Martin Marietta Materials (MLM) 8-K Martin Marietta Materials, Inc., Announces First-quarter Results

Exhibit 99.2

Additional Information about Non-GAAP Financial Measures Available on the
Corporation’s Web site

From time to time management may publicly disclose certain “non-GAAP financial measures” in the course of our financial presentations, earnings releases, earnings conference calls, and otherwise. For these purposes, the SEC defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial positions, or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements, and vice versa for measures that include amounts, or is subject to adjustments that effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. For these purposes, “GAAP” refers to generally accepted accounting principles in the United States.

Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies.

One such non-GAAP financial measure we may present from time to time is Earnings before Interest, Income Taxes, Depreciation, Depletion and Amortization (“EBITDA”). EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net earnings (loss), operating earnings (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Corporation’s management believes that EBITDA may provide additional information with respect to the Corporation’s ability to meet its future debt service, capital expenditures and working capital requirements. Because EBITDA excludes some, but not all, items that affect net earnings and may vary among companies, the EBITDA presented by Martin Marietta Materials may not be comparable to similarly titled measures of other companies. Martin Marietta Materials calculates EBITDA as:

Net earnings (loss) before interest expense, income tax expense (benefit) and depreciation, depletion and amortization expense. EBITDA is also before the cumulative effect of a change in accounting principle, if applicable.

The following tables present Martin Marietta Materials’ calculations of EBITDA for the years 1994 to 2002, quarterly and year-to-date periods in 2002 and 2003 (all dollars in thousands):

Calculation of EBITDA

(amounts in thousands)

		2002		2001		2000		1999		1998		1997		1996		1995		1994
Net Earnings		$	86,305	$	105,362	$	112,027	$	125,781	$	115,613	$	98,529	$	78,628	$	67,551	$	53,704
Cumulative Effect of Change in Accounting Principle			11,510		—		—		—		—		—		—		—		—
Extraordinary Loss			—		—		—		—		—		—		—		—		4,641
Earnings before Cumulative Effect of Change in Accounting Principle and Extraordinary Loss			97,815		105,362		112,027		125,781		115,613		98,529		78,628		67,551		58,345
Addback:
	Interest Expense		44,028		46,792		41,895		39,411		23,759		16,899		10,121		9,733		6,865
	Income Tax Expense		46,455		53,077		56,794		68,532		58,529		52,683		40,325		36,240		32,075
	Depreciation, Depletion, and Amortization Expense		138,696		154,635		136,373		124,754		98,765		79,720		61,210		55,674		42,828
EBITDA		$	326,994	$	359,866	$	347,089	$	358,478	$	296,666	$	247,831	$	190,284	$	169,198	$	140,113

Calculation of EBITDA

(amounts in thousands)

		Quarter Ended			Quarter Ended		Quarter Ended		Six Months Ended		Nine Months Ended
		March 31, 2002			June 30, 2002		September 30, 2002		June 30, 2002		September 30, 2002
Net Earnings (Loss)		$	(22,059	)	$	53,362	$	38,925	$	31,303	$	70,228
Cumulative Effect of Change in Accounting Principle			11,510			—		—		11,510		11,510
Earnings (Loss) before Cumulative Effect of Change in Accounting Principle			(10,549	)		53,362		38,925		42,813		81,738
Addback:
	Interest Expense		11,133			11,213		11,179		22,346		33,525
	Income Tax Expense (Benefit)		(5,314	)		31,001		18,326		25,687		44,013
	Depreciation, Depletion, and Amortization Expense		33,939			34,390		34,646		68,329		102,975
EBITDA		$	29,209		$	129,966	$	103,076	$	159,175	$	262,251

Calculation of EBITDA

(amounts in thousands)

		Quarter Ended
		March 31, 2003
Net Earnings (Loss)		$	(20,892	)
Cumulative Effect of Change in Accounting Principle			6,874
Earnings (Loss) before Cumulative Effect of Change in Accounting Principle			(14,018	)
Addback:
	Interest Expense		10,121
	Income Tax Expense (Benefit)		(6,579	)
	Depreciation, Depletion, and Amortization Expense		33,443
EBITDA		$	22,967