Delaware
State of Other Jurisdiction
of Incorporation
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0-15661
Commission File Number
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36-0724340
I.R.S. Employer
Identification Number
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Press Release titled “AMCOL INTERNATIONAL (NYSE:ACO) REPORTS FIRST QUARTER RESULTS”
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AMCOL INTERNATIONAL CORPORATION | |
By: /s/ Ryan F. McKendrick | |
Ryan F. McKendrick | |
President and Chief Executive Officer | |
AMCOL INTERNATIONAL CORPORATION
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||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||
(unaudited)
|
||||||||
(In millions, except per share data)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Continuing Operations
|
||||||||
Net sales
|
$ | 235.8 | $ | 217.8 | ||||
Cost of sales
|
170.7 | 160.1 | ||||||
Gross profit
|
65.1 | 57.7 | ||||||
Selling, general, and administrative expenses
|
43.6 | 39.1 | ||||||
Operating profit
|
21.5 | 18.6 | ||||||
Other income (expense):
|
||||||||
Interest expense, net
|
(2.7 | ) | (2.7 | ) | ||||
Other, net
|
(2.1 | ) | (0.4 | ) | ||||
(4.8 | ) | (3.1 | ) | |||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
16.7 | 15.5 | ||||||
Income tax expense
|
4.2 | 4.3 | ||||||
Income before income (loss) from affiliates and joint ventures
|
12.5 | 11.2 | ||||||
Income (loss) from affiliates and joint ventures
|
1.2 | 1.1 | ||||||
Net income (loss) from continuing operations
|
13.7 | 12.3 | ||||||
Discontinued Operations
|
||||||||
Income (loss) on discontinued operations
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(0.2 | ) | (0.1 | ) | ||||
Net income (loss)
|
13.5 | 12.2 | ||||||
Net income (loss) attributable to noncontrolling interests
|
0.1 | - | ||||||
Net income (loss) attributable to AMCOL shareholders
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$ | 13.4 | $ | 12.2 | ||||
Weighted average common shares outstanding
|
32.0 | 31.5 | ||||||
Weighted average common and common equivalent shares outstanding
|
32.3 | 32.0 | ||||||
Earnings per share attributable to AMCOL shareholders
|
||||||||
Basic earnings (loss) per share:
|
||||||||
Continuing operations
|
$ | 0.43 | $ | 0.39 | ||||
Discontinued operations
|
(0.01 | ) | - | |||||
Net income
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$ | 0.42 | $ | 0.39 | ||||
Diluted earnings (loss) per share:
|
||||||||
Continuing operations
|
$ | 0.43 | $ | 0.38 | ||||
Discontinued operations
|
(0.01 | ) | - | |||||
Net income
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$ | 0.42 | $ | 0.38 | ||||
Dividends declared per share
|
$ | 0.18 | $ | 0.18 |
AMCOL INTERNATIONAL CORPORATION
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In millions)
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March 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS |
(unaudited)
|
* | ||||||
Current assets:
|
||||||||
Cash and equivalents
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$ | 16.9 | $ | 23.7 | ||||
Accounts receivable, net
|
204.0 | 206.8 | ||||||
Inventories
|
150.6 | 146.6 | ||||||
Prepaid expenses
|
17.2 | 15.7 | ||||||
Deferred income taxes
|
6.2 | 5.9 | ||||||
Income tax receivable
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5.7 | 6.9 | ||||||
Other
|
4.6 | 6.7 | ||||||
Total current assets
|
405.2 | 412.3 | ||||||
Noncurrent assets:
|
||||||||
Property, plant, equipment, mineral rights and reserves:
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||||||||
Land
|
14.3 | 13.9 | ||||||
Mineral rights
|
43.8 | 41.9 | ||||||
Depreciable assets
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500.2 | 482.3 | ||||||
558.3 | 538.1 | |||||||
Less: accumulated depreciation and depletion
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285.1 | 275.5 | ||||||
273.2 | 262.6 | |||||||
Goodwill
|
70.2 | 69.5 | ||||||
Intangible assets, net
|
36.9 | 36.6 | ||||||
Investments in and advances to affiliates and joint ventures
|
27.1 | 26.4 | ||||||
Available-for-sale securities
|
2.9 | 3.8 | ||||||
Deferred income taxes
|
8.6 | 7.8 | ||||||
Other assets
|
26.0 | 23.7 | ||||||
Total noncurrent assets
|
444.9 | 430.4 | ||||||
Total Assets
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$ | 850.1 | $ | 842.7 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
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$ | 47.7 | $ | 56.4 | ||||
Accrued income taxes
|
6.3 | 2.7 | ||||||
Accrued liabilities
|
56.9 | 59.0 | ||||||
Total current liabilities
|
110.9 | 118.1 | ||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
250.7 | 260.7 | ||||||
Pension liabilities
|
34.6 | 34.8 | ||||||
Deferred compensation
|
9.5 | 8.9 | ||||||
Other long-term liabilities
|
21.0 | 20.0 | ||||||
Total noncurrent liabilities
|
315.8 | 324.4 | ||||||
Shareholders' Equity:
|
||||||||
Common stock
|
0.3 | 0.3 | ||||||
Additional paid in capital
|
97.8 | 94.5 | ||||||
Retained earnings
|
327.2 | 319.5 | ||||||
Accumulated other comprehensive income
|
(4.7 | ) | (14.9 | ) | ||||
Less: Treasury stock
|
(1.7 | ) | (3.4 | ) | ||||
Total AMCOL shareholders' equity
|
418.9 | 396.0 | ||||||
Noncontrolling interest
|
4.5 | 4.2 | ||||||
Total equity
|
423.4 | 400.2 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 850.1 | $ | 842.7 |
AMCOL INTERNATIONAL CORPORATION
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
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(In millions)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$ | 13.5 | $ | 12.2 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Depreciation, depletion, and amortization
|
10.6 | 9.4 | ||||||
Other non-cash charges
|
4.0 | 1.9 | ||||||
Changes in assets and liabilities, net of effects of acquisitions:
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||||||||
Decrease (increase) in current assets
|
2.8 | (18.3 | ) | |||||
Decrease (increase) in noncurrent assets
|
(2.0 | ) | (0.7 | ) | ||||
Increase (decrease) in current liabilities
|
(9.4 | ) | 5.2 | |||||
Increase (decrease) in noncurrent liabilities
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1.1 | 0.6 | ||||||
Net cash provided by (used in) operating activities
|
20.6 | 10.3 | ||||||
Cash flow from investing activities:
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||||||||
Capital expenditures
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(16.6 | ) | (10.4 | ) | ||||
Proceeds from sale of joint ventures
|
0.6 | - | ||||||
Other
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0.7 | 0.1 | ||||||
Net cash (used in) investing activities
|
(15.3 | ) | (10.3 | ) | ||||
Cash flow from financing activities:
|
||||||||
Net change in outstanding debt
|
(10.1 | ) | (3.6 | ) | ||||
Proceeds from exercise of stock awards
|
3.6 | 2.8 | ||||||
Dividends
|
(5.7 | ) | (5.7 | ) | ||||
Excess tax benefits from stock-based compensation
|
0.1 | 0.2 | ||||||
Net cash provided by (used in) financing activities
|
(12.1 | ) | (6.3 | ) | ||||
Effect of foreign currency rate changes on cash
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- | 0.2 | ||||||
Net increase (decrease) in cash and cash equivalents
|
(6.8 | ) | (6.1 | ) | ||||
Cash and cash equivalents at beginning of period
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23.7 | 27.3 | ||||||
Cash and cash equivalents at end of period
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$ | 16.9 | $ | 21.2 |
AMCOL INTERNATIONAL CORPORATION
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SEGMENT RESULTS (unaudited)
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|
YEAR-TO-DATE
|
Three Months Ended March 31,
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||||||||||||||||||||||||
Minerals and Materials
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2012
|
2011
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2012 vs. 2011
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(Dollars in Millions)
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Net sales
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$ | 125.5 | 100.0 | % | $ | 116.9 | 100.0 | % | $ | 8.6 | 7.4 | % | ||||||||||||
Cost of sales
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91.9 | 73.2 | % | 88.4 | 75.6 | % | 3.5 | 4.0 | % | |||||||||||||||
Gross profit
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33.6 | 26.8 | % | 28.5 | 24.4 | % | 5.1 | 17.9 | % | |||||||||||||||
Selling, general and
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||||||||||||||||||||||||
administrative expenses
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12.0 | 9.6 | % | 12.3 | 10.5 | % | (0.3 | ) | -2.4 | % | ||||||||||||||
Operating profit
|
21.6 | 17.2 | % | 16.2 | 13.9 | % | 5.4 | 33.3 | % |
Three Months Ended March 31,
|
||||||||||||||||||||||||
Environmental
|
2012
|
2011
|
2012 vs. 2011
|
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(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
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$ | 51.1 | 100.0 | % | $ | 50.7 | 100.0 | % | $ | 0.4 | 0.8 | % | ||||||||||||
Cost of sales
|
36.2 | 70.8 | % | 35.1 | 69.2 | % | 1.1 | 3.1 | % | |||||||||||||||
Gross profit
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14.9 | 29.2 | % | 15.6 | 30.8 | % | (0.7 | ) | -4.5 | % | ||||||||||||||
Selling, general and
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||||||||||||||||||||||||
administrative expenses
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14.0 | 27.4 | % | 13.3 | 26.2 | % | 0.7 | 5.3 | % | |||||||||||||||
Operating profit
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0.9 | 1.8 | % | 2.3 | 4.6 | % | (1.4 | ) | -60.9 | % |
Three Months Ended March 31,
|
||||||||||||||||||||||||
Oilfield Services
|
2012
|
2011
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2012 vs. 2011
|
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(Dollars in Millions)
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||||||||||||||||||||||||
Net sales
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$ | 55.3 | 100.0 | % | $ | 44.7 | 100.0 | % | $ | 10.6 | 23.7 | % | ||||||||||||
Cost of sales
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39.9 | 72.2 | % | 32.0 | 71.6 | % | 7.9 | 24.7 | % | |||||||||||||||
Gross profit
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15.4 | 27.8 | % | 12.7 | 28.4 | % | 2.7 | 21.3 | % | |||||||||||||||
Selling, general and
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||||||||||||||||||||||||
administrative expenses
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10.6 | 19.2 | % | 7.8 | 17.4 | % | 2.8 | 35.9 | % | |||||||||||||||
Operating profit
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4.8 | 8.6 | % | 4.9 | 11.0 | % | (0.1 | ) | -2.0 | % |
Three Months Ended March 31,
|
||||||||||||||||||||||||
Transportation
|
2012
|
2011
|
2012 vs. 2011
|
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(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
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$ | 11.1 | 100.0 | % | $ | 12.7 | 100.0 | % | $ | (1.6 | ) | -12.6 | % | |||||||||||
Cost of sales
|
9.9 | 89.2 | % | 11.3 | 89.0 | % | (1.4 | ) | -12.4 | % | ||||||||||||||
Gross profit
|
1.2 | 10.8 | % | 1.4 | 11.0 | % | (0.2 | ) | -14.3 | % | ||||||||||||||
Selling, general and
|
||||||||||||||||||||||||
administrative expenses
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1.0 | 9.0 | % | 0.9 | 7.1 | % | 0.1 | 11.1 | % | |||||||||||||||
Operating profit
|
0.2 | 1.8 | % | 0.5 | 3.9 | % | (0.3 | ) | -60.0 | % |
Three Months Ended March 31,
|
||||||||||||||||
Corporate
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Intersegment sales
|
$ | (7.2 | ) | $ | (7.2 | ) | $ | - | ||||||||
Intersegment cost of sales
|
(7.2 | ) | (6.7 | ) | (0.5 | ) | ||||||||||
Gross profit (loss)
|
- | (0.5 | ) | 0.5 | ||||||||||||
Selling, general and
|
||||||||||||||||
administrative expenses
|
6.0 | 4.8 | 1.2 | 25.0 | % | |||||||||||
Operating loss
|
(6.0 | ) | (5.3 | ) | (0.7 | ) | 13.2 | % |
AMCOL INTERNATIONAL CORPORATION
|
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SUPPLEMENTARY INFORMATION (unaudited)
|
||||||||||||||||
YEAR-TO-DATE
|
||||||||||||||||
Composition of Sales by Geographic Region
|
Three Months Ended March 31, 2012
|
|||||||||||||||
Americas
|
EMEA
|
Asia Pacific
|
Total
|
|||||||||||||
Minerals and materials
|
32.8 | % | 8.8 | % | 11.0 | % | 52.6 | % | ||||||||
Environmental
|
11.8 | % | 7.9 | % | 1.8 | % | 21.5 | % | ||||||||
Oilfield services
|
20.2 | % | 1.1 | % | 2.1 | % | 23.4 | % | ||||||||
Transportation
|
2.5 | % | 0.0 | % | 0.0 | % | 2.5 | % | ||||||||
Total - current year's period
|
67.3 | % | 17.8 | % | 14.9 | % | 100.0 | % | ||||||||
Total from prior year's comparable period
|
64.2 | % | 22.5 | % | 13.3 | % | 100.0 | % |
Three Months Ended March 31, 2012
|
||||||||||||||||
vs.
|
||||||||||||||||
Percentage of Revenue Growth by Component |
Three Months Ended March 31, 2011
|
|||||||||||||||
Organic
|
Acquisitions
|
Foreign Exchange
|
Total
|
|||||||||||||
Minerals and materials
|
4.2 | % | 0.0 | % | -0.3 | % | 3.9 | % | ||||||||
Environmental
|
0.8 | % | 0.0 | % | -0.6 | % | 0.2 | % | ||||||||
Oilfield services
|
4.9 | % | 0.0 | % | 0.0 | % | 4.9 | % | ||||||||
Transportation
|
-0.7 | % | 0.0 | % | 0.0 | % | -0.7 | % | ||||||||
Total
|
9.2 | % | 0.0 | % | -0.9 | % | 8.3 | % | ||||||||
% of growth
|
111.0 | % | 0.0 | % | -11.0 | % | 100.0 | % |
Minerals and Materials Product Line Sales
|
Three Months Ended March 31,
|
|||||||||||
2012
|
2011
|
% change
|
||||||||||
(Dollars in Millions)
|
||||||||||||
Metalcasting
|
$ | 62.9 | $ | 55.3 | 13.7 | % | ||||||
Specialty materials
|
26.8 | 27.4 | -2.2 | % | ||||||||
Pet products
|
14.4 | 15.1 | -4.6 | % | ||||||||
Basic minerals
|
19.5 | 16.4 | 18.9 | % | ||||||||
Other product lines
|
1.9 | 2.7 | -29.6 | % | ||||||||
Total
|
125.5 | 116.9 | 7.4 | % |
Three Months Ended March 31,
|
||||||||||||
Environmental Product Line Sales |
2012
|
2011
|
% change
|
|||||||||
(Dollars in Millions)
|
||||||||||||
Lining technologies
|
$ | 19.3 | $ | 21.1 | -8.5 | % | ||||||
Building materials
|
18.8 | 17.1 | 9.9 | % | ||||||||
Contracting services
|
4.4 | 6.6 | -33.3 | % | ||||||||
Drilling products
|
8.6 | 5.9 | 45.8 | % | ||||||||
Total
|
51.1 | 50.7 | 0.8 | % | ||||||||