CHATTANOOGA, Tenn., Feb. 23 /PRNewswire-FirstCall/ -- Astec
Industries, Inc. (NASDAQ:ASTE) today reported results for the
fourth quarter and for the year ended December 31, 2009. Net sales
for the fourth quarter of 2009 were $177.9 million and the net loss
for the fourth quarter of 2009 was $15.5 million. The net loss for
the fourth quarter of 2009, including a non-cash impairment charge
of $0.61 per diluted share, was $0.69 per diluted share compared to
net income of $8.0 million or $0.38 per diluted share for the
fourth quarter of 2008. Commenting on the announcement, Dr. J. Don
Brock, Chairman and Chief Executive Officer, said, "While we are
disappointed with the year-end results for 2009, we are happy to
have weathered the economic downturn with a strong balance sheet,
no bank debt for money borrowed and over $40 million in cash and
equivalents in the bank." The 2009 fourth quarter results include
an intangible impairment charge of approximately $17.0 million
($13.6 million after tax, or $0.61 per share). The impairment
charge primarily relates to goodwill attributed to two acquisitions
completed prior to the current economic downturn. The net loss for
the fourth quarter of 2009 before impairment charge was $0.08 per
share. The attached statement of operations contains a separate
line item for the impairment charge and attached is a
reconciliation to the GAAP measurement. Net sales for 2009 were
$738.1 million compared with $973.7 million for 2008, for a
decrease of 24.2%. Domestic net sales were $465.5 million for 2009,
a 25.0% decrease compared to 2008. Domestic net sales were 63.1% of
2009 total net sales compared to 63.8% of 2008 total net sales.
International sales were $272.6 million for 2009, a 22.7% decrease
compared to 2008. Gross margins for 2009 compared to 2008 decreased
330 basis points. Income from operations decreased 89.2% from $91.8
million in 2008 to $9.9 million, including the intangible
impairment charge of $17.0 million in 2009. The Company reported
net income of $3.1 million, or $0.14 per diluted share for 2009
compared with a net income of $63.1 million, or $2.80 per diluted
share for 2008. Net sales for the fourth quarter of 2009 were
$177.9 million compared with $195.5 million for the fourth quarter
of 2008, for a decrease of 9.0%. Domestic sales were $103.1 million
for the fourth quarter of 2009, a 20.9% decrease compared to the
fourth quarter of 2008 or 58.0% of 2009 fourth quarter revenues,
compared to domestic sales of $130.4 million for the fourth quarter
of 2008, or 66.7% of 2008 fourth quarter revenues. International
sales were $74.8 million for the fourth quarter of 2009, a 15.1%
increase over the fourth quarter of 2008 or 42.0% of 2009 fourth
quarter revenues, compared to international sales of $65.0 million
for the fourth quarter of 2008, or 33.2% of 2008 fourth quarter
revenues. Consolidated financial information for the fourth quarter
and year ended December 31, 2009 and additional information related
to segment revenues, profits and backlogs are attached as addenda
to this press release. The Company's total backlog at December 31,
2009 was $135.1 million compared to $193.3 million at December 31,
2008, for a decrease of $58.2 million or 30.0%. The international
backlog at December 31, 2009 was $62.2 million compared to $87.7
million at the end of 2008 for a decrease of 29.0%. The domestic
backlog at December 31, 2009 was $72.9 million compared to $105.6
million at the end of 2008, a decrease of 31.0%. The asphalt
segment accounted for 78.0% of the total domestic backlog decrease
and the aggregate segment backlog accounted for 57.0% of the total
international backlog decrease. Dr. J. Don Brock, Chairman and
Chief Executive Officer, also commented that, "2009 was a year in
which we saw a very deep downturn in the U.S. economy occurring
very rapidly. Half of our companies saw revenue drops for the year
in the 40% to 50% range. Although roads and bridges only
represented 3-1/2% of the federal stimulus package, it was very
helpful to our asphalt and mobile equipment company businesses. The
engineering for projects to resurface or rehabilitate roads
generally can be done very quickly and therefore these jobs were
among the first to be awarded. Due to the short timetables required
by the federal stimulus package, additional equipment was required
particularly in the mobile paving side of the business. As the
dollar strengthened in late 2008, we saw a significant drop in our
international business which continued through the first six months
of 2009. We began to see improvements in our international business
with the weakening of the dollar and many countries also passed
stimulus packages with strong emphasis on infrastructure
improvements." Dr. Brock continued "As we look forward to 2010, we
are hopeful of a slight improvement in our companies that
experienced the worst downturn. The continuing indecision on a new
multi-year Highway Bill and the timing of the funding of any
additional stimulus package for roads, however, makes our customers
reluctant to purchase equipment until market visibility improves.
On a positive note, we believe the lack of expenditures is creating
a pent up demand which should be very beneficial whenever a new
Highway Bill is passed. We also believe that we will see continuing
improvement in our international business. Despite the downturn in
2009, we have continued to invest in the research and development
of new products. This investment has resulted in a number of new
"green" products and we hope to generate additional revenues with
these products in 2010 and beyond." Investor Conference Call and
Web Simulcast Astec will conduct a conference call on February 23,
2010, at 10:00 a.m. EST to review its fourth quarter and fiscal
2009 financial results as well as its near term general outlook for
2010. The number to call for this interactive teleconference is
(877) 407-8031. International callers should dial (201) 689-8031.
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 at:
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, March 9, 2010, by dialing (877) 660-6853 or (201) 612-7415
for international callers; Account #: 286; Conference ID #: 344359.
A transcription of the conference call will be made available under
the investor relations section of the Astec Industries, Inc.
website within five business 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. We also have a
company engaged in the wood grinding and processing 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 2010, the effects on the
Company from its backlog, the effects of the economic downturn,
stimulus package and credit crisis, and the effects of our recent
acquisitions. 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,
future downturns in the economy, rising oil and liquid asphalt
prices, rising steel prices, the affect of any future federal
stimulus package, decreased funding for highway projects, the
relative strength/weakness of the dollar to foreign currencies,
production capacity, general business conditions in the industry,
demand for the Company's products, seasonality and cyclicality in
operating results, seasonality of sales volumes or lower than
expected 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 and the Company's quarterly reports on
Forms 10-Q for the quarters ended March 31, June 30 and September
30, 2009. The Company plans to file its Form 10-K timely by March
1, 2010. Astec Industries, Inc. Consolidated Balance Sheets (In
thousands) (Unaudited) Dec 31 Dec 31 2009 2008 ------ ------ Assets
Current assets Cash and cash equivalents $40,429 $9,674
Receivables, net 68,104 75,161 Inventories 248,548 285,817 Prepaid
expenses and other 27,284 24,447 ------ ------ Total current assets
384,365 395,099 Property and equipment, net 172,057 169,130 Other
assets 34,479 48,583 ------ ------ Total assets $590,901 $612,812
======== ======== Liabilities and equity Current liabilities
Revolving credit loan $- $3,427 Accounts payable - trade 36,388
51,053 Other accrued liabilities 69,919 89,356 ------ ------ Total
current liabilities 106,307 143,836 Other non-current liabilities
32,334 28,942 Total equity 452,260 440,034 ------- ------- Total
liabilities and equity $590,901 $612,812 ======== ======== Astec
Industries, Inc. Consolidated Statements of Operations (In
thousands, except shares and per share data) (Unaudited) Three
Months Ended Twelve Months Ended Dec 31 Dec 31 2009 2008 2009 2008
---- ---- ---- ---- Net sales $177,862 $195,482 $738,094 $973,700
Cost of sales 146,699 153,648 585,667 740,389 ------- -------
------- ------- Gross profit 31,163 41,834 152,427 233,311 Selling,
general, administrative & engineering expenses 32,006 34,904
125,484 141,542 Intangible asset impairment Charges 17,036 - 17,036
- ------ - ------ - Income (loss) from operations (17,879) 6,930
9,907 91,769 Interest expense 118 323 537 851 Other income, net of
expenses 541 6,209 1,871 7,144 Income (loss) before income taxes
(17,456) 12,816 11,241 98,062 Income taxes (2,022) 4,174 8,135
34,767 ------ ----- ----- ------ Net income (loss) (15,434) 8,642
3,106 63,295 Net income attributable to non- controlling interest
22 67 38 167 -- -- -- --- Net income (loss) attributable to
controlling interest $(15,456) $8,575 $3,068 $63,128 ========
====== ====== ======= Earnings per Common Share Net income (loss)
attributable to controlling interest Basic $(0.69) $0.38 $0.14
$2.83 ====== ===== ===== ===== Diluted $(0.69) $0.38 $0.14 $2.80
====== ===== ===== ===== Weighted average common shares outstanding
Basic 22,468,618 22,339,477 22,446,940 22,287,554 ==========
========== ========== ========== Diluted 22,468,618 22,557,181
22,715,780 22,585,775 ========== ========== ========== ==========
Certain amounts for 2008 have been reclassified to conform with the
2009 presentation. Astec Industries, Inc. Segment Revenues and
Profits For the three months ended December 31, 2009 and 2008 (in
thousands) (Unaudited) ----------- Aggregate Mobile and Asphalt
Under- Asphalt Mining Paving ground All Group Group Group Group
Others Total ------- --------- ------- ------ ------ ----- 2009
Revenues 61,142 55,439 31,759 13,023 16,499 177,862 2008 Revenues
56,764 76,598 20,512 25,855 15,753 195,482 Change $ 4,378 (21,159)
11,247 (12,832) 746 (17,620) Change % 7.7% (27.6%) 54.8% (49.6%)
4.7% (9.0%) 2009 Gross Profit 13,530 9,723 7,155 (1,293) 2,048
31,163 2009 Gross Profit % 22.1% 17.5% 22.5% (9.9%) 12.4% 17.5%
2008 Gross Profit 12,833 16,707 3,130 5,408 3,756 41,834 2008 Gross
Profit % 22.6% 21.8% 15.3% 20.9% 23.8% 21.4% Change 697 (6,984)
4,025 (6,701) (1,708) (10,671) 2009 Profit (Loss) 6,130 (8,704)
2,742 (4,971) (11,294) (16,097) 2008 Profit (Loss) 6,801 4,090
(943) 539 (2,429) 8,058 Change $ (671) (12,794) 3,685 (5,510)
(8,865) (24,155) Change % (9.9%) (312.8%) 390.8% (1022.3%) (365.0%)
(299.8%) ---- ------ ----- ------- ------ ------ Certain amounts
for 2008 have been reclassified to conform with the 2009
presentation. 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 (loss) attributable to controlling interest is
as follows: For the three months ended December 31
-------------------------------------- 2009 2008 ---- ---- Total
profit (loss) for all segments $(16,097) $8,058 Net income
attributable to non-controlling interest in subsidiary (22) (67)
Recapture of intersegment profit 663 584 --- --- Net income (loss)
attributable to controlling interest $(15,456) $8,575 ========
====== Astec Industries, Inc. Segment Revenues and Profits For the
twelve months ended December 31, 2009 and 2008 (in thousands)
(Unaudited) ----------- Aggregate Mobile and Asphalt Under- Asphalt
Mining Paving ground All Group Group Group Group Others Total
------- --------- ------- ------ ------ ----- 2009 Revenues 258,527
218,332 136,836 67,353 57,046 738,094 2008 Revenues 257,336 350,350
150,692 135,152 80,170 973,700 Change $ 1,191 (132,018) (13,856)
(67,799) (23,124) (235,606) Change % 0.5% (37.7%) (9.2%) (50.2%)
(28.8%) (24.2%) 2009 Gross Profit 63,390 46,484 31,656 2,526 8,371
152,427 2009 Gross Profit % 24.5% 21.3% 23.1% 3.8% 14.7% 20.7% 2008
Gross Profit 67,485 82,967 35,826 32,127 14,906 233,311 2008 Gross
Profit % 26.2% 23.7% 23.8% 23.8% 18.6% 24.0% Change (4,095)
(36,483) (4,170) (29,601) (6,535) (80,884) 2009 Profit (Loss)
33,455 (172) 13,374 (14,560) (29,614) 2,483 2008 Profit (Loss)
40,765 37,032 15,087 12,511 (41,154) 64,241 Change $ (7,310)
(37,204) (1,713) (27,071) 11,540 (61,758) Change % (17.9%) (100.5%)
(11.4%) (216.4%) 28.0% (96.1%) ----- ------ ----- ------ ---- -----
Certain amounts for 2008 have been reclassified to conform with the
2009 presentation. 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 twelve months ended December 31
--------------------------------------- 2009 2008 ---- ---- Total
profit for all segments $2,483 $64,241 Net income attributable to
non-controlling interest in subsidiary (38) (167) Recapture
(elimination) of intersegment profit 623 (946) --- ---- Net income
attributable to controlling interest $3,068 $63,128 ====== =======
Astec Industries, Inc. Backlog by Segment December 31, 2009 and
2008 (in thousands) (Unaudited) ----------- Aggregate Mobile and
Asphalt Under- Asphalt Mining Paving ground All Group Group Group
Group Others Total ------- --------- ------- ------ ------ -----
2009 Backlog 75,591 47,793 3,609 1,898 6,199 135,090 2008 Backlog
106,223 65,340 2,855 12,118 6,780 193,316 Change $ (30,632)
(17,547) 754 (10,220) (581) (58,226) Change % (28.8%) (26.9%) 26.4%
(84.3%) (8.6%) (30.1%) ----- ----- ---- ----- ---- ----- Astec
Industries, Inc. and Subsidiaries Reconciliation of Net Earnings
(Loss) as Reported to Net Earnings (Loss) before Impairment Charges
(in thousands, except shares and per share data) (unaudited) Three
Months Ended Twelve Months Ended December 31 December 31 2009 2009
------------------ ------------------- Net earnings (loss) as
reported $(15,456) $3,068 Impairment charges, net of tax benefit of
$3,409 (13,627) (13,627) ------- ------- Net earnings (loss) before
impairment charges $(1,829) $16,695 ======= ======= Earnings per
Common Share Net earnings (loss) as reported: Basic $(0.69) $0.14
====== ===== Diluted $(0.69) $0.14 ====== ===== Net loss from
impairment charges: Basic $(0.61) $(0.61) ====== ====== Diluted
$(0.61) $(0.60) ====== ====== Net earnings (loss) before impairment
charges: Basic $(0.08) $0.74 ====== ===== Diluted $(0.08) $0.73
====== ===== Weighted average common shares outstanding Basic
22,468,618 22,446,940 ========== ========== Diluted 22,468,618
22,715,780 ========== ========== 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, Director of Investor
Relations, +1-423-899-5898, Fax: +1-423-899-4456, Web Site:
http://www.astecindustries.com/
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