HomeMy WebLinkAbout2014-05-27 Euless ArticlesPRESS RELEASE
May 15, 2014, 6:05 a.m. ET U.S. Concrete, Inc. Announces
Stock Repurchase Program
U.S. Concrete, Inc. Announces Stock Repurchase Program
EULESS, Texas, May 15, 2014 (GLOBE NEWSWIRE) -- U.S. Concrete, Inc. (Nasdaq:USCR)
today announced that its Board of Directors has approved a stock repurchase program to
acquire up to $50 million of its outstanding common stock, par value $.001 per share.
Authorized repurchases may be made from time to time in the open market, through block
trades or in privately negotiated transactions and are expected to comply with Rule 10b-18
under the Securities Exchange Act of 1934, as amended. The timing, volume and nature of
share repurchases will be at the discretion of management and dependent on market
conditions, trading price, trading volume, applicable securities laws and other factors, and
may be suspended or discontinued at any time. No assurance can be given that any
particular amount of common stock will be repurchased. This repurchase program is valid
through March 31, 2017 and may be modified, extended or terminated by the Board of
Directors at any time. The Company intends to finance the repurchases with available cash.
"Pursuing accretive growth through acquisitions and capital projects remains the primary
intended use of the Company's available cash," said U.S. Concrete President & Chief
Executive Officer William J. Sandbrook. "This repurchase program, however, affords us the
flexibility to opportunistically repurchase shares when we believe that doing so will build
long-term value for our stockholders."
About U.S. Concrete
U.S. Concrete services the construction industry in several major markets in the United
States through its two business segments: ready-mixed concrete and aggregate products.
The Company has 103 fixed and 9 portable ready-mixed concrete plants and eight
producing aggregates facilities. During 2013, U.S. Concrete produced approximately 5.2
million cubic yards of ready-mixed concrete and approximately 3.6 million tons of
aggregates. For more information about U.S. Concrete, visit www.us-concrete.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are
based on management's belief, as well as assumptions made by and information currently
available to management. These forward-looking statements speak only as of the date of this
press release. The Company disclaims any obligation to update these statements and
cautions you not to rely unduly on them. Forward-looking information includes, but is not
limited to, statements regarding: the stability of the business; ready-mix backlog; ability to
maintain our cost structure and the improvements achieved during our restructuring;
ability to maximize liquidity, monitor fixed costs, manage variable costs, control capital
spending and monitor working capital usage; and the adequacy of current liquidity.
Although U.S. Concrete believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that those expectations will prove to
have been correct. Such statements are subject to certain risks, uncertainties and
assumptions, including, among other matters: general and regional economic conditions;
the level of activity in the construction industry; the ability of U.S. Concrete to complete
acquisitions and to effectively integrate the operations of acquired companies; development
of adequate management infrastructure; departure of key personnel; access to labor; union
disruption; competitive factors; government regulations; exposure to environmental and
other liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse
weather conditions; the availability and pricing of raw materials; the availability of
refinancing alternatives; and general risks related to the industry and markets in which U.S.
Concrete operates. Should one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results or outcomes may vary materially from those
expected. These risks, as well as others, are discussed in greater detail in U.S. Concrete's
filings with the Securities and Exchange Commission, including U.S. Concrete's Annual
Report on Form 10-K for the year ended December 31, 2013 and subsequent Quarterly
Reports on Form 10-Q.
CONTACT: Company Contact:
Matt Brown, SVP & CFO
U.S. Concrete, Inc.
817-835-4105
Mayor who led Euless through transition is
leaving
Posted Thursday, May. 15, 2014
BY TERRY EVANS
tevans@star-telegram.com
EULESS — In the late 1990s, as other cities in Northeast Tarrant County boomed with
upscale retail destinations, Euless was struggling with its identity.
In Hurst, North East Mall was undergoing a $200 million renovation. Grapevine Mills
was flourishing just north of Dallas/Fort Worth Airport. And Southlake Town Square was
gaining momentum as a major development.
Euless, meanwhile, was striking out on its own retail hot spot — Bear Creek Fashion
Mall — at Airport Freeway and Texas 360.
“We spent years going to meetings and meetings and meetings about Bear Creek
Fashion Mall. After all the years of listening to what it was going to be, to the changes,
to more people being involved, we realized it just wasn’t going to happen,” Mayor Mary
Lib Saleh said. “… It seemed to us that it was a pipe dream.”
With the mall no longer in the picture, Saleh, elected in 1993, and City Council members
did not want to be left behind.
“The council knew we needed to do something to make Euless more viable and more
livable,” Saleh said. “We were a small town, one-third located in the airport. We didn’t
have big industry at the time. We didn’t have anything that you’d say, ‘Wow! What’s
going on in Euless?’ ”
So officials decided to create a massive park complex, featuring baseball, softball and
soccer fields, playgrounds, walking trails and covered picnic areas. Nearby, they would
build a golf course, Texas Star, that would become one of the state’s top municipal
courses.
Saleh said the highly successful sports complex is one of the crowning achievements of
her time as mayor in the city of 51,500, the fifth-largest in Tarrant County. Saleh, 83, is
stepping down after 21 years as mayor and four years as a council member before that.
She likes to point out that the city has made many more improvements in recent years
— from new facilities to public art — without raising the tax rate.
“We have changed the city to enhance it with beautiful gardens, plantings that were all
done in house by our parks department,” Saleh said. “We have a major piece of artwork
on every city facility that is publicly used so the public can enjoy the artwork.”
Thank you, car renters
Facilities built or renovated during Saleh’s tenure include the library, City Hall, a Family
Life Center, an aquatic park, a police station and three fire stations.
Some of the work, such as the library, was paid for with a half-cent sales tax, Saleh
said. Other projects have been paid for with cash, much of it from folks who rent cars at
DFW Airport.
Fortunately for Euless residents, the part of the city that’s within the airport’s borders
became home to a central car rental facility serving the major rental companies.
Through agreements worked out by the North Central Texas Council of Governments,
the tax revenue from those rentals is divided equally among Fort Worth, Dallas and
Euless. The first check Euless got, on May 10, 2000, was for $2,079,023, city
spokeswoman Betsy Deck said.
In total, the city has received $54.1 million from car rentals, Deck said.
The council agreed to put one-third of the rental revenue into the city budget, one-third
into reserves and one-third into community improvement projects, Saleh said.
“That helped get us through the economic downturn,” she said. “During the downturn,
we did not raise taxes and we did not cut services. What we cut were extras that we, as
a council and staff, got — like trips for conferences.”
‘Glamorous and busy’
Saleh and her colleagues have also pushed for the revitalization of Texas 10 and the
development of Glade Parks.
Texas 10, which began as a dirt road named Texas 15, eventually grew into Texas 183,
the first four-lane highway in Tarrant County and once the best way to get from Fort
Worth to Dallas.
Airport Freeway eventually took over 183, and the highway now known as Texas 10
suffered.
But even that worm has turned. Now a six-lane thoroughfare, Texas 10 is known as
Euless Boulevard within the city limits and includes a mix of subdivisions and
businesses, many of which have made significant investments in their properties, and
many vacant spaces have been filled.
Texas 10 is also the way to Texas Star Golf Course and Conference Centre, the Parks
at Texas Star, Dr Pepper StarCenter and Softball World — the aforementioned sports
complex.
Glade Parks, a residential and retail project near the Colleyville border that has been in
the works since 2007, has been an up-and-down development.
Euless has pumped more than $5 million into the infrastructure, only to see the original
developer, Rubloff Development Group in Rockford, Ill., file for bankruptcy.
A real estate equity firm has since taken control of the project, and Saleh is confident
that it will someday reach fruition.
“… It was very disappointing when it went bankrupt,” Saleh said. “That was two big
malls we’d lost. One of them is coming through, though, and it will be glamorous and
busy.”
Back to its roots
Arbor Daze, an annual festival that celebrates all things trees, has also seen highs and
lows during Saleh’s years as mayor.
At its zenith, Arbor Daze was bringing in nationally known entertainment such as The
Dixie Chicks, The Beach Boys and Asleep at the Wheel, attracting crowds of more than
200,000.
But in 2004, the event was rained out for two days, costing Euless about $250,000.
Then the 2005 festival lost half a day to weather.
So city leaders canceled the 2006 festival and asked residents what to do next. As it
turned out, they wanted it to be mostly for them.
A scaled-down Arbor Daze came back in 2007.
While the circumstances surrounding the festival’s downsizing disappointed Saleh, she
said, returning Arbor Daze to its roots as a small-town celebration was the right thing to
do. The festival was moved from a large field to the area around City Hall.
“We were the only city in the United States that won the national Arbor Days award
twice,” Saleh said. “I was really disappointed. But we had a lot of public hearings, and
the citizens wanted to go back to City Hall.”
This year’s festival drew 5,500 people and cost $70,000, Deck said.
As disappointing as that experience was, Saleh had a much worse time a year into her
first term. A recall election was forced by a petition signed by 250 people, led by a
woman the Star-Telegram said had a grudge against Saleh.
But when the results were counted, 1,374 had voted against the recall and 247 for —
three fewer than on the original petition.
Despite having effectively won a vote of confidence after a year on the job, Saleh would
like to forget that it happened.
“I had rather not dwell on the recall election, because so many positive things have
happened since then and I do not even know if the person involved still lives in the city,”
Saleh said.
“I have always been a positive person and try to find the good in others and not dwell on
the naysayers because most of them are uninformed.”
‘She taught me well’
Saleh has earned respect since then, too.
“Mayor Saleh was a dedicated public servant, creative and hardworking, who enjoyed
tremendous support and respect throughout her career,” said Grapevine Mayor William
D. Tate, the longest-serving mayor in Northeast Tarrant County.
“She was strong in her belief and served as a good example to her peers. She chose to
retire only after she had added to the rich heritage of Euless and improved the lifestyle
of its people.”
Saleh took the gavel from Harold D. Samuels in 1993 and will pass it to her successor
at the May 27 council meeting.
Mayor-elect Linda Martin — only the city’s third mayor since 1975 — said she is
determined to continue the progressiveness of the last two mayors.
A California transplant, Martin said she fell in love with Euless when she settled there in
1984. She has studied under Saleh since joining the council in 2004.
“The California girl is gone, and the Texas girl is here,” Martin said. “Mary Lib leaves a
big pair of boots to fill. She is the epitome of a gracious Southern lady, and she taught
me well.”
This report includes material from the Star-Telegram archives.
Trinity High group helps dogs, cats at Euless
shelter
Posted Friday, May. 16, 2014
BY DIANE SMITH
dianesmith@star-telegram.com
EULESS — Evelyn Reyes and Nora Barakat tried their best to coax Buttercup to take a walk.
The Trinity High School students whispered soft words and rubbed her back, but the shy black dog just
glanced sadly at the girls and stayed put.
Buttercup was at the Euless Animal Shelter, where the girls were helping out as part of the Trinity GAP
Club. The Girls Awareness Program will have its 2014 Spring Pet Fair on Saturday at the school.
“The girls will be working hard,” said Steffenie Vela, a club sponsor and teacher at Trinity. She said they
will participate in a walkathon, walking and bathing dogs for charity dollars.
Last month’s walkathon raised about $16,000 for the shelter, she said.
GAP sponsored 433 pet adoptions this year, Vela said. The group, which works through the
nonprofit Trinity Gap Rescue, has helped cut the euthanasia rate at the shelter by about 80 percent,
Vela said.
The all-girls club instills a sense of service and empowerment in young women. They learn about
women’s issues from guest speakers at school and on field trips.
“We learn about making good choices,” said Emily Torres, 17, a GAP member and junior at Trinity High
School.
Torres said that they learn to be proud about “being feminine in this world.” But many of the lessons
involve giving back to society.
The group, formed about 11 years ago, spends many hours helping animals. The 40 to 50 young
women have built a reputation for animal rescue efforts. They were part of the team of animal
advocates and caregivers who helped mend Riley, a puppy who made headlines after being rescued
from abuse that included burns and malnourishment.
“You can learn a lot about a person the way they treat dogs, because that’s how they treat other beings
behind closed doors,” Torres said.
GAP members exercise and care for the animals once a week during visits to the Euless Animal
Shelter. They also volunteer at fundraisers and help care for the animals during the summer.
Vela said she’s seen the girls grow through the program, including some who were once afraid of
animals but overcame their fears.
“It’s nice to see them change,” Vela said.
Diane Smith, 817-390-7675 Twitter: @dianeasmith1
Commuting on the North Tarrant Express: The good
and the bad
Nicholas Sakelaris
The North Tarrant Express construction project is expected to be completed by the end of the year with TEXpress managed
lanes in the center.
Nicholas Sakelaris
Staff Writer- Dallas Business Journal
There’s good news and bad news on the North Tarrant Express front.
First, the good news:
The project is 90 percent complete and is on track to finish by the end of the year, a 13-mile project that
includes rebuilt main lanes and TEXpress Lanes, or managed toll lanes, in the center. Workers will soon
begin paving the northbound lanes of Interstate 35W from Meacham Boulevard to the Loop 820
interchange. And the on-ramp from State Highway 26 onto westbound Loop 820 will open soon.
Now the bad news:
The project will continue to close lanes on frontage roads and on major roads that intersect the highway
for the next several months. Several key exits will also close soon.
For example, the northbound frontage road from Meacham Boulevard to Riverside Drive will close. Road
closures include eastbound and westbound Meacham Boulevard at I-35W and northbound and
southbound Precinct Line Road at State Highway 121/183. Central Drive also closed at S.H. 183/121
Ramp closings include the eastbound Murphy Drive/Westpark Way on-ramp to eastbound S.H. 183, the
westbound off-ramp to Precinct Line Road and the eastbound off-ramp to Industrial Boulevard.
Background
The NTE project will completely rebuild Loop 820 from I-35W east to the junction with S.H. 183/121. The
project continues east on S.H. 121/183 to Industrial Boulevard in Euless.
The NTE contractor recently broke ground on a new segment of the project to rebuild I-35W from
downtown Fort Worth (Interstate 30) north to Loop 820.
The $1.4 billion project rebuilds 6.5 miles with new main lanes and two TEXpress Lanes in each direction.
The TEXpress Lanes, which vary in price based on traffic demand, will eventually connect to each other
in a seamless network, allowing drivers to traverse North Texas interstates at a guaranteed 50 mph
minimum.
Here's a closer look at what it will cost to drive the NTE.
See how much it will cost to ride TEXpress Lanes on
North Tarrant Express
Jake Dean
Tolls collected on the TEXpress lanes first go to pay for road maintenance and operation.
Nicholas Sakelaris
Staff Writer- Dallas Business Journal
We now have an idea what it will cost to drive through the North Tarrant Express from Fort Worth to
Euless when construction finishes later this year.
The TEXpress Lanes are managed toll lanes with dynamic pricing that changes based on traffic demand
and the time of day. Drivers who choose to take the TEXpress Lanes will be guaranteed a minimum of 50
mph of travel.
Here’s a breakdown of what it will cost to travel the TEXpress Lanes for the first two weeks:
From Interstate 35W to I-820/State Highway 121 (Northeast Mall)
• Peak eastbound and westbound: $1.45-$1.95
• Non-peak eastbound and westbound: 45 cents to $1.45
From I-820/State Highway 121 to Industrial Boulevard (Euless border)
• Peak eastbound and westbound: $1.75-$1.95
• Non-peak eastbound and westbound: 45 cents to $1.75
These prices apply to drivers who have a valid North Texas Tollway Authority tag or other valid tags.
Prices will be higher for vehicles that are billed through Zipcash or that have multiple axles. High
occupancy vehicles can register online or through the mobile app ahead of time and get a 50 percent
discount.
Peak periods are between 6:30 a.m. to 9 a.m. and 3 p.m. to 6:30 p.m. Monday through Friday. The price
could go up after the first two weeks ends.
Long-term, these TEXpress Lanes have no price cap, meaning the toll could go as high as the market will
bear.
The $2.5 billion NTE project is being built by a consortium led by Austin-based Cintra U.S., part of
Ferrovial, S.A., a construction and engineering firm based in Madrid, Spain.
The so-called Lexus Lanes have become a political lightning rod as transportation planners grapple with
a massive funding shortfall at the state and federal level.
U.S. Department of Transportation Secretary Anthony Foxx visited Dallas and Garland with a grim
warning that the federal highway fund would be insolvent later this year.
Cintra is also building the LBJ Express project in North Dallas, another massive highway reconstruction
that features TEXpress Lanes on I-635 and Interstate 35E.
The first TEXpress Lanes on the east end of the LBJ Express opened in December.
A four-mile stretch of TEXpress Lanes opened on State Highway 114 in the DFW Connector in Grapevine
this month. Drivers can take the lanes for free, for now, but they will be tolled by late spring. No specific
date was given.
When it does start, initial prices will range from 67 cents to $1 during peak travel periods for a two-axle
vehicle with an NTTA toll tag. This rate will be in place for the first six months.
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Saying goodbye
Euless Mayor Mary Lib Saleh gets a hug last week
from Mayor-elect Linda Martin after Saleh presi-
ded over her last City Council meeting. After be-
ing on the council for 25 years, she did not run for
re-election. Star-Telegram/Rodger Mallison