8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2016

ASTEC INDUSTRIES, INC. (Exact Name of Registrant as Specified in Charter)
	Tennessee	001-11595	62-0873631
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1725 Shepherd Road Chattanooga, Tennessee 37421 (Address of Principal Executive Offices and Zip Code)
(423) 899-5898 (Registrant's telephone number, including area code)
N/A (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-d(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

The information, including the exhibits attached hereto, in this Current Report on Form 8-K is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed by the Company pursuant to the Securities Act of 1933, as amended, or into any other filing or document made by the Company pursuant to the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of Astec Industries, Inc., dated February 23, 2016, reporting the Company's financial results for the three months and year ended December 31, 2015.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits. The following exhibits are furnished herewith:
Exhibit No.	Exhibit Description
99.1	Press Release, dated February 23, 2016

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ASTEC INDUSTRIES, INC.

Date: February 23, 2016 By: /s/ David C. Silvious                                David C. Silvious, Chief Financial Officer, Vice President and Treasurer (Principal Financial and Accounting Officer)

Index to Exhibits
Exhibit No.	Exhibit Description
99.1	Press Release, dated February 23, 2016

EX-99.1

Astec Industries, Inc.

News Release  

1725 Shepherd Road | Chattanooga, TN  37421 | Phone (423) 899-5898 | Fax (423) 899-4456

ASTEC INDUSTRIES REPORTS FOURTH QUARTER AND 2015 RESULTS

CHATTANOOGA, Tenn. (February 23, 2016) - Astec Industries, Inc. (Nasdaq:  ASTE) today reported results for their fourth quarter and year ended December 31, 2015.

Net sales for the fourth quarter of 2015 were $215.0 million compared to $239.5million for the fourth quarter of 2014, a 10.2% decrease.  Net income attributable to controlling interest for the fourth quarter of 2015 was $3.6 million or $0.16 per diluted share compared to $8.5 million or $0.37 per diluted share in the fourth quarter of 2014, a decrease of 57.6%.

Domestic sales increased 5.7% to $160.3 million for the fourth quarter of 2015 from $151.6 million for the fourth quarter of 2014.  International sales decreased 37.8% to $54.7 million for the fourth quarter of 2015 from $87.9 million for the fourth quarter of 2014.

Net sales for 2015 were $983.2 million compared to $975.6million for 2014, an increase of $7.6 million.  Net income attributable to controlling interest for 2015 was $32.8 million or $1.42 per diluted share compared to $34.5 million or $1.49 per diluted share for 2014, a 4.9% decrease.

Domestic sales increased 10.4% to $722.3 million for 2015 from $654.2 million for 2014.  International sales were $260.9 million for 2015 compared to $321.4 million for 2014, an 18.8% decrease.

The Company's domestic backlog increased 16.5%, from $222.4 million at December 31, 2014 to $259.2 million at December 31, 2015.  The international backlog at December 31, 2015 was $54.1 million compared to $109.7 million at December 31, 2014, a decrease of 50.7%.  Total backlog decreased 5.6% to $313.3 million at December 31, 2015 from $332.1 million at December 31, 2014.

Consolidated financial information for the quarter and year ended December 31, 2015 and additional information related to segment revenues and profits are attached as addenda to this press release.

Commenting on the announcement of quarterly and annual results, Benjamin G. Brock, Chief Executive Officer, stated "The fourth quarter proved to be a challenge.  As you will see in in the segment financial reports, the primary cause of our disappointing performance was weak sales in the Aggregate and Mining Group and the Energy Group.  These weak sales were caused by a slow-down in international mining operations due to a world-wide surplus of raw materials and a severe reduction in oil production and exploration brought on by the collapse of the price of oil. Also, both of these segments depend on international markets that have been depressed by the strength of the U.S. dollar.   In addition, although we were able to ship a $30 Million pellet plant during the quarter, we had to defer the revenue for accounting purposes."

Mr. Brock continued, "In spite of a challenging fourth quarter, our future is bright.  The United States passed a long-term highway bill in December and we have seen strong orders in our Infrastructure Group.  As a result, our January 31, 2016 backlog was a record $348 Million. We have also been very active on pellet plant inquiries and we're confident that some of these inquires will turn into orders in the coming year.  Despite the significant external challenges we faced, we were able to end the year up $7.6 Million on total sales and up $600 Thousand on EBITDA versus last year.  Our balance sheet remains strong with a positive $25 Million net cash position.  As a result, we are poised to take advantage of strong domestic demand and we'll be able to be opportunistic when we find the right acquisition target."

Investor Conference Call and Web Simulcast

Astec will conduct a conference call on February 23, 2016, at 10:00 A.M. Eastern Time to review its December 31, 2015 results as well as current business conditions.  The number to call for this interactive teleconference is (877) 407-9210.  International callers should dial (201) 689-8049.   Please reference Astec Industries.

The company will also provide an online Web simulcast and rebroadcast of the conference call.  The live broadcast of Astec's conference call will be available online at the Company's website:  www.astecindustries.com/conferencecalls. An archived webcast will be available for 90 days at www.astecindustries.com.

A replay of the conference call will be available through midnight on Tuesday, March 8, 2016 by dialing (877) 660-6853, or (201) 612-7415 for international callers, Conference ID# 13630398.  A transcription of the conference call will be made available under the Investor Relations section of the Astec Industries, Inc. website within 5 business days after the call.

Astec Industries, Inc. is a manufacturer of specialized equipment for asphalt road building; aggregate processing; oil, gas and water well drilling; and wood processing.  Astec's manufacturing operations are divided into three primary business segments:  road building and related equipment (Infrastructure Group); aggregate processing and mining equipment (Aggregate and Mining Group); and equipment for the extraction and production of fuels, biomass production, and water drilling equipment (Energy Group).

The information contained in this press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the future performance of the Company, including statements about the effects on the Company from low oil prices, the global mining slow down, the strong U.S. Dollar, and the impact of a long-term highway bill in the United States.  These forward-looking statements reflect management's expectations and are based upon currently available information, and the Company undertakes no obligation to update or revise such statements.  These statements are not guarantees of performance and are inherently subject to risks and uncertainties, many of which cannot be predicted or anticipated.  Future events and actual results, financial or otherwise, could differ materially from those expressed in or implied by the forward-looking statements.  Important factors that could cause future events or actual results to differ materially include:  general uncertainty in the economy, oil and liquid asphalt prices, rising steel prices, decreased funding for highway projects, the relative strength/weakness of the dollar to foreign currencies, production capacity, general business conditions in the industry, demand for the Company's products, seasonality and cyclicality in operating results, seasonality of sales volumes or lower than expected sales volumes, lower than expected margins on custom equipment orders, competitive activity, tax rates and the impact of future legislation thereon, and those other factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission, including but not limited to the Company's annual report on Form 10-K for the year ended December 31, 2014.

For Additional Information Contact:Benjamin G. BrockChief Executive OfficerPhone: (423) 867-4210Fax: (423) 867-4127E-mail: bbrock@astecindustries.com or

David C. Silvious Vice President and Chief Financial Officer

Phone: (423) 899-5898

Fax: (423) 899-4456 E-mail: dsilvious@astecindustries.com

or

Stephen C. Anderson

Vice President, Director of Investor Relations & Corporate Secretary

Phone: (423) 899-5898

Fax: (423) 899-4456

E-mail: sanderson@astecindustries.com

Astec Industries, Inc.

Consolidated Balance Sheets

(in thousands)

(unaudited)

	Dec 31		Dec 31
	2015		2014
Assets
Current assets
Cash and cash equivalents	$	25,062	$	13,023
Investments		1,539		1,916
Receivables, net		101,997		107,301
Inventories		384,776		387,835
Prepaid expenses and other		31,623		43,116
Total current assets		544,997		553,191
Property and equipment, net		170,206		187,610
Other assets		65,350		64,664
Total assets	$	780,553	$	805,465
Liabilities and equity
Current liabilities
Accounts payable - trade	$	48,385	$	60,987
Other current liabilities		93,627		100,142
Total current liabilities		142,012		161,129
Non-current liabilities		25,483		44,984
Total equity		613,058		599,352
Total liabilities and equity	$	780,553	$	805,465

Astec Industries, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

	Three Months Ended				Twelve Months Ended
	Dec 31				Dec 31
	2015		2014		2015		2014
Net sales	$	215,017	$	239,509	$	983,157	$	975,595
Cost of sales		169,590		186,389		764,314		760,279
Gross profit		45,427		53,120		218,843		215,316
Selling, general, administrative & engineering expenses		40,722		41,081		168,856		163,619
Income from operations		4,705		12,039		49,987		51,697
Interest expense		389		345		1,611		720
Other		1,216		472		4,428		2,881
Income before income taxes		5,532		12,166		52,804		53,858
Income taxes		1,937		3,666		20,007		19,400
Net income attributable to controlling interest	$	3,595	$	8,500	$	32,797	$	34,458
Earnings per Common Share
Net income attributable to controlling interest
Basic	$	0.16	$	0.37	$	1.43	$	1.51
Diluted	$	0.16	$	0.37	$	1.42	$	1.49
Weighted average common shares outstanding
Basic		22,947		22,838		22,934		22,819
Diluted		23,124		23,112		23,120		23,105

Astec Industries, Inc.  

Segment Revenues and Profits  

For the three months ended December 31, 2015 and 2014

(in thousands)   

(unaudited)

   

	Infrastructure Group			Aggregate and Mining Group			Energy Group			Corporate			Total
2015 Revenues		91,969			85,023			38,025			-			215,017
2014 Revenues		90,283			96,907			52,319			-			239,509
Change $		1,686			(11,884	)		(14,294	)		-			(24,492	)
Change %		1.9	%		(12.3	%)		(27.3	%)		-			(10.2	%)
2015 Gross Profit		18,672			19,319			6,831			605			45,427
2015 Gross Profit %		20.3	%		22.7	%		18.0	%		-			21.1	%
2014 Gross Profit		21,298			21,256			10,661			(95	)		53,120
2014 Gross Profit %		23.6	%		21.9	%		20.4	%		-			22.2	%
Change		(2,626	)		(1,937	)		(3,830	)		700			(7,693	)
2015 Profit (Loss)		4,418			5,249			804			(7,470	)		3,001
2014 Profit (Loss)		8,353			5,835			2,658			(7,692	)		9,154
Change $		(3,935	)		(586	)		(1,854	)		222			(6,153	)
Change %		(47.1	%)		(10.0	%)		(69.8	%)		2.9	%		(67.2	%)

Segment revenues are reported net of intersegment revenues.  Segment gross profit is net of profit on intersegment
revenues.  A reconciliation of total segment profits to the Company's net income attributable to controlling interest
is as follows (in thousands):

	Three months ended December 31
	2015		2014			Change $
Total profit for all segments	$	3,001	$	9,154		$	(6,153	)
Recapture (elimination) of intersegment profit		432		(749	)		1,181
Net loss attributable to non-controlling interest		162		95			67
Net income attributable to controlling interest	$	3,595	$	8,500		$	(4,905	)

Astec Industries, Inc.  

Segment Revenues and Profits  

For the twelve months ended December 31, 2015 and 2014

(in thousands)   

(unaudited)

   

	Infrastructure Group			Aggregate and Mining Group			Energy Group			Corporate			Total
2015 Revenues		428,737			370,813			183,607			-			983,157
2014 Revenues		386,356			384,883			204,356			-			975,595
Change $		42,381			(14,070	)		(20,749	)		-			7,562
Change %		11.0	%		(3.7	%)		(10.2	%)		-			0.8	%
2015 Gross Profit		92,964			89,501			35,743			635			218,843
2015 Gross Profit %		21.7	%		24.1	%		19.5	%		-			22.3	%
2014 Gross Profit		80,432			91,978			42,969			(63	)		215,316
2014 Gross Profit %		20.8	%		23.9	%		21.0	%		-			22.1	%
Change		12,532			(2,477	)		(7,226	)		698			3,527
2015 Profit (Loss)		33,890			30,690			3,609			(36,623	)		31,566
2014 Profit (Loss)		29,477			32,900			10,316			(35,270	)		37,423
Change $		4,413			(2,210	)		(6,707	)		(1,353	)		(5,857	)
Change %		15.0	%		(6.7	%)		(65.0	%)		(3.8	%)		(15.7	%)

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):

	Twelve months ended December 31
	2015		2014			Change $
Total profit for all segments	$	31,566	$	37,423		$	(5,857	)
Recapture (elimination) of intersegment profit		400		(3,217	)		3,617
Net loss attributable to non-controlling interest		831		252			579
Net income attributable to controlling interest	$	32,797	$	34,458		$	(1,661	)

Astec Industries, Inc. 

Backlog by Segment 

December 31, 2015 and 2014 

(in thousands) 

(Unaudited)

  

	Infrastructure Group			Aggregate and Mining Group			Energy Group			Total
2015 Backlog		203,830			74,484			34,977			313,291
2014 Backlog		147,190			89,789			95,072			332,051
Change $		56,640			(15,305	)		(60,095	)		(18,760	)
Change %		38.5	%		(17.0	%)		(63.2	%)		(5.6	%)