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 October 22, 2013
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Date: October 22, 2013
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By: /s/ 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 October 22, 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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Sept 30
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Sept 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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$ | 46,342 | $ | 35,564 | ||||
Investments
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16,342 | 1,743 | ||||||
Receivables, net
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97,347 | 109,320 | ||||||
Inventories
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339,826 | 344,798 | ||||||
Prepaid expenses and other
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21,701 | 23,278 | ||||||
Total current assets
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521,558 | 514,703 | ||||||
Property and equipment, net
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186,546 | 192,602 | ||||||
Other assets
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41,959 | 42,704 | ||||||
Total assets
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$ | 750,063 | $ | 750,009 | ||||
Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$ | 48,492 | $ | 49,456 | ||||
Other current liabilities
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95,083 | 103,956 | ||||||
Total current liabilities
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143,575 | 153,412 | ||||||
Non-current liabilities
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32,903 | 33,422 | ||||||
Total equity
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573,585 | 563,175 | ||||||
Total liabilities and equity
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$ | 750,063 | $ | 750,009 | ||||
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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Nine Months Ended
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Sept 30
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Sept 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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$ | 213,177 | $ | 218,391 | $ | 709,136 | $ | 708,633 | ||||||||
Cost of sales
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167,390 | 171,094 | 549,341 | 548,993 | ||||||||||||
Gross profit
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45,787 | 47,297 | 159,795 | 159,640 | ||||||||||||
Selling, general, administrative & engineering expenses
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36,635 | 38,411 | 114,797 | 117,010 | ||||||||||||
Income from operations
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9,152 | 8,886 | 44,998 | 42,630 | ||||||||||||
Interest expense
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269 | 152 | 417 | 240 | ||||||||||||
Other
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1,087 | 788 | 1,731 | 2,181 | ||||||||||||
Income from continuing operations before income taxes
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9,970 | 9,522 | 46,312 | 44,571 | ||||||||||||
Income taxes on continuing operations
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3,456 | 2,937 | 15,536 | 16,028 | ||||||||||||
Net income from continuing operations
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6,514 | 6,585 | 30,776 | 28,543 | ||||||||||||
Income from discontinued operations, (net of tax of $338 for the quarter and $817 for the year)
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- | 318 | - | 1,400 | ||||||||||||
Net income attributable to controlling interest
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$ | 6,514 | $ | 6,903 | $ | 30,776 | $ | 29,943 | ||||||||
Earnings per Common Share
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Net income from continuing operations
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Basic
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$ | 0.29 | $ | 0.29 | $ | 1.35 | $ | 1.26 | ||||||||
Diluted
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$ | 0.28 | $ | 0.29 | $ | 1.33 | $ | 1.24 | ||||||||
Income from discontinued operations, net of tax
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Basic
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$ | - | $ | 0.01 | $ | - | $ | 0.06 | ||||||||
Diluted
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$ | - | $ | 0.01 | $ | - | $ | 0.06 | ||||||||
Net income attributable to controlling interest
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Basic
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$ | 0.29 | $ | 0.30 | $ | 1.35 | $ | 1.32 | ||||||||
Diluted
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$ | 0.28 | $ | 0.30 | $ | 1.33 | $ | 1.30 | ||||||||
Weighted average common shares outstanding
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Basic
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22,756 | 22,691 | 22,744 | 22,675 | ||||||||||||
Diluted
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23,082 | 23,053 | 23,077 | 23,049 | ||||||||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended September 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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47,058 | 79,792 | 35,419 | 27,266 | 23,642 | 213,177 | ||||||||||||||||||
2012 Revenues
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46,797 | 91,860 | 36,618 | 20,529 | 22,587 | 218,391 | ||||||||||||||||||
Change $
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261 | (12,068 | ) | (1,199 | ) | 6,737 | 1,055 | (5,214 | ) | |||||||||||||||
Change %
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0.6 | % | (13.1 | %) | (3.3 | %) | 32.8 | % | 4.7 | % | (2.4 | %) | ||||||||||||
2013 Gross Profit
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12,257 | 19,584 | 7,922 | 1,979 | 4,045 | 45,787 | ||||||||||||||||||
2013 Gross Profit %
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26.0 | % | 24.5 | % | 22.4 | % | 7.3 | % | 17.1 | % | 21.5 | % | ||||||||||||
2012 Gross Profit
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9,645 | 22,957 | 7,575 | 2,701 | 4,419 | 47,297 | ||||||||||||||||||
2012 Gross Profit %
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20.6 | % | 25.0 | % | 20.7 | % | 13.2 | % | 19.6 | % | 21.7 | % | ||||||||||||
Change
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2,612 | (3,373 | ) | 347 | (722 | ) | (374 | ) | (1,510 | ) | ||||||||||||||
2013 Profit (Loss)
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4,846 | 6,765 | 2,059 | (813 | ) | (5,652 | ) | 7,205 | ||||||||||||||||
2012 Profit (Loss)
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2,324 | 8,697 | 1,631 | (127 | ) | (5,243 | ) | 7,282 | ||||||||||||||||
Change $
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2,522 | (1,932 | ) | 428 | (686 | ) | (409 | ) | (77 | ) | ||||||||||||||
Change %
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108.5 | % | (22.2 | %) | 26.2 | % | (540.2 | %) | (7.8 | %) | (1.1 | %) | ||||||||||||
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 September 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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$ | 7,205 | $ | 7,282 | $ | (77 | ) | |||||
Elimination of intersegment profit
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(678 | ) | (649 | ) | (29 | ) | ||||||
Net income attributable to non-controlling interest
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(13 | ) | (48 | ) | 35 | |||||||
Net income from continuing operations
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6,514 | 6,585 | (71 | ) | ||||||||
Income from discontinued operations, (net of tax of $338)
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- | 318 | (318 | ) | ||||||||
Net income attributable to controlling interest
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$ | 6,514 | $ | 6,903 | $ | (389 | ) | |||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the nine months ended September 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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181,761 | 270,438 | 128,459 | 59,066 | 69,412 | 709,136 | ||||||||||||||||||
2012 Revenues
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174,898 | 278,024 | 123,770 | 61,817 | 70,124 | 708,633 | ||||||||||||||||||
Change $
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6,863 | (7,586 | ) | 4,689 | (2,751 | ) | (712 | ) | 503 | |||||||||||||||
Change %
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3.9 | % | (2.7 | %) | 3.8 | % | (4.5 | %) | (1.0 | %) | 0.1 | % | ||||||||||||
2013 Gross Profit
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44,289 | 68,240 | 29,652 | 4,486 | 13,128 | 159,795 | ||||||||||||||||||
2013 Gross Profit %
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24.4 | % | 25.2 | % | 23.1 | % | 7.6 | % | 18.9 | % | 22.5 | % | ||||||||||||
2012 Gross Profit
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38,502 | 72,512 | 28,331 | 7,838 | 12,457 | 159,640 | ||||||||||||||||||
2012 Gross Profit %
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22.0 | % | 26.1 | % | 22.9 | % | 12.7 | % | 17.8 | % | 22.5 | % | ||||||||||||
Change
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5,787 | (4,272 | ) | 1,321 | (3,352 | ) | 671 | 155 | ||||||||||||||||
2013 Profit (Loss)
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20,048 | 26,963 | 10,888 | (3,963 | ) | (21,578 | ) | 32,358 | ||||||||||||||||
2012 Profit (Loss)
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14,308 | 29,836 | 9,634 | (1,173 | ) | (22,929 | ) | 29,676 | ||||||||||||||||
Change $
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5,740 | (2,873 | ) | 1,254 | (2,790 | ) | 1,351 | 2,682 | ||||||||||||||||
Change %
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40.1 | % | (9.6 | %) | 13.0 | % | (237.9 | %) | 5.9 | % | 9.0 | % | ||||||||||||
Nine months ended September 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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$ | 32,358 | $ | 29,676 | $ | 2,682 | ||||||
Elimination of intersegment profit
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(1,428 | ) | (1,009 | ) | (419 | ) | ||||||
Net income attributable to non-controlling interest
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(154 | ) | (124 | ) | (30 | ) | ||||||
Net income from continuing operations
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30,776 | 28,543 | 2,233 | |||||||||
Income from discontinued operations, (net of tax of $817)
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- | 1,400 | (1,400 | ) | ||||||||
Net income attributable to controlling interest
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$ | 30,776 | $ | 29,943 | $ | 833 | ||||||
Astec Industries, Inc.
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Backlog by Segment
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September 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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120,459 | 69,583 | 3,439 | 17,192 | 17,864 | 228,537 | ||||||||||||||||||
2012 Backlog
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102,944 | 82,648 | 2,828 | 20,793 | 21,505 | 230,718 | ||||||||||||||||||
Change $
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17,515 | (13,065 | ) | 611 | (3,601 | ) | (3,641 | ) | (2,181 | ) | ||||||||||||||
Change %
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17.0 | % | (15.8 | %) | 21.6 | % | (17.3 | %) | (16.9 | %) | (0.9 | %) | ||||||||||||