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 April 22, 2014
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Date: April 22, 2014
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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 April 22, 2014
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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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Assets | ||||||||
Current assets
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Mar 31 2014 |
Mar 31 2013 |
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Cash and cash equivalents
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$ | 44,969 | $ | 73,175 | ||||
Investments
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1,462 | 1,573 | ||||||
Receivables, net
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109,080 | 104,599 | ||||||
Inventories
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361,209 | 326,068 | ||||||
Prepaid expenses and other
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28,717 | 25,159 | ||||||
Total current assets
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545,437 | 530,574 | ||||||
Property and equipment, net
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187,895 | 186,192 | ||||||
Other assets
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41,372 | 40,890 | ||||||
Total assets
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$ | 774,704 | $ | 757,656 | ||||
Liabilities and Equity
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Current liabilities
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Accounts payable - trade
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$ | 59,364 | $ | 50,781 | ||||
Other current liabilities
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93,596 | 111,451 | ||||||
Total current liabilities
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152,960 | 162,232 | ||||||
Non-current liabilities
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32,490 | 31,999 | ||||||
Total equity
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589,254 | 563,425 | ||||||
Total liabilities and equity
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$ | 774,704 | $ | 757,656 | ||||
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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Mar 31
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2014
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2013
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Net sales
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$ | 238,673 | $ | 247,833 | ||||
Cost of sales
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181,916 | 189,266 | ||||||
Gross profit
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56,757 | 58,567 | ||||||
Selling, general, administrative & engineering expenses
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43,424 | 40,367 | ||||||
Income from operations
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13,333 | 18,200 | ||||||
Interest expense
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73 | 70 | ||||||
Other
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812 | 672 | ||||||
Income before income taxes
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14,072 | 18,802 | ||||||
Income taxes
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4,527 | 5,631 | ||||||
Net income attributable to controlling interest
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$ | 9,545 | $ | 13,171 | ||||
Earnings per Common Share
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Net income attributable to controlling interest
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Basic
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$ | 0.42 | $ | 0.58 | ||||
Diluted
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$ | 0.41 | $ | 0.57 | ||||
Weighted average common shares outstanding
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Basic
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22,786 | 22,723 | ||||||
Diluted
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23,102 | 23,080 | ||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended March 31, 2014 and 2013
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(in thousands)
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(unaudited)
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Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Corporate
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Total
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2014 Revenues
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98,791 | 93,108 | 46,774 | - | 238,673 | |||||||||||||||
2013 Revenues
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109,320 | 90,762 | 47,751 | - | 247,833 | |||||||||||||||
Change $
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(10,529 | ) | 2,346 | (977 | ) | - | (9,160 | ) | ||||||||||||
Change %
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(9.6 | %) | 2.6 | % | (2.0 | %) | - | (3.7 | %) | |||||||||||
2014 Gross Profit
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22,679 | 23,424 | 10,642 | 12 | 56,757 | |||||||||||||||
2014 Gross Profit %
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23.0 | % | 25.2 | % | 22.8 | % | - | 23.8 | % | |||||||||||
2013 Gross Profit
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26,685 | 23,040 | 8,844 | (2 | ) | 58,567 | ||||||||||||||
2013 Gross Profit %
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24.4 | % | 25.4 | % | 18.5 | % | - | 23.6 | % | |||||||||||
Change
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(4,006 | ) | 384 | 1,798 | 14 | (1,810 | ) | |||||||||||||
2014 Profit (Loss)
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8,796 | 9,101 | 1,923 | (9,117 | ) | 10,703 | ||||||||||||||
2013 Profit (Loss)
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12,878 | 9,057 | 1,191 | (9,260 | ) | 13,866 | ||||||||||||||
Change $
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(4,082 | ) | 44 | 732 | 143 | (3,163 | ) | |||||||||||||
Change %
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(31.7 | %) | 0.5 | % | 61.5 | % | 1.5 | % | (22.8 | %) | ||||||||||
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): |
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Three months ended March 31
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2014
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2013
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Change $
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Total profit for all segments
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$ | 10,703 | $ | 13,866 | $ | (3,163 | ) | |||||
Elimination of intersegment profit
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(1,156 | ) | (615 | ) | (541 | ) | ||||||
Net income attributable to non-controlling interest
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(2 | ) | (80 | ) | 78 | |||||||
Net income attributable to controlling interest
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$ | 9,545 | $ | 13,171 | $ | (3,626 | ) | |||||
Astec Industries, Inc.
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Backlog by Segment
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March 31, 2014 and 2013
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(in thousands)
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(Unaudited)
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Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Total
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2014 Backlog
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$144,598 | $98,903 | $56,135 | $299,636 | ||||||||||||
2013 Backlog
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120,244 | 93,867 | 62,414 | 276,525 | ||||||||||||
Change $
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24,354 | 5,036 | (6,279 | ) | 23,111 | |||||||||||
Change %
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20.3 | % | 5.4 | % | (10.1 | %) | 8.4 | % | ||||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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2013
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(in thousands)
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(unaudited)
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Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Corporate
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Total
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Q2 Revenues
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103,754 | 99,884 | 44,489 | - | 248,127 | |||||||||||||||
Q3 Revenues
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83,319 | 79,792 | 50,066 | - | 213,177 | |||||||||||||||
Q4 Revenues
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102,006 | 80,076 | 41,779 | - | 223,861 | |||||||||||||||
Q2 Gross Profit
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19,514 | 25,615 | 10,311 | 2 | 55,442 | |||||||||||||||
Q2 Gross Profit %
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18.8 | % | 25.6 | % | 23.2 | % | - | 22.3 | % | |||||||||||
Q3 Gross Profit
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18,552 | 19,584 | 7,667 | (16 | ) | 45,787 | ||||||||||||||
Q3 Gross Profit %
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22.3 | % | 24.5 | % | 15.3 | % | - | 21.5 | % | |||||||||||
Q4 Gross Profit
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20,676 | 19,610 | 7,103 | (66 | ) | 47,323 | ||||||||||||||
Q4 Gross Profit %
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20.3 | % | 24.5 | % | 17.0 | % | - | 21.1 | % | |||||||||||
Q2 Profit (Loss)
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6,103 | 11,141 | 2,235 | (8,190 | ) | 11,289 | ||||||||||||||
Q3 Profit (Loss)
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5,919 | 6,765 | 456 | (5,935 | ) | 7,205 | ||||||||||||||
Q4 Profit (Loss)
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7,914 | 6,068 | 123 | (6,980 | ) | 7,125 | ||||||||||||||
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 | ||||||||||||
June 30,
2013 |
September 30,
2013 |
December 31,
2013 |
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Total profit for all segments
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$ | 11,289 | $ | 7,205 | $ | 7,125 | ||||||
Elimination of intersegment profit
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(136 | ) | (678 | ) | 1,159 | |||||||
Net income attributable to non-controlling interest
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(61 | ) | (13 | ) | (19 | ) | ||||||
Net income attributable to controlling interest
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$ | 11,092 | $ | 6,514 | $ | 8,265 | ||||||
Astec Industries, Inc.
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Backlog by Segment
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2013 |
(in thousands)
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(Unaudited)
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Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Total
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Q2 Backlog
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$ 99,605 | $ 88,706 | $ 52,312 | $ 240,623 | ||||||||||||
Q3 Backlog
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114,138 | 69,583 | 44,816 | 228,537 | ||||||||||||
Q4 Backlog
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137,119 | 105,022 | 48,101 | 290,242 | ||||||||||||