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 21, 2014
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Date: October 21, 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 October 21, 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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Sept 30
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Sept 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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13,820
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$
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46,342
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Investments
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1,903
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16,342
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Receivables, net
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108,844
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97,347
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Inventories
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370,436
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339,826
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Prepaid expenses and other
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36,629
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21,701
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Total current assets
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531,632
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521,558
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Property and equipment, net
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190,395
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186,546
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Other assets
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66,554
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41,959
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Total assets
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$
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788,581
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$
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750,063
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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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53,034
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$
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48,492
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Other current liabilities
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97,059
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95,083
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Total current liabilities
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150,093
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143,575
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Non-current liabilities
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40,139
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32,903
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Total equity
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598,349
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573,585
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Total liabilities and equity
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$
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788,581
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$
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750,063
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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
Sept 30 |
Nine Months Ended
Sept 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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220,157
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$
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213,177
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$
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736,086
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$
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709,136
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Cost of sales
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176,896
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167,390
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573,890
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549,341
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Gross profit
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43,261
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45,787
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162,196
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159,795
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Selling, general, administrative & engineering expenses
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38,867
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36,635
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122,539
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114,797
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Income from operations
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4,394
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9,152
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39,657
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44,998
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Interest expense
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193
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269
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375
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417
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Other
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860
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1,087
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2,410
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1,731
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Income before income taxes
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5,061
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9,970
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41,692
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46,312
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Income taxes
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3,145
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3,456
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15,734
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15,536
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Net income attributable to controlling interest
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$
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1,916
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$
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6,514
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$
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25,958
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$
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30,776
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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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0.08
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$
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0.29
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$
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1.14
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$
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1.35
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Diluted
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$
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0.08
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$
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0.28
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$
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1.12
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$
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1.33
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Weighted average common shares outstanding
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Basic
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22,830
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22,756
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22,813
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22,744
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Diluted
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23,109
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23,082
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23,103
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23,077
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended September 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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78,698
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88,177
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53,282
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-
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220,157
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2013 Revenues
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83,319
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79,792
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50,066
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-
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213,177
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Change $
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(4,621
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)
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8,385
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3,216
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-
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6,980
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Change %
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(5.5
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%)
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10.5
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%
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6.4
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%
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-
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3.3
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%
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2014 Gross Profit
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11,367
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21,604
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10,277
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13
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43,261
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2014 Gross Profit %
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14.4
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%
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24.5
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%
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19.3
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%
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-
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19.7
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%
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2013 Gross Profit
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18,552
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19,584
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7,667
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(16
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)
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45,787
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2013 Gross Profit %
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22.3
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%
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24.5
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%
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15.3
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%
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-
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21.5
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%
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Change
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(7,185
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)
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2,020
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2,610
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29
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(2,526
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)
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2014 Profit (Loss)
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520
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6,806
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2,789
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(7,137
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)
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2,978
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2013 Profit (Loss)
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5,919
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6,765
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456
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(5,935
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)
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7,205
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Change $
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(5,399
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)
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41
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2,333
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(1,202
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)
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(4,227
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)
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Change %
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(91.2
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%)
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0.6
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%
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511.6
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%
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(20.3
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%)
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(58.7
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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 September 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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2,978
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$
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7,205
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$
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(4,227
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)
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Elimination of intersegment profit
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(1,212
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)
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(678
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)
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(534
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)
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Net (income) loss attributable to non-controlling interest
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150
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(13
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)
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163
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Net income attributable to controlling interest
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$
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1,916
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$
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6,514
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$
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(4,598
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)
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the nine months ended September 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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296,074
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287,976
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152,036
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-
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736,086
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2013 Revenues
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296,393
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270,438
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142,305
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-
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709,136
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Change $
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(319
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)
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17,538
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9,731
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-
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26,950
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Change %
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(0.1
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%)
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6.5
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%
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6.8
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%
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-
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3.8
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%
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2014 Gross Profit
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59,135
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70,722
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32,309
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30
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162,196
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2014 Gross Profit %
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20.0
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%
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24.6
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%
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21.3
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%
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-
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22.0
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%
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2013 Gross Profit
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64,752
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68,239
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26,821
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(17
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)
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159,795
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||||||||||||||
2013 Gross Profit %
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21.8
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%
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25.2
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%
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18.8
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%
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-
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22.5
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%
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Change
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(5,617
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)
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2,483
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5,488
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47
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2,401
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2014 Profit (Loss)
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21,124
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27,065
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7,659
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(27,578
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)
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28,270
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2013 Profit (Loss)
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24,900
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26,963
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3,882
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(23,387
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)
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32,358
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Change $
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(3,776
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)
|
102
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3,777
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(4,191
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)
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(4,088
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)
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Change %
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(15.2
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%)
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0.4
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%
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97.3
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%
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(17.9
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%)
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(12.6
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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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Nine months ended September 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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28,270
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$
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32,358
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$
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(4,088
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)
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Elimination of intersegment profit
|
(2,468
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)
|
(1,428
|
)
|
(1,040
|
)
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Net (income) loss attributable to non-controlling interest
|
156
|
(154
|
)
|
310
|
||||||||
Net income attributable to controlling interest
|
$
|
25,958
|
$
|
30,776
|
$
|
(4,818
|
)
|
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Astec Industries, Inc.
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Backlog by Segment
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||||||||||||||||
September 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
|
|||||||||||||
2014 Backlog
|
135,895
|
80,978
|
78,156
|
295,029
|
||||||||||||
2013 Backlog
|
114,137
|
72,000
|
44,815
|
230,952
|
||||||||||||
Change $
|
21,758
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8,978
|
33,341
|
64,077
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||||||||||||
Change %
|
19.1
|
%
|
12.5
|
%
|
74.4
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%
|
27.7
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%
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