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) 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 February 21, 2012
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Date: February 21, 2012
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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 February 21, 2012
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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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Dec 31
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Dec 31
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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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$ | 57,505 | $ | 94,597 | ||||
Receivables, net
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102,060 | 80,863 | ||||||
Inventories
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299,065 | 252,981 | ||||||
Prepaid expenses and other
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26,924 | 19,380 | ||||||
Total current assets
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485,554 | 447,821 | ||||||
Property and equipment, net
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188,018 | 168,242 | ||||||
Other assets
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43,311 | 33,576 | ||||||
Total assets
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$ | 716,883 | $ | 649,639 | ||||
Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$ | 55,170 | $ | 44,493 | ||||
Other accrued liabilities
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98,852 | 85,933 | ||||||
Total current liabilities
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154,022 | 130,426 | ||||||
Other non-current liabilities
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33,678 | 26,407 | ||||||
Total equity
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529,183 | 492,806 | ||||||
Total liabilities and equity
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$ | 716,883 | $ | 649,639 |
Astec Industries, Inc.
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Consolidated Statements of Income
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(in thousands, except shares and share data) | ||
(unaudited)
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Three Months Ended
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Twelve Months Ended
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Dec 31
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Dec 31
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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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$ | 263,160 | $ | 190,779 | $ | 955,729 | $ | 771,335 | ||||||||
Cost of sales
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207,440 | 146,491 | 736,935 | 592,288 | ||||||||||||
Gross profit
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55,720 | 44,288 | 218,794 | 179,047 | ||||||||||||
Selling, general, administrative & engineering expenses
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43,458 | 36,272 | 161,267 | 131,623 | ||||||||||||
Income from operations
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12,262 | 8,016 | 57,527 | 47,424 | ||||||||||||
Interest expense
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54 | 62 | 193 | 352 | ||||||||||||
Other income, net of expenses
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931 | 528 | 1,967 | 1,631 | ||||||||||||
Income before income taxes
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13,139 | 8,482 | 59,301 | 48,703 | ||||||||||||
Income taxes
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5,147 | 2,467 | 19,281 | 16,131 | ||||||||||||
Net income
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7,992 | 6,015 | 40,020 | 32,572 | ||||||||||||
Net income attributable to noncontolling interest
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28 | 48 | 102 | 142 | ||||||||||||
Net income attributable to controlling interest
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$ | 7,964 | $ | 5,967 | $ | 39,918 | $ | 32,430 | ||||||||
Earnings per Common Share
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Net income attributable to controlling interest
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Basic
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$ | 0.35 | $ | 0.26 | $ | 1.77 | $ | 1.44 | ||||||||
Diluted
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$ | 0.35 | $ | 0.26 | $ | 1.74 | $ | 1.42 | ||||||||
Weighted average common shares outstanding
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Basic
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22,613,285 | 22,553,426 | 22,588,721 | 22,517,246 | ||||||||||||
Diluted
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23,018,309 | 22,874,394 | 22,984,221 | 22,829,799 | ||||||||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended December 31, 2011 and 2010
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(in thousands)
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(unaudited)
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Asphalt
Group |
Aggregate
and Mining Group |
Mobile
Asphalt Paving Group |
Underground
Group |
All Others |
Total |
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2011 Revenues
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68,009 | 84,630 | 45,424 | 26,246 | 38,851 | 263,160 | ||||||||||||||||||
2010 Revenues
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45,518 | 70,218 | 40,441 | 18,322 | 16,280 | 190,779 | ||||||||||||||||||
Change $
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22,491 | 14,412 | 4,983 | 7,924 | 22,571 | 72,381 | ||||||||||||||||||
Change %
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49.4 | % | 20.5 | % | 12.3 | % | 43.2 | % | 138.6 | % | 37.9 | % | ||||||||||||
2011 Gross Profit
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16,665 | 21,552 | 10,804 | 643 | 6,056 | 55,720 | ||||||||||||||||||
2011 Gross Profit %
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24.5 | % | 25.5 | % | 23.8 | % | 2.4 | % | 15.6 | % | 21.2 | % | ||||||||||||
2010 Gross Profit
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9,894 | 17,491 | 11,442 | 1,946 | 3,515 | 44,288 | ||||||||||||||||||
2010 Gross Profit %
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21.7 | % | 24.9 | % | 28.3 | % | 10.6 | % | 21.6 | % | 23.2 | % | ||||||||||||
Change
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6,771 | 4,061 | (638 | ) | (1,303 | ) | 2,541 | 11,432 | ||||||||||||||||
2011 Profit (Loss)
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8,889 | 8,379 | 5,666 | (3,940 | ) | (12,091 | ) | 6,903 | ||||||||||||||||
2010 Profit (Loss)
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4,262 | 4,347 | 6,571 | (1,080 | ) | (9,079 | ) | 5,021 | ||||||||||||||||
Change $
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4,627 | 4,032 | (905 | ) | (2,860 | ) | (3,012 | ) | 1,882 | |||||||||||||||
Change %
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108.6 | % | 92.8 | % | (13.8 | %) | (264.8 | %) | (33.2 | %) | 37.5 | % | ||||||||||||
Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment revenues. A reconciliation of total segment profits to the Company's net income attributable to controlling interest is as follows (in thousands):
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Three months ended December 31 |
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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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$ | 6,903 | $ | 5,021 | $ | 1,882 | ||||||
Net income attributable to non-controlling interest in subsidiary
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(28 | ) | (48 | ) | 20 | |||||||
Recapture of intersegment profit
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1,089 | 994 | 95 | |||||||||
Net income attributable to controlling interest
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$ | 7,964 | $ | 5,967 | $ | 1,997 | ||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the twelve months ended December 31, 2011 and 2010
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(in thousands)
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(unaudited)
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Asphalt
Group |
Aggregate
and Mining Group |
Mobile
Asphalt Paving Group |
Underground
Group |
All Others |
Total |
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2011 Revenues
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260,404 | 333,278 | 187,988 | 84,771 | 89,288 | 955,729 | ||||||||||||||||||
2010 Revenues
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226,419 | 256,400 | 166,436 | 60,105 | 61,975 | 771,335 | ||||||||||||||||||
Change $
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33,985 | 76,878 | 21,552 | 24,666 | 27,313 | 184,394 | ||||||||||||||||||
Change %
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15.0 | % | 30.0 | % | 12.9 | % | 41.0 | % | 44.1 | % | 23.9 | % | ||||||||||||
2011 Gross Profit
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61,151 | 83,389 | 49,962 | 8,780 | 15,512 | 218,794 | ||||||||||||||||||
2011 Gross Profit %
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23.5 | % | 25.0 | % | 26.6 | % | 10.4 | % | 17.4 | % | 22.9 | % | ||||||||||||
2010 Gross Profit
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56,063 | 60,716 | 44,580 | 4,464 | 13,224 | 179,047 | ||||||||||||||||||
2010 Gross Profit %
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24.8 | % | 23.7 | % | 26.8 | % | 7.4 | % | 21.3 | % | 23.2 | % | ||||||||||||
Change
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5,088 | 22,673 | 5,382 | 4,316 | 2,288 | 39,747 | ||||||||||||||||||
2011 Profit (Loss)
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29,310 | 31,493 | 26,485 | (7,106 | ) | (38,216 | ) | 41,966 | ||||||||||||||||
2010 Profit (Loss)
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28,672 | 16,578 | 23,234 | (8,092 | ) | (27,138 | ) | 33,254 | ||||||||||||||||
Change $
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638 | 14,915 | 3,251 | 986 | (11,078 | ) | 8,712 | |||||||||||||||||
Change %
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2.2 | % | 90.0 | % | 14.0 | % | 12.2 | % | (40.8 | %) | 26.2 | % | ||||||||||||
Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment revenues. A reconciliation of total segment profits to the Company's net income attributable to controlling interest is as follows (in thousands):
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Twelve months ended December 31 |
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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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$ | 41,966 | $ | 33,254 | $ | 8,712 | ||||||
Net income attributable to non-controlling interest in subsidiary
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(102 | ) | (142 | ) | 40 | |||||||
Elimination of intersegment profit
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(1,946 | ) | (682 | ) | (1,264 | ) | ||||||
Net income attributable to controlling interest
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$ | 39,918 | $ | 32,430 | $ | 7,488 | ||||||
Astec Industries, Inc.
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Backlog by Segment
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December 31, 2011 and 2010
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(in thousands)
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(Unaudited)
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Asphalt
Group |
Aggregate
and Mining Group |
Mobile
Asphalt Paving Group |
Underground
Group |
All Others |
Total |
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2011 Backlog
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115,775 | 98,262 | 6,149 | 32,322 | 27,090 | 279,598 | ||||||||||||||||||
2010 Backlog
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108,792 | 81,958 | 15,109 | 21,356 | 5,925 | 233,140 | ||||||||||||||||||
Change $
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6,983 | 16,304 | (8,960 | ) | 10,966 | 21,165 | 46,458 | |||||||||||||||||
Change %
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6.4 | % | 19.9 | % | (59.3 | %) | 51.3 | % | 357.2 | % | 19.9 | % | ||||||||||||
Astec Industries, Inc. and Subsidiaries
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Reconciliation of Net Income Attributable to Controlling Interest as Reported to | ||
Net Income Attributable to Controlling Interest before Special Items | ||
(in thousands, except per share data)
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(unaudited)
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Three
Months Ended |
Twelve
Months Ended |
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December 31
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December 31
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2011
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2011
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Net income attributable to controlling interest as reported
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$ | 7,964 | $ | 39,918 | ||||
Special items
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Utility trencher product line charges, net of tax benefit of $871
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1,368 | 1,368 | ||||||
Company aircraft impairment charge, net of tax benefit of $917
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81 | 1,387 | ||||||
Net income attributable to controlling interest before special items
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$ | 9,413 | $ | 42,673 | ||||
Net income attributable to controlling interest per diluted share as reported:
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$ | 0.35 | $ | 1.74 | ||||
Special items, net of tax, per diluted share:
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Utility trencher product line charges
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0.06 | 0.06 | ||||||
Company aircraft impairment charge
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0.00 | 0.06 | ||||||
Net income attributable to controlling interest before special items per diluted share:
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$ | 0.41 | $ | 1.86 |
The table above reconciles net income attributable to controlling interest and earnings per share as reported according to GAAP with their related non-GAAP measures as discussed in this release. We believe these non-GAAP measures are helpful to investors in assessing the company's ongoing performance as well as providing comparability with commonly used financial metrics used in the investing community.
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