DALLAS, Sept. 18 /PRNewswire-FirstCall/ -- Eagle Materials Inc. (NYSE:
EXP) today announced that its Board of Directors had elected Richard R.
Stewart to the Company's Board, bringing the number of Eagle directors to
nine.
Mr. Stewart, 56, recently retired as President and CEO of GE Aero
Energy, a division of GE Power Systems, and as an Officer of General
Electric Company. Mr. Stewart began his career at Stewart & Stevenson
Services, Inc. in 1972. Throughout his career at Stewart & Stevenson, Mr.
Stewart was promoted to various positions, most recently as Group President
of the gas turbine business and a member of the Board of Directors. While
President of the gas turbine business at Stewart & Stevenson he grew the
division from $50 million to $600 million in revenues. In 1998, Mr. Stewart
was appointed President and CEO of GE Aero Energy after GE acquired the gas
turbine business of Stewart & Stevenson. Under Mr. Stewart's leadership, GE
Aero Energy developed into a $2.1 billion group within GE. Mr. Stewart also
served as a director of Plug Power, a fuel cell company, from 2003 to 2005.
"We are extremely pleased to add Mr. Stewart to our Board of
Directors," said Laurence E. Hirsch, Chairman of the Board of Eagle
Materials Inc. "Rick brings exceptional management and leadership skills
along with an in-depth knowledge of manufacturing. We look forward to his
insights and advice."
Mr. Stewart holds a B.B.A. in Finance from The University of Texas and
currently lives in Houston, Texas.
Eagle Materials Inc. is a Dallas-based company that manufactures and
distributes Cement, Gypsum Wallboard, Recycled Paperboard, and Concrete and
Aggregates.
Forward-Looking Statements. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Forward-looking statements may be
identified by the context of the statement and generally arise when the
Company is discussing its beliefs, estimates or expectations. These
statements are not historical facts or guarantees of future performance but
instead represent only the Company's belief at the time the statements were
made regarding future events which are subject to certain risks,
uncertainties and other factors many of which are outside the Company's
control. Actual results and outcomes may differ materially from what is
expressed or forecast in such forward-looking statements. The principal
risks and uncertainties that may affect the Company's actual performance
include the following: the cyclical and seasonal nature of the Company's
business; public infrastructure expenditures; adverse weather conditions;
availability of raw materials; changes in energy costs including, without
limitation, natural gas; changes in the cost and availability of
transportation; unexpected operational difficulties; inability to timely
execute announced capacity expansions; 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
increases in capacity in the gypsum wallboard and cement industries;
general economic conditions; and interest rates. For example, increases in
interest rates, decreases in demand for construction materials or increases
in the cost of energy (including natural gas) could affect the revenues and
operating earnings of our operations. In addition, changes in national or
regional economic conditions and levels of infrastructure and construction
spending could also adversely affect the Company's result of operations.
These and other factors are described in the Company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2006 and in its Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2006. These
reports are filed with the Securities and Exchange Commission. All
forward-looking statements made herein are made as of the date hereof, and
the risk that actual results will differ materially from expectations
expressed herein will increase with the passage of time. The Company
undertakes no duty to update any forward-looking statement to reflect
future events or changes in the Company's expectations.
SOURCE Eagle Materials Inc.
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Related links:
http://www.eaglematerials.com
CONTACT:
Steven R. Rowley, President & CEO, or Arthur
R. Zunker, Jr., Senior Vice President & CFO, both of Eagle
Materials Inc., +1-214-432-2000
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