CHATTANOOGA, Tenn., Oct. 20 /PRNewswire-FirstCall/ -- Astec
Industries, Inc. (NASDAQ:ASTE) today reported results for its third
quarter ended September 30, 2009. Revenues for the third quarter of
2009 were $166.1 million compared with $237.4 million for the third
quarter of 2008 for a 30.0% decrease. Domestic sales were $101.3
million during the third quarter of 2009 compared to $135.3 million
during the third quarter of 2008. International sales were $64.8
million during the third quarter of 2009 compared to $102.1 million
during the third quarter of 2008. The Company reported net income
attributable to controlling interest of $3.3 million for the third
quarter of 2009 compared to net income attributable to controlling
interest of $16.0 million for the third quarter of 2008 for a
decrease of 79.4%. Net income attributable to controlling interest
for the third quarter of 2009 was $0.15 per diluted share compared
to $0.71 per diluted share for the third quarter of 2008 for a
78.9% decrease. The Company's backlog at September 30, 2009 was
$144.3 million compared to $261.9 million at September 30, 2008 for
a 44.9% decrease. Consolidated financial statements for the third
quarter ended September 30, 2009 and additional information related
to segment revenues, profits, and backlog are attached to this
press release. Commenting on the announcement, Dr. J. Don Brock,
Chairman and Chief Executive Officer, stated, "We are disappointed
with our third quarter results. We experienced a continued downturn
in total revenues during the third quarter. The downturn, however,
is not consistent across our segments. For example, the Mobile
Asphalt Paving Group third quarter revenues are up 31.5% compared
to the third quarter of last year, but the Underground is down
58.1%. With these differences, we have attempted to rightsize each
subsidiary and are generally pleased with the gross margins of most
segments. S,G,&A expenses have been reduced, but, given the
soft sales, S,G,&A is still a higher percentage of sales than
our goal. We continue to aggressively develop new products with
resulting higher R&D expenses." "The failure of Congress to
renew the Highway Bill creates uncertainty about future funding
impacting capital equipment purchasing behavior. Additionally,
continued softness in the residential and commercial real estate
markets is resulting in the under utilization of customer equipment
and less need for additional or replacement equipment. The stimulus
packages passed earlier in the year are clearly helping the Mobile
Asphalt Paving Group and other segments, but are not enough to
counter the continuing economic downturn and the uncertainty around
the Highway Bill. Until Congress settles on a new Highway Bill, we
expect to see little improvement in domestic sales during the
fourth quarter of 2009 and next year." "International sales
declined in total dollars and as a percentage of total sales.
Nonetheless, more than 50% of our September 30 backlog is
international orders. Approximately 25 foreign countries have
instituted stimulus packages and the weak U.S. dollar should
favorably impact international sales." Dr. Brock continued,
"Visibility in the market and trends is very limited. The fourth
quarter is normally our least profitable quarter of the year. We
will manage the company for the long-term and control costs. We
have no debt and $36 million of cash and cash equivalents, and will
continue to manage our assets. Our strong balance sheet gives us
the opportunity to develop new products and to consider
acquisitions as they become available." Investor Conference Call
and Web Simulcast Astec will conduct a conference call on October
20, 2009, at 10:00 A.M. Eastern Time to review its third quarter
results as well as current business conditions. The number to call
for this interactive teleconference is (877) 407-9210.
International callers should dial (201) 689-8049. Please reference
Astec Industries. The company will also provide an online Web
simulcast and rebroadcast of the conference call. The live
broadcast of Astec's conference call will be available online at
the Company's website:
http://www.astecindustries.com/conferencecalls. An archived webcast
will be available for 90 days at http://www.astecindustries.com/. A
replay of the conference call will be available through midnight on
Tuesday, November 3, 2009, by dialing (877) 660-6853, or (201)
612-7415 for international callers, Account #286, Conference ID#
335140. A transcription of the conference call will be made
available under the Investor Relation section of the Astec
Industries, Inc. website within 5 days after the call. Astec
Industries, Inc. is a manufacturer of specialized equipment for
building and restoring the world's infrastructure. Astec's
manufacturing operations are divided into four business segments:
aggregate processing and mining equipment; asphalt production
equipment; mobile asphalt paving equipment; and underground boring,
directional drilling and trenching equipment. Astec also has a
company engaged in the wood chipping and grinding industry. The
information contained in this press release contains
"forward-looking statements" (within the meaning of the Private
Securities Litigation Reform Act of 1995) regarding the future
performance of the Company, including statements about the
Company's financial performance for 2009, the ability to control
costs and maintain or improve margins, the state of the U.S.
economy, the effect of a renewed Highway Bill, increases in demand
for certain products, the effect of domestic and international
stimulus packages, the continued strength or weakness of various
business units, and international sales. These forward-looking
statements reflect management's expectations and are based upon
currently available information, and the Company undertakes no
obligation to update or revise such statements. These statements
are not guarantees of performance and are inherently subject to
risks and uncertainties, many of which cannot be predicted or
anticipated. Future events and actual results, financial or
otherwise, could differ materially from those expressed in or
implied by the forward-looking statements. Important factors that
could cause future events or actual results to differ materially
include: general uncertainty in the economy, downturns in the
general economy or the commercial construction industry, the
cyclical nature of the commercial, construction industry and the
customization of the equipment the Company sells, increases in the
price of oil or decreases in the availability of oil, increases in
the price of raw materials, a failure to comply with covenants in
the Company's credit agreement, contingent liability for certain
customer debt, rising interest rates, rising steel and steel
component pricing, delayed or decreased funding for highway
construction and maintenance, increased government regulation,
managing and expanding in international markets, the timing of
large contracts, the costs of introducing new equipment systems,
the Company's production capacity, demand for the Company's
products, seasonality of sales volumes, competitive activity and
those other factors listed from time to time in the Company's
reports filed with the Securities and Exchange Commission,
including but not limited to the Company's annual report on Form
10-K for the year ended December 31, 2008. Astec Industries, Inc.
Consolidated Balance Sheets (In thousands) (Unaudited) Sept 30 Sept
30 2009 2008 ---- ---- Assets Current assets Cash and cash
equivalents $36,149 $28,839 Receivables, net 65,033 93,912
Inventories 263,705 249,378 Prepaid expenses and other 22,067
17,158 ------ ------ Total current assets 386,954 389,287 Property
and equipment, net 169,559 147,822 Other assets 49,901 68,368
------ ------ Total assets $606,414 $605,477 ======== ========
Liabilities and equity Current liabilities Accounts payable - trade
$36,444 $55,115 Other accrued liabilities 75,823 88,131 ------
------ Total current liabilities 112,267 143,246 Other non-current
liabilities 28,387 25,405 Total equity 465,760 436,826 -------
------- Total liabilities and equity $606,414 $605,477 ========
======== Astec Industries, Inc. Consolidated Statements of
Operations (In thousands) (Unaudited) Three Months Ended Nine
Months Ended Sept 30 Sept 30 2009 2008 2009 2008 ---- ---- ----
---- Net sales $166,084 $237,443 $560,231 $778,218 Cost of sales
131,367 178,640 439,264 586,906 ------- ------- ------- -------
Gross profit 34,717 58,803 120,967 191,312 Selling, general,
administrative & engineering expenses 30,433 34,269 93,466
106,638 ------ ------ ------ ------- Income from operations 4,284
24,534 27,501 84,674 Interest expense 66 276 418 528 Other income,
net of expenses 471 260 1,614 1,099 Income before income taxes
4,689 24,518 28,697 85,245 Income taxes 1,320 8,512 10,157 30,593
----- ----- ------ ------ Net income 3,369 16,006 18,540 54,652 Net
income attributable to noncontrolling interest 25 44 16 99 -- -- --
-- Net income attributable to controlling interest $3,344 $15,962
$18,524 $54,553 ====== ======= ======= ======= Earnings per Common
Share Net income attributable to controlling interest Basic $0.15
$0.72 $0.83 $2.45 ===== ===== ===== ===== Diluted $0.15 $0.71 $0.82
$2.41 ===== ===== ===== ===== Weighted average common shares
outstanding Basic 22,453,073 22,289,973 22,439,635 22,270,121
========== ========== ========== ========== Diluted 22,735,064
22,600,978 22,711,526 22,595,174 ========== ========== ==========
========== Astec Industries, Inc. Segment Revenues and Profits For
the three months ended September 30, 2009 and 2008 (in thousands)
(Unaudited) Aggregate Mobile and Asphalt Asphalt Mining Paving
Underground All Group Group Group Group Others Total -------
--------- -------- ----------- ------ ----- 2009 Revenues 44,556
55,865 36,814 16,939 11,910 166,084 2008 Revenues 56,658 90,268
27,993 40,443 22,081 237,443 Change $ (12,102) (34,403) 8,821
(23,504) (10,171) (71,359) Change % (21.4%) (38.1%) 31.5% (58.1%)
(46.1%) (30.1%) 2009 Gross Profit 10,769 12,691 9,148 784 1,325
34,717 2009 Gross Profit % 24.2% 22.7% 24.8% 4.6% 11.1% 20.9% 2008
Gross Profit 17,045 20,402 6,547 11,318 3,491 58,803 2008 Gross
Profit % 30.1% 22.6% 23.4% 28.0% 15.8% 24.8% Change (6,276) (7,711)
2,601 (10,534) (2,166) (24,086) 2009 Profit (Loss) 4,045 2,811
4,281 (3,007) (4,505) 3,625 2008 Profit (Loss) 10,675 10,773 1,465
6,583 (11,948) 17,548 Change $ (6,630) (7,962) 2,816 (9,590) 7,443
(13,923) Change % (62.1%) (73.9%) 192.2% (145.7%) 62.3% (79.3%)
Segment revenues are reported net of intersegment revenues. Segment
gross profit is net of profit on intersegment revenues. A
reconciliation of total segment profits to the Company's net income
attributable to controlling interest is as follows: For the three
months ended September 30 2009 2008 ---- ---- Total profit for all
segments $3,625 $17,548 Net income attributable to noncontrolling
interest in subsidiary (25) (44) Elimination of intersegment profit
(256) (1,542) ---- ------ Net income attributable to controlling
interest $3,344 $15,962 ====== ======= Astec Industries, Inc.
Segment Revenues and Profits For the nine months ended September
30, 2009 and 2008 (in thousands) (Unaudited) Aggregate Mobile and
Asphalt Asphalt Mining Paving Underground All Group Group Group
Group Others Total ------- --------- ------- ----------- ------
----- 2009 Revenues 197,385 162,893 105,077 54,331 40,545 560,231
2008 Revenues 200,572 273,753 130,180 109,298 64,415 778,218 Change
$ (3,187) (110,860) (25,103) (54,967) (23,870) (217,987) Change %
(1.6%) (40.5%) (19.3%) (50.3%) (37.1%) (28.0%) 2009 Gross Profit
49,860 37,165 24,501 3,820 5,621 120,967 2009 Gross Profit % 25.3%
22.8% 23.3% 7.0% 13.9% 21.6% 2008 Gross Profit 54,652 66,087 32,696
26,728 11,149 191,312 2008 Gross Profit % 27.2% 24.1% 25.1% 24.5%
17.3% 24.6% Change (4,792) (28,922) (8,195) (22,908) (5,528)
(70,345) 2009 Profit (Loss) 27,325 8,532 10,632 (9,589) (18,320)
18,580 2008 Profit (Loss) 33,964 32,942 16,030 11,972 (38,724)
56,184 Change $ (6,639) (24,410) (5,398) (21,561) 20,404 (37,604)
Change % (19.5%) (74.1%) (33.7%) (180.1%) 52.7% (66.9%) Segment
revenues are reported net of intersegment revenues. Segment gross
profit is net of profit on intersegment revenues. A reconciliation
of total segment profits to the Company's net income attributable
to controlling interest is as follows: For the nine months ended
September 30 2009 2008 ---- ---- Total profit for all segments
$18,580 $56,184 Net income attributable to noncontrolling interest
in subsidiary (16) (99) Elimination of intersegment profit (40)
(1,532) --- ------ Net income attributable to controlling interest
$18,524 $54,553 ======= ======= Astec Industries, Inc. Backlog by
Segment September 30, 2009 and 2008 (in thousands) (Unaudited)
Aggregate Mobile and Asphalt Asphalt Mining Paving Underground All
Group Group Group Group Others Total ------- ---------- -------
----------- ------ ----- 2009 Backlog 76,328 54,693 4,346 2,947
5,968 144,282 2008 Backlog 130,688 104,364 974 14,841 10,988
261,855 Change $ (54,360) (49,671) 3,372 (11,894) (5,020) (117,573)
Change % (41.6%) (47.6%) 346.2% (80.1%) (45.7%) (44.9%) DATASOURCE:
Astec Industries, Inc. CONTACT: J. Don Brock, Chairman of the Board
& C.E.O., +1-423-867-4210, Fax: +1-423-867-4127, , or F. McKamy
Hall, Vice President and Chief Financial Officer, +1-423-899-5898,
Fax: +1-423-899-4456, , or Stephen C. Anderson, Secretary /
Director of Investor Relations, +1-423-899-5898, Fax:
+1-423-899-4456, , all of Astec Industries, Inc. Web Site:
http://www.astecindustries.com/
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