Note 6: JOINT VENTURES

Investments, advances and equity in undistributed earnings of joint ventures were as follows at November 30:

The Company's ownership of joint ventures is summarized below:

Investments in joint ventures and the amount of undistributed earnings were as follows:

The Company provides for income taxes on the undistributed earnings of its joint ventures to the extent such earnings are included in the consolidated statements of income.

The investment in TAMCO was recorded based on audited financial statements as of November 30, 2008. Condensed financial data of TAMCO, an investment which is accounted for under the equity method,were as follows:

TAMCO’s 2008 fourth-quarter results included a $9,800,000 pretax write-down of inventory to the lower of cost or market as a result of the recent reduction in steel rebar selling prices. The Company recognized $2,025,000 and $1,146,000 in accumulated other comprehensive loss at November 30, 2008 and 2007, respectively, which represents its proportionate share of TAMCO’s accumulated other comprehensive loss.

TAMCO’s primary source of financing is a $60,000,000 credit facility. Approximately $50,000,000 is currently outstanding under the credit facility, which is scheduled to expire on March 1, 2009. TAMCO has received a commitment from its bank, subject to certain conditions precedent to closing, for a one year credit facility that decreases to $35,000,000 effective May 1, 2009. Separately, TAMCO’s shareholders agreed to provide $22,000,000 to TAMCO by February 28, 2009. The Company’s share of the funding from shareholders totals $11,000,000. The Company may provide additional funding to TAMCO if TAMCO is unable to finalize the bank facility or obtain other third-party financing. TAMCO's ability to issue dividends will be dependent on its future cash position and limited by terms of its financing arrangements.

Sales to joint ventures totaled $4,365,000 in 2008, $3,873,000 in 2007, and $5,888,000 in 2006.