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 22, 2014
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Date: July 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 July 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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June 30
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June 30
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2014
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2013
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Assets
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Current assets
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Cash and cash equivalents
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$
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18,624
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$
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41,157
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Investments
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1,375
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16,989
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Receivables, net
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119,694
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102,795
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Inventories
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364,098
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322,770
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Prepaid expenses and other
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32,423
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30,177
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Total current assets
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536,214
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513,888
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Property and equipment, net
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193,552
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185,033
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Other assets
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73,214
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41,954
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Total assets
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$
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802,980
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$
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740,875
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Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$
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57,592
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$
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45,776
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Other current liabilities
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102,281
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93,803
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Total current liabilities
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159,873
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139,579
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Non-current liabilities
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39,188
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32,531
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Total equity
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603,919
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568,765
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Total liabilities and equity
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$
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802,980
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$
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740,875
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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
June 30 |
Six Months Ended
June 30 |
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2014
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2013
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2014
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2013
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Net sales
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$
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277,256
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$
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248,127
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$
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515,929
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$
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495,960
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Cost of sales
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215,078
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192,685
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396,994
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381,951
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Gross profit
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62,178
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55,442
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118,935
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114,009
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Selling, general, administrative & engineering expenses
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40,247
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37,795
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83,672
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78,162
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Income from operations
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21,931
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17,647
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35,263
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35,847
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Interest expense
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109
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76
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182
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147
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Other
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736
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(29
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)
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1,550
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644
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Income before income taxes
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22,558
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17,542
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36,631
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36,344
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Income taxes
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8,061
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6,450
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12,589
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12,081
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Net income attributable to controlling interest
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$
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14,497
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$
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11,092
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$
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24,042
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$
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24,263
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Earnings per Common Share
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Net income attributable to controlling interest
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Basic
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$
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0.64
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$
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0.49
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$
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1.05
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$
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1.07
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Diluted
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$
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0.63
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$
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0.48
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$
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1.04
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$
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1.05
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Weighted average common shares outstanding
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Basic
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22,822
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22,752
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22,804
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22,738
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Diluted
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23,099
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23,069
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23,101
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23,075
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended June 30, 2014 and 2013 | ||||||||||||||||||||
(in thousands)
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Corporate
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Total
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2014 Revenues
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118,585
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106,691
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51,980
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-
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277,256
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2013 Revenues
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103,754
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99,884
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44,489
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-
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248,127
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Change $
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14,831
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6,807
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7,491
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-
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29,129
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Change %
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14.3
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%
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6.8
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%
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16.8
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%
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-
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11.7
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%
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2014 Gross Profit
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25,089
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25,694
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11,390
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5
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62,178
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2014 Gross Profit %
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21.2
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%
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24.1
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%
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21.9
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%
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-
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22.4
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%
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2013 Gross Profit
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19,514
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25,615
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10,311
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2
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55,442
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2013 Gross Profit %
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18.8
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%
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25.6
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%
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23.2
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%
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-
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22.3
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%
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Change
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5,575
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79
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1,079
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3
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6,736
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2014 Profit (Loss)
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11,808
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11,158
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2,946
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(11,323
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)
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14,589
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2013 Profit (Loss)
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6,103
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11,141
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2,235
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(8,190
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)
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11,289
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Change $
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5,705
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17
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711
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(3,133
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)
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3,300
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Change %
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93.5
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%
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0.2
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%
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31.8
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%
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(38.3
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%)
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29.2
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%
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Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment
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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 |
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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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$
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14,589
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$
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11,289
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$
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3,300
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Elimination of intersegment profit
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(99
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)
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(136
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)
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37
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Net income attributable to non-controlling interest
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7
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(61
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)
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68
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Net income attributable to controlling interest
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$
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14,497
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$
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11,092
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$
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3,405
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the six months ended June 30, 2014 and 2013 | ||||||||||||||||||||
(in thousands)
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Corporate
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Total
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2014 Revenues
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217,376
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199,799
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98,754
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-
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515,929
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2013 Revenues
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213,074
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190,646
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92,240
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-
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495,960
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Change $
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4,302
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9,153
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6,514
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-
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19,969
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Change %
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2.0
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%
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4.8
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%
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7.1
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%
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-
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4.0
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%
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2014 Gross Profit
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47,768
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49,119
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22,032
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16
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118,935
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2014 Gross Profit %
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22.0
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%
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24.6
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%
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22.3
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%
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-
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23.1
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%
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2013 Gross Profit
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46,199
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48,655
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19,155
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-
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114,009
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2013 Gross Profit %
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21.7
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%
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25.5
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%
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20.8
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%
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-
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23.0
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%
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Change
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1,569
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464
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2,877
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16
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4,926
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2014 Profit (Loss)
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20,604
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20,259
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4,870
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(20,441
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)
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25,292
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2013 Profit (Loss)
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18,981
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20,198
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3,426
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(17,450
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)
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25,155
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Change $
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1,623
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61
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1,444
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(2,991
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)
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137
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||||||||||||||
Change %
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8.6
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%
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0.3
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%
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42.1
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%
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(17.1
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%)
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0.5
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%
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Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment
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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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Six months ended
June 30 |
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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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$
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25,292
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$
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25,155
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$
|
137
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||||||||||||||
Elimination of intersegment profit
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(1,256
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)
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(752
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)
|
(504
|
)
|
||||||||||||||
Net income attributable to non-controlling interest
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6
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(140
|
)
|
146
|
||||||||||||||||
Net income attributable to controlling interest
|
$
|
24,042
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$
|
24,263
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$
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(221
|
)
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Astec Industries, Inc.
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||||||||||||||||||||
Backlog by Segment
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||||||||||||||||||||
June 30, 2014 and 2013
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||||||||||||||||||||
(in thousands)
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||||||||||||||||||||
(Unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Total
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||||||||||||||||
2014 Backlog
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109,380
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89,147
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65,568
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264,095
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||||||||||||||||
2013 Backlog
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99,605
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95,343
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52,312
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247,260
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||||||||||||||||
Change $
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9,775
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(6,196
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)
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13,256
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16,835
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|||||||||||||||
Change %
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9.8
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%
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(6.5
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%)
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25.3
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%
|
6.8
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%
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