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 July 23, 2013
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Date: July 23, 2013
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By: David C. Silvious
David C. Silvious, Chief Financial Officer,
Vice President and Treasurer
(Principal Financial and Accounting 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 23, 2013
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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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Jun 30
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Jun 30
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2013
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2012
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Assets
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Current assets
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Cash and cash equivalents
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$ | 41,157 | $ | 35,916 | ||||
Investments
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16,989 | 2,024 | ||||||
Receivables, net
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102,795 | 119,983 | ||||||
Inventories
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318,710 | 322,086 | ||||||
Prepaid expenses and other
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31,494 | 26,377 | ||||||
Total current assets
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511,145 | 506,386 | ||||||
Property and equipment, net
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185,033 | 191,289 | ||||||
Other assets
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41,954 | 43,171 | ||||||
Total assets
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$ | 738,132 | $ | 740,846 | ||||
Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$ | 45,776 | $ | 51,824 | ||||
Other current liabilities
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93,803 | 102,811 | ||||||
Total current liabilities
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139,579 | 154,635 | ||||||
Non-current liabilities
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32,531 | 33,458 | ||||||
Total equity
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566,022 | 552,753 | ||||||
Total liabilities and equity
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$ | 738,132 | $ | 740,846 | ||||
Astec Industries, Inc.
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Consolidated Statements of Income
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(in thousands, except per 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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Jun 30
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Jun 30
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2013
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2012
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2013
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2012
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Net sales
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$ | 248,127 | $ | 238,275 | $ | 495,960 | $ | 490,243 | ||||||||
Cost of sales
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192,685 | 185,214 | 381,951 | 378,586 | ||||||||||||
Gross profit
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55,442 | 53,061 | 114,009 | 111,657 | ||||||||||||
Selling, general, administrative & engineering expenses
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37,795 | 38,456 | 78,162 | 78,599 | ||||||||||||
Income from operations
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17,647 | 14,605 | 35,847 | 33,058 | ||||||||||||
Interest expense
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76 | 42 | 147 | 88 | ||||||||||||
Other
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(29 | ) | 558 | 644 | 1,393 | |||||||||||
Income from continuing operations before income taxes
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17,542 | 15,121 | 36,344 | 34,363 | ||||||||||||
Income taxes on continuing operations
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6,450 | 5,603 | 12,081 | 12,834 | ||||||||||||
Net income from continuing operations
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11,092 | 9,518 | 24,263 | 21,529 | ||||||||||||
Income from discontinued operations, (net of tax of $406 for the quarter and $479 for the year)
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- | 848 | - | 1,082 | ||||||||||||
Net income attributable to controlling interest
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$ | 11,092 | $ | 10,366 | $ | 24,263 | $ | 22,611 | ||||||||
Earnings per Common Share
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Net income from continuing operations
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Basic
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$ | 0.49 | $ | 0.42 | $ | 1.07 | $ | 0.95 | ||||||||
Diluted
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$ | 0.48 | $ | 0.41 | $ | 1.05 | $ | 0.93 | ||||||||
Income from discontinued operations, net of tax
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Basic
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$ | - | $ | 0.04 | $ | - | $ | 0.05 | ||||||||
Diluted
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$ | - | $ | 0.04 | $ | - | $ | 0.05 | ||||||||
Net income attributable to controlling interest
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Basic
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$ | 0.49 | $ | 0.46 | $ | 1.07 | $ | 1.00 | ||||||||
Diluted
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$ | 0.48 | $ | 0.45 | $ | 1.05 | $ | 0.98 | ||||||||
Weighted average common shares outstanding
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Basic
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22,752 | 22,691 | 22,738 | 22,667 | ||||||||||||
Diluted
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23,069 | 23,041 | 23,075 | 23,047 | ||||||||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended June 30, 2013 and 2012
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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
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Total
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2013 Revenues
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63,153 | 99,884 | 45,750 | 17,094 | 22,246 | 248,127 | ||||||||||||||||||
2012 Revenues
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59,431 | 94,860 | 45,160 | 19,230 | 19,594 | 238,275 | ||||||||||||||||||
Change $
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3,722 | 5,024 | 590 | (2,136 | ) | 2,652 | 9,852 | |||||||||||||||||
Change %
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6.3 | % | 5.3 | % | 1.3 | % | (11.1 | %) | 13.5 | % | 4.1 | % | ||||||||||||
2013 Gross Profit
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11,878 | 25,615 | 11,171 | 2,232 | 4,546 | 55,442 | ||||||||||||||||||
2013 Gross Profit %
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18.8 | % | 25.6 | % | 24.4 | % | 13.1 | % | 20.4 | % | 22.3 | % | ||||||||||||
2012 Gross Profit
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11,775 | 25,818 | 10,151 | 2,054 | 3,263 | 53,061 | ||||||||||||||||||
2012 Gross Profit %
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19.8 | % | 27.2 | % | 22.5 | % | 10.7 | % | 16.7 | % | 22.3 | % | ||||||||||||
Change
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103 | (203 | ) | 1,020 | 178 | 1,283 | 2,381 | |||||||||||||||||
2013 Profit (Loss)
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4,061 | 11,141 | 4,608 | (768 | ) | (7,753 | ) | 11,289 | ||||||||||||||||
2012 Profit (Loss)
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3,902 | 11,567 | 4,082 | (873 | ) | (8,210 | ) | 10,468 | ||||||||||||||||
Change $
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159 | (426 | ) | 526 | 105 | 457 | 821 | |||||||||||||||||
Change %
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4.1 | % | (3.7 | %) | 12.9 | % | 12.0 | % | 5.6 | % | 7.8 | % | ||||||||||||
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): |
Three months ended June 30
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2013
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2012
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Change $
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Total profit for all segments
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$ | 11,289 | $ | 10,468 | $ | 821 | ||||||
Elimination of intersegment profit
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(136 | ) | (887 | ) | 751 | |||||||
Net income attributable to non-controlling interest
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(61 | ) | (63 | ) | 2 | |||||||
Net income from continuing operations
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11,092 | 9,518 | 1,574 | |||||||||
Income from discontinued operations, (net of tax of $406)
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- | 848 | (848 | ) | ||||||||
Net income attributable to controlling interest
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$ | 11,092 | $ | 10,366 | $ | 726 | ||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the six months ended June 30, 2013 and 2012
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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
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Total
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2013 Revenues
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134,703 | 190,646 | 93,041 | 31,800 | 45,770 | 495,960 | ||||||||||||||||||
2012 Revenues
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128,102 | 186,164 | 87,153 | 41,288 | 47,536 | 490,243 | ||||||||||||||||||
Change $
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6,601 | 4,482 | 5,888 | (9,488 | ) | (1,766 | ) | 5,717 | ||||||||||||||||
Change %
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5.2 | % | 2.4 | % | 6.8 | % | (23.0 | %) | (3.7 | %) | 1.2 | % | ||||||||||||
2013 Gross Profit
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32,032 | 48,656 | 21,730 | 2,507 | 9,084 | 114,009 | ||||||||||||||||||
2013 Gross Profit %
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23.8 | % | 25.5 | % | 23.4 | % | 7.9 | % | 19.8 | % | 23.0 | % | ||||||||||||
2012 Gross Profit
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28,171 | 49,555 | 20,756 | 5,137 | 8,038 | 111,657 | ||||||||||||||||||
2012 Gross Profit %
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22.0 | % | 26.6 | % | 23.8 | % | 12.4 | % | 16.9 | % | 22.8 | % | ||||||||||||
Change
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3,861 | (899 | ) | 974 | (2,630 | ) | 1,046 | 2,352 | ||||||||||||||||
2013 Profit (Loss)
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15,202 | 20,198 | 8,829 | (3,149 | ) | (15,927 | ) | 25,153 | ||||||||||||||||
2012 Profit (Loss)
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11,293 | 21,138 | 8,003 | (1,046 | ) | (17,423 | ) | 21,965 | ||||||||||||||||
Change $
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3,909 | (940 | ) | 826 | (2,103 | ) | 1,496 | 3,188 | ||||||||||||||||
Change %
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34.6 | % | (4.4 | %) | 10.3 | % | (201.1 | %) | 8.6 | % | 14.5 | % | ||||||||||||
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): |
Six months ended June 30
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2013
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2012
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Change $
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Total profit for all segments
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$ | 25,153 | $ | 21,965 | $ | 3,188 | ||||||
Elimination of intersegment profit
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(750 | ) | (360 | ) | (390 | ) | ||||||
Net income attributable to non-controlling interest
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(140 | ) | (76 | ) | (64 | ) | ||||||
Net income from continuing operations
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24,263 | 21,529 | 2,734 | |||||||||
Income from discontinued operations, (net of tax of $479)
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- | 1,082 | (1,082 | ) | ||||||||
Net income attributable to controlling interest
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$ | 24,263 | $ | 22,611 | $ | 1,652 | ||||||
Astec Industries, Inc.
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Backlog by Segment
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June 30, 2013 and 2012
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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
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Total
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2013 Backlog
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103,270 | 88,706 | 3,086 | 26,811 | 18,750 | 240,623 | ||||||||||||||||||
2012 Backlog
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115,428 | 97,394 | 5,055 | 23,415 | 13,508 | 254,800 | ||||||||||||||||||
Change $
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(12,158 | ) | (8,688 | ) | (1,969 | ) | 3,396 | 5,242 | (14,177 | ) | ||||||||||||||
Change %
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(10.5 | %) | (8.9 | %) | (39.0 | %) | 14.5 | % | 38.8 | % | (5.6 | %) | ||||||||||||