residential housing starts and contract awards for nonresidential buildings, continue to improve. Consequently, aggregates demand in private construction is growing. We are seeing tangible evidence of this growth in several key states, including Florida, Texas, California, Georgia and Arizona. Growth in residential construction has historically been a leading indicator of other construction end uses." Mr. James continued, "Demand for aggregates in our markets is expected to grow by mid-single digits in 2013. Aggregates demand from residential construction is expected to increase double-digits while demand from private non-residential buildings is expected to increase high single-digits versus 2012. Our current expectation for growth in aggregates demand into public construction, including highways and other infrastructure, is limited given the lead time required from award of contract to the start of construction. As we look at the projects that could impact our 2013 aggregates volumes, we see a disproportionately greater number of large, discrete highway and industrial projects. The timing of these projects is difficult to predict at this point in the year. As a result, our full year shipments in 2013 are expected to increase 1 to 5 percent with most of the expected year-over-year growth to occur in the second half of the year, due in part to favorable weather in the first quarter of 2012. "In keeping with our successful efforts to offset the earnings effect of lower volumes in recent quarters, we will continue our focus on reducing controllable costs and achieving improved pricing. In 2012, we achieved a 2 percent decrease in aggregates unit cost of sales despite the effects of lower volumes. The geographic breadth of pricing gains achieved in 2012 reinforces our expectations for continued growth in pricing in 2013. We expect full year freight-adjusted price growth of approximately 4 percent in 2013. "Additionally, earnings in each of our non-aggregates segments should improve versus the prior year. Asphalt materials margin increased throughout 2012 and should contribute to earnings growth in 2013. Concrete volumes and materials margin are improving as housing starts continue recovering in key states. Cement earnings should improve in 2013 due mostly to lower production costs. As a result, collectively, full year earnings from these segments are expected to contribute significantly to earnings growth in 2013. "We are on track to achieve our Profit Enhancement goals for 2013. These pricing and cost initiatives should allow us to more than offset the effects of higher costs of key materials and supplies and maintaining competitive wages. In 2012, we announced a number of asset sales that generated total gross proceeds of $174 million. The Company continues to work on additional asset sales. However, the ultimate timing of such transactions is difficult to predict. The Company remains committed to completing transactions designed to strengthen Vulcan's balance sheet, unlock capital for more productive uses, improve our operating results and create value for shareholders." Conference Call Vulcan will host a conference call at 10:00 a.m. CST on February 14, 2013. Investors and other interested parties in the U.S. may access the teleconference live by calling 866.711.8198 approximately 10 minutes before the scheduled start. International participants can dial 617.597.5327. The access code is 23352917. A live webcast and accompanying slides will be available via the Internet through Vulcan's home page at www.vulcanmaterials.com. The conference call will be recorded and available for replay approximately two hours after the call through February 21, 2013. Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida. FORWARD-LOOKING STATEMENT DISCLAIMER This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC. Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired; uncertainties as to the timing and valuations that may be realized or attainable with respect to intended asset sales; those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the impact of a prolonged economic recession on Vulcan's industry, business and financial condition and access to capital markets; changes in the level of spending for private residential and nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in Vulcan's effective tax rate; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; Vulcan's increasing reliance on information technology; the potential of goodwill impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law. Table A Vulcan Materials Company and Subsidiary Companies (Amounts and shares in thousands, except per share data) Three Months Ended Twelve Months Ended Consolidated Statements of December 31 December 31 Earnings (Condensed and unaudited) 2012 2011 2012 2011 Net sales $ $ $ $ 574,885 578,189 2,411,243 2,406,909 Delivery revenues 33,546 36,437 156,067 157,641 Total revenues 608,431 614,626 2,567,310 2,564,550 Cost of goods sold 495,679 503,834 2,077,217 2,123,040 Delivery costs 33,546 36,437 156,067 157,641 Cost of revenues 529,225 540,271 2,233,284 2,280,681 Gross profit 79,206 74,355 334,026 283,869 Selling, administrative and 66,873 71,702 259,140 289,993 general expenses Gain on sale of property, plant & equipment and businesses, 46,768 2,922 68,455 47,752 net Recovery from legal settlement - - - 46,404 Restructuring charges (540) (9,994) (9,557) (12,971) Exchange offer costs (49) (2,227) (43,380) (2,227) Other operating income (expense), (2,980) 1,118 (5,623) (9,390) net Operating earnings (loss) 55,532 (5,528) 84,781 63,444 Other nonoperating income, net 2,531 2,386 6,727 2 Interest expense, net 52,928 53,346 211,926 217,184 Earnings (loss) from continuing operations before income 5,135 (56,488) (120,418) (153,738) taxes Provision for (benefit from) 647 (30,545) (66,492) (78,483) income taxes Earnings (loss) from continuing 4,488 (25,943) (53,926) (75,255) operations Earnings (loss) on discontinued (1,005) (1,921) 1,333 4,477 operations, net of tax Net earnings (loss) $ $ $ $ 3,483 (27,864) (52,593) (70,778) Basic earnings (loss) per share: Continuing $ $ $ $ operations 0.03 (0.20) (0.42) (0.58) Discontinued - (0.02) 0.01 0.03 operations Net earnings $ $ $ $ (loss) per share 0.03 (0.22) (0.41) (0.55) Diluted earnings (loss) per share: Continuing $ $ $ $ operations 0.03 (0.20) (0.42) (0.58) Discontinued - (0.02) 0.01 0.03 operations Net earnings $ $ $ $ (loss) per share 0.03 (0.22) (0.41) (0.55) Weighted-average common shares outstanding: Basic 129,954 129,502 129,745 129,381 Assuming dilution 131,008 129,502 129,745 129,381 Cash dividends declared per share of common stock $ $ $ $ 0.01 0.01 0.04 0.76 Depreciation, depletion, accretion and amortization $ $ $ $ 78,568 88,048 331,959 361,719 Effective tax rate from 12.6% 54.1% 55.2% 51.0% continuing operations Table B Vulcan Materials Company and Subsidiary Companies (Amounts in thousands, except per share data) Consolidated Balance Sheets December 31 December 31 (Condensed and unaudited) 2012 2011 Assets Cash and cash equivalents $ 275,478 $ 155,839 Restricted cash - 81 Accounts and notes receivable: Accounts and notes receivable, 303,178 321,391 gross Less: Allowance for doubtful (6,198) (6,498) accounts Accounts and notes 296,980 314,893 receivable, net Inventories: Finished products 262,886 260,732 Raw materials 27,758 23,819 Products in process 5,963 4,198 Operating supplies and other 38,415 38,908 Inventories 335,022 327,657 Current deferred income taxes 40,696 43,032 Prepaid expenses 21,713 21,598 Assets held for sale 15,083 - Total current assets 984,972 863,100 Investments and long-term 42,081 29,004 receivables Property, plant & equipment: Property, plant & equipment, cost 6,666,617 6,705,546 Less: Reserve for depr., depl. & (3,507,432) (3,287,367) amort Property, plant & equipment, 3,159,185 3,418,179 net Goodwill 3,086,716 3,086,716 Other intangible assets, net 692,532 697,502 Other noncurrent assets 161,113 134,813 Total assets $ 8,126,599 $ 8,229,314 Liabilities and Equity Current maturities of long-term $ 150,602 $ 134,762 debt Trade payables and accruals 113,337 103,931 Other current liabilities 171,671 167,560 Liabilities of assets held for 801 - sale Total current liabilities 436,411 406,253 Long-term debt 2,526,401 2,680,677 Noncurrent deferred income taxes 657,367 732,528 Deferred revenue 73,583 - Other noncurrent liabilities 671,775 618,239 Total liabilities 4,365,537 4,437,697 Equity: Common stock, $1 par value 129,721 129,245 Capital in excess of par value 2,580,209 2,544,740 Retained earnings 1,276,649 1,334,476 Accumulated other comprehensive (225,517) (216,844) loss Total equity 3,761,062 3,791,617 Total liabilities and equity $ 8,126,599 $ 8,229,314 Table C Vulcan Materials Company and Subsidiary Companies (Amounts in thousands) Twelve Months Ended Consolidated Statements of Cash Flows December 31 (Condensed and unaudited) 2012 2011 Operating Activities Net loss $ (52,593) $ (70,778) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation, depletion, accretion and 331,959 361,719 amortization Net gain on sale of property, plant & (78,654) (58,808) equipment and businesses Proceeds from sale of future production, net 73,583 - of transaction costs Contributions to pension plans (4,509) (4,892) Share-based compensation 17,474 18,454 Deferred tax provision (69,830) (93,739) Cost of debt purchase - 19,153 Changes in assets and liabilities before initial effects of business acquisitions and 20,378 (11,906) dispositions Other, net 667 9,840 Net cash provided by operating 238,475 169,043 activities Investing Activities Purchases of property, plant & equipment (93,357) (98,912) Proceeds from sale of property, plant & 80,829 13,675 equipment Proceeds from sale of businesses, net of 21,166 74,739 transaction costs Payment for businesses acquired, net of - (10,531) acquired cash Other, net 1,761 1,550 Net cash provided by (used for) 10,399 (19,479) investing activities Financing Activities Net short-term payments - (285,500) Payment of current maturities and long-term (134,780) (743,075) debt Cost of debt purchase - (19,153) Proceeds from issuance of long-term debt - 1,100,000 Debt issuance costs - (27,426) Proceeds from settlement of interest rate swap - 23,387 agreements Proceeds from issuance of common stock - 4,936 Dividends paid (5,183) (98,172) Proceeds from exercise of stock options 10,462 3,615 Other, net 266 122 Net cash used for financing activities (129,235) (41,266) Net increase in cash and cash equivalents 119,639 108,298 Cash and cash equivalents at beginning of year 155,839 47,541 Cash and cash equivalents at end of year $ 275,478 $ 155,839 Table D Segment Financial Data and Unit Shipments (Amounts in thousands, except per unit data) Three Months Ended Twelve Months Ended December 31 December 31 2012 2011 2012 2011 Total Revenues Aggregates segment (a) $411,496 $409,251 $1,729,419 $1,734,005 Intersegment sales (35,311) (30,802) (148,230) (142,572) Net sales 376,185 378,449 1,581,189 1,591,433 Concrete segment (b) 103,085 92,862 406,370 374,671 Intersegment sales - - - - Net sales 103,085 92,862 406,370 374,671 Asphalt Mix segment 84,860 94,530 378,126 398,962 Intersegment sales - - - - Net sales 84,860 94,530 378,126 398,962 Cement segment (c) 20,998 19,429 84,567 71,920 Intersegment sales (10,243) (7,081) (39,009) (30,077) Net sales 10,755 12,348 45,558 41,843 Total Net sales 574,885 578,189 2,411,243 2,406,909 Delivery revenues 33,546 36,437 156,067 157,641 Total revenues $608,431 $614,626 $2,567,310 $2,564,550 Gross Profit Aggregates $ 81,332 $ 79,196 $ 352,100 $ 306,203 Concrete (8,384) (11,041) (38,234) (43,368) Asphalt Mix 7,472 5,157 22,970 25,575 Cement (1,214) 1,043 (2,810) (4,541) Total gross profit $ 79,206 $ 74,355 $ 334,026 $ 283,869 Depreciation, depletion, accretion and amortization Aggregates $ 57,044 $ 63,993 $ 240,704 $ 266,968 Concrete 9,211 11,556 41,316 47,659 Asphalt Mix 2,097 2,132 8,687 7,740 Cement 4,508 4,897 18,055 17,801 Other 5,708 5,470 23,197 21,551 Total DDA&A $ 78,568 $ 88,048 $ 331,959 $ 361,719 Unit Shipments Aggregates customer tons 30,963 32,005 130,520 132,394 Internal tons (d) 2,441 2,564 10,440 10,637 Aggregates - tons 33,404 34,569 140,960 143,031 Ready-mixed concrete - 1,075 972 4,223 3,883 cubic yards Asphalt Mix - tons 1,493 1,686 6,701 7,208 Cement customer tons 114 129 442 380 Internal tons (d) 130 97 497 413 Cement - tons 244 226 939 793 Average Unit Sales Price (including internal sales) Aggregates $ $ $ $ (freight-adjusted) (e) 10.45 10.07 10.44 10.25 Ready-mixed concrete $ $ $ $ 91.38 91.50 92.19 92.16 Asphalt Mix $ $ $ $ 56.07 55.29 55.33 54.71 Cement $ $ $ $ 77.20 69.21 77.77 73.66 (a) Includes crushed stone, sand and gravel, sand, other aggregates, as well as transportation and service revenues associated with the aggregates business (b) Includes ready-mixed concrete, concrete block, precast concrete, as well as building materials purchased for resale (c) Includes cement and calcium products (d) Represents tons shipped primarily to our downstream operations (i.e., asphalt mix and ready-mixed concrete). Sales from internal shipments are eliminated in net sales presented above and in the accompanying Condensed Consolidated Statements of Earnings (e) Freight-adjusted sales price is calculated as total sales dollars (internal and external) less freight to remote distribution sites divided by total sales units (internal and external) Table E 1. Supplemental Cash Flow Information Supplemental information referable to the Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31 is summarized below: (Amounts in thousands) 2012 2011 Supplemental Disclosure of Cash Flow Information Cash paid (refunded) during the period for: Interest $ $ 207,745 205,088 Income taxes 20,374 (29,874) Supplemental Schedule of Noncash Investing and Financing Activities Liabilities assumed in business acquisition - 13,912 Accrued liabilities for purchases of property, plant & 9,627 7,226 equipment Fair value of noncash assets and liabilities exchanged - 25,994 Fair value of equity consideration for business - 18,529 acquisition 2. Reconciliation of Non-GAAP Measures Generally Accepted Accounting Principles (GAAP) does not define "free cash flow," "aggregates segment cash gross profit," "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA) and "cash earnings." Thus, free cash flow should not be considered as an alternative to net cash provided by operating activities or any other liquidity measure defined by GAAP. Likewise, aggregates segment cash gross profit, EBITDA and cash earnings should not be considered as alternatives to earnings measures defined by GAAP. We present these metrics for the convenience of investment professionals who use such metrics in their analyses, and for shareholders who need to understand the metrics we use to assess performance and to monitor our cash and liquidity positions. The investment community often uses these metrics as indicators of a company's ability to incur and service debt. We use free cash flow, cash gross profit, EBITDA, cash earnings and other such measures to assess the operating performance of our various business units and the consolidated company. We do not use these metrics as a measure to allocate resources. Reconciliations of these metrics to their nearest GAAP measures are presented below: Free Cash Flow Free cash flow deducts purchases of property, plant & equipment from net cash provided by operating activities (Amounts in thousands) Twelve Months Ended December 31 2012 2011 Net cash provided by operating activities $ $ 238,475 169,043 Purchases of property, plant & equipment (93,357) (98,912) Free cash flow $ $ 145,118 70,131 Aggregates Segment Cash Gross Profit Aggregates segment cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization (DDA&A) to aggregates segment gross profit (Amounts in thousands) Three Months Ended Twelve Months Ended December 31 December 31 2012 2011 2012 2011 Aggregates segment gross profit $ $ $ $ 81,332 79,196 352,100 306,203 Aggregates segment DDA&A 57,044 63,993 240,704 266,968 Aggregates segment cash gross $ $ $ $ profit 138,376 143,189 592,804 573,171 Table F Reconciliation of Non-GAAP Measures (Continued) EBITDA and Cash Earnings EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization. Cash earnings adjusts EBITDA for net interest expense and current taxes. (Amounts in thousands) Three Months Ended Twelve Months Ended December 31 December 31 2012 2011 2012 2011 Reconciliation of Net Loss to EBITDA and Cash Earnings Net earnings (loss) $ $ $ $ 3,483 (27,864) (52,593) (70,778) Provision for (benefit from) 647 (30,545) (66,492) (78,483) income taxes Interest expense, net 52,928 53,346 211,926 217,184 (Earnings) loss on discontinued operations, net 1,005 1,921 (1,333) (4,477) of tax EBIT 58,063 (3,142) 91,508 63,446 Plus: Depreciation, depletion, accretion and 78,568 88,048 331,959 361,719 amortization EBITDA $ 136,631 $ $ $ 84,906 423,467 425,165 Less: Interest expense, net (52,928) (53,346) (211,926) (217,184) Current taxes (3,983) (4,041) (1,913) (14,318) Cash earnings $ 79,720 $ $ $ 27,519 209,628 193,663 Adjusted EBITDA and Adjusted EBIT EBITDA $ 136,631 $ $ $ 84,906 423,467 425,165 Recovery from legal - - - (46,404) settlement Gain on sale of real estate (46,801) (2,482) (65,122) (42,141) and businesses Restructuring charges 540 9,994 9,557 12,971 Exchange offer costs 49 2,227 43,380 2,227 Adjusted EBITDA $ 90,419 $ $ $ 94,645 411,282 351,818 Less: Depreciation, depletion, accretion and 78,568 88,048 331,959 361,719 amortization Adjusted EBIT $ 11,851 $ $ $ 6,597 79,323 (9,901) EBITDA Bridge Three Months Twelve Months Ended Ended (Amounts in millions) December 31 December 31 EBITDA EBITDA Continuing Operations - 2011 Actual $ $ 85 425 Plus: Recovery from legal settlement - (46) Gain on sale of real estate (2) (42) and businesses Restructuring charges 10 13 Exchange offer costs 2 2 2011 Adjusted EBITDA from continuing 95 352 operations Increase / (Decrease) due to: Aggregates: Volumes (6) (12) Selling prices 13 27 Lower costs and other (12) 5 items Concrete - (2) Asphalt Mix 2 (2) Cement (2) 3 Lower selling, administrative and general 5 31 expenses Other (4) 9 2012 Adjusted EBITDA from continuing 91 411 operations Plus: Gain on sale of real estate 47 65 and businesses Restructuring charges (1) (10) Exchange offer costs - (43) Continuing Operations - 2012 Actual $ $ 137 423 SOURCE Vulcan Materials Company Website: http://www.vulcanmaterials.com Contact: Investor Contact: Mark Warren, +1-205-298-3220; Media Contact: David Donaldson, +1-205-298-3220
Vulcan Announces Full Year And Fourth Quarter 2012 Earnings
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