ASTEC INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Charter)
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Tennessee
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001-11595
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62-0873631
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1725 Shepherd Road
Chattanooga, Tennessee 37421
(Address of Principal Executive Offices and Zip Code)
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(423) 899-5898
(Registrant's telephone number, including area code)
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N/A
(Former name or former address, if changed since last report)
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(c)
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Exhibits. The following exhibits are furnished herewith:
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated July 25, 2011
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Date: July 25, 2011
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By: /s/ J. Don Brock
J. Don Brock, Chairman of the Board
and President (Principal Executive Officer)
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Index to Exhibits
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated July 25, 2011
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Astec Industries, Inc.
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Consolidated Balance Sheets
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(in thousands)
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(unaudited)
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June 30
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June 30
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2011
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2010
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Assets
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Current assets
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Cash and cash equivalents
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$ | 73,490 | $ | 81,989 | ||||
Receivables, net
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103,842 | 84,736 | ||||||
Inventories
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281,152 | 224,279 | ||||||
Prepaid expenses and other
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24,261 | 18,205 | ||||||
Total current assets
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482,745 | 409,209 | ||||||
Property and equipment, net
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174,582 | 167,952 | ||||||
Other assets
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33,880 | 34,035 | ||||||
Total assets
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$ | 691,207 | $ | 611,196 | ||||
Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$ | 49,499 | $ | 37,469 | ||||
Other accrued liabilities
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92,253 | 73,030 | ||||||
Total current liabilities
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141,752 | 110,499 | ||||||
Other non-current liabilities
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30,960 | 28,598 | ||||||
Total equity
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518,495 | 472,099 | ||||||
Total liabilities and equity
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$ | 691,207 | $ | 611,196 |
Astec Industries, Inc.
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Consolidated Statements of Income
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(in thousands, except shares and share data)
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(unaudited)
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Three Months Ended
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SIx Months Ended
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June 30
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June 30
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2011
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2010
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2011
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2010
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Net sales
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$ | 247,756 | $ | 209,249 | $ | 477,945 | $ | 402,704 | ||||||||
Cost of sales
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185,785 | 162,571 | 361,271 | 309,884 | ||||||||||||
Gross profit
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61,971 | 46,678 | 116,674 | 92,820 | ||||||||||||
Selling, general, administrative & engineering expenses
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38,789 | 30,824 | 78,278 | 63,542 | ||||||||||||
Asset impairment charge
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2,170 | - | 2,170 | - | ||||||||||||
Income from operations
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21,012 | 15,854 | 36,226 | 29,278 | ||||||||||||
Interest expense
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58 | 135 | 94 | 259 | ||||||||||||
Other income, net of expenses
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366 | 122 | 773 | 610 | ||||||||||||
Income before income taxes
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21,320 | 15,841 | 36,905 | 29,629 | ||||||||||||
Income taxes
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7,215 | 5,511 | 12,642 | 10,467 | ||||||||||||
Net income
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14,105 | 10,330 | 24,263 | 19,162 | ||||||||||||
Net income attributable to noncontolling interest
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19 | 22 | 33 | 60 | ||||||||||||
Net income attributable to controlling interest
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$ | 14,086 | $ | 10,308 | $ | 24,230 | $ | 19,102 | ||||||||
Earnings per Common Share
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Net income attributable to controlling interest
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Basic
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$ | 0.62 | $ | 0.46 | $ | 1.07 | $ | 0.85 | ||||||||
Diluted
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$ | 0.61 | $ | 0.45 | $ | 1.06 | $ | 0.84 | ||||||||
Weighted average common shares outstanding
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Basic
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22,576,222 | 22,507,078 | 22,571,192 | 22,490,431 | ||||||||||||
Diluted
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22,991,917 | 22,832,785 | 22,955,707 | 22,800,223 |
Astec Industries, Inc. | ||||||||||||||||||||||||
Segment Revenues and Profits
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For the three months ended June 30, 2011 and 2010
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(in thousands)
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(unaudited)
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Asphalt Group
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Aggregate and
Mining Group |
Mobile Asphalt
Paving Group |
Underground
Group |
All Others
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Total
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2011 Revenues
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68,183 | 86,562 | 53,466 | 23,088 | 16,457 | 247,756 | ||||||||||||||||||
2010 Revenues
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65,362 | 67,000 | 47,231 | 13,636 | 16,020 | 209,249 | ||||||||||||||||||
Change $
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2,821 | 19,562 | 6,235 | 9,452 | 437 | 38,507 | ||||||||||||||||||
Change %
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4.3 | % | 29.2 | % | 13.2 | % | 69.3 | % | 2.7 | % | 18.4 | % | ||||||||||||
2011 Gross Profit
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16,750 | 22,406 | 15,627 | 3,934 | 3,254 | 61,971 | ||||||||||||||||||
2011 Gross Profit %
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24.6 | % | 25.9 | % | 29.2 | % | 17.0 | % | 19.8 | % | 25.0 | % | ||||||||||||
2010 Gross Profit
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14,961 | 15,199 | 12,233 | 868 | 3,417 | 46,678 | ||||||||||||||||||
2010 Gross Profit %
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22.9 | % | 22.7 | % | 25.9 | % | 6.4 | % | 21.3 | % | 22.3 | % | ||||||||||||
Change
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1,789 | 7,207 | 3,394 | 3,066 | (163 | ) | 15,293 | |||||||||||||||||
2011 Profit (Loss)
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9,102 | 9,727 | 8,532 | 172 | (13,565 | ) | 13,968 | |||||||||||||||||
2010 Profit (Loss)
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7,574 | 4,973 | 6,264 | (1,901 | ) | (6,069 | ) | 10,841 | ||||||||||||||||
Change $
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1,528 | 4,754 | 2,268 | 2,073 | (7,496 | ) | 3,127 | |||||||||||||||||
Change %
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20.2 | % | 95.6 | % | 36.2 | % | 109.0 | % | (123.5 | %) | 28.8 | % | ||||||||||||
Three months ended June 30
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2011
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2010
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Change $
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Total profit for all segments
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$ | 13,968 | $ | 10,841 | $ | 3,127 | ||||||
Net income attributable to non-controlling interest in subsidiary
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(19 | ) | (22 | ) | 3 | |||||||
Recapture (elimination) of intersegment profit
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137 | (511 | ) | 648 | ||||||||
Net income attributable to controlling interest
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$ | 14,086 | $ | 10,308 | $ | 3,778 |
Astec Industries, Inc.
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Segment Revenues and Profits
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For the six months ended June 30, 2011 and 2010
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(in thousands)
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(unaudited)
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Asphalt Group
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Aggregate and
Mining Group |
Mobile Asphalt
Paving Group |
Underground
Group |
All Others
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Total
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2011 Revenues
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141,937 | 165,415 | 103,421 | 34,755 | 32,417 | 477,945 | ||||||||||||||||||
2010 Revenues
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135,423 | 125,919 | 89,314 | 22,563 | 29,485 | 402,704 | ||||||||||||||||||
Change $
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6,514 | 39,496 | 14,107 | 12,192 | 2,932 | 75,241 | ||||||||||||||||||
Change %
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4.8 | % | 31.4 | % | 15.8 | % | 54.0 | % | 9.9 | % | 18.7 | % | ||||||||||||
2011 Gross Profit
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35,978 | 41,155 | 29,067 | 4,057 | 6,417 | 116,674 | ||||||||||||||||||
2011 Gross Profit %
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25.3 | % | 24.9 | % | 28.1 | % | 11.7 | % | 19.8 | % | 24.4 | % | ||||||||||||
2010 Gross Profit
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35,168 | 28,386 | 22,743 | 511 | 6,012 | 92,820 | ||||||||||||||||||
2010 Gross Profit %
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26.0 | % | 22.5 | % | 25.5 | % | 2.3 | % | 20.4 | % | 23.0 | % | ||||||||||||
Change
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810 | 12,769 | 6,324 | 3,546 | 405 | 23,854 | ||||||||||||||||||
2011 Profit (Loss)
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19,921 | 15,349 | 15,843 | (3,677 | ) | (22,063 | ) | 25,373 | ||||||||||||||||
2010 Profit (Loss)
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20,369 | 7,795 | 11,475 | (5,443 | ) | (13,579 | ) | 20,617 | ||||||||||||||||
Change $
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(448 | ) | 7,554 | 4,368 | 1,766 | (8,484 | ) | 4,756 | ||||||||||||||||
Change %
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(2.2 | %) | 96.9 | % | 38.1 | % | 32.4 | % | (62.5 | %) | 23.1 | % |
Six months ended June 30
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2011
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2010
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Change $
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Total profit for all segments
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$ | 25,373 | $ | 20,617 | $ | 4,756 | ||||||
Net income attributable to non-controlling interest in subsidiary
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(33 | ) | (60 | ) | 27 | |||||||
Elimination of intersegment profit
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(1,110 | ) | (1,455 | ) | 345 | |||||||
Net income attributable to controlling interest
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$ | 24,230 | $ | 19,102 | $ | 5,128 |
Astec Industries, Inc.
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Backlog by Segment
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June 30, 2011 and 2010
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(in thousands)
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(Unaudited)
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Asphalt Group
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Aggregate and
Mining Group |
Mobile Asphalt
Paving Group |
Underground
Group |
All Others
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Total
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2011 Backlog
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84,794 | 95,598 | 10,297 | 13,951 | 12,448 | 217,088 | ||||||||||||||||||
2010 Backlog
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66,201 | 48,612 | 11,189 | 7,865 | 5,825 | 139,692 | ||||||||||||||||||
Change $
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18,593 | 46,986 | (892 | ) | 6,086 | 6,623 | 77,396 | |||||||||||||||||
Change %
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28.1 | % | 96.7 | % | (8.0 | %) | 77.4 | % | 113.7 | % | 55.4 | % |