CHATTANOOGA, Tenn.,
Feb. 21, 2012 /PRNewswire/ -- Astec
Industries, Inc. (Nasdaq: ASTE) today reported results for its
fourth quarter and year ended December 31,
2011. Net sales for the fourth quarter of 2011 were
$263.2 million compared to
$190.8 million for the fourth quarter
of 2010, a 38% increase. Earnings for the fourth quarter of
2011 were $8.0 million or
$0.35 per diluted share compared to
the fourth quarter of 2010 earnings of $6.0
million or $0.26 per diluted
share, an increase of $0.09 or 35%
per diluted share. The fourth quarter results included
charges of $2.2 million related to
the sale of the utility trencher product line in the Underground
Group. Excluding these charges, earnings for the fourth
quarter of 2011 were $9.4 million or
$0.41 per diluted share.
For the fourth quarter of 2011, domestic sales were $147.1 million or 56% of net sales compared to
$119.6 million or 63% of net sales
for the fourth quarter of 2010, a 23% increase. International
sales were $116.0 million in the
fourth quarter of 2011 or 44% of net sales, a 63% increase over the
fourth quarter of 2010 international sales of $71.2 million, or 37% of net sales.
Net sales for the year ended December 31,
2011 were $955.7 million
compared to $771.3 million for the
same period in 2010, an increase of 24%. Earnings for the
year ended December 31, 2011 were
$39.9 million or $1.74 per diluted share compared to $32.4 million or $1.42 per diluted share for 2010, an increase of
$0.32 or 22% per diluted share.
Results for the year ended December 31, 2011 included charges of
$2.2 million related to the sale of
the utility trencher product line in the Underground Group and an
impairment charge of $2.3 million
related to a company aircraft that is held for sale.
Excluding these items, earnings for the year ended
December 31, 2011 were $42.7 million, or $1.86 per diluted share.
Domestic sales for 2011 were $561.4
million or 59% of net sales, an 18% increase over 2010
domestic sales of $476.9 million, or
62% of 2010 net sales. International sales were $394.3 million or 41% of 2011 net sales, a 34%
increase over 2010 international sales of $294.4 million, or 38% of 2010 net sales.
The Company's domestic backlog at December 31, 2011 was $148.0 million compared to $111.0 million at December
31, 2010, an increase of $37.0
million or 33%. The international backlog at
December 31, 2011 was $131.6 million compared to $122.1 million at the end of 2010, an increase of
8%. All backlog amounts for 2010 have been restated to
reflect 2011 acquisitions.
Consolidated financial information for the fourth quarter and
year ended December 31, 2011,
additional information related to segment revenues, profits and
backlogs, and a reconciliation of earnings as reported to earnings
before special items are attached as addenda to this press release.
Dr. J. Don Brock, Chairman and
Chief Executive Officer, commented, "We are pleased with our
performance for the fourth quarter and for the year of 2011.
The numbers alone, unfortunately, do not show the great
effort that our employees and managers put into making our company
perform and in preparing it for future growth. During the
year, we acquired two companies, started a new joint venture
company in Brazil, bought two new
facilities, expanded three of our existing facilities, negotiated
the sale of the utility product line, and developed a number of new
products.
The magnitude of product development far exceeds the expense and
effort of any prior year. We believe that the products that
were and are being developed will expand our presence in all
segments of the energy, mining, and infrastructure markets."
Investor Conference Call and Web Simulcast
Astec will conduct a conference call on February 21, 2012, at 10:00 a.m. EST to review its fourth quarter and
fiscal 2011 financial results as well as its near term general
outlook for 2012. 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 at: www.astecindustries.com/conferencecalls. An
archived webcast will be available for 90 days at
www.astecindustries.com.
A replay of the conference call will be available through
midnight on Tuesday, March 6, 2012,
by dialing (877) 660-6853 or (201) 612-7415 for international
callers; Account #: 286; Conference ID #: 388830. 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
primary business segments: aggregate processing and mining
equipment; asphalt production equipment; mobile asphalt paving
equipment; and underground boring, directional drilling and
trenching equipment. Additionally, the Other Group contains
one subsidiary that manufactures equipment used for wood processing
and recycling and one that is a company-owned dealership located in
Australia.
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 2012, the effects on the
Company from its backlog, the effects of our recent acquisitions,
dispositions, and joint ventures, and the success of our product
development activities. 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, 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,
the success of new business models and products, general business
conditions in the industry, demand for the Company's products both
domestic and international, 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, 2010 and the
Company's quarterly reports on Forms 10-Q for the quarters ended
March 31, June
30 and September 30, 2011.
The Company plans to file its Form 10-K timely by
February 29, 2012.
Astec
Industries, Inc.
|
|
Consolidated
Balance Sheets
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
Dec
31
|
Dec
31
|
|
|
2011
|
2010
|
|
Assets
|
|
|
|
Current assets
|
|
|
|
Cash and cash
equivalents
|
$
57,505
|
$
94,597
|
|
Receivables, net
|
102,060
|
80,863
|
|
Inventories
|
299,065
|
252,981
|
|
Prepaid expenses and
other
|
26,924
|
19,380
|
|
Total current assets
|
485,554
|
447,821
|
|
Property and equipment,
net
|
188,018
|
168,242
|
|
Other assets
|
43,311
|
33,576
|
|
Total assets
|
$
716,883
|
$
649,639
|
|
Liabilities
and equity
|
|
|
|
Current liabilities
|
|
|
|
Accounts payable -
trade
|
$
55,170
|
$
44,493
|
|
Other accrued
liabilities
|
98,852
|
85,933
|
|
Total current
liabilities
|
154,022
|
130,426
|
|
Other non-current
liabilities
|
33,678
|
26,407
|
|
Total equity
|
529,183
|
492,806
|
|
Total liabilities and
equity
|
$
716,883
|
$
649,639
|
|
|
|
|
Astec
Industries, Inc.
|
|
Consolidated
Statements of Income
|
|
(in
thousands, except shares and share data)
|
|
(unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
Twelve
Months Ended
|
|
|
Dec
31
|
Dec
31
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net sales
|
$
263,160
|
$
190,779
|
$
955,729
|
$
771,335
|
|
Cost of sales
|
207,440
|
146,491
|
736,935
|
592,288
|
|
Gross profit
|
55,720
|
44,288
|
218,794
|
179,047
|
|
Selling, general, administrative
& engineering expenses
|
43,458
|
36,272
|
161,267
|
131,623
|
|
Income from
operations
|
12,262
|
8,016
|
57,527
|
47,424
|
|
Interest expense
|
54
|
62
|
193
|
352
|
|
Other income, net of
expenses
|
931
|
528
|
1,967
|
1,631
|
|
Income before income
taxes
|
13,139
|
8,482
|
59,301
|
48,703
|
|
Income taxes
|
5,147
|
2,467
|
19,281
|
16,131
|
|
Net income
|
7,992
|
6,015
|
40,020
|
32,572
|
|
Net income attributable to
noncontrolling interest
|
28
|
48
|
102
|
142
|
|
Net income attributable to
controlling interest
|
$
7,964
|
$
5,967
|
$
39,918
|
$
32,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common
Share
|
|
|
|
|
|
Net income attributable to
controlling interest
|
|
|
|
|
|
Basic
|
$
0.35
|
$
0.26
|
$
1.77
|
$
1.44
|
|
Diluted
|
$
0.35
|
$
0.26
|
$
1.74
|
$
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding
|
|
|
|
|
|
Basic
|
22,613,285
|
22,553,426
|
22,588,721
|
22,517,246
|
|
Diluted
|
23,018,309
|
22,874,394
|
22,984,221
|
22,829,799
|
|
|
|
|
|
|
Astec
Industries, Inc.
|
|
Segment
Revenues and Profits
|
|
For the
three months ended December 31, 2011 and 2010
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Asphalt
Group
|
Aggregate
and
Mining Group
|
Mobile
Asphalt
Paving Group
|
Underground
Group
|
All
Others
|
Total
|
|
2011
Revenues
|
68,009
|
84,630
|
45,424
|
26,246
|
38,851
|
263,160
|
|
2010
Revenues
|
45,518
|
70,218
|
40,441
|
18,322
|
16,280
|
190,779
|
|
Change
$
|
22,491
|
14,412
|
4,983
|
7,924
|
22,571
|
72,381
|
|
Change
%
|
49.4%
|
20.5%
|
12.3%
|
43.2%
|
138.6%
|
37.9%
|
|
|
|
|
|
|
|
|
|
2011 Gross
Profit
|
16,665
|
21,552
|
10,804
|
643
|
6,056
|
55,720
|
|
2011 Gross
Profit %
|
24.5%
|
25.5%
|
23.8%
|
2.4%
|
15.6%
|
21.2%
|
|
2010 Gross
Profit
|
9,894
|
17,491
|
11,442
|
1,946
|
3,515
|
44,288
|
|
2010 Gross
Profit %
|
21.7%
|
24.9%
|
28.3%
|
10.6%
|
21.6%
|
23.2%
|
|
Change
|
6,771
|
4,061
|
(638)
|
(1,303)
|
2,541
|
11,432
|
|
|
|
|
|
|
|
|
|
2011 Profit
(Loss)
|
8,889
|
8,379
|
5,666
|
(3,940)
|
(12,091)
|
6,903
|
|
2010 Profit
(Loss)
|
4,262
|
4,347
|
6,571
|
(1,080)
|
(9,079)
|
5,021
|
|
Change
$
|
4,627
|
4,032
|
(905)
|
(2,860)
|
(3,012)
|
1,882
|
|
Change
%
|
108.6%
|
92.8%
|
(13.8%)
|
(264.8%)
|
(33.2%)
|
37.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31
|
|
|
2011
|
2010
|
Change
$
|
|
Total profit for all
segments
|
$
6,903
|
$
5,021
|
$
1,882
|
|
Net income attributable to
non-controlling interest in subsidiary
|
(28)
|
(48)
|
20
|
|
Recapture of intersegment
profit
|
1,089
|
994
|
95
|
|
Net income attributable to
controlling interest
|
$
7,964
|
$
5,967
|
$
1,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec
Industries, Inc.
|
|
Segment
Revenues and Profits
|
|
For the
twelve months ended December 31, 2011 and 2010
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Asphalt
Group
|
Aggregate
and
Mining Group
|
Mobile
Asphalt
Paving Group
|
Underground
Group
|
All
Others
|
Total
|
|
2011
Revenues
|
260,404
|
333,278
|
187,988
|
84,771
|
89,288
|
955,729
|
|
2010
Revenues
|
226,419
|
256,400
|
166,436
|
60,105
|
61,975
|
771,335
|
|
Change
$
|
33,985
|
76,878
|
21,552
|
24,666
|
27,313
|
184,394
|
|
Change
%
|
15.0%
|
30.0%
|
12.9%
|
41.0%
|
44.1%
|
23.9%
|
|
|
|
|
|
|
|
|
|
2011 Gross
Profit
|
61,151
|
83,389
|
49,962
|
8,780
|
15,512
|
218,794
|
|
2011 Gross
Profit %
|
23.5%
|
25.0%
|
26.6%
|
10.4%
|
17.4%
|
22.9%
|
|
2010 Gross
Profit
|
56,063
|
60,716
|
44,580
|
4,464
|
13,224
|
179,047
|
|
2010 Gross
Profit %
|
24.8%
|
23.7%
|
26.8%
|
7.4%
|
21.3%
|
23.2%
|
|
Change
|
5,088
|
22,673
|
5,382
|
4,316
|
2,288
|
39,747
|
|
|
|
|
|
|
|
|
|
2011 Profit
(Loss)
|
29,310
|
31,493
|
26,485
|
(7,106)
|
(38,216)
|
41,966
|
|
2010 Profit
(Loss)
|
28,672
|
16,578
|
23,234
|
(8,092)
|
(27,138)
|
33,254
|
|
Change
$
|
638
|
14,915
|
3,251
|
986
|
(11,078)
|
8,712
|
|
Change
%
|
2.2%
|
90.0%
|
14.0%
|
12.2%
|
(40.8%)
|
26.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended December 31
|
|
|
2011
|
2010
|
Change
$
|
|
Total profit for all
segments
|
$
41,966
|
$
33,254
|
$
8,712
|
|
Net income attributable to
non-controlling interest in subsidiary
|
(102)
|
(142)
|
40
|
|
Elimination of intersegment
profit
|
(1,946)
|
(682)
|
(1,264)
|
|
Net income attributable to
controlling interest
|
$
39,918
|
$
32,430
|
$
7,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec
Industries, Inc.
|
|
Backlog by
Segment
|
|
December 31,
2011 and 2010
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
Asphalt
Group
|
Aggregate
and
Mining Group
|
Mobile
Asphalt
Paving Group
|
Underground
Group
|
All
Others
|
Total
|
|
2011
Backlog
|
115,775
|
98,262
|
6,149
|
32,322
|
27,090
|
279,598
|
|
2010
Backlog
|
108,792
|
81,958
|
15,109
|
21,356
|
5,925
|
233,140
|
|
Change
$
|
6,983
|
16,304
|
(8,960)
|
10,966
|
21,165
|
46,458
|
|
Change
%
|
6.4%
|
19.9%
|
(59.3%)
|
51.3%
|
357.2%
|
19.9%
|
|
|
|
|
|
|
|
|
Astec
Industries, Inc. and Subsidiaries
|
|
Reconciliation of Net Income
Attributable to Controlling Interest as Reported to
|
|
Net Income
Attributable to Controlling Interest before Special
Items
|
|
(in
thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
Twelve
Months Ended
|
|
|
December
31
|
December
31
|
|
|
2011
|
2011
|
|
Net income attributable to
controlling interest as reported
|
$
7,964
|
$
39,918
|
|
Special items
|
|
|
|
Utility trencher product line charges, net of tax benefit of
$871
|
1,368
|
1,368
|
|
Company aircraft impairment charge, net of tax benefit of
$917
|
81
|
1,387
|
|
Net income attributable to
controlling interest before special items
|
$
9,413
|
$
42,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
controlling interest per diluted share as reported:
|
$
0.35
|
$
1.74
|
|
Special items, net of tax, per
diluted share:
|
|
|
|
Utility trencher product line charges
|
0.06
|
0.06
|
|
Company aircraft impairment charge
|
0.00
|
0.06
|
|
Net income attributable to
controlling interest before special items per diluted
share:
|
$
0.41
|
$
1.86
|
|
|
|
|
|
|
|
|
The table above reconciles net
income attributable to controlling interest and earnings per share
as reported according to GAAP with their related
non-GAAP measures as discussed in this release. We believe
these non-GAAP measures are helpful to investors
in assessing the company's
ongoing performance as well as providing comparability with
commonly used financial metrics used in the
investing community.
|
|
|
SOURCE Astec Industries, Inc.