x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
|
September 30, 2012
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
|
to
|
Commission file number
|
1-14447
|
AMCOL INTERNATIONAL CORPORATION
|
(Exact name of registrant as specified in its charter)
|
Delaware
|
36-0724340
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
2870 Forbs Avenue, Hoffman Estates, IL
|
60192
|
(Address of principal executive offices)
|
(Zip Code)
|
(847) 851-1500
|
(Registrant’s telephone number, including area code)
|
Large accelerated filer x
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company o
|
Class
|
Outstanding at October 31, 2012
|
|
(Common stock, $.01 par value)
|
31,959,139 Shares
|
Page No.
|
||
Part I - Financial Information
|
||
Item 1:
|
Financial Statements
|
|
3
|
||
5
|
||
6
|
||
7
|
||
8
|
||
9
|
||
Item 2:
|
34
|
|
Item 3:
|
51
|
|
Item 4:
|
52
|
|
Part II - Other Information
|
||
Item 4:
|
52
|
|
Item 6:
|
52
|
ASSETS
|
September 30,
2012
|
December 31,
2011
|
||||||
(unaudited)
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 17.7 | $ | 23.7 | ||||
Accounts receivable, net
|
219.9 | 204.8 | ||||||
Inventories
|
160.8 | 144.8 | ||||||
Prepaid expenses
|
19.4 | 15.7 | ||||||
Deferred income taxes
|
6.8 | 5.9 | ||||||
Income tax receivable
|
15.1 | 6.9 | ||||||
Other
|
2.6 | 6.1 | ||||||
Total current assets
|
442.3 | 407.9 | ||||||
Noncurrent assets:
|
||||||||
Property, plant, equipment, and mineral rights and reserves:
|
||||||||
Land
|
12.9 | 13.9 | ||||||
Mineral rights
|
49.9 | 52.5 | ||||||
Depreciable assets
|
535.6 | 482.6 | ||||||
598.4 | 549.0 | |||||||
Less: accumulated depreciation and depletion
|
303.4 | 275.5 | ||||||
295.0 | 273.5 | |||||||
Goodwill
|
69.9 | 69.5 | ||||||
Intangible assets, net
|
34.8 | 36.6 | ||||||
Investment in and advances to affiliates and joint ventures
|
28.0 | 26.4 | ||||||
Available-for-sale securities
|
7.9 | 3.8 | ||||||
Deferred income taxes
|
9.3 | 8.5 | ||||||
Other assets
|
25.6 | 24.4 | ||||||
Total noncurrent assets
|
470.5 | 442.7 | ||||||
Total Assets
|
$ | 912.8 | $ | 850.6 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
September 30,
2012
|
December 31,
2011
|
||||||
(unaudited)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 52.7 | $ | 56.5 | ||||
Accrued income taxes
|
18.2 | 2.4 | ||||||
Accrued liabilities
|
66.9 | 57.9 | ||||||
Total current liabilities
|
137.8 | 116.8 | ||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
244.1 | 260.7 | ||||||
Pension liabilities
|
35.3 | 34.8 | ||||||
Deferred compensation
|
10.3 | 8.9 | ||||||
Deferred income taxes
|
13.0 | 13.5 | ||||||
Other long-term liabilities
|
21.7 | 19.2 | ||||||
Total noncurrent liabilities
|
324.4 | 337.1 | ||||||
Shareholders' Equity:
|
||||||||
Common stock
|
0.3 | 0.3 | ||||||
Additional paid in capital
|
100.8 | 94.3 | ||||||
Retained earnings
|
352.1 | 316.4 | ||||||
Accumulated other comprehensive income (loss)
|
(5.7 | ) | (15.0 | ) | ||||
Less: Treasury stock
|
(0.7 | ) | (3.4 | ) | ||||
Total AMCOL shareholders' equity
|
446.8 | 392.6 | ||||||
Noncontrolling interest
|
3.8 | 4.1 | ||||||
Total equity
|
450.6 | 396.7 | ||||||
Total Liabilities and Shareholders' Equity
|
$ | 912.8 | $ | 850.6 |
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Continuing Operations
|
||||||||||||||||
Net sales
|
$ | 746.3 | $ | 709.8 | $ | 253.3 | $ | 248.1 | ||||||||
Cost of sales
|
537.7 | 518.8 | 183.9 | 177.5 | ||||||||||||
Gross profit
|
208.6 | 191.0 | 69.4 | 70.6 | ||||||||||||
Selling, general and administrative expenses
|
128.7 | 124.1 | 41.8 | 44.0 | ||||||||||||
Operating profit
|
79.9 | 66.9 | 27.6 | 26.6 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense, net
|
(7.9 | ) | (8.1 | ) | (2.5 | ) | (2.8 | ) | ||||||||
Other, net
|
(2.7 | ) | (0.1 | ) | - | (0.2 | ) | |||||||||
(10.6 | ) | (8.2 | ) | (2.5 | ) | (3.0 | ) | |||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
69.3 | 58.7 | 25.1 | 23.6 | ||||||||||||
Income tax expense
|
19.3 | 14.9 | 7.4 | 5.3 | ||||||||||||
Income before income (loss) from affiliates and joint ventures
|
50.0 | 43.8 | 17.7 | 18.3 | ||||||||||||
Income (loss) from affiliates and joint ventures
|
3.4 | 3.9 | 1.1 | 3.0 | ||||||||||||
Income (loss) from continuing operations
|
53.4 | 47.7 | 18.8 | 21.3 | ||||||||||||
Discontinued Operations
|
||||||||||||||||
Income (loss) on discontinued operations
|
- | (1.2 | ) | - | (1.3 | ) | ||||||||||
Net income (loss)
|
53.4 | 46.5 | 18.8 | 20.0 | ||||||||||||
Net income (loss) attributable to noncontrolling interests
|
(0.2 | ) | (0.1 | ) | - | (0.1 | ) | |||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 53.6 | $ | 46.6 | $ | 18.8 | $ | 20.1 | ||||||||
Weighted average common shares outstanding
|
32.0 | 31.7 | 32.1 | 31.8 | ||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.3 | 32.1 | 32.5 | 32.2 | ||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||
Income from continuing operations, net of tax
|
$ | 53.6 | $ | 47.8 | $ | 18.8 | $ | 21.4 | ||||||||
Discontinued operations, net of tax
|
- | (1.2 | ) | - | (1.3 | ) | ||||||||||
Net income
|
$ | 53.6 | $ | 46.6 | $ | 18.8 | $ | 20.1 | ||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||
Continuing operations
|
$ | 1.67 | $ | 1.51 | $ | 0.59 | $ | 0.67 | ||||||||
Discontinued operations
|
- | (0.04 | ) | - | (0.04 | ) | ||||||||||
Net income
|
$ | 1.67 | $ | 1.47 | $ | 0.59 | $ | 0.63 | ||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||
Continuing operations
|
$ | 1.66 | $ | 1.49 | $ | 0.58 | $ | 0.66 | ||||||||
Discontinued operations
|
- | (0.04 | ) | - | (0.04 | ) | ||||||||||
Net income
|
$ | 1.66 | $ | 1.45 | $ | 0.58 | $ | 0.62 | ||||||||
Dividends declared per share
|
$ | 0.56 | $ | 0.54 | $ | 0.20 | $ | 0.18 |
Total
|
AMCOL
Shareholders
|
Noncontrolling
Interest
|
||||||||||||||||||||||
Nine Months Ended
September 30,
|
Nine Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
Net income (loss)
|
$ | 53.4 | $ | 46.5 | $ | 53.6 | $ | 46.6 | $ | (0.2 | ) | $ | (0.1 | ) | ||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustment
|
4.5 | (20.2 | ) | 4.6 | (19.6 | ) | (0.1 | ) | (0.6 | ) | ||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax
|
4.1 | (8.2 | ) | 4.1 | (8.2 | ) | - | - | ||||||||||||||||
Unrealized gain (loss) on interest rate swap agreements, net of tax
|
- | (1.6 | ) | - | (1.6 | ) | - | - | ||||||||||||||||
Pension adjustment, net of tax
|
0.6 | 0.1 | 0.6 | 0.1 | - | - | ||||||||||||||||||
Comprehensive income (loss)
|
$ | 62.6 | $ | 16.6 | $ | 62.9 | $ | 17.3 | $ | (0.3 | ) | $ | (0.7 | ) |
Total
|
AMCOL
Shareholders
|
Noncontrolling
Interest
|
||||||||||||||||||||||
Three Months Ended
September 30,
|
Three Months Ended
September 30,
|
Three Months Ended
September 30,
|
||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||
Net income (loss)
|
$ | 18.8 | $ | 20.0 | $ | 18.8 | $ | 20.1 | $ | - | $ | (0.1 | ) | |||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustment
|
8.0 | (22.4 | ) | 8.0 | (21.8 | ) | - | (0.6 | ) | |||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax
|
4.9 | (1.6 | ) | 4.9 | (1.6 | ) | - | - | ||||||||||||||||
Unrealized gain (loss) on interest rate swap agreements, net of tax
|
- | (1.3 | ) | - | (1.3 | ) | - | - | ||||||||||||||||
Pension adjustment, net of tax
|
0.2 | 0.1 | 0.2 | 0.1 | - | - | ||||||||||||||||||
Comprehensive income (loss)
|
$ | 31.9 | $ | (5.2 | ) | $ | 31.9 | $ | (4.5 | ) | $ | - | $ | (0.7 | ) |
AMCOL Shareholders
|
||||||||||||||||||||||||||||
Total Equity
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Common Stock
|
Treasury Stock
|
Paid-in Capital
|
Noncontrolling Interest
|
||||||||||||||||||||||
Balance at December 31, 2010
|
$ | 395.1 | $ | 279.6 | $ | 28.7 | $ | 0.3 | $ | (8.9 | ) | $ | 95.1 | $ | 0.3 | |||||||||||||
Net income (loss)
|
46.5 | 46.6 | (0.1 | ) | ||||||||||||||||||||||||
Cash dividends
|
(17.1 | ) | (17.1 | ) | ||||||||||||||||||||||||
Issuance of treasury shares pursuant to employee stock compensation plans
|
6.8 | 4.8 | 2.0 | |||||||||||||||||||||||||
Tax benefit from employee stock compensation plans
|
0.6 | 0.6 | ||||||||||||||||||||||||||
Vesting of common stock in connection with employee stock compensation plans
|
3.7 | 3.7 | ||||||||||||||||||||||||||
Purchase of noncontrolling interest
|
(5.7 | ) | (5.4 | ) | (0.3 | ) | ||||||||||||||||||||||
Sale of subsidiary shares to noncontrolling interest
|
- | (1.4 | ) | (3.4 | ) | 4.8 | ||||||||||||||||||||||
Other comprehensive income (loss)
|
(28.5 | ) | (27.9 | ) | (0.6 | ) | ||||||||||||||||||||||
Balance at September 30, 2011
|
401.4 | 309.1 | (0.6 | ) | 0.3 | (4.1 | ) | 92.6 | 4.1 | |||||||||||||||||||
Balance at December 31, 2011
|
$ | 396.7 | $ | 316.4 | $ | (15.0 | ) | $ | 0.3 | $ | (3.4 | ) | $ | 94.3 | $ | 4.1 | ||||||||||||
Net income (loss)
|
53.4 | 53.6 | (0.2 | ) | ||||||||||||||||||||||||
Cash dividends
|
(17.9 | ) | (17.9 | ) | ||||||||||||||||||||||||
Issuance of treasury shares pursuant to employee stock compensation plans
|
4.8 | 2.7 | 2.1 | |||||||||||||||||||||||||
Tax benefit from employee stock compensation plans
|
(0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||
Vesting of common stock in connection with employee stock compensation plans
|
4.4 | 4.4 | ||||||||||||||||||||||||||
Other comprehensive income (loss)
|
9.2 | 9.3 | (0.1 | ) | ||||||||||||||||||||||||
Other
|
0.1 | 0.1 | ||||||||||||||||||||||||||
Balance at September 30, 2012
|
450.6 | 352.1 | (5.7 | ) | 0.3 | (0.7 | ) | 100.8 | 3.8 |
Nine Months Ended
September 30,
|
||||||||
2012
|
2011
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income
|
$ | 53.4 | $ | 46.5 | ||||
Adjustments to reconcile from net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation, depletion, and amortization
|
33.3 | 31.2 | ||||||
Other non-cash charges
|
5.3 | 4.1 | ||||||
Changes in assets and liabilities, net of effects of acquisitions:
|
||||||||
Decrease (increase) in current assets
|
(43.1 | ) | (90.3 | ) | ||||
Decrease (increase) in noncurrent assets
|
(0.5 | ) | 2.5 | |||||
Increase (decrease) in current liabilities
|
19.0 | 24.2 | ||||||
Increase (decrease) in noncurrent liabilities
|
5.2 | (1.5 | ) | |||||
Net cash provided by (used in) operating activities
|
72.6 | 16.7 | ||||||
Cash flow from investing activities:
|
||||||||
Capital expenditures
|
(54.2 | ) | (43.8 | ) | ||||
Investments in and advances to affiliates and joint ventures
|
0.2 | (0.7 | ) | |||||
Proceeds from sale of land and depreciable assets
|
1.5 | 1.6 | ||||||
Other
|
1.9 | 2.5 | ||||||
Net cash (used in) investing activities
|
(50.6 | ) | (40.4 | ) | ||||
Cash flow from financing activities:
|
||||||||
Net change in outstanding debt
|
(16.8 | ) | 14.9 | |||||
Proceeds from sales of treasury stock
|
4.9 | 6.9 | ||||||
Dividends
|
(17.2 | ) | (17.1 | ) | ||||
Excess tax benefits from stock-based compensation
|
0.2 | 0.7 | ||||||
Net cash provided by (used in) financing activities
|
(28.9 | ) | 5.4 | |||||
Effect of foreign currency rate changes on cash
|
0.9 | 0.8 | ||||||
Net increase (decrease) in cash and cash equivalents
|
(6.0 | ) | (17.5 | ) | ||||
Cash and cash equivalents at beginning of period
|
23.7 | 26.8 | ||||||
Cash and cash equivalents at end of period
|
$ | 17.7 | $ | 9.3 |
Note 1:
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Nine Months Ended
September 30,
|
||||||||
2012
|
2011
|
|||||||
Minerals and materials
|
51 | % | 50 | % | ||||
Environmental
|
23 | % | 28 | % | ||||
Oilfield services
|
25 | % | 20 | % | ||||
Transportation
|
4 | % | 6 | % | ||||
Intersegment sales
|
-3 | % | -4 | % | ||||
100 | % | 100 | % |
Note 2:
|
CORRECTION OF ERRORS IN PREVIOUSLY REPORTED FINANCIAL STATEMENTS
|
|
·
|
Spain - $2.8 decrease for errors associated with accounting for inventory and other items in our environmental segment’s Spanish operations;
|
|
·
|
South Africa - $0.8 decrease for errors related to the accounting for the acquisition of mineral rights in our minerals and materials segment’s chromite operations in South Africa;
|
|
·
|
Malaysia - $0.3 increase resulting from correcting errors in our oilfield services segment’s Malaysian operations, largely relating to improper recognition of expenses and errors in accounting for revenues;
|
|
·
|
DongMing – adjustments to correct errors made in accounting for accounts payable in this China subsidiary;
|
|
·
|
Tax - $0.2 increase resulting largely from inaccuracies in the accounting for income tax expense in our international operations; and
|
|
·
|
$0.4 increase for other insignificant errors we have aggregated together.
|
Adjustments by category and increase (decrease) to
Net income available to AMCOL sharesholders
|
Prior to
|
Twelve Months Ended December 31,
|
Three Months Ended
March 31,
|
|||||||||||||||||||||
attributable to each category |
2009
|
2009
|
2010
|
2011
|
2012
|
Total
|
||||||||||||||||||
Spain
|
$ | - | $ | (0.8 | ) | $ | (0.6 | ) | $ | (1.1 | ) | $ | (0.3 | ) | $ | (2.8 | ) | |||||||
South Africa
|
- | (0.3 | ) | - | (0.5 | ) | - | (0.8 | ) | |||||||||||||||
Malaysia
|
- | - | (0.4 | ) | 0.7 | - | 0.3 | |||||||||||||||||
DongMing
|
0.2 | 0.1 | 0.2 | (0.5 | ) | - | - | |||||||||||||||||
Tax
|
(0.5 | ) | 0.1 | (1.2 | ) | 1.5 | 0.3 | 0.2 | ||||||||||||||||
Other
|
(0.3 | ) | (0.7 | ) | 0.6 | 0.4 | 0.4 | 0.4 | ||||||||||||||||
Total
|
$ | (0.6 | ) | $ | (1.6 | ) | $ | (1.4 | ) | $ | 0.5 | $ | 0.4 | $ | (2.7 | ) |
Year Ended December 31, 2009
|
||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||
Spain
|
South Africa
|
DongMing
|
Tax
|
Other
|
Total
|
|||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 691.9 | $ | - | $ | - | $ | - | $ | - | $ | (3.7 | ) | $ | (3.7 | ) | $ | 688.2 | ||||||||||||||
Cost of sales
|
505.6 | 0.7 | 0.5 | (3.8 | ) | (2.6 | ) | 503.0 | ||||||||||||||||||||||||
Gross profit
|
186.3 | (0.7 | ) | (0.5 | ) | - | - | 0.1 | (1.1 | ) | 185.2 | |||||||||||||||||||||
Selling, general and administrative expenses
|
133.4 | 0.3 | 0.1 | (0.1 | ) | 1.5 | 1.8 | 135.2 | ||||||||||||||||||||||||
Operating profit
|
52.9 | (1.0 | ) | (0.6 | ) | 0.1 | - | (1.4 | ) | (2.9 | ) | 50.0 | ||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||
Interest expense, net
|
(12.2 | ) | 0.2 | 0.2 | (12.0 | ) | ||||||||||||||||||||||||||
Other, net
|
(0.9 | ) | 0.6 | 0.6 | (0.3 | ) | ||||||||||||||||||||||||||
(13.1 | ) | - | - | - | - | 0.8 | 0.8 | (12.3 | ) | |||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
39.8 | (1.0 | ) | (0.6 | ) | 0.1 | - | (0.6 | ) | (2.1 | ) | 37.7 | ||||||||||||||||||||
Income tax expense (benefit)
|
5.3 | (0.2 | ) | (0.1 | ) | - | (0.1 | ) | - | (0.4 | ) | 4.9 | ||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
34.5 | (0.8 | ) | (0.5 | ) | 0.1 | 0.1 | (0.6 | ) | (1.7 | ) | 32.8 | ||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
0.1 | (0.1 | ) | (0.1 | ) | - | ||||||||||||||||||||||||||
Income (loss) from continuing operations
|
34.6 | (0.8 | ) | (0.5 | ) | 0.1 | 0.1 | (0.7 | ) | (1.8 | ) | 32.8 | ||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
0.3 | - | - | 0.3 | ||||||||||||||||||||||||||||
Net income (loss)
|
34.9 | (0.8 | ) | (0.5 | ) | 0.1 | 0.1 | (0.7 | ) | (1.8 | ) | 33.1 | ||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
0.1 | (0.2 | ) | - | (0.2 | ) | (0.1 | ) | ||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 34.8 | $ | (0.8 | ) | $ | (0.3 | ) | $ | 0.1 | $ | 0.1 | $ | (0.7 | ) | $ | (1.6 | ) | $ | 33.2 | ||||||||||||
Weighted average common shares outstanding
|
30.8 | 30.8 | 30.8 | |||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
31.0 | 31.0 | 31.0 | |||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 34.5 | $ | (1.6 | ) | $ | 32.9 | |||||||||||||||||||||||||
Discontinued operations, net of tax
|
0.3 | - | 0.3 | |||||||||||||||||||||||||||||
Net income
|
$ | 34.8 | $ | (1.6 | ) | $ | 33.2 | |||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.12 | $ | (0.05 | ) | $ | 1.07 | |||||||||||||||||||||||||
Discontinued operations
|
0.01 | - | 0.01 | |||||||||||||||||||||||||||||
Net income
|
$ | 1.13 | $ | (0.05 | ) | $ | 1.08 | |||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.11 | $ | (0.05 | ) | $ | 1.06 | |||||||||||||||||||||||||
Discontinued operations
|
0.01 | - | 0.01 | |||||||||||||||||||||||||||||
Net income
|
$ | 1.12 | $ | (0.05 | ) | $ | 1.07 |
Year Ended December 31, 2010
|
||||||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 841.0 | $ | - | $ | - | $ | (0.6 | ) | $ | - | $ | - | $ | (14.2 | ) | $ | (14.8 | ) | $ | 826.2 | |||||||||||||||
Cost of sales
|
624.1 | 0.6 | (12.7 | ) | (12.1 | ) | 612.0 | |||||||||||||||||||||||||||||
Gross profit
|
216.9 | (0.6 | ) | - | (0.6 | ) | - | - | (1.5 | ) | (2.7 | ) | 214.2 | |||||||||||||||||||||||
Selling, general and administrative expenses
|
146.9 | (0.1 | ) | (0.3 | ) | (1.5 | ) | (1.9 | ) | 145.0 | ||||||||||||||||||||||||||
Operating profit
|
70.0 | (0.6 | ) | 0.1 | (0.6 | ) | 0.3 | - | (0.0 | ) | (0.8 | ) | 69.2 | |||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(9.7 | ) | 0.1 | 0.1 | (9.6 | ) | ||||||||||||||||||||||||||||||
Other, net
|
1.2 | 0.1 | 0.1 | 1.3 | ||||||||||||||||||||||||||||||||
(8.5 | ) | - | - | - | - | - | 0.2 | 0.2 | (8.3 | ) | ||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
61.5 | (0.6 | ) | 0.1 | (0.6 | ) | 0.3 | - | 0.2 | (0.6 | ) | 60.9 | ||||||||||||||||||||||||
Income tax expense (benefit)
|
19.4 | 0.1 | (0.2 | ) | 0.1 | 1.2 | 0.2 | 1.4 | 20.8 | |||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
42.1 | (0.6 | ) | - | (0.4 | ) | 0.2 | (1.2 | ) | (0.0 | ) | (2.0 | ) | 40.1 | ||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
(11.3 | ) | 0.2 | 0.2 | (11.1 | ) | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
30.8 | (0.6 | ) | - | (0.4 | ) | 0.2 | (1.2 | ) | 0.2 | (1.8 | ) | 29.0 | |||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.9 | ) | - | - | (0.9 | ) | ||||||||||||||||||||||||||||||
Net income (loss)
|
29.9 | (0.6 | ) | - | (0.4 | ) | 0.2 | (1.2 | ) | 0.2 | (1.8 | ) | 28.1 | |||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
(0.4 | ) | (0.4 | ) | (0.4 | ) | (0.8 | ) | ||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 30.3 | $ | (0.6 | ) | $ | - | $ | (0.4 | ) | $ | 0.2 | $ | (1.2 | ) | $ | 0.6 | $ | (1.4 | ) | $ | 28.9 | ||||||||||||||
Weighted average common shares outstanding
|
31.2 | 31.2 | 31.2 | |||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
31.5 | 31.5 | 31.5 | |||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 31.2 | $ | (1.4 | ) | $ | 29.8 | |||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.9 | ) | - | (0.9 | ) | |||||||||||||||||||||||||||||||
Net income
|
$ | 30.3 | $ | (1.4 | ) | $ | 28.9 | |||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.00 | $ | (0.04 | ) | $ | 0.96 | |||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | - | (0.03 | ) | |||||||||||||||||||||||||||||||
Net income
|
$ | 0.97 | $ | (0.04 | ) | $ | 0.93 | |||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.99 | $ | (0.04 | ) | $ | 0.95 | |||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | - | (0.03 | ) | |||||||||||||||||||||||||||||||
Net income
|
$ | 0.96 | $ | (0.04 | ) | $ | 0.92 |
Year Ended December 31, 2011
|
||||||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 942.4 | $ | - | $ | - | $ | 0.6 | $ | - | $ | - | $ | 0.8 | $ | 1.4 | $ | 943.8 | ||||||||||||||||||
Cost of sales
|
689.5 | 1.2 | 0.3 | - | - | - | (0.1 | ) | 1.4 | 690.9 | ||||||||||||||||||||||||||
Gross profit
|
252.9 | (1.2 | ) | (0.3 | ) | 0.6 | - | - | 0.9 | - | 252.9 | |||||||||||||||||||||||||
Selling, general and administrative expenses
|
165.2 | 0.1 | - | (0.2 | ) | 0.7 | - | - | 0.6 | 165.8 | ||||||||||||||||||||||||||
Operating profit
|
87.7 | (1.3 | ) | (0.3 | ) | 0.8 | (0.7 | ) | - | 0.9 | (0.6 | ) | 87.1 | |||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(11.5 | ) | - | - | - | - | - | 0.2 | 0.2 | (11.3 | ) | |||||||||||||||||||||||||
Other, net
|
0.2 | - | - | - | - | - | - | - | 0.2 | |||||||||||||||||||||||||||
(11.3 | ) | - | - | - | - | - | 0.2 | 0.2 | (11.1 | ) | ||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
76.4 | (1.3 | ) | (0.3 | ) | 0.8 | (0.7 | ) | - | 1.1 | (0.4 | ) | 76.0 | |||||||||||||||||||||||
Income tax expense (benefit)
|
21.8 | (0.2 | ) | 0.3 | 0.1 | (0.2 | ) | (1.8 | ) | 0.5 | (1.3 | ) | 20.5 | |||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
54.6 | (1.1 | ) | (0.6 | ) | 0.7 | (0.5 | ) | 1.8 | 0.6 | 0.9 | 55.5 | ||||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
5.5 | - | (0.3 | ) | 0.1 | (0.2 | ) | 5.3 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
60.1 | (1.1 | ) | (0.6 | ) | 0.7 | (0.5 | ) | 1.5 | 0.7 | 0.7 | 60.8 | ||||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.9 | ) | (0.3 | ) | (0.3 | ) | (1.2 | ) | ||||||||||||||||||||||||||||
Net income (loss)
|
59.2 | (1.1 | ) | (0.6 | ) | 0.7 | (0.5 | ) | 1.5 | 0.4 | 0.4 | 59.6 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
0.1 | - | (0.1 | ) | - | - | - | - | (0.1 | ) | - | |||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 59.1 | $ | (1.1 | ) | $ | (0.5 | ) | $ | 0.7 | $ | (0.5 | ) | $ | 1.5 | $ | 0.4 | $ | 0.5 | $ | 59.6 | |||||||||||||||
Weighted average common shares outstanding
|
31.7 | 31.7 | 31.7 | |||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.1 | 32.1 | 32.1 | |||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 60.0 | $ | 0.8 | $ | 60.8 | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.9 | ) | (0.3 | ) | (1.2 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 59.1 | $ | 0.5 | $ | 59.6 | ||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.89 | $ | 0.03 | $ | 1.92 | ||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 1.86 | $ | 0.02 | $ | 1.88 | ||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.87 | $ | 0.02 | $ | 1.89 | ||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 1.84 | $ | 0.01 | $ | 1.85 |
December 31, 2010
|
||||||||||||||||||||||||||||||||||||
ASSETS
|
Previously Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 27.3 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.5 | ) | $ | (0.5 | ) | $ | 26.8 | ||||||||||||||||
Accounts receivable, net
|
194.0 | (0.4 | ) | (1.1 | ) | (2.4 | ) | (3.9 | ) | 190.1 | ||||||||||||||||||||||||||
Inventories
|
107.5 | (1.0 | ) | (0.9 | ) | (1.9 | ) | 105.6 | ||||||||||||||||||||||||||||
Prepaid expenses
|
12.6 | 0.4 | 0.4 | 13.0 | ||||||||||||||||||||||||||||||||
Deferred income taxes
|
5.5 | - | 5.5 | |||||||||||||||||||||||||||||||||
Income tax receivable
|
8.5 | - | 8.5 | |||||||||||||||||||||||||||||||||
Other
|
6.2 | - | 6.2 | |||||||||||||||||||||||||||||||||
Total current assets
|
361.6 | (1.4 | ) | - | (1.1 | ) | - | - | (3.4 | ) | (5.9 | ) | 355.7 | |||||||||||||||||||||||
Noncurrent assets:
|
||||||||||||||||||||||||||||||||||||
Property, plant, equipment, and mineral rights and reserves:
|
||||||||||||||||||||||||||||||||||||
Land
|
11.6 | (0.7 | ) | (0.7 | ) | 10.9 | ||||||||||||||||||||||||||||||
Mineral rights
|
51.4 | 13.6 | - | 13.6 | 65.0 | |||||||||||||||||||||||||||||||
Depreciable assets
|
454.4 | (2.1 | ) | (2.1 | ) | 452.3 | ||||||||||||||||||||||||||||||
517.4 | - | 13.6 | - | - | - | (2.8 | ) | 10.8 | 528.2 | |||||||||||||||||||||||||||
Less: accumulated depreciation and depletion
|
256.9 | (0.2 | ) | (0.2 | ) | 256.7 | ||||||||||||||||||||||||||||||
260.5 | - | 13.6 | - | - | - | (2.6 | ) | 11.0 | 271.5 | |||||||||||||||||||||||||||
Goodwill
|
70.9 | 70.9 | ||||||||||||||||||||||||||||||||||
Intangible assets, net
|
42.6 | (0.7 | ) | (0.7 | ) | 41.9 | ||||||||||||||||||||||||||||||
Investment in and advances to affiliates and joint ventures
|
19.0 | 1.9 | 1.9 | 20.9 | ||||||||||||||||||||||||||||||||
Available-for-sale securities
|
14.2 | - | 14.2 | |||||||||||||||||||||||||||||||||
Deferred income taxes
|
7.6 | 1.6 | - | 1.6 | 9.2 | |||||||||||||||||||||||||||||||
Other assets
|
22.7 | 0.5 | 0.3 | 0.8 | 23.5 | |||||||||||||||||||||||||||||||
Total noncurrent assets
|
437.5 | - | 15.2 | 0.5 | - | - | (1.1 | ) | 14.6 | 452.1 | ||||||||||||||||||||||||||
Total Assets
|
$ | 799.1 | $ | (1.4 | ) | $ | 15.2 | $ | (0.6 | ) | $ | - | $ | - | $ | (4.5 | ) | $ | 8.7 | $ | 807.8 |
December 31, 2010
|
||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Previously Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||||||||||
Accounts payable
|
$ | 53.2 | $ | - | $ | - | $ | - | $ | (0.7 | ) | $ | (1.1 | ) | $ | (1.8 | ) | $ | 51.4 | |||||||||||||||||
Accrued income taxes
|
4.1 | (0.1 | ) | (0.2 | ) | 0.2 | 1.2 | (0.1 | ) | 1.0 | 5.1 | |||||||||||||||||||||||||
Accrued liabilities
|
55.2 | 0.1 | (0.1 | ) | 55.2 | |||||||||||||||||||||||||||||||
Total current liabilities
|
112.5 | - | - | (0.2 | ) | (0.5 | ) | 1.2 | (1.3 | ) | (0.8 | ) | 111.7 | |||||||||||||||||||||||
Noncurrent liabilities:
|
||||||||||||||||||||||||||||||||||||
Long-term debt
|
236.2 | (0.5 | ) | (0.5 | ) | 235.7 | ||||||||||||||||||||||||||||||
Pension liabilities
|
21.3 | - | 21.3 | |||||||||||||||||||||||||||||||||
Deferred compensation
|
8.7 | 0.3 | 0.3 | 9.0 | ||||||||||||||||||||||||||||||||
Deferred income tax
|
0.4 | 15.8 | 0.4 | - | 16.2 | 16.6 | ||||||||||||||||||||||||||||||
Other long-term liabilities
|
19.6 | (1.2 | ) | (1.2 | ) | 18.4 | ||||||||||||||||||||||||||||||
Total noncurrent liabilities
|
286.2 | - | 15.8 | - | - | 0.4 | (1.4 | ) | 14.8 | 301.0 | ||||||||||||||||||||||||||
Shareholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Common stock
|
0.3 | - | 0.3 | |||||||||||||||||||||||||||||||||
Additional paid in capital
|
95.1 | - | 95.1 | |||||||||||||||||||||||||||||||||
Retained earnings
|
283.2 | (1.4 | ) | (0.3 | ) | (0.4 | ) | 0.5 | (1.6 | ) | (0.4 | ) | (3.6 | ) | 279.6 | |||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
28.9 | (0.1 | ) | (0.1 | ) | (0.2 | ) | 28.7 | ||||||||||||||||||||||||||||
Less: Treasury stock
|
(8.9 | ) | - | (8.9 | ) | |||||||||||||||||||||||||||||||
Total AMCOL shareholders' equity
|
398.6 | (1.4 | ) | (0.4 | ) | (0.4 | ) | 0.5 | (1.6 | ) | (0.5 | ) | (3.8 | ) | 394.8 | |||||||||||||||||||||
Noncontrolling interest
|
1.8 | (0.2 | ) | (1.3 | ) | (1.5 | ) | 0.3 | ||||||||||||||||||||||||||||
Total equity
|
400.4 | (1.4 | ) | (0.6 | ) | (0.4 | ) | 0.5 | (1.6 | ) | (1.8 | ) | (5.3 | ) | 395.1 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 799.1 | $ | (1.4 | ) | $ | 15.2 | $ | (0.6 | ) | $ | - | $ | - | $ | (4.5 | ) | $ | 8.7 | $ | 807.8 |
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
ASSETS
|
Previously Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 23.7 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 23.7 | ||||||||||||||||||||
Accounts receivable, net
|
206.8 | (1.6 | ) | (0.7 | ) | 0.3 | (2.0 | ) | 204.8 | |||||||||||||||||||||||||||
Inventories
|
146.6 | (1.8 | ) | 0.2 | (0.2 | ) | (1.8 | ) | 144.8 | |||||||||||||||||||||||||||
Prepaid expenses
|
15.7 | - | 15.7 | |||||||||||||||||||||||||||||||||
Deferred income taxes
|
5.9 | - | 5.9 | |||||||||||||||||||||||||||||||||
Income tax receivable
|
6.9 | - | 6.9 | |||||||||||||||||||||||||||||||||
Other
|
6.7 | (0.6 | ) | (0.6 | ) | 6.1 | ||||||||||||||||||||||||||||||
Total current assets
|
412.3 | (3.4 | ) | 0.2 | (0.7 | ) | - | - | (0.5 | ) | (4.4 | ) | 407.9 | |||||||||||||||||||||||
Noncurrent assets:
|
||||||||||||||||||||||||||||||||||||
Property, plant, equipment, and mineral rights and reserves:
|
||||||||||||||||||||||||||||||||||||
Land
|
13.9 | 13.9 | ||||||||||||||||||||||||||||||||||
Mineral rights
|
41.9 | 10.6 | - | 10.6 | 52.5 | |||||||||||||||||||||||||||||||
Depreciable assets
|
482.3 | 0.3 | 0.3 | 482.6 | ||||||||||||||||||||||||||||||||
538.1 | - | 10.6 | - | - | - | 0.3 | 10.9 | 549.0 | ||||||||||||||||||||||||||||
Less: accumulated depreciation and depletion
|
275.5 | - | 275.5 | |||||||||||||||||||||||||||||||||
262.6 | - | 10.6 | - | - | - | 0.3 | 10.9 | 273.5 | ||||||||||||||||||||||||||||
Goodwill
|
69.5 | 69.5 | ||||||||||||||||||||||||||||||||||
Intangible assets, net
|
36.6 | - | 36.6 | |||||||||||||||||||||||||||||||||
Investment in and advances to affiliates and joint ventures
|
26.4 | - | 26.4 | |||||||||||||||||||||||||||||||||
Available-for-sale securities
|
3.8 | - | 3.8 | |||||||||||||||||||||||||||||||||
Deferred income taxes
|
7.8 | 0.7 | - | 0.7 | 8.5 | |||||||||||||||||||||||||||||||
Other assets
|
23.7 | 0.7 | - | 0.7 | 24.4 | |||||||||||||||||||||||||||||||
Total noncurrent assets
|
430.4 | - | 11.3 | 0.7 | - | - | 0.3 | 12.3 | 442.7 | |||||||||||||||||||||||||||
Total Assets
|
$ | 842.7 | $ | (3.4 | ) | $ | 11.5 | $ | - | $ | - | $ | - | $ | (0.2 | ) | $ | 7.9 | $ | 850.6 |
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Previously Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||||||||||
Accounts payable
|
$ | 56.4 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.1 | $ | 0.1 | $ | 56.5 | ||||||||||||||||||
Accrued income taxes
|
2.7 | (0.3 | ) | 0.1 | 0.1 | (0.2 | ) | (0.3 | ) | 2.4 | ||||||||||||||||||||||||||
Accrued liabilities
|
59.0 | (0.8 | ) | (0.3 | ) | - | (1.1 | ) | 57.9 | |||||||||||||||||||||||||||
Total current liabilities
|
118.1 | (1.1 | ) | 0.1 | (0.3 | ) | - | 0.1 | (0.1 | ) | (1.3 | ) | 116.8 | |||||||||||||||||||||||
Noncurrent liabilities:
|
||||||||||||||||||||||||||||||||||||
Long-term debt
|
260.7 | - | 260.7 | |||||||||||||||||||||||||||||||||
Pension liabilities
|
34.8 | - | 34.8 | |||||||||||||||||||||||||||||||||
Deferred compensation
|
8.9 | - | 8.9 | |||||||||||||||||||||||||||||||||
Deferred income tax
|
0.8 | 12.6 | 0.1 | 12.7 | 13.5 | |||||||||||||||||||||||||||||||
Other long-term liabilities
|
19.2 | - | 19.2 | |||||||||||||||||||||||||||||||||
Total noncurrent liabilities
|
324.4 | - | 12.6 | - | - | - | 0.1 | 12.7 | 337.1 | |||||||||||||||||||||||||||
Shareholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Common stock
|
0.3 | - | 0.3 | |||||||||||||||||||||||||||||||||
Additional paid in capital
|
94.5 | (0.2 | ) | - | (0.2 | ) | 94.3 | |||||||||||||||||||||||||||||
Retained earnings
|
319.5 | (2.5 | ) | (0.9 | ) | 0.3 | - | (0.1 | ) | 0.1 | (3.1 | ) | 316.4 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(14.9 | ) | 0.2 | (0.3 | ) | (0.1 | ) | (15.0 | ) | |||||||||||||||||||||||||||
Less: Treasury stock
|
(3.4 | ) | - | (3.4 | ) | |||||||||||||||||||||||||||||||
Total AMCOL shareholders' equity
|
396.0 | (2.3 | ) | (1.1 | ) | 0.3 | - | (0.1 | ) | (0.2 | ) | (3.4 | ) | 392.6 | ||||||||||||||||||||||
Noncontrolling interest
|
4.2 | (0.1 | ) | - | (0.1 | ) | 4.1 | |||||||||||||||||||||||||||||
Total equity
|
400.2 | (2.3 | ) | (1.2 | ) | 0.3 | - | (0.1 | ) | (0.2 | ) | (3.5 | ) | 396.7 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 842.7 | $ | (3.4 | ) | $ | 11.5 | $ | - | $ | - | $ | - | $ | (0.2 | ) | $ | 7.9 | $ | 850.6 |
Year Ended December 31, 2010
|
||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||
Net cash provided by (used in) operating activities
|
$ | 48.1 | $ | 0.1 | $ | 48.2 | ||||||
Net cash (used in) investing activities
|
(48.1 | ) | (0.6 | ) | (48.7 | ) | ||||||
Net cash provided by (used in) financing activities
|
(0.8 | ) | - | (0.8 | ) | |||||||
Effect of foreign currency rate changes on cash
|
0.4 | - | 0.4 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(0.4 | ) | (0.5 | ) | (0.9 | ) | ||||||
Cash and cash equivalents at beginning of period
|
27.7 | - | 27.7 | |||||||||
Cash and cash equivalents at end of period
|
$ | 27.3 | $ | (0.5 | ) | $ | 26.8 |
Year Ended December 31, 2011
|
||||||||||||
Previously reported
|
Adjustments
|
As Adjusted
|
||||||||||
Net cash provided by (used in) operating activities
|
$ | 38.6 | $ | 0.2 | $ | 38.8 | ||||||
Net cash (used in) investing activities
|
(54.7 | ) | 0.5 | (54.2 | ) | |||||||
Net cash provided by (used in) financing activities
|
11.6 | (0.2 | ) | 11.4 | ||||||||
Effect of foreign currency rate changes on cash
|
0.9 | - | 0.9 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(3.6 | ) | 0.5 | (3.1 | ) | |||||||
Cash and cash equivalents at beginning of period
|
27.3 | (0.5 | ) | 26.8 | ||||||||
Cash and cash equivalents at end of period
|
$ | 23.7 | $ | - | $ | 23.7 |
Quarter Ended March 31, 2011
|
||||||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 217.8 | $ | - | $ | - | $ | 0.6 | $ | - | $ | - | $ | 0.2 | $ | 0.8 | $ | 218.6 | ||||||||||||||||||
Cost of sales
|
160.1 | 0.3 | 0.1 | (0.3 | ) | 0.1 | 160.2 | |||||||||||||||||||||||||||||
Gross profit
|
57.7 | (0.3 | ) | (0.1 | ) | 0.6 | - | - | 0.5 | 0.7 | 58.4 | |||||||||||||||||||||||||
Selling, general and administrative expenses
|
39.1 | - | 39.1 | |||||||||||||||||||||||||||||||||
Operating profit
|
18.6 | (0.3 | ) | (0.1 | ) | 0.6 | - | - | 0.5 | 0.7 | 19.3 | |||||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(2.7 | ) | 0.1 | 0.1 | (2.6 | ) | ||||||||||||||||||||||||||||||
Other, net
|
(0.4 | ) | - | (0.4 | ) | |||||||||||||||||||||||||||||||
(3.1 | ) | - | - | - | - | - | 0.1 | 0.1 | (3.0 | ) | ||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
15.5 | (0.3 | ) | (0.1 | ) | 0.6 | - | - | 0.6 | 0.8 | 16.3 | |||||||||||||||||||||||||
Income tax expense (benefit)
|
4.3 | 0.1 | 0.1 | (0.5 | ) | (0.1 | ) | (0.4 | ) | 3.9 | ||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
11.2 | (0.3 | ) | (0.2 | ) | 0.5 | - | 0.5 | 0.7 | 1.2 | 12.4 | |||||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
1.1 | (0.1 | ) | - | (0.1 | ) | 1.0 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
12.3 | (0.3 | ) | (0.2 | ) | 0.5 | - | 0.4 | 0.7 | 1.1 | 13.4 | |||||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.1 | ) | - | (0.1 | ) | |||||||||||||||||||||||||||||||
Net income (loss)
|
12.2 | (0.3 | ) | (0.2 | ) | 0.5 | - | 0.4 | 0.7 | 1.1 | 13.3 | |||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
- | - | - | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 12.2 | $ | (0.3 | ) | $ | (0.2 | ) | $ | 0.5 | $ | - | $ | 0.4 | $ | 0.7 | $ | 1.1 | $ | 13.3 | ||||||||||||||||
Weighted average common shares outstanding
|
31.5 | 31.5 | 31.5 | |||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.0 | 32.0 | 32.0 | |||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 12.3 | $ | 1.1 | $ | 13.4 | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.1 | ) | - | (0.1 | ) | |||||||||||||||||||||||||||||||
Net income
|
$ | 12.2 | $ | 1.1 | $ | 13.3 | ||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.39 | $ | 0.03 | $ | 0.42 | ||||||||||||||||||||||||||||||
Discontinued operations
|
- | - | - | |||||||||||||||||||||||||||||||||
Net income
|
$ | 0.39 | $ | 0.03 | $ | 0.42 | ||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.38 | $ | 0.04 | $ | 0.42 | ||||||||||||||||||||||||||||||
Discontinued operations
|
- | - | - | |||||||||||||||||||||||||||||||||
Net income
|
$ | 0.38 | $ | 0.04 | $ | 0.42 |
Quarter Ended June 30, 2011 | ||||||||||||||||||||||||||||||||||||
Previously Reported | Adjustments | As Adjusted | ||||||||||||||||||||||||||||||||||
Spain | South Africa | Malaysia | DongMing | Tax | Other | Total | ||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 242.8 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.3 | $ | 0.3 | $ | 243.1 | ||||||||||||||||||
Cost of sales
|
180.7 | 0.3 | 0.1 | - | 0.4 | 181.1 | ||||||||||||||||||||||||||||||
Gross profit
|
62.1 | (0.3 | ) | (0.1 | ) | - | - | - | 0.3 | (0.1 | ) | 62.0 | ||||||||||||||||||||||||
Selling, general and administrative expenses
|
40.3 | 0.7 | - | 0.7 | 41.0 | |||||||||||||||||||||||||||||||
Operating profit
|
21.8 | (0.3 | ) | (0.1 | ) | - | (0.7 | ) | - | 0.3 | (0.8 | ) | 21.0 | |||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(2.8 | ) | 0.1 | 0.1 | (2.7 | ) | ||||||||||||||||||||||||||||||
Other, net
|
0.5 | - | 0.5 | |||||||||||||||||||||||||||||||||
(2.3 | ) | - | - | - | - | - | 0.1 | 0.1 | (2.2 | ) | ||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
19.5 | (0.3 | ) | (0.1 | ) | - | (0.7 | ) | - | 0.4 | (0.7 | ) | 18.8 | |||||||||||||||||||||||
Income tax expense (benefit)
|
5.9 | 0.1 | (0.2 | ) | (0.1 | ) | (0.2 | ) | 5.7 | |||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
13.6 | (0.3 | ) | (0.2 | ) | - | (0.5 | ) | - | 0.5 | (0.5 | ) | 13.1 | |||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
(0.1 | ) | - | (0.1 | ) | |||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
13.5 | (0.3 | ) | (0.2 | ) | - | (0.5 | ) | - | 0.5 | (0.5 | ) | 13.0 | |||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
0.2 | - | 0.2 | |||||||||||||||||||||||||||||||||
Net income (loss)
|
13.7 | (0.3 | ) | (0.2 | ) | - | (0.5 | ) | - | 0.5 | (0.5 | ) | 13.2 | |||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
- | - | - | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 13.7 | $ | (0.3 | ) | $ | (0.2 | ) | $ | - | $ | (0.5 | ) | $ | - | $ | 0.5 | $ | (0.5 | ) | $ | 13.2 | ||||||||||||||
Weighted average common shares outstanding
|
31.7 | 31.7 | 31.7 | |||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.2 | 32.2 | 32.2 | |||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 13.5 | $ | (0.5 | ) | $ | 13.0 | |||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
0.2 | - | 0.2 | |||||||||||||||||||||||||||||||||
Net income
|
$ | 13.7 | $ | (0.5 | ) | $ | 13.2 | |||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.42 | $ | (0.01 | ) | $ | 0.41 | |||||||||||||||||||||||||||||
Discontinued operations
|
0.01 | - | 0.01 | |||||||||||||||||||||||||||||||||
Net income
|
$ | 0.43 | $ | (0.01 | ) | $ | 0.42 | |||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.42 | $ | (0.02 | ) | $ | 0.40 | |||||||||||||||||||||||||||||
Discontinued operations
|
0.01 | - | 0.01 | |||||||||||||||||||||||||||||||||
Net income
|
$ | 0.43 | $ | (0.02 | ) | $ | 0.41 |
Quarter Ended September 30, 2011
|
||||||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 248.1 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 248.1 | ||||||||||||||||||
Cost of sales
|
177.1 | 0.3 | 0.1 | - | 0.4 | 177.5 | ||||||||||||||||||||||||||||||
Gross profit
|
71.0 | (0.3 | ) | (0.1 | ) | - | - | - | - | (0.4 | ) | 70.6 | ||||||||||||||||||||||||
Selling, general and administrative expenses
|
43.9 | 0.1 | 0.1 | 44.0 | ||||||||||||||||||||||||||||||||
Operating profit
|
27.1 | (0.3 | ) | (0.1 | ) | - | - | - | (0.1 | ) | (0.5 | ) | 26.6 | |||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(2.8 | ) | - | (2.8 | ) | |||||||||||||||||||||||||||||||
Other, net
|
(0.1 | ) | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||||||||||||
(2.9 | ) | - | - | - | - | - | (0.1 | ) | (0.1 | ) | (3.0 | ) | ||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
24.2 | (0.3 | ) | (0.1 | ) | - | - | - | (0.2 | ) | (0.6 | ) | 23.6 | |||||||||||||||||||||||
Income tax expense (benefit)
|
6.7 | 0.1 | (1.4 | ) | (0.1 | ) | (1.4 | ) | 5.3 | |||||||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
17.5 | (0.3 | ) | (0.2 | ) | - | - | 1.4 | (0.1 | ) | 0.8 | 18.3 | ||||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
3.0 | - | 3.0 | |||||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
20.5 | (0.3 | ) | (0.2 | ) | - | - | 1.4 | (0.1 | ) | 0.8 | 21.3 | ||||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(1.0 | ) | (0.3 | ) | (0.3 | ) | (1.3 | ) | ||||||||||||||||||||||||||||
Net income (loss)
|
19.5 | (0.3 | ) | (0.2 | ) | - | - | 1.4 | (0.4 | ) | 0.5 | 20.0 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
- | (0.1 | ) | - | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 19.5 | $ | (0.3 | ) | $ | (0.1 | ) | $ | - | $ | - | $ | 1.4 | $ | (0.4 | ) | $ | 0.6 | $ | 20.1 | |||||||||||||||
Weighted average common shares outstanding
|
31.8 | 31.8 | 31.8 | |||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.2 | 32.2 | 32.2 | |||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 20.5 | $ | 0.9 | $ | 21.4 | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(1.0 | ) | (0.3 | ) | (1.3 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 19.5 | $ | 0.6 | $ | 20.1 | ||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.64 | $ | 0.03 | $ | 0.67 | ||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 0.61 | $ | 0.02 | $ | 0.63 | ||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.64 | $ | 0.02 | $ | 0.66 | ||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 0.61 | $ | 0.01 | $ | 0.62 |
Nine Months Ended Sep 30, 2011
|
||||||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
DongMing
|
Tax
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||||||
Net sales
|
$ | 708.7 | $ | - | $ | - | $ | 0.6 | $ | - | $ | - | $ | 0.5 | $ | 1.1 | $ | 709.8 | ||||||||||||||||||
Cost of sales
|
517.9 | 0.9 | 0.3 | - | - | - | (0.3 | ) | 0.9 | 518.8 | ||||||||||||||||||||||||||
Gross profit
|
190.8 | (0.9 | ) | (0.3 | ) | 0.6 | - | - | 0.8 | 0.2 | 191.0 | |||||||||||||||||||||||||
Selling, general and administrative expenses
|
123.3 | - | - | - | 0.7 | - | 0.1 | 0.8 | 124.1 | |||||||||||||||||||||||||||
Operating profit
|
67.5 | (0.9 | ) | (0.3 | ) | 0.6 | (0.7 | ) | - | 0.7 | (0.6 | ) | 66.9 | |||||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||||||
Interest expense, net
|
(8.3 | ) | - | - | - | - | - | 0.2 | 0.2 | (8.1 | ) | |||||||||||||||||||||||||
Other, net
|
- | - | - | - | - | - | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||
(8.3 | ) | - | - | - | - | - | 0.1 | 0.1 | (8.2 | ) | ||||||||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
59.2 | (0.9 | ) | (0.3 | ) | 0.6 | (0.7 | ) | - | 0.8 | (0.5 | ) | 58.7 | |||||||||||||||||||||||
Income tax expense (benefit)
|
16.9 | - | 0.3 | 0.1 | (0.2 | ) | (1.9 | ) | (0.3 | ) | (2.0 | ) | 14.9 | |||||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
42.3 | (0.9 | ) | (0.6 | ) | 0.5 | (0.5 | ) | 1.9 | 1.1 | 1.5 | 43.8 | ||||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
4.0 | - | - | - | - | (0.1 | ) | - | (0.1 | ) | 3.9 | |||||||||||||||||||||||||
Income (loss) from continuing operations
|
46.3 | (0.9 | ) | (0.6 | ) | 0.5 | (0.5 | ) | 1.8 | 1.1 | 1.4 | 47.7 | ||||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.9 | ) | - | - | - | - | - | (0.3 | ) | (0.3 | ) | (1.2 | ) | |||||||||||||||||||||||
Net income (loss)
|
45.4 | (0.9 | ) | (0.6 | ) | 0.5 | (0.5 | ) | 1.8 | 0.8 | 1.1 | 46.5 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
- | - | (0.1 | ) | - | - | - | - | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 45.4 | $ | (0.9 | ) | $ | (0.5 | ) | $ | 0.5 | $ | (0.5 | ) | $ | 1.8 | $ | 0.8 | $ | 1.2 | $ | 46.6 | |||||||||||||||
Weighted average common shares outstanding
|
31.7 | 31.7 | 31.7 | |||||||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.1 | 32.1 | 32.1 | |||||||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 46.3 | $ | 1.5 | $ | 47.8 | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.9 | ) | (0.3 | ) | (1.2 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 45.4 | $ | 1.2 | $ | 46.6 | ||||||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.46 | $ | 0.05 | $ | 1.51 | ||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 1.43 | $ | 0.04 | $ | 1.47 | ||||||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 1.44 | $ | 0.05 | $ | 1.49 | ||||||||||||||||||||||||||||||
Discontinued operations
|
(0.03 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net income
|
$ | 1.41 | $ | 0.04 | $ | 1.45 |
Three Months Ended March 31, 2011
|
Six Months Ended June 30, 2011
|
|||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
Previously Reported
|
Adjustments
|
As Adjusted
|
|||||||||||||||||||
Net cash provided by (used in) operating activities
|
$ | 10.3 | $ | - | $ | 10.3 | $ | 13.9 | $ | 0.1 | $ | 14.0 | ||||||||||||
Net cash (used in) investing activities
|
(10.3 | ) | 0.5 | (9.8 | ) | (24.4 | ) | 0.5 | (23.9 | ) | ||||||||||||||
Net cash provided by (used in) financing activities
|
(6.3 | ) | - | (6.3 | ) | 0.4 | (0.1 | ) | 0.3 | |||||||||||||||
Effect of foreign currency rate changes on cash
|
0.2 | - | 0.2 | 0.7 | - | 0.7 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(6.1 | ) | 0.5 | (5.6 | ) | (9.4 | ) | 0.5 | (8.9 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period
|
27.3 | (0.5 | ) | 26.8 | 27.3 | (0.5 | ) | 26.8 | ||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 21.2 | $ | - | $ | 21.2 | $ | 17.9 | $ | - | $ | 17.9 |
Nine Months Ended September 30, 2011
|
||||||||||||
Previously reported
|
Adjustments
|
As Adjusted
|
||||||||||
Net cash provided by (used in) operating activities
|
$ | 16.6 | $ | 0.1 | $ | 16.7 | ||||||
Net cash (used in) investing activities
|
(40.9 | ) | 0.5 | (40.4 | ) | |||||||
Net cash provided by (used in) financing activities
|
5.5 | (0.1 | ) | 5.4 | ||||||||
Effect of foreign currency rate changes on cash
|
0.8 | - | 0.8 | |||||||||
Net increase (decrease) in cash and cash equivalents
|
(18.0 | ) | 0.5 | (17.5 | ) | |||||||
Cash and cash equivalents at beginning of period
|
27.3 | (0.5 | ) | 26.8 | ||||||||
Cash and cash equivalents at end of period
|
$ | 9.3 | $ | - | $ | 9.3 |
Quarter Ended March 31, 2012
|
||||||||||||||||||||||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||||||||||||||||||||||
Spain
|
South Africa
|
Malaysia
|
Tax
|
Other
|
Total
|
|||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 235.8 | $ | - | $ | - | $ | - | $ | - | $ | (0.2 | ) | $ | (0.2 | ) | $ | 235.6 | ||||||||||||||
Cost of sales
|
170.7 | 0.4 | 0.1 | (0.2 | ) | 0.3 | 171.0 | |||||||||||||||||||||||||
Gross profit
|
65.1 | (0.4 | ) | (0.1 | ) | - | - | - | (0.5 | ) | 64.6 | |||||||||||||||||||||
Selling, general and administrative expenses
|
43.6 | (0.2 | ) | (0.1 | ) | (0.3 | ) | 43.3 | ||||||||||||||||||||||||
Operating profit
|
21.5 | (0.2 | ) | (0.1 | ) | - | - | 0.1 | (0.2 | ) | 21.3 | |||||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||||||
Interest expense, net
|
(2.7 | ) | - | (2.7 | ) | |||||||||||||||||||||||||||
Other, net
|
(2.1 | ) | (0.1 | ) | (0.1 | ) | (2.2 | ) | ||||||||||||||||||||||||
(4.8 | ) | - | - | - | - | (0.1 | ) | (0.1 | ) | (4.9 | ) | |||||||||||||||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
16.7 | (0.2 | ) | (0.1 | ) | - | - | - | (0.3 | ) | 16.4 | |||||||||||||||||||||
Income tax expense (benefit)
|
4.8 | 0.1 | (0.1 | ) | (0.3 | ) | (0.2 | ) | (0.5 | ) | 4.3 | |||||||||||||||||||||
Income before income (loss) from affiliates and joint ventures
|
11.9 | (0.3 | ) | - | - | 0.3 | 0.2 | 0.2 | 12.1 | |||||||||||||||||||||||
Income (loss) from affiliates and joint ventures
|
1.2 | - | 1.2 | |||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
13.1 | (0.3 | ) | - | - | 0.3 | 0.2 | 0.2 | 13.3 | |||||||||||||||||||||||
Discontinued Operations
|
||||||||||||||||||||||||||||||||
Income (loss) on discontinued operations
|
(0.2 | ) | 0.2 | 0.2 | - | |||||||||||||||||||||||||||
Net income (loss)
|
12.9 | (0.3 | ) | - | - | 0.3 | 0.4 | 0.4 | 13.3 | |||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests
|
0.1 | - | 0.1 | |||||||||||||||||||||||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 12.8 | $ | (0.3 | ) | $ | - | $ | - | $ | 0.3 | $ | 0.4 | $ | 0.4 | $ | 13.2 | |||||||||||||||
Weighted average common shares outstanding
|
32.0 | 32.0 | 32.0 | |||||||||||||||||||||||||||||
Weighted average common and common equivalent shares outstanding
|
32.3 | 32.3 | 32.3 | |||||||||||||||||||||||||||||
Amounts attributable to AMCOL shareholders
|
||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax
|
$ | 13.0 | $ | 0.2 | $ | 13.2 | ||||||||||||||||||||||||||
Discontinued operations, net of tax
|
(0.2 | ) | 0.2 | - | ||||||||||||||||||||||||||||
Net income
|
$ | 12.8 | $ | 0.4 | $ | 13.2 | ||||||||||||||||||||||||||
Earnings per share attributable to AMCOL shareholders:
|
||||||||||||||||||||||||||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.41 | $ | - | $ | 0.41 | ||||||||||||||||||||||||||
Discontinued operations
|
(0.01 | ) | 0.01 | - | ||||||||||||||||||||||||||||
Net income
|
$ | 0.40 | $ | 0.01 | $ | 0.41 | ||||||||||||||||||||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||||||||||||||||
Continuing operations
|
$ | 0.41 | $ | - | $ | 0.41 | ||||||||||||||||||||||||||
Discontinued operations
|
(0.01 | ) | 0.01 | - | ||||||||||||||||||||||||||||
Net income
|
$ | 0.40 | $ | 0.01 | $ | 0.41 |
Three Months Ended March 31, 2012
|
||||||||||||
Previously Reported
|
Adjustments
|
As Adjusted
|
||||||||||
Net cash provided by (used in) operating activities
|
$ | 20.6 | $ | 0.3 | $ | 20.9 | ||||||
Net cash (used in) investing activities
|
(15.3 | ) | (0.1 | ) | (15.4 | ) | ||||||
Net cash provided by (used in) financing activities
|
(12.1 | ) | (0.2 | ) | (12.3 | ) | ||||||
Net increase (decrease) in cash and cash equivalents
|
(6.8 | ) | - | (6.8 | ) | |||||||
Cash and cash equivalents at beginning of period
|
23.7 | - | 23.7 | |||||||||
Cash and cash equivalents at end of period
|
$ | 16.9 | $ | - | $ | 16.9 |
Note 3:
|
EARNINGS PER SHARE
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Weighted average number of common shares outstanding
|
32,024,603 | 31,671,781 | 32,071,202 | 31,799,536 | ||||||||||||
Dilutive impact of stock based compensation
|
315,636 | 455,777 | 381,676 | 393,922 | ||||||||||||
Weighted average number of common and common equivalent shares outstanding for the period
|
32,340,239 | 32,127,558 | 32,452,878 | 32,193,458 | ||||||||||||
Number of common shares outstanding at the end of the period
|
31,959,139 | 31,666,904 | 31,959,139 | 31,666,904 | ||||||||||||
Weighted average number of anti-dilutive shares excluded from the computation of diluted earnings per share
|
635,738 | 186,929 | 276,753 | 218,800 |
Note 4:
|
ADDITIONAL BALANCE SHEET INFORMATION
|
September 30,
2012
|
December 31,
2011
|
|||||||
Crude stockpile inventories
|
$ | 61.6 | $ | 54.5 | ||||
In-process and finished goods inventories
|
71.4 | 64.4 | ||||||
Other raw material, container, and supplies inventories
|
27.8 | 25.9 | ||||||
$ | 160.8 | $ | 144.8 |
Nine Months Ended
September 30,
|
||||||||
2012
|
2011
|
|||||||
Balance at beginning of period
|
$ | 9.3 | $ | 7.5 | ||||
Settlement of obligations
|
(3.1 | ) | (2.8 | ) | ||||
Liabilities incurred and accretion expense
|
3.8 | 4.4 | ||||||
Foreign currency
|
(0.1 | ) | (0.3 | ) | ||||
Balance at end of period
|
$ | 9.9 | $ | 8.8 |
Note 5:
|
BUSINESS SEGMENT INFORMATION
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net sales:
|
||||||||||||||||
Minerals and materials
|
$ | 377.3 | $ | 356.4 | $ | 121.0 | $ | 122.3 | ||||||||
Environmental
|
172.8 | 197.6 | 60.4 | 71.1 | ||||||||||||
Oilfield services
|
185.5 | 140.9 | 69.1 | 50.2 | ||||||||||||
Transportation
|
33.5 | 42.3 | 10.7 | 14.8 | ||||||||||||
Intersegment sales
|
(22.8 | ) | (27.4 | ) | (7.9 | ) | (10.3 | ) | ||||||||
Total
|
$ | 746.3 | $ | 709.8 | $ | 253.3 | $ | 248.1 | ||||||||
Operating profit (loss):
|
||||||||||||||||
Minerals and materials
|
$ | 62.0 | $ | 49.1 | $ | 18.0 | $ | 19.6 | ||||||||
Environmental
|
13.6 | 17.9 | 6.6 | 7.8 | ||||||||||||
Oilfield services
|
20.4 | 15.2 | 7.9 | 5.7 | ||||||||||||
Transportation
|
0.7 | 1.9 | 0.2 | 0.7 | ||||||||||||
Corporate
|
(16.8 | ) | (17.2 | ) | (5.1 | ) | (7.2 | ) | ||||||||
Total
|
$ | 79.9 | $ | 66.9 | $ | 27.6 | $ | 26.6 | ||||||||
As of Sep 30, 2012
|
As of Dec. 31, 2011
|
|||||||||||||||
Assets:
|
||||||||||||||||
Minerals and materials
|
$ | 450.3 | $ | 431.1 | ||||||||||||
Environmental
|
173.8 | 160.0 | ||||||||||||||
Oilfield services
|
211.5 | 194.7 | ||||||||||||||
Transportation
|
3.1 | 3.9 | ||||||||||||||
Corporate
|
74.1 | 60.9 | ||||||||||||||
Total
|
$ | 912.8 | $ | 850.6 |
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Depreciation, depletion and amortization:
|
||||||||||||||||
Minerals and materials
|
$ | 14.5 | $ | 15.5 | $ | 5.0 | $ | 5.5 | ||||||||
Environmental
|
4.0 | 4.1 | 1.3 | 1.5 | ||||||||||||
Oilfield services
|
12.6 | 9.5 | 4.4 | 3.4 | ||||||||||||
Transportation
|
0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Corporate
|
2.1 | 2.0 | 0.7 | 0.8 | ||||||||||||
Total
|
$ | 33.3 | $ | 31.2 | $ | 11.5 | $ | 11.3 | ||||||||
Capital expenditures:
|
||||||||||||||||
Minerals and materials
|
$ | 20.7 | $ | 17.8 | $ | 9.9 | $ | 8.7 | ||||||||
Environmental
|
7.9 | 6.4 | 1.6 | 4.6 | ||||||||||||
Oilfield services
|
20.8 | 17.8 | 7.8 | 4.9 | ||||||||||||
Transportation
|
- | 0.2 | - | - | ||||||||||||
Corporate
|
4.8 | 1.6 | 2.7 | 0.8 | ||||||||||||
Total
|
$ | 54.2 | $ | 43.8 | $ | 22.0 | $ | 19.0 | ||||||||
Research and development (income) expense:
|
||||||||||||||||
Minerals and materials
|
$ | 5.4 | $ | 4.7 | $ | 1.8 | $ | 1.6 | ||||||||
Environmental
|
1.8 | 1.6 | 0.6 | 0.5 | ||||||||||||
Oilfield services
|
0.6 | 0.2 | 0.2 | - | ||||||||||||
Corporate
|
(0.1 | ) | 0.1 | - | 0.3 | |||||||||||
Total
|
$ | 7.7 | $ | 6.6 | $ | 2.6 | $ | 2.4 |
Note 6:
|
EMPLOYEE BENEFIT PLANS
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Service cost
|
$ | 1.3 | $ | 1.1 | $ | 0.4 | $ | 0.3 | ||||||||
Interest cost
|
2.0 | 2.0 | 0.7 | 0.7 | ||||||||||||
Expected return on plan assets
|
(1.9 | ) | (2.1 | ) | (0.6 | ) | (0.7 | ) | ||||||||
Amortization of acturial loss
|
0.7 | - | 0.2 | - | ||||||||||||
Net periodic benefit cost
|
$ | 2.1 | $ | 1.0 | $ | 0.7 | $ | 0.3 |
Note 7:
|
INCOME TAXES
|
Note 8:
|
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
Fair Value as of
|
|||||||||
Liability Derivatives
|
Balance Sheet Location
|
September 30, 2012
|
December 31, 2011
|
||||||
Derivatives designated as hedging instruments:
|
|||||||||
Interest rate swaps
|
Other long-term liabilities
|
$ | (8.9 | ) | $ | (9.0 | ) |
Amount of Gain or (Loss) Recognized in Other
Comprehensive Income on Derivatives
(Effective Portion)
|
||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Interest rate swaps, net of tax
|
$ | - | $ | (1.6 | ) | $ | - | $ | (1.3 | ) |
Location of Gain
or (Loss)
|
Amount of Gain or (Loss) Recognized in Income
on Derivatives
|
||||||||||||||||
Recognized in
Income on
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
Derivatives Not Designated as Hedging Instruments
|
Derivatives
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Foreign currency exchange contracts
|
Other, net
|
$ | - | $ | (0.8 | ) | $ | (0.3 | ) | $ | 0.5 |
Note 9:
|
FAIR VALUE MEASUREMENTS
|
Fair Value Measurements Using
|
||||||||||||||||
Description
|
Asset /
(Liability)
Balance at
9/30/2012
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Interest rate swaps
|
$ | (8.9 | ) | $ | - | $ | (8.9 | ) | $ | - | ||||||
Available-for-sale securities
|
7.9 | 7.9 | - | - | ||||||||||||
Deferred compensation plan assets
|
9.2 | - | 9.2 | - | ||||||||||||
Supplementary pension plan assets
|
8.1 | - | 8.1 | - |
Fair Value Measurements Using
|
||||||||||||||||
Description
|
Asset /
(Liability)
Balance at
12/31/2011
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Interest rate swaps
|
$ | (9.0 | ) | $ | - | $ | (9.0 | ) | $ | - | ||||||
Available-for-sale securities
|
3.8 | 3.8 | - | - | ||||||||||||
Deferred compensation plan assets
|
8.0 | - | 8.0 | - | ||||||||||||
Supplementary pension plan assets
|
7.6 | - | 7.6 | - |
Note 10:
|
NONCONTROLLING INTEREST
|
Nine Months Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
Net income attributable to AMCOL shareholders
|
$ | 53.6 | $ | 46.6 | ||||
Transfers from noncontrolling interest:
|
||||||||
Decrease in additional paid-in capital for purchase of the remaining noncontrolling interest in Volclay South Africa (Proprietary) Limited
|
- | (5.4 | ) | |||||
Decrease in additional paid-in capital for transfer of 26% interest in Batlhako
|
- | (3.4 | ) | |||||
Change from net income attributable to AMCOL shareholders and transfers from noncontrolling interest
|
$ | 53.6 | $ | 37.8 |
Note 11:
|
CONTINGENCIES
|
|
·
|
Organic growth: The central component of our growth strategy is expansion of our product lines and market presence. We have a history of commitment to research and development activities directed at bringing innovative products to market. We believe this approach to growth offers the best probability of achieving our long-term goals at the lowest risk.
|
|
·
|
Globalization: As we have done for decades, we continue to expand our manufacturing and marketing organizations into emerging geographic markets. We see significant opportunities in the Asia-Pacific and Eastern European regions for expanding our revenues and earnings over the long-term as a number of markets we serve, such as metalcasting and lining technologies, are expected to grow in these areas. We expect to take advantage of these growth areas, either through our wholly-owned subsidiaries or investments in affiliates and joint ventures.
|
|
·
|
Mineral development: Bentonite is a component in a majority of the products we supply. Since it is a natural material, we must continually expand our reserve base to maintain a long-term business. Our goal is to add new reserves to replace the bentonite mined each year. Furthermore, we need to assure that new reserves meet the physical property requirements for our diverse product lines and are economical to mine. Our organization is committed to developing its global reserve base to meet these requirements.
|
|
·
|
Acquisitions: We continually seek to acquire complementary businesses, as appropriate, when we believe those businesses are fairly valued and fit into our growth strategy.
|
Three Months Ended September 30,
|
||||||||||||
Consolidated
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||
(In Millions, Except Per Share Amounts)
|
||||||||||||
Continuing operations
|
||||||||||||
Net sales
|
$ | 253.3 | $ | 248.1 | 2.1 | % | ||||||
Cost of sales
|
183.9 | 177.5 | ||||||||||
Gross profit
|
69.4 | 70.6 | -1.7 | % | ||||||||
margin %
|
27.4 | % | 28.5 | % | ||||||||
Selling, general and administrative expenses
|
41.8 | 44.0 | -5.0 | % | ||||||||
Operating profit
|
27.6 | 26.6 | 3.8 | % | ||||||||
margin %
|
10.9 | % | 10.7 | % | ||||||||
Other income (expense):
|
||||||||||||
Interest expense, net
|
(2.5 | ) | (2.8 | ) | -10.7 | % | ||||||
Other, net
|
- | (0.2 | ) | * | ||||||||
(2.5 | ) | (3.0 | ) | |||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
25.1 | 23.6 | ||||||||||
Income tax expense
|
7.4 | 5.3 | 39.6 | % | ||||||||
effective tax rate
|
29.5 | % | 22.5 | % | ||||||||
Income before income (loss) from affiliates and joint ventures
|
17.7 | 18.3 | ||||||||||
Income (loss) from affiliates and joint ventures
|
1.1 | 3.0 | * | |||||||||
Income (loss) from continuing operations
|
18.8 | 21.3 | ||||||||||
Discontinued operations
|
||||||||||||
Income (loss) on discontinued operations
|
- | (1.3 | ) | * | ||||||||
Net income (loss)
|
18.8 | 20.0 | -6.0 | % | ||||||||
Net income (loss) attributable to noncontrolling interests
|
- | (0.1 | ) | * | ||||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 18.8 | $ | 20.1 | -6.5 | % | ||||||
Earnings per share attributable to AMCOL shareholders
|
||||||||||||
Basic earnings (loss) per share:
|
||||||||||||
Continuing operations
|
$ | 0.59 | $ | 0.67 | -11.9 | % | ||||||
Discontinued operations
|
- | (0.04 | ) | * | ||||||||
Net income
|
$ | 0.59 | $ | 0.63 | -6.3 | % | ||||||
Diluted earnings (loss) per share
|
||||||||||||
Continuing operations
|
$ | 0.58 | $ | 0.66 | -12.1 | % | ||||||
Discontinued operations
|
- | (0.04 | ) | * | ||||||||
Net income
|
$ | 0.58 | $ | 0.62 | -6.5 | % | ||||||
* Not meaningful
|
Organic
|
Acquisitions
|
Foreign Exchange
|
Total
|
|||||||||||||
Minerals and materials
|
0.2 | % | 0.0 | % | -0.7 | % | -0.5 | % | ||||||||
Environmental
|
-2.7 | % | 0.0 | % | -1.6 | % | -4.3 | % | ||||||||
Oilfield services
|
7.9 | % | 0.0 | % | -0.3 | % | 7.6 | % | ||||||||
Transportation & intersegment shipping
|
-0.7 | % | 0.0 | % | 0.0 | % | -0.7 | % | ||||||||
Total
|
4.7 | % | 0.0 | % | -2.6 | % | 2.1 | % | ||||||||
% of change
|
223.8 | % | 0.0 | % | -123.8 | % | 100.0 | % |
Americas
|
EMEA
|
Asia Pacific
|
Total
|
|||||||||||||
Minerals and materials
|
28.6 | % | 8.6 | % | 10.0 | % | 47.2 | % | ||||||||
Environmental
|
10.9 | % | 10.7 | % | 2.1 | % | 23.7 | % | ||||||||
Oilfield services
|
19.5 | % | 2.3 | % | 5.4 | % | 27.2 | % | ||||||||
Transportation & intersegment shipping
|
1.9 | % | 0.0 | % | 0.0 | % | 1.9 | % | ||||||||
Total - current year's period
|
60.9 | % | 21.6 | % | 17.5 | % | 100.0 | % | ||||||||
Total from prior year's comparable period
|
62.3 | % | 24.2 | % | 13.5 | % | 100.0 | % |
Three Months Ended September 30,
|
||||||||||||||||||||||||
Minerals and Materials
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 121.0 | 100.0 | % | $ | 122.3 | 100.0 | % | $ | (1.3 | ) | -1.1 | % | |||||||||||
Cost of sales
|
89.8 | 74.2 | % | 90.7 | 74.2 | % | ||||||||||||||||||
Gross profit
|
31.2 | 25.8 | % | 31.6 | 25.8 | % | (0.4 | ) | -1.3 | % | ||||||||||||||
Selling, general and administrative expenses
|
13.2 | 10.9 | % | 12.0 | 9.8 | % | 1.2 | 10.0 | % | |||||||||||||||
Operating profit
|
18.0 | 14.9 | % | 19.6 | 16.0 | % | (1.6 | ) | -8.2 | % |
Three Months Ended September 30,
|
||||||||||||
Minerals and Materials Product Line Sales
|
2012
|
2011
|
% change
|
|||||||||
(Dollars in millions)
|
||||||||||||
Metalcasting
|
$ | 67.8 | $ | 66.0 | 2.7 | % | ||||||
Specialty materials
|
22.7 | 25.5 | -11.0 | % | ||||||||
Basic minerals
|
15.2 | 14.5 | 4.8 | % | ||||||||
Pet products
|
11.9 | 14.1 | -15.6 | % | ||||||||
Other product lines
|
3.4 | 2.2 | 54.5 | % | ||||||||
Total
|
121.0 | 122.3 | -1.1 | % |
Three Months Ended September 30,
|
||||||||||||||||||||||||
Environmental
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 60.4 | 100.0 | % | $ | 71.1 | 100.0 | % | $ | (10.7 | ) | -15.0 | % | |||||||||||
Cost of sales
|
40.7 | 67.4 | % | 49.0 | 68.9 | % | ||||||||||||||||||
Gross profit
|
19.7 | 32.6 | % | 22.1 | 31.1 | % | (2.4 | ) | -10.9 | % | ||||||||||||||
Selling, general and administrative expenses
|
13.1 | 21.7 | % | 14.3 | 20.1 | % | (1.2 | ) | -8.4 | % | ||||||||||||||
Operating profit
|
6.6 | 10.9 | % | 7.8 | 11.0 | % | (1.2 | ) | -15.4 | % |
Three Months Ended September 30,
|
||||||||||||
Environmental Product Line Sales
|
2012
|
2011
|
% change
|
|||||||||
(Dollars in millions)
|
||||||||||||
Lining technologies
|
$ | 25.1 | $ | 29.6 | -15.2 | % | ||||||
Building materials
|
20.3 | 21.4 | -5.1 | % | ||||||||
Drilling products
|
9.9 | 8.6 | 15.1 | % | ||||||||
Contracting services
|
5.1 | 11.5 | -55.7 | % | ||||||||
Total
|
60.4 | 71.1 | -15.0 | % |
Three Months Ended September 30,
|
||||||||||||||||||||||||
Oilfield Services
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 69.1 | 100.0 | % | $ | 50.2 | 100.0 | % | $ | 18.9 | 37.6 | % | ||||||||||||
Cost of sales
|
51.4 | 74.4 | % | 34.9 | 69.5 | % | ||||||||||||||||||
Gross profit
|
17.7 | 25.6 | % | 15.3 | 30.5 | % | 2.4 | 15.7 | % | |||||||||||||||
Selling, general and administrative expenses
|
9.8 | 14.2 | % | 9.6 | 19.1 | % | 0.2 | 2.1 | % | |||||||||||||||
Operating profit
|
7.9 | 11.4 | % | 5.7 | 11.4 | % | 2.2 | 38.6 | % |
Three Months Ended September 30,
|
||||||||||||||||||||||||
Transportation
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 10.7 | 100.0 | % | $ | 14.8 | 100.0 | % | $ | (4.1 | ) | -27.7 | % | |||||||||||
Cost of sales
|
9.6 | 89.7 | % | 13.1 | 88.5 | % | ||||||||||||||||||
Gross profit
|
1.1 | 10.3 | % | 1.7 | 11.5 | % | (0.6 | ) | -35.3 | % | ||||||||||||||
Selling, general and administrative expenses
|
0.9 | 8.4 | % | 1.0 | 6.8 | % | (0.1 | ) | -10.0 | % | ||||||||||||||
Operating profit
|
0.2 | 1.9 | % | 0.7 | 4.7 | % | (0.5 | ) | -71.4 | % |
Three Months Ended September 30,
|
||||||||||||||||
Corporate
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Intersegment sales
|
$ | (7.9 | ) | $ | (10.3 | ) | 2.4 | |||||||||
Intersegment cost of sales
|
(7.6 | ) | (10.2 | ) | ||||||||||||
Gross profit (loss)
|
(0.3 | ) | (0.1 | ) | (0.2 | ) | ||||||||||
Selling, general and administrative expenses
|
4.8 | 7.1 | (2.3 | ) | -32.4 | % | ||||||||||
Operating loss
|
(5.1 | ) | (7.2 | ) | 2.1 | -29.2 | % |
Nine Months Ended September 30,
|
||||||||||||
Consolidated
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||
(In Millions, Except Per Share Amounts)
|
||||||||||||
Continuing operations
|
||||||||||||
Net sales
|
$ | 746.3 | $ | 709.8 | 5.1 | % | ||||||
Cost of sales
|
537.7 | 518.8 | ||||||||||
Gross profit
|
208.6 | 191.0 | 9.2 | % | ||||||||
margin %
|
28.0 | % | 26.9 | % | ||||||||
Selling, general and administrative expenses
|
128.7 | 124.1 | 3.7 | % | ||||||||
Operating profit
|
79.9 | 66.9 | 19.4 | % | ||||||||
margin %
|
10.7 | % | 9.4 | % | ||||||||
Other income (expense):
|
||||||||||||
Interest expense, net
|
(7.9 | ) | (8.1 | ) | -2.5 | % | ||||||
Other, net
|
(2.7 | ) | (0.1 | ) | * | |||||||
(10.6 | ) | (8.2 | ) | |||||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
69.3 | 58.7 | ||||||||||
Income tax expense
|
19.3 | 14.9 | 29.5 | % | ||||||||
effective tax rate
|
27.8 | % | 25.4 | % | ||||||||
Income before income (loss) from affiliates and joint ventures
|
50.0 | 43.8 | ||||||||||
Income (loss) from affiliates and joint ventures
|
3.4 | 3.9 | * | |||||||||
Income (loss) from continuing operations
|
53.4 | 47.7 | ||||||||||
Discontinued operations
|
||||||||||||
Income (loss) on discontinued operations
|
- | (1.2 | ) | * | ||||||||
Net income (loss)
|
53.4 | 46.5 | 14.8 | % | ||||||||
Net income (loss) attributable to noncontrolling interests
|
(0.2 | ) | (0.1 | ) | * | |||||||
Net income (loss) attributable to AMCOL shareholders
|
$ | 53.6 | $ | 46.6 | 15.0 | % | ||||||
Earnings per share attributable to AMCOL shareholders
|
||||||||||||
Basic earnings (loss) per share:
|
||||||||||||
Continuing operations
|
$ | 1.67 | $ | 1.51 | 10.6 | % | ||||||
Discontinued operations
|
- | (0.04 | ) | * | ||||||||
Net income
|
$ | 1.67 | $ | 1.47 | 13.6 | % | ||||||
Diluted earnings (loss) per share
|
||||||||||||
Continuing operations
|
$ | 1.66 | $ | 1.49 | 11.4 | % | ||||||
Discontinued operations
|
- | (0.04 | ) | * | ||||||||
Net income
|
$ | 1.66 | $ | 1.45 | 14.5 | % |
Organic
|
Acquisitions
|
Foreign Exchange
|
Total
|
|||||||||||||
Minerals and materials
|
3.6 | % | 0.0 | % | -0.7 | % | 2.9 | % | ||||||||
Environmental
|
-2.0 | % | 0.0 | % | -1.5 | % | -3.5 | % | ||||||||
Oilfield services
|
6.5 | % | 0.0 | % | -0.2 | % | 6.3 | % | ||||||||
Transportation & intersegment shipping
|
-0.6 | % | 0.0 | % | 0.0 | % | -0.6 | % | ||||||||
Total
|
7.5 | % | 0.0 | % | -2.4 | % | 5.1 | % | ||||||||
% of growth
|
147.1 | % | 0.0 | % | -47.1 | % | 100.0 | % |
Americas
|
EMEA
|
Asia Pacific
|
Total
|
|||||||||||||
Minerals and materials
|
31.0 | % | 8.5 | % | 10.3 | % | 49.8 | % | ||||||||
Environmental
|
11.3 | % | 9.5 | % | 2.2 | % | 23.0 | % | ||||||||
Oilfield services
|
19.7 | % | 1.7 | % | 3.5 | % | 24.9 | % | ||||||||
Transportation & intersegment shipping
|
2.3 | % | 0.0 | % | 0.0 | % | 2.3 | % | ||||||||
Total - current year's period
|
64.3 | % | 19.7 | % | 16.0 | % | 100.0 | % | ||||||||
Total from prior year's comparable period
|
62.4 | % | 23.9 | % | 13.7 | % | 100.0 | % |
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Minerals and Materials
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 377.3 | 100.0 | % | $ | 356.4 | 100.0 | % | $ | 20.9 | 5.9 | % | ||||||||||||
Cost of sales
|
277.1 | 73.4 | % | 270.6 | 75.9 | % | ||||||||||||||||||
Gross profit
|
100.2 | 26.6 | % | 85.8 | 24.1 | % | 14.4 | 16.8 | % | |||||||||||||||
Selling, general and administrative expenses
|
38.2 | 10.1 | % | 36.7 | 10.3 | % | 1.5 | 4.1 | % | |||||||||||||||
Operating profit
|
62.0 | 16.5 | % | 49.1 | 13.8 | % | 12.9 | 26.3 | % |
Nine Months Ended September 30,
|
||||||||||||
Minerals and Materials Product Line Sales
|
2012
|
2011
|
% change
|
|||||||||
(Dollars in millions)
|
||||||||||||
Metalcasting
|
$ | 201.6 | $ | 187.0 | 7.8 | % | ||||||
Specialty materials
|
75.7 | 78.7 | -3.8 | % | ||||||||
Basic minerals
|
52.2 | 41.3 | 26.4 | % | ||||||||
Pet products
|
40.0 | 42.2 | -5.2 | % | ||||||||
Other product lines
|
7.8 | 7.2 | 8.3 | % | ||||||||
Total
|
377.3 | 356.4 | 5.9 | % |
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Environmental
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 172.8 | 100.0 | % | $ | 197.6 | 100.0 | % | $ | (24.8 | ) | -12.6 | % | |||||||||||
Cost of sales
|
120.0 | 69.4 | % | 137.4 | 69.5 | % | ||||||||||||||||||
Gross profit
|
52.8 | 30.6 | % | 60.2 | 30.5 | % | (7.4 | ) | -12.3 | % | ||||||||||||||
Selling, general and administrative expenses
|
39.2 | 22.7 | % | 42.3 | 21.4 | % | (3.1 | ) | -7.3 | % | ||||||||||||||
Operating profit (loss)
|
13.6 | 7.9 | % | 17.9 | 9.1 | % | (4.3 | ) | -24.0 | % |
Nine Months Ended September 30,
|
||||||||||||
Environmental Product Line Sales
|
2012
|
2011
|
% change
|
|||||||||
(Dollars in millions)
|
||||||||||||
Lining technologies
|
$ | 71.9 | $ | 84.5 | -14.9 | % | ||||||
Building materials
|
58.2 | 60.6 | -4.0 | % | ||||||||
Drilling products
|
29.0 | 23.3 | 24.5 | % | ||||||||
Contracting services
|
13.7 | 29.2 | -53.1 | % | ||||||||
Total
|
172.8 | 197.6 | -12.6 | % |
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Oilfield Services
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 185.5 | 100.0 | % | $ | 140.9 | 100.0 | % | $ | 44.6 | 31.7 | % | ||||||||||||
Cost of sales
|
133.2 | 71.8 | % | 100.3 | 71.2 | % | ||||||||||||||||||
Gross profit
|
52.3 | 28.2 | % | 40.6 | 28.8 | % | 11.7 | 28.8 | % | |||||||||||||||
Selling, general and administrative expenses
|
31.9 | 17.2 | % | 25.4 | 18.0 | % | 6.5 | 25.6 | % | |||||||||||||||
Operating profit
|
20.4 | 11.0 | % | 15.2 | 10.8 | % | 5.2 | 34.2 | % |
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Transportation
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||||||||
Net sales
|
$ | 33.5 | 100.0 | % | $ | 42.3 | 100.0 | % | $ | (8.8 | ) | -20.8 | % | |||||||||||
Cost of sales
|
30.0 | 89.6 | % | 37.5 | 88.7 | % | ||||||||||||||||||
Gross profit
|
3.5 | 10.4 | % | 4.8 | 11.3 | % | (1.3 | ) | -27.1 | % | ||||||||||||||
Selling, general and administrative expenses
|
2.8 | 8.4 | % | 2.9 | 6.9 | % | (0.1 | ) | -3.4 | % | ||||||||||||||
Operating profit
|
0.7 | 2.0 | % | 1.9 | 4.4 | % | (1.2 | ) | -63.2 | % |
Nine Months Ended September 30,
|
||||||||||||||||
Corporate
|
2012
|
2011
|
2012 vs. 2011
|
|||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Intersegment sales
|
$ | (22.8 | ) | $ | (27.4 | ) | 4.6 | |||||||||
Intersegment cost of sales
|
(22.6 | ) | (27.0 | ) | ||||||||||||
Gross profit (loss)
|
(0.2 | ) | (0.4 | ) | 0.2 | |||||||||||
Selling, general and administrative expenses
|
16.6 | 16.8 | (0.2 | ) | -1.2 | % | ||||||||||
Operating loss
|
(16.8 | ) | (17.2 | ) | 0.4 | -2.3 | % |
As at
|
||||||||
Financial Position
($ in millions)
|
September 30,
2012
|
December 31,
2011
|
||||||
Non-cash working capital
|
$ | 286.8 | $ | 267.4 | ||||
Goodwill & intangible assets
|
104.7 | 106.1 | ||||||
Total assets
|
912.8 | 850.6 | ||||||
Long-term debt
|
244.1 | 260.7 | ||||||
Other long-term obligations
|
67.3 | 62.9 | ||||||
Total equity
|
450.6 | 396.7 |
Cash Flows
($ in millions)
|
Nine Months Ended
September 30,
|
|||||||
2012
|
2011
|
|||||||
Net cash provided by operating activities
|
$ | 72.6 | $ | 16.7 | ||||
Net cash used in investing activities
|
(50.6 | ) | (40.4 | ) | ||||
Net cash provided by (used in) financing activities
|
(28.9 | ) | 5.4 |
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4:
|
Controls and Procedures
|
Item 4:
|
Mine Safety Disclosures
|
Item 6:
|
Exhibits
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
32
|
Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350
|
95.1
|
Mine Safety Disclosures
|
101
|
The following information from our Quarterly Report on Form 10-Q for the period ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language):
|
|
(i)
|
Condensed Consolidated Balance Sheets at September 30, 2012, and December 31, 2011,
|
|
(ii)
|
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011,
|
|
(iii)
|
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2012 and 2011,
|
|
(iv)
|
Condensed Consolidated Statements of Changes in Equity for nine months ended September 30, 2012 and 2011,
|
|
(v)
|
Condensed Consolidated Statements of Cash Flows for nine months ended September 30, 2012 and 2011, and
|
|
(vi)
|
Notes to Condensed Consolidated Financial Statements.
|
AMCOL INTERNATIONAL CORPORATION
|
|
Date: November 7, 2012
|
/s/ Ryan F. McKendrick
|
Ryan F. McKendrick
|
|
President and Chief Executive Officer
|
|
Date: November 7, 2012
|
/s/ Donald W. Pearson
|
Donald W. Pearson
|
|
Senior Vice President and Chief Financial Officer
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350
|
Mine Safety Disclosures
|
101
|
The following information from our Quarterly Report on Form 10-Q for the period ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language):
|
|
(i)
|
Condensed Consolidated Balance Sheets at September 30, 2012, and December 31, 2011,
|
|
(ii)
|
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011,
|
|
(iii)
|
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2012 and 2011,
|
|
(iv)
|
Condensed Consolidated Statements of Changes in Equity for nine months ended September 30, 2012 and 2011,
|
|
(v)
|
Condensed Consolidated Statements of Cash Flows for nine months ended September 30, 2012 and 2011, and
|
|
(vi)
|
Notes to Condensed Consolidated Financial Statements.
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of AMCOL International Corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 7, 2012
|
/s/ Ryan F. McKendrick
|
Ryan F. McKendrick
President and Chief Executive Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of AMCOL International Corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 7, 2012
|
/s/ Donald W. Pearson
|
Donald W. Pearson
Senior Vice President and Chief Financial Officer
|
Date: November 7, 2012
|
/s/ Ryan F. McKendrick
|
|
Ryan F. McKendrick
Chief Executive Officer
|
||
Date: November 7, 2012
|
/s/ Donald W. Pearson
|
|
Donald W. Pearson
Chief Financial Officer
|
Mine
|
Section 104
(1)
|
Proposed MSHA Assessments
(2)
|
Legal Actions Pending as of Last Day of Period
|
Legal Actions Instituted During Period
|
Legal Actions Resolved During Period
|
|||||
Amounts are actual, not thousands
|
||||||||||
Gascoyne Mine & Mill
|
1
|
$ -
|
2 (3)
|
-
|
-
|
|||||
Belle Fourche Mill
|
-
|
-
|
1 (4)
|
-
|
4
|
|||||
Lovell Mill
|
1
|
-
|
2 (5)
|
-
|
-
|
|||||
Colony West Mill
|
-
|
267
|
3 (6)
|
1
|
-
|
|||||
Colony East Mill
|
1
|
2,817
|
7 (7)
|
1
|
-
|
|||||
Yellowtail Mine
|
-
|
-
|
-
|
-
|
-
|
|||||
Belle/Colony Mine
|
-
|
100
|
2 (8)
|
-
|
-
|
|||||
Sandy Ridge Mill
|
-
|
-
|
2 (9)
|
-
|
-
|
|
1.
|
Total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under section 104 of the Mine Act for which AMCOL and its subsidiaries received a citation from MSHA
|
|
2.
|
Total dollar amount of proposed assessments received from MSHA during the three-month period ended September 30, 2012.
|
|
3.
|
This number consists of 2 pending legal actions related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
|
4.
|
This number consists of 1 pending legal actions related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
|
5.
|
This number consists of 2 pending legal action related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
|
6.
|
This number consists of 3 pending legal actions related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
|
7.
|
This number consists of 7 pending legal actions related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
|
8.
|
This number consists of 2 pending legal actions related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
|
9.
|
This number consists of 1 pending legal action related to contests of citations and orders referenced in Subpart B of the Mine Act; and 1 pending legal actions related to contests of proposed penalties referenced in Subpart C of the Mine Act.
|
BUSINESS SEGMENT INFORMATION (Details Textual)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Business Segment Information (Textual) [Abstract] | |
Number of operating segments | 5 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details Textual) (Interest rate swaps [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
---|---|---|
Senior Notes [Member]
|
||
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ||
Debt instrument outstanding | $ 30.0 | $ 30.0 |
Interest Rate | 5.60% | 5.60% |
Borrowings [Member]
|
||
Derivative Instruments and Hedging Activities (Textual) [Abstract] | ||
Debt instrument outstanding | $ 33.0 | $ 33.0 |
Interest Rate | 3.30% | 3.30% |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of derivative instruments in the Balance Sheet | The following table sets forth the fair values of our derivative instruments and where they are recorded within our condensed consolidated balance sheet:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash Flow Hedges | Cash flow hedges
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of foreign exchange contracts | We have not designated our foreign currency derivative contracts for hedge accounting treatment and therefore, changes in fair value of these contracts are recorded in earnings as follows:
|
CONTINGENCIES (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Loss Contingencies [Line Items] | |
Lawsuit alleges damages | $ 28 |
Contingencies (Textual) [Abstract] | |
Lawsuit Filing Date | Since the mid-1980s |
Plaintiffs in the lawsuits | employees of our foundry customers |
Number of lawsuits alleging damages | 2 |
Area of operation | Louisiana |
Other [Member]
|
|
Loss Contingencies [Line Items] | |
Lawsuit alleges damages | $ 9 |
INCOME TAXES (Details)
|
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Income Taxes (Textual) [Abstract] | ||
Effective tax rate (in hundredths) | 27.80% | 25.40% |
U.S federal statutory rate (in hundredths) | 35.00% | 35.00% |
ADDITIONAL BALANCE SHEET INFORMATION (Details 1) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Reclamation liability | ||
Balance at the beginning of the period | $ 9.3 | $ 7.5 |
Settlement of obligations | (3.1) | (2.8) |
Liabilities incurred and accretion expense | 3.8 | 4.4 |
Foreign currency | (0.1) | (0.3) |
Balance at the end of the period | $ 9.9 | $ 8.8 |
FAIR VALUE MEASUREMENTS (Details) (Fair Value Measurements Recurring [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Interest rate swaps [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | $ (8.9) | $ (9.0) |
Interest rate swaps [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | (8.9) | (9.0) |
Interest rate swaps [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Interest rate swaps | 0 | 0 |
Available-for-sale Securities [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 7.9 | 3.8 |
Available-for-sale Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 7.9 | 3.8 |
Available-for-sale Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Available-for-sale securities | 0 | 0 |
Deferred compensation plan assets [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 9.2 | 8.0 |
Deferred compensation plan assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 0 | 0 |
Deferred compensation plan assets [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 9.2 | 8.0 |
Deferred compensation plan assets [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 0 | 0 |
Supplementary pension plan assets [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 8.1 | 7.6 |
Supplementary pension plan assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 0 | 0 |
Supplementary pension plan assets [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | 8.1 | 7.6 |
Supplementary pension plan assets [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||
Summary of fair value instruments | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
EARNINGS PER SHARE
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
The following table provides further share information used in computing our earnings per share for the periods presented herein. Basic earnings per share was computed by dividing net income attributable to AMCOL shareholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share was computed by dividing net income attributable to AMCOL shareholders by the weighted average common shares outstanding after consideration of the dilutive effect of stock compensation awards outstanding during each period.
|