EX-99.1 2 v163538_ex99-1.htm

Don Pearson
 
Vice President & CFO
 
847.851.1500

AMCOL International Corporation (NYSE:ACO)
Reports Third Quarter Results

HOFFMAN ESTATES, IL., October 23, 2009—AMCOL International Corporation (NYSE:ACO) today reported 2009 third quarter net income attributable to AMCOL shareholders of $13.3 million, or $0.43 per diluted share, compared with $1.9 million, or $0.06 per diluted share, in the prior year period.  The current year period includes a net expense of $1.6 million, or $0.05 per diluted share, related to the write off of certain U.S. metal casting operations.  Without this expense, diluted earnings per share would have been $0.48 per share.  The prior year period includes the effect of a one-time loss incurred on our investment in an affiliate of $16.7 million, or $0.54 per diluted share. Without this loss, the 2008 period’s diluted earnings per share would have been $0.60 per share.

Net sales decreased 24.6% to $190.9 million for the quarter ended September 30, 2009 from $253.0 million in the 2008 period.  Foreign currency fluctuations had a $14.1 million unfavorable impact.  Operating profit decreased by 29.7% over the 2008 third quarter to $19.2 million; foreign currency fluctuations had an unfavorable impact of $2.0 million on current period operating profit.  Our affiliates and joint ventures generated income amounting to $0.02 per diluted share as compared to losses of $0.47 per share in the prior year period.  Our reduced effective tax rate for the quarter added $0.03 per diluted share.
 
For the nine-month period ended September 30, 2009, net income attributable to AMCOL shareholders was $23.6 million, or $0.76 per diluted share, compared with $25.4 million, or $0.82 per diluted share in the prior year period, which includes a one-time loss of $0.63 per diluted share incurred on our investment in an affiliate.

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AMCOL Q3 2009 EARNINGS
Page 2 of 13

Net sales for the nine-month period ended September 30, 2009 decreased 22.4% to $526.5 million, compared with $678.3 million for the 2008 period.  Foreign currency fluctuations had a $43.7 million unfavorable impact offset by $9.0 million in new revenue from acquisitions.  Operating profit declined by 32.0% over the 2008 period to $43.2 million.  Foreign currency fluctuations and acquisitions had unfavorable impacts of $5.7 million and $1.3 million, respectively, on current period operating profit.  Our affiliates and joint ventures generated $0.9 million, or $0.03 per diluted share, of losses in the current year compared to losses of $14.1 million, or $0.45 per diluted share, in the prior year’s comparable period.

This release should be read in conjunction with the attached unaudited condensed consolidated financial statements.  Further discussion of items and events impacting earnings are included later in this press release.

“Although overall AMCOL revenue in the third quarter was still well behind the 2008 pace, there are some positive developments,” said Larry Washow, AMCOL President and Chief Executive Officer.  “Gross margins continue to improve across all segments. We continue to reduce debt as our focus on the balance sheet is producing results.”

Washow continued, “The Minerals segment did show stronger U.S. sales sequentially over second quarter 2009, as the “cash for clunkers” program helped increase foundry activity.  On a sequential quarter basis, our business in Asia is improving, and Europe, which has a significant consumer related business, had a good quarter as well.”

“The third quarter is typically the strongest for our Environmental segment and this year is no exception. Gross margins improved but the building materials business remains very soft around the world.  Our Lining Tech products are used in several markets and while the U.S. is well below last years pace, Europe is having a good year,” Washow added.

“Third quarter 2008 was the best quarter ever for our Oilfield Services segment but this year’s results reflect the impact of lower oil and natural gas prices. Gross margins continue to be in line but project activity is slow and predicting a return to growth is very difficult,” Washow continued.”

“The sequential improvement in the Minerals segment is very encouraging and shows the result of our pricing approach as well as cost controls. There is more project activity in the Environmental segment, but customers are cautious about starting new projects. The Oilfield Services segment is very well positioned when the business returns.  All of our segments are prepared for growth but our key focus continues to be on the balance sheet and we expect continuing improvement in Q4,” Washow concluded.

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AMCOL Q3 2009 EARNINGS
Page 3 of 13

STATEMENT OF OPERATIONS HIGHLIGHTS:

The statement of operations highlights are supported by the segment results schedules included in this press release.

Net sales: The following details the components of sales by segment for the 2009 third quarter compared to the prior year’s third quarter.

Minerals:  The majority of the decrease in the quarter’s revenue was due to lower volumes in the U.S. metal casting and basic minerals product lines, partially offset by price increases.  Pass-through freight revenue accounted for approximately 18.7% of the total segment’s decrease, principally from the pet products and basic minerals divisions.  Foreign currency fluctuations represented approximately 16.7% of the decrease in revenue principally due to the weakening of the British pound against the U.S. dollar.

Environmental:  Base business revenues decreased due to lower demand in the U.S. for our lining technology and building materials products and services provided by our contracting services group.  Foreign currency fluctuations represented approximately 38.0% of the revenue decrease, primarily due to the weakening of the British pound and the Polish zloty against the U.S. dollar.

Oilfield Services:   Lower demand for oil and natural gas has reduced production activities, driving the decrease in revenue in the current quarter compared to the prior year quarter.  Domestic base business revenues declined across all services, compared to the prior year quarter.

International revenue was down substantially in Nigeria and the United Kingdom compared to the prior year quarter due to lower demand for our services.  However, both Brazil and Malaysia continue to experience solid growth over the prior year quarter.

Transportation:  Reductions in fuel-surcharge revenue represented 58.2% of the revenue decrease; the remaining decrease was due to reduced demand for consumer product shipments.

Gross profit:  Gross profit decreased $9.7 million, or 15.3%, from the 2008 third quarter while gross margin was 28.2%, a 310 basis point improvement from the 2008 quarter.

Minerals: Gross profit decreased $0.9 million, or 4.3%, from the 2008 quarter while gross margins improved 450 basis points to 22.2%. The gross margin improvement results principally from domestic pricing initiatives put in place in 2008.  The decrease in gross profit includes a net $2.0 million of write off expenses related to our domestic briquetting operations within our metalcasting group, due to reduced demand.  These expenses negatively affected gross margins by 230 basis points but is offset by improvements in our product mix and other businesses.

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AMCOL Q3 2009 EARNINGS
Page 4 of 13

Environmental: Gross profit decreased $5.5 million, or 19.4%, from the 2008 quarter while gross margins increased 250 basis points to 35.5%; the margin increase is due to lower input costs, principally resin, and lower freight costs due to the reduction in energy costs.  These benefits were partially offset by decreased volumes.

Oilfield Services:  Gross profit decreased $3.0 million, or 23.6%, from the 2008 quarter due to the reduction in revenues.

Transportation:  Gross profit decreased $0.3 million over the prior year quarter, and gross margin improved 190 basis points to 12.4% due to lower energy costs.

General, selling and administrative expenses (GS&A): GS&A expenses decreased $1.6 million, or 4.4%, from the prior year quarter, mainly due to a $1.5 million decrease in our Environmental segment’s GS&A expenses.  This segment’s GS&A expenses decreased 11.3% largely due to the effect of foreign currency fluctuations resulting from a weakening of the British pound and Polish zloty against the U.S. dollar.  GS&A expenses in other segments remained relatively constant in each segment.

Interest expense:  Net interest expense decreased by $0.6 million over the prior year quarter due to reduced average debt levels.

Other, net:  Other, net is primarily comprised of foreign currency exchange income and losses.  Other, net favorably impacted results in the 2009 period by $0.1 million versus $2.1 million of losses in the prior year’s comparable period.

Income taxes:  The effective tax rate for the third quarter of 2009 was 19.8%, compared with 25.5% for the same period in 2008.  The reduction is due to a greater proportion of our income being generated in lower tax rate jurisdictions, principally foreign countries.  

Income and losses from affiliates and joint ventures:  Income from affiliates and joint ventures of $0.7 million is principally due to one of our Indian joint ventures, Ashapura Volclay and improvements in our Russian joint venture.

This compares to losses of $14.7 million in the prior year period, primarily incurred in our largest Indian investment, Ashapura Minechem Limited.  This investment is accounted for under the equity method.  At December 31, 2008, we wrote off the balance of our investment and accordingly have discontinued recording additional losses from this affiliate.

Share count:  Weighted average common and common equivalent shares outstanding were comparable for the quarters ended September 30, 2009 and 2008, differing by less than 1%.

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AMCOL Q3 2009 EARNINGS
Page 5 of 13

FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:

Long-term debt decreased $39.7 million to $217.1 million at September 30, 2009, compared to $256.8 million at December 31, 2008.  The reduction was primarily due to reductions in working capital levels and minimizing capital expenditures.  Total long-term debt represented 38.4% of capitalization at September 30, 2009, compared with 43.9% at December 31, 2008.  Cash and cash equivalents remained the same at $19.4 million at September 30, 2009 as compared with December 31, 2008.

Working capital decreased to $212.9 million at September 30, 2009 from $262.7 million at December 31, 2008.  The reduction in working capital was due to a combination of lower sales volumes and continued efforts to reduce working capital.

Cash flow generated from operating activities was $90.6 million for year-to-date September 30, 2009 compared with $2.6 million in the prior year period.  This increase was principally due to the decrease in working capital.

Excluding our corporate building (which was a sale-leaseback transaction) and $15.1 million of expenditures for our purchase of a 53% investment in a chrome mine in South Africa, capital expenditures in the 2009 period were $24.5 million compared with $29.7 million in the prior year period.  The reduction in adjusted capital expenditures is due to our limiting capital expenditures to maintenance activities and minimal expansion projects in 2009.

Dividends declared year-to-date through September 30, 2009 increased by 9.1 % over the prior year period to $16.5 million.  Our dividend rate has remained constant at $0.18 per share since the third quarter of 2008.

This release contains certain forward-looking statements regarding AMCOL’s expected performance for future periods and actual results for such periods might materially differ.  Such forward-looking statements are subject to uncertainties, which include, but are not limited to, actual growth in AMCOL’s various markets, utilization of AMCOL’s plants, currency exchange rates, currency devaluation, delays in development, production and marketing of new products, integration of acquired businesses, and other factors detailed from time to time in AMCOL’s annual report and other reports filed with the Securities and Exchange Commission.  AMCOL undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in AMCOL’s expectations.

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AMCOL Q3 2009 EARNINGS
Page 6 of 13

AMCOL International, headquartered in Hoffman Estates, IL, produces and markets a wide range of specialty mineral products used for industrial, environmental and consumer-related applications.  AMCOL is the parent of American Colloid Company, CETCO (Colloid Environmental Technologies Company), CETCO Oilfield Services Company and the transportation operations, Ameri-co Carriers, Inc. and Ameri-co Logistics, Inc.  AMCOL’s common stock is traded on the New York Stock Exchange under the symbol ACO.  AMCOL’s web address is www.amcol.com.  AMCOL’s third quarter conference call will be available live today at 11 a.m. EDT on the AMCOL website or by dialing 888.539.3679.
.
 

Financial tables follow.

 
 

 
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
 
   
Nine Months Ended
   
Three Months Ended
 
   
September 30,
   
September 30,
 
   
2009
   
2008
   
2009
   
2008
 
                         
Net sales
  $ 526,539     $ 678,304     $ 190,920     $ 253,048  
Cost of sales
    382,320       505,727       137,069       189,481  
Gross profit
    144,219       172,577       53,851       63,567  
                                 
General, selling and administrative expenses
    101,047       109,061       34,626       36,214  
Operating profit
    43,172       63,516       19,225       27,353  
Other income (expense):
                               
Interest expense, net
    (9,399 )     (8,642 )     (2,833 )     (3,404 )
Other, net
    (2,595 )     (1,533 )     119       (2,128 )
      (11,994 )     (10,175 )     (2,714 )     (5,532 )
Income before income taxes and income (loss) from affiliates and joint ventures
    31,178       53,341       16,511       21,821  
Income tax expense
    6,388       13,950       3,271       5,567  
Income before income (loss) from affiliates and joint ventures
    24,790       39,391       13,240       16,254  
                                 
Income (loss) from affiliates and joint ventures
    (921 )     (14,072 )     721       (14,697 )
                                 
Net income
    23,869       25,319       13,961       1,557  
                                 
Net income (loss) attributable to the noncontrolling interest
    296       (58 )     661       (365 )
                                 
Net income (loss) attributable to AMCOL shareholders
  $ 23,573     $ 25,377     $ 13,300     $ 1,922  
                                 
Weighted average common shares outstanding
    30,735       30,405       30,766       30,540  
                                 
Weighted average common and common equivalent shares outstanding
    30,967       30,993       31,057       31,129  
                                 
Basic earnings per share attributable to AMCOL shareholders
  $ 0.77     $ 0.83     $ 0.43     $ 0.06  
                                 
Diluted earnings per share attributable to AMCOL shareholders
  $ 0.76     $ 0.82     $ 0.43     $ 0.06  
                                 
Dividends declared per share
  $ 0.54     $ 0.50     $ 0.18     $ 0.18  


 
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
   
September 30,
   
December 31,
 
ASSETS  
2009
   
2008
 
 
(unaudited)
     
*
 
Current assets:
             
Cash and equivalents
  $ 19,367     $ 19,441  
Accounts receivable, net
    165,477       197,611  
Inventories
    103,966       125,066  
Prepaid expenses
    14,190       12,812  
Deferred income taxes
    3,043       5,358  
Income tax receivable
    6,791       3,490  
Other
    232       7,409  
Total current assets
    313,066       371,187  
                 
Investments in and advances to affiliates and joint ventures
    30,292       30,025  
                 
Property, plant, equipment, mineral rights and reserves:
               
Land and mineral rights
    56,356       17,186  
Depreciable assets
    405,217       380,555  
      461,573       397,741  
Less: accumulated depreciation and depletion
    229,387       206,398  
      232,186       191,343  
Other assets:
               
Goodwill
    71,537       68,482  
Intangible assets, net
    48,681       53,974  
Deferred income taxes
    14,361       15,867  
Other assets
    24,449       13,702  
      159,028       152,025  
    $ 734,572     $ 744,580  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Current liabilities:
               
Accounts payable
  $ 47,116     $ 45,297  
Accrued liabilities
    53,080       63,197  
Total current liabilities
    100,196       108,494  
                 
Long-term debt
    217,064       256,821  
                 
Pension liabilities
    24,920       22,939  
Other liabilities
    44,650       27,971  
      69,570       50,910  
Equity:
               
Common stock
    320       320  
Additional paid in capital
    83,284       86,350  
Retained earnings
    269,500       262,453  
Accumulated other comprehensive income
    8,749       (4,721 )
      361,853       344,402  
Less:
               
Treasury stock
    (15,952 )     (18,196 )
Total AMCOL shareholder's equity
    345,901       326,206  
                 
Noncontrolling interest
    1,841       2,149  
                 
Total equity
    347,742       328,355  
                 
    $ 734,572     $ 744,580  

* Condensed from audited financial statements.


 
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
 
   
Nine Months Ended
 
   
September 30,
 
   
2009
   
2008
 
Cash flow from operating activities:
           
Net income
  $ 23,869     $ 25,319  
Adjustments to reconcile net income to net cash
               
provided by (used in) operating activities:
               
Depreciation, depletion, and amortization
    26,781       24,872  
Undistributed (earnings) losses from affiliates and joint ventures
    1,412       14,866  
Other non - cash charges
    7,611       2,409  
Changes in assets and liabilities, net of effects of acquisitions:
               
Decrease (Increase) in current assets
    35,096       (86,237 )
Decrease (Increase) in noncurrent assets
    (1,257 )     496  
Increase (decrease) in current liabilities
    (7,480 )     20,116  
Increase (decrease) in noncurrent liabilities
    4,586       788  
Net cash provided by (used in) operating activities
    90,618       2,629  
                 
Cash flow from investing activities:
               
Capital expenditures
    (39,637 )     (29,686 )
Capital expenditures - corporate building
    (9,651 )     (14,273 )
Proceeds from sale of depreciable assets - corporate building
    9,651       -  
Acquisitions, net of cash
    (522 )     (42,549 )
Investments in and advances to affiliates and joint ventures
    (2,647 )     (10,993 )
Receipts from (advances to) Chrome Corp
    6,000       (6,000 )
Other
    2,906       (2,193 )
Net cash used in investing activities
    (33,900 )     (105,694 )
                 
Cash flow from financing activities:
               
Net change in outstanding debt
    (42,467 )     105,495  
Net change in outstanding debt - corporate building
    -       20,692  
Proceeds from sales of treasury stock
    1,005       1,550  
Purchases of treasury stock
    (165 )     (2,062 )
Dividends
    (16,526 )     (15,143 )
Excess tax benefits from stock-based compensation
    464       1,087  
Net cash provided by (used in) financing activities
    (57,689 )     111,619  
                 
Effect of foreign currency rate changes on cash
    897       (190 )
Net increase (decrease) in cash and cash equivalents
    (74 )     8,364  
Cash and cash equivalents at beginning of period
    19,441       25,282  
Cash and cash equivalents at end of period
  $ 19,367     $ 33,646  


 
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
QUARTER-TO-DATE
 
   
Three Months Ended September 30,
 
Minerals
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
                                     
Net sales
  $ 89,021       100.0 %   $ 116,881       100.0 %   $ (27,860 )     -23.8 %
Cost of sales
    69,232       77.8 %     96,206       82.3 %     (26,974 )     -28.0 %
Gross profit
    19,789       22.2 %     20,675       17.7 %     (886 )     -4.3 %
General, selling and
                                               
administrative expenses
    9,317       10.5 %     9,565       8.2 %     (248 )     -2.6 %
Operating profit
    10,472       11.7 %     11,110       9.5 %     (638 )     -5.7 %
 
   
Three Months Ended September 30,
 
Environmental
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
                                     
Net sales
  $ 64,493       100.0 %   $ 86,133       100.0 %   $ (21,640 )     -25.1 %
Cost of sales
    41,603       64.5 %     57,731       67.0 %     (16,128 )     -27.9 %
Gross profit
    22,890       35.5 %     28,402       33.0 %     (5,512 )     -19.4 %
General, selling and
                                               
administrative expenses
    12,135       18.8 %     13,683       15.9 %     (1,548 )     -11.3 %
Operating profit
    10,755       16.7 %     14,719       17.1 %     (3,964 )     -26.9 %
 
   
Three Months Ended September 30,
 
Oilfield Services
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
                                     
Net sales
  $ 29,109       100.0 %   $ 38,379       100.0 %   $ (9,270 )     -24.2 %
Cost of sales
    19,491       67.0 %     25,785       67.2 %     (6,294 )     -24.4 %
Gross profit
    9,618       33.0 %     12,594       32.8 %     (2,976 )     -23.6 %
General, selling and
                                               
administrative expenses
    6,522       22.4 %     6,400       16.7 %     122       1.9 %
Operating profit
    3,096       10.6 %     6,194       16.1 %     (3,098 )     -50.0 %
 
   
Three Months Ended September 30,
 
Transportation
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
                                     
Net sales
  $ 12,487       100.0 %   $ 17,983       100.0 %   $ (5,496 )     -30.6 %
Cost of sales
    10,933       87.6 %     16,087       89.5 %     (5,154 )     -32.0 %
Gross profit
    1,554       12.4 %     1,896       10.5 %     (342 )     -18.0 %
General, selling and
                                               
administrative expenses
    861       6.9 %     938       5.2 %     (77 )     -8.2 %
Operating profit
    693       5.5 %     958       5.3 %     (265 )     -27.7 %
 
 
Three Months Ended September 30,
 
Corporate
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
                         
Intersegment shipping sales
  $ (4,190 )   $ (6,328 )   $ 2,138        
Intersegment shipping costs
    (4,190 )     (6,328 )   $ 2,138        
Gross profit
    -       -                
General, selling and
                             
administrative expenses
    5,791       5,628       163       2.9 %
Operating loss
    5,791       5,628       163       2.9 %


AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
YEAR-TO-DATE

   
Nine Months Ended September 30,
 
Minerals
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
   
   
       
   
       
 
   
 
 
Net sales
  $ 244,657       100.0 %   $ 323,228       100.0 %   $ (78,571 )     -24.3 %  
Cost of sales
     193,774       79.2 %     267,532       82.8 %     (73,758 )     -27.6 %  
Gross profit
    50,883       20.8 %     55,696       17.2 %     (4,813 )     -8.6 %  
General, selling and administrative expenses
       27,020       11.0 %        28,379       8.8 %        (1,359 )     -4.8 %  
Operating profit
    23,863       9.8 %     27,317       8.4 %     (3,454 )     -12.6 %  

   
Nine Months Ended September 30,
 
Environmental
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
   
   
       
   
   
 
   
 
       
Net sales
  $ 164,096       100.0 %   $ 222,393       100.0 %     $ (58,297 )     -26.2 %
Cost of sales
    107,580       65.6 %     147,694       66.4 %       (40,114 )     -27.2 %
Gross profit
    56,516       34.4 %     74,699       33.6 %       (18,183 )     -24.3 %
General, selling and administrative expenses
       34,913       21.3 %        41,754       18.8 %         (6,841 )     -16.4 %
Operating profit
    21,603       13.1 %     32,945       14.8 %       (11,342 )     -34.4 %

   
Nine Months Ended September 30,
 
Oilfield Services
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
               
 
   
 
     
Net sales
  $ 93,140       100.0 %   $ 100,177       100.0 %     $ (7,037 )     -7.0 %  
Cost of sales
    60,554       65.0 %     63,130       63.0 %       (2,576 )     -4.1 %  
Gross profit
    32,586       35.0 %     37,047       37.0 %       (4,461 )     -12.0 %  
General, selling and administrative expenses
       20,123       21.6 %        18,156       18.1 %         1,967       10.8 %  
Operating profit
    12,463       13.4 %     18,891       18.9 %       (6,428 )     -34.0 %  

   
Nine Months Ended September 30,
 
Transportation
 
2009
   
2008
   
2009 vs 2008
 
   
(Dollars in Thousands)
 
               
 
   
 
       
Net sales
  $ 35,336       100.0 %   $ 49,216       100.0 %     $ (13,880 )     -28.2 %
Cost of sales
     31,102       88.0 %     44,081       89.6 %       (12,979 )     -29.4 %
Gross profit
    4,234       12.0 %     5,135       10.4 %       (901 )     -17.5 %
General, selling and administrative expenses
       2,551       7.2 %        2,564       5.2 %         (13 )     -0.5 %
Operating profit
    1,683       4.8 %     2,571       5.2 %       (888 )     -34.5 %
                                                 
 
 
Nine Months Ended September 30,
                 
Corporate
 
2009
   
2008
   
2009 vs 2008
                 
   
(Dollars in Thousands)
                 
                                                 
Intersegment shipping sales
  $ (10,690 )     $ (16,710 )   $ 6,020                          
Intersegment shipping costs
     (10,690 )       (16,710 )   $ 6,020                          
Gross profit
    -       -                                  
General, selling and administrative expenses
     16,440        18,208        (1,768 )     -9.7 %                    
Operating loss
    16,440       18,208       (1,768 )     -9.7 %                  

 
 

 

AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
QUARTER-TO-DATE

   
Three Months Ended September 30, 2009
 
  Composition of Sales by Geographic Region 
 
Americas
   
EMEA
   
Asia Pacific
   
Total
 
Minerals
    29.0 %     9.7 %     8.0 %     46.7 %
Environmental
    17.0 %     15.0 %     1.8 %     33.8 %
Oilfield services
    13.7 %     0.4 %     1.1 %     15.2 %
Transportation
    4.3 %     0.0 %     0.0 %     4.3 %
Total - current year's period
    64.0 %     25.1 %     10.9 %     100.0 %
Total from prior year's comparable period
    66.9 %     23.4 %     9.7 %     100.0 %
                                 
 
Three Months Ended September 30, 2009
 
 
vs.
 
Percentage of Revenue Growth by Component
 
Three Months Ended September 30, 2008
 
   
Base
 Business
   
Acquisitions
   
Foreign
Exchange
   
Total
 
Minerals
    -9.2 %     0.0 %     -1.8 %     -11.0 %
Environmental
    -5.6 %     0.2 %     -3.2 %     -8.6 %
Oilfield services
    -3.2 %     0.0 %     -0.5 %     -3.7 %
Transportation
    -1.3 %     0.0 %     0.0 %     -1.3 %
Total
    -19.3 %     0.2 %     -5.5 %     -24.6 %
% of change
    78.2 %     -0.9 %     22.7 %     100.0 %
                                 
   
  Three Months Ended September 30, 
         
   
2009
   
2008
   
% change
         
Minerals Product Line Sales
 
(Dollars in Thousands) 
         
                 
Metalcasting
  $ 38,097     $ 46,392       -17.9 %        
Specialty materials
    26,661       29,033       -8.2 %        
Pet products
    16,959       19,559       -13.3 %        
Basic minerals
    6,348       19,471       -67.4 %        
Other product lines
    956       2,426       *          
                                 
Total
    89,021       116,881                  
                                 
* Not meaningful.
                               
                                 
      Three Months Ended September 30,           
Environmental Product Line Sales
 
2009
   
2008
   
% change
         
    (Dollars in Thousands)           
                                 
Lining technologies
  $ 44,727     $ 57,320       -22.0 %        
Building materials
    14,227       22,237       -36.0 %        
Other product lines
    5,539       6,576       *          
                                 
Total
    64,493       86,133                  
                                 
* Not meaningful.
                               

 
 

 

AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
YEAR-TO-DATE

      Nine Months Ended September 30, 2009  
  Composition of Sales by Geographic Region 
 
Americas
   
EMEA
   
Asia Pacific
   
Total
 
Minerals
    29.6 %     9.5 %     7.4 %     46.5 %
Environmental
    15.6 %     13.5 %     2.1 %     31.2 %
Oilfield services
    16.1 %     0.5 %     1.1 %     17.7 %
Transportation
    4.6 %     0.0 %     0.0 %     4.6 %
Total - current year's period
    65.9 %     23.5 %     10.6 %     100.0 %
Total from prior year's comparable period
    67.3 %     23.1 %     9.6 %     100.0 %
                                 
 
Nine Months Ended September 30, 2009
 
 
vs.
 
Percentage of Revenue Growth by Component
 
Nine Months Ended September 30, 2008
 
   
Base
Business
   
Acquisitions
   
Foreign
Exchange
   
Total
 
Minerals
    -9.2 %     0.0 %     -2.4 %     -11.6 %
Environmental
    -5.0 %     0.2 %     -3.8 %     -8.6 %
Oilfield services
    -1.8 %     1.1 %     -0.3 %     -1.0 %
Transportation
    -1.2 %     0.0 %     0.0 %     -1.2 %
Total
    -17.2 %     1.3 %     -6.5 %     -22.4 %
% of change
    77.1 %     -5.9 %     28.8 %     100.0 %
                                 
    Nine Months Ended September 30,          
Minerals Product Line Sales
 
2009
   
2008
   
% change
         
   
(Dollars in Thousands)
         
                                 
Metalcasting
  $ 100,592     $ 134,118       -25.0 %        
Specialty materials
    71,330       77,239       -7.7 %        
Pet products
    49,729       58,261       -14.6 %        
Basic minerals
    20,288       47,275       -57.1 %        
Other product lines
    2,718       6,335       *          
Total
    244,657       323,228                  
                                 
* Not meaningful.
                               
                                 
    Nine Months Ended September 30,          
Environmental Product Line Sales
 
2009
   
2008
   
% change
         
    (Dollars in Thousands)          
                                 
Lining technologies
  $ 106,150     $ 138,267       -23.2 %        
Building materials
    41,704       65,090       -35.9 %        
Other product lines
    16,242       19,036       *          
Total
    164,096       222,393                  
                                 
* Not meaningful.