Delaware
State of Other Jurisdiction
of Incorporation
|
0-15661
Commission File Number
|
36-0724340
I.R.S. Employer
Identification Number
|
Number | Number | |
99.1 | Press Release titled “AMCOL INTERNATIONAL (NYSE:ACO) NEARLY DOUBLES ITS FIRST QUARTER DILUTED EARNINGS PER SHARE” | |
AMCOL INTERNATIONAL CORPORATION | |
Date: April 26, 2011 | By: /s/ Ryan F. McKendrick |
Ryan F. McKendrick | |
President and Chief Executive Officer | |
AMCOL INTERNATIONAL CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited)
|
(In thousands, except per share data)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2011
|
2010
|
|||||||
Net sales
|
$ | 222,415 | $ | 174,951 | ||||
Cost of sales
|
164,295 | 130,404 | ||||||
Gross profit
|
58,120 | 44,547 | ||||||
General, selling and administrative expenses
|
39,550 | 33,787 | ||||||
Operating profit
|
18,570 | 10,760 | ||||||
Other income (expense):
|
||||||||
Interest expense, net
|
(2,682 | ) | (2,216 | ) | ||||
Other, net
|
(376 | ) | (447 | ) | ||||
(3,058 | ) | (2,663 | ) | |||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
15,512 | 8,097 | ||||||
Income tax expense
|
4,365 | 2,182 | ||||||
Income before income (loss) from affiliates and joint ventures
|
11,147 | 5,915 | ||||||
Income (loss) from affiliates and joint ventures
|
1,089 | (91 | ) | |||||
Net income (loss)
|
12,236 | 5,824 | ||||||
Net income (loss) attributable to noncontrolling interests
|
1 | (304 | ) | |||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 12,235 | $ | 6,128 | ||||
Weighted average common shares outstanding
|
31,515 | 31,041 | ||||||
Weighted average common and common equivalent shares outstanding
|
31,992 | 31,419 | ||||||
Basic earnings per share attributable to AMCOL shareholders
|
$ | 0.39 | $ | 0.20 | ||||
Diluted earnings per share attributable to AMCOL shareholders
|
$ | 0.38 | $ | 0.20 | ||||
Dividends declared per share
|
$ | 0.18 | $ | 0.18 |
AMCOL INTERNATIONAL CORPORATION
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||
(In thousands)
|
||||||
March 31, |
December 31,
|
|||||||
ASSETS
|
2011
|
2010
|
||||||
(unaudited) | * | |||||||
Current assets:
|
||||||||
Cash and equivalents
|
$ | 21,180 | $ | 27,262 | ||||
Accounts receivable, net
|
206,565 | 193,968 | ||||||
Inventories
|
110,159 | 107,515 | ||||||
Prepaid expenses
|
16,332 | 12,581 | ||||||
Deferred income taxes
|
5,634 | 5,553 | ||||||
Income tax receivable
|
7,258 | 8,474 | ||||||
Other
|
868 | 6,211 | ||||||
Total current assets
|
367,996 | 361,564 | ||||||
Noncurrent assets:
|
||||||||
Property, plant, equipment, mineral rights and reserves:
|
||||||||
Land and mineral rights
|
61,285 | 63,026 | ||||||
Depreciable assets
|
463,518 | 454,351 | ||||||
524,803 | 517,377 | |||||||
Less: accumulated depreciation and depletion
|
265,764 | 256,889 | ||||||
259,039 | 260,488 | |||||||
Goodwill
|
71,706 | 70,909 | ||||||
Intangible assets, net
|
40,475 | 42,590 | ||||||
Investments in and advances to affiliates and joint ventures
|
22,402 | 19,056 | ||||||
Available-for-sale securities
|
10,253 | 14,168 | ||||||
Deferred income taxes
|
5,194 | 7,570 | ||||||
Other assets
|
23,499 | 22,748 | ||||||
Total noncurrent assets
|
432,568 | 437,529 | ||||||
Total Assets
|
$ | 800,564 | $ | 799,093 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 56,805 | $ | 53,167 | ||||
Accrued liabilities
|
59,753 | 59,308 | ||||||
Total current liabilities
|
116,558 | 112,475 | ||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
232,386 | 236,171 | ||||||
Pension liabilities
|
21,288 | 21,338 | ||||||
Deferred compensation
|
9,822 | 8,686 | ||||||
Other long-term liabilities
|
16,980 | 19,987 | ||||||
Total noncurrent liabilities
|
280,476 | 286,182 | ||||||
Shareholders' Equity:
|
||||||||
Common stock
|
320 | 320 | ||||||
Additional paid in capital
|
91,281 | 95,074 | ||||||
Retained earnings
|
289,768 | 283,189 | ||||||
Accumulated other comprehensive income
|
28,471 | 28,936 | ||||||
409,840 | 407,519 | |||||||
Less:
|
||||||||
Treasury stock
|
6,414 | 8,945 | ||||||
Total AMCOL shareholders' equity
|
403,426 | 398,574 | ||||||
Noncontrolling interest
|
104 | 1,862 | ||||||
Total equity
|
403,530 | 400,436 | ||||||
Total Liabilities and Shareholders' Equity
|
$ | 800,564 | $ | 799,093 |
AMCOL INTERNATIONAL CORPORATION
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
||||||
(In thousands)
|
||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2011
|
2010
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$ | 12,236 | $ | 5,824 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Depreciation, depletion, and amortization
|
9,406 | 8,552 | ||||||
Other non-cash charges
|
3,220 | 2,008 | ||||||
Changes in assets and liabilities, net of effects of acquisitions:
|
||||||||
Decrease (increase) in current assets
|
(18,326 | ) | (4,185 | ) | ||||
Decrease (increase) in noncurrent assets
|
(728 | ) | (1,193 | ) | ||||
Increase (decrease) in current liabilities
|
3,885 | (1,674 | ) | |||||
Increase (decrease) in noncurrent liabilities
|
595 | (771 | ) | |||||
Net cash provided by (used in) operating activities
|
10,288 | 8,561 | ||||||
Cash flow from investing activities:
|
||||||||
Capital expenditures
|
(10,418 | ) | (16,077 | ) | ||||
Other
|
145 | 159 | ||||||
Net cash (used in) investing activities
|
(10,273 | ) | (15,918 | ) | ||||
Cash flow from financing activities:
|
||||||||
Net change in outstanding debt
|
(3,563 | ) | 6,882 | |||||
Proceeds from sales of treasury stock
|
2,747 | 1,995 | ||||||
Dividends
|
(5,658 | ) | (5,566 | ) | ||||
Excess tax benefits from stock-based compensation
|
201 | 22 | ||||||
Net cash provided by (used in) financing activities
|
(6,273 | ) | 3,333 | |||||
Effect of foreign currency rate changes on cash
|
176 | (258 | ) | |||||
Net increase (decrease) in cash and cash equivalents
|
(6,082 | ) | (4,282 | ) | ||||
Cash and cash equivalents at beginning of period
|
27,262 | 27,669 | ||||||
Cash and cash equivalents at end of period
|
$ | 21,180 | $ | 23,387 |
AMCOL INTERNATIONAL CORPORATION
|
|
SEGMENT RESULTS (unaudited)
|
|
YEAR-TO-DATE
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
Minerals and Materials
|
2011
|
2010
|
2011 vs. 2010
|
|||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Net sales
|
$ | 116,880 | 100.0 | % | $ | 97,688 | 100.0 | % | $ | 19,192 | 19.6 | % | ||||||||||||
Cost of sales
|
88,419 | 75.6 | % | 73,478 | 75.2 | % | 14,941 | 20.3 | % | |||||||||||||||
Gross profit
|
28,461 | 24.4 | % | 24,210 | 24.8 | % | 4,251 | 17.6 | % | |||||||||||||||
General, selling and
administrative expenses |
12,290 | 10.5 | % | 9,904 | 10.1 | % | 2,386 | 24.1 | % | |||||||||||||||
Operating profit
|
16,171 | 13.9 | % | 14,306 | 14.7 | % | 1,865 | 13.0 | % |
Three Months Ended March 31,
|
||||||||||||||||||||||||
Environmental
|
2011
|
2010
|
2011 vs. 2010
|
|||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Net sales
|
$ | 55,333 | 100.0 | % | $ | 38,175 | 100.0 | % | $ | 17,158 | 44.9 | % | ||||||||||||
Cost of sales
|
39,277 | 71.0 | % | 27,179 | 71.2 | % | 12,098 | 44.5 | % | |||||||||||||||
Gross profit
|
16,056 | 29.0 | % | 10,996 | 28.8 | % | 5,060 | 46.0 | % | |||||||||||||||
General, selling and
administrative expenses |
13,773 | 24.9 | % | 11,213 | 29.4 | % | 2,560 | 22.8 | % | |||||||||||||||
Operating profit (loss)
|
2,283 | 4.1 | % | (217 | ) | -0.6 | % | 2,500 | * | |||||||||||||||
* Not meaningful.
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
Oilfield Services
|
2011
|
2010
|
2011 vs. 2010
|
|||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Net sales
|
$ | 44,744 | 100.0 | % | $ | 30,204 | 100.0 | % | $ | 14,540 | 48.1 | % | ||||||||||||
Cost of sales
|
32,080 | 71.7 | % | 22,190 | 73.5 | % | 9,890 | 44.6 | % | |||||||||||||||
Gross profit
|
12,664 | 28.3 | % | 8,014 | 26.5 | % | 4,650 | 58.0 | % | |||||||||||||||
General, selling and
administrative expenses |
7,792 | 17.4 | % | 6,786 | 22.5 | % | 1,006 | 14.8 | % | |||||||||||||||
Operating profit
|
4,872 | 10.9 | % | 1,228 | 4.0 | % | 3,644 | 296.7 | % |
Three Months Ended March 31,
|
||||||||||||||||||||||||
Transportation
|
2011
|
2010
|
2011 vs. 2010
|
|||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Net sales
|
$ | 12,674 | 100.0 | % | $ | 12,120 | 100.0 | % | $ | 554 | 4.6 | % | ||||||||||||
Cost of sales
|
11,271 | 88.9 | % | 10,793 | 89.1 | % | 478 | 4.4 | % | |||||||||||||||
Gross profit
|
1,403 | 11.1 | % | 1,327 | 10.9 | % | 76 | 5.7 | % | |||||||||||||||
General, selling and
administrative expenses |
938 | 7.4 | % | 816 | 6.7 | % | 122 | 15.0 | % | |||||||||||||||
Operating profit
|
465 | 3.7 | % | 511 | 4.2 | % | (46 | ) | -9.0 | % |
Three Months Ended March 31,
|
||||||||||||||||
Corporate
|
2011
|
2010
|
2011 vs. 2010
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Intersegment sales
|
$ | (7,216 | ) | $ | (3,236 | ) | $ | (3,980 | ) | |||||||
Intersegment costs of sales
|
(6,752 | ) | (3,236 | ) | (3,516 | ) | ||||||||||
Gross profit (loss)
|
(464 | ) | - | (464 | ) | |||||||||||
General, selling and
administrative expenses |
4,757 | 5,068 | (311 | ) | -6.1 | % | ||||||||||
Operating loss
|
(5,221 | ) | (5,068 | ) | (153 | ) | 3.0 | % |
AMCOL INTERNATIONAL CORPORATION
|
SUPPLEMENTARY INFORMATION (unaudited)
|
YEAR-TO-DATE
|
Three Months Ended March 31, 2011
|
||||||||||||||||
Composition of Sales by Geographic Region
|
Americas
|
EMEA
|
Asia Pacific
|
Total
|
||||||||||||
Minerals & Materials
|
29.9% | 11.7% | 10.8% | 52.4% | ||||||||||||
Environmental
|
12.4% | 10.7% | 1.4% | 24.5% | ||||||||||||
Oilfield Services
|
18.45 | 0.65 | 1.0% | 20.0% | ||||||||||||
Transportation
|
3.1% | 0.0% | 0.0% | 3.1% | ||||||||||||
Total - current year's period
|
63.8% | 23.0% | 13.2% | 100.0% | ||||||||||||
Total from prior year's comparable period
|
65.2% | 19.6% | 15.2% | 100.0% |
Three Months Ended March 31, 2011
|
||||||||||||||||
Percentage of Revenue Growth by Component |
vs.
|
|||||||||||||||
Three Months Ended March 31, 2010
|
||||||||||||||||
Base
Business
|
Acquisitions
|
Currency
Translation
|
Total
|
|||||||||||||
Minerals & Materials
|
10.2% | 0.0% | 0.8% | 11.0% | ||||||||||||
Environmental
|
8.9% | 0.5% | 0.4% | 9.8% | ||||||||||||
Oilfield Services
|
8.1% | 0.0% | 0.2% | 8.3% | ||||||||||||
Transportation
|
-2.0% | 0.0% | 0.0% | -2.0% | ||||||||||||
Total
|
25.2% | 0.5% | 1.4% | 27.1% | ||||||||||||
% of growth
|
93.2% | 1.7% | 5.1% | 100.0% |
Three Months Ended March 31,
|
||||||||||||
Minerals and Materials Product Line Sales
|
2011
|
2010
|
% change
|
|||||||||
(Dollars in Thousands)
|
||||||||||||
Metalcasting
|
$ | 60,152 | $ | 44,340 | 35.7 | % | ||||||
Specialty materials
|
26,021 | 25,808 | 0.8 | % | ||||||||
Pet products
|
15,071 | 16,438 | -8.3 | % | ||||||||
Basic minerals
|
11,542 | 9,346 | 23.5 | % | ||||||||
Other product lines
|
4,094 | 1,756 | 133.1 | % | ||||||||
Total
|
116,880 | 97,688 | 19.6 | % |
Three Months Ended March 31,
|
||||||||||||
Environmental Product Line Sales
|
2011
|
2010
|
% change
|
|||||||||
(Dollars in Thousands)
|
||||||||||||
Lining technologies
|
$ | 21,104 | $ | 16,565 | 27.4 | % | ||||||
Building materials
|
17,056 | 12,501 | 36.4 | % | ||||||||
Contracting services
|
11,230 | 4,214 | 166.5 | % | ||||||||
Drilling products
|
5,943 | 4,895 | 21.4 | % | ||||||||
Total
|
55,333 | 38,175 | 44.9 | % |