CHATTANOOGA, Tenn.,
April 23, 2013 /PRNewswire/
-- Astec Industries, Inc. (Nasdaq: ASTE) today reported
results for their first quarter ended March
31, 2013.
Net sales for the first quarter of 2013 were $247.8 million compared to $252.0 million for the
first quarter of 2012, a 2% decrease. Earnings from
continuing operations for the first quarter of 2013 were
$13.3 million or $0.57 per diluted share compared to $12.0 for the first quarter of 2012 or
$0.52 per diluted share, an increase
of 10% per diluted share.
Domestic sales increased 4% to $161.9
million for the first quarter of 2013 from $155.1 million for the first quarter of
2012. International sales were $85.9
million for the first quarter of 2013 compared to
$96.9 million for the first quarter
of 2012, a decrease of 11%.
The Company's domestic backlog increased 5%, from $159.7 million at March
31, 2012 to $167.3 million at
March 31, 2013. The
international backlog at March 31,
2013 was $109.2 million, a 6%
decrease from the March 31, 2012
international backlog of $116.5
million. The March 31,
2012 backlog has been restated for the sale of American
Augers late in 2012.
Consolidated financial information for the first quarter ended
March 31, 2013 and additional
information related to segment revenues and profits are attached as
addenda to this press release.
Commenting on the announcement, Dr. J.
Don Brock, Chairman and Chief Executive Officer, stated,
"Although our revenues and pre-tax earnings were relatively flat
compared to the first quarter of 2012, we were able to improve our
gross margin by 30 basis points over the first quarter of 2012 and
250 basis points from the fourth quarter of 2012. Since the
federal research and development tax credit for 2012 was not
approved by Congress until early 2013, our first quarter results
also include a substantial reduction in our effective tax
rate."
Dr. Brock continued, "We continue to see challenging domestic
market conditions due to shortfalls in tax revenues in most
states. International business is also hampered by economic
and political uncertainty in many of the markets we serve. In
spite of the lack of strong Federal highway funding and general
uncertainty in the world economy, we are pleased that we have
maintained our profitability and market share. Our backlog
remains strong at $276.5
million."
Investor Conference Call and Web Simulcast
Astec will
conduct a conference call on April 23,
2013, at 10:00 A.M. Eastern
Time to review its first 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: 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, May 7, 2013 by
dialing (877) 660-6853, or (201) 612-7415 for international
callers, Account #286, Conference ID# 412258. A transcription
of the conference call will be made available under the Investor
Relations section of the Astec Industries, Inc. website within 5
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 oil, gas and water drilling equipment
(Underground Group). 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 effects
on the Company from its backlog and the effects of general economic
and political uncertainty on our business. 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, 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, lower than
expected margins on custom equipment orders, competitive activity,
tax rates and the impact of future legislation thereon, 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,
2012.
Astec
Industries, Inc.
|
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
Mar
31
|
Mar
31
|
|
2013
|
2012
|
Assets
|
|
|
Current
assets
|
|
|
Cash and
cash equivalents
|
$
73,175
|
$
41,642
|
Receivables, net
|
104,599
|
113,609
|
Inventories
|
322,007
|
313,407
|
Prepaid
expenses and other
|
26,733
|
21,976
|
Total
current assets
|
526,514
|
490,634
|
Property
and equipment, net
|
186,192
|
191,489
|
Other
assets
|
40,890
|
43,607
|
Total
assets
|
$
753,596
|
$
725,730
|
Liabilities and equity
|
|
|
Current
liabilities
|
|
|
Accounts
payable - trade
|
$
50,781
|
$
56,137
|
Other
current liabilities
|
110,134
|
92,593
|
Total
current liabilities
|
160,915
|
148,730
|
Non-current liabilities
|
31,999
|
33,901
|
Total
equity
|
560,682
|
543,099
|
Total
liabilities and equity
|
$
753,596
|
$
725,730
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec
Industries, Inc.
|
Consolidated Statements of Income
|
(in
thousands, except per share data)
|
(unaudited)
|
|
|
Three
Months Ended
|
|
Mar
31
|
|
2013
|
2012
|
Net
sales
|
$
247,833
|
$
251,967
|
Cost of
sales
|
189,266
|
193,371
|
Gross
profit
|
58,567
|
58,596
|
Selling,
general, administrative & engineering expenses
|
40,367
|
40,143
|
Income
from operations
|
18,200
|
18,453
|
Interest
expense
|
70
|
47
|
Other
income, net of expenses
|
752
|
849
|
Income
from continuing operations before income taxes
|
18,882
|
19,255
|
Income
taxes on continuing operations
|
5,631
|
7,231
|
Net income
from continuing operations
|
13,251
|
12,024
|
Income
from discontinued operations, (net of tax of $73)
|
-
|
234
|
Net
income
|
13,251
|
12,258
|
Net income
attributable to non-controlling interest
|
80
|
13
|
Net income
attributable to controlling interest
|
$
13,171
|
$
12,245
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per Common Share
|
|
|
Net income
attributable to controlling interest from continuing
operations
|
|
|
Basic
|
$
0.58
|
$
0.53
|
Diluted
|
$
0.57
|
$
0.52
|
|
|
|
|
|
|
Income
from discontinued operations, net of tax
|
|
|
Basic
|
$
-
|
$
0.01
|
Diluted
|
$
-
|
$
0.01
|
|
|
|
|
|
|
Net income
attributable to controlling interest
|
|
|
Basic
|
$
0.58
|
$
0.54
|
Diluted
|
$
0.57
|
$
0.53
|
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
Basic
|
22,723
|
22,643
|
Diluted
|
23,080
|
23,054
|
Astec
Industries, Inc.
|
Segment
Revenues and Profits
|
For the
three months ended March 31, 2013 and 2012
|
(in
thousands)
|
(unaudited)
|
|
Asphalt
Group
|
Aggregate
and Mining
Group
|
Mobile
Asphalt Paving
Group
|
Underground Group
|
All
Others
|
Total
|
2013
Revenues
|
71,549
|
90,762
|
47,290
|
14,706
|
23,526
|
247,833
|
2012
Revenues
|
68,671
|
91,304
|
41,993
|
22,059
|
27,940
|
251,967
|
Change
$
|
2,878
|
(542)
|
5,297
|
(7,353)
|
(4,414)
|
(4,134)
|
Change
%
|
4.2%
|
(0.6%)
|
12.6%
|
(33.3%)
|
(15.8%)
|
(1.6%)
|
|
|
|
|
|
|
|
2013 Gross
Profit
|
20,154
|
23,040
|
10,559
|
275
|
4,539
|
58,567
|
2013 Gross
Profit %
|
28.2%
|
25.4%
|
22.3%
|
1.9%
|
19.3%
|
23.6%
|
2012 Gross
Profit
|
16,396
|
23,737
|
10,604
|
3,084
|
4,775
|
58,596
|
2012 Gross
Profit %
|
23.9%
|
26.0%
|
25.3%
|
14.0%
|
17.1%
|
23.3%
|
Change
|
3,758
|
(697)
|
(45)
|
(2,809)
|
(236)
|
(29)
|
|
|
|
|
|
|
|
2013
Profit (Loss)
|
11,141
|
9,057
|
4,221
|
(2,381)
|
(8,172)
|
13,866
|
2012
Profit (Loss)
|
7,391
|
9,571
|
3,921
|
(173)
|
(9,213)
|
11,497
|
Change
$
|
3,750
|
(514)
|
300
|
(2,208)
|
1,041
|
2,369
|
Change
%
|
50.7%
|
(5.4%)
|
7.7%
|
(1276.3%)
|
11.3%
|
20.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31
|
|
|
2013
|
2012
|
Change
$
|
|
Total
profit for all segments
|
13,866
|
11,497
|
2,369
|
|
Recapture
(elimination) of intersegment profit
|
(615)
|
527
|
(1,142)
|
|
Net income
from continuing operations
|
13,251
|
12,024
|
1,227
|
|
Income
from discontinued operations, (net of tax of $73)
|
-
|
234
|
(234)
|
|
Net income
attributable to non-controlling interest
|
(80)
|
(13)
|
(67)
|
|
Net income
attributable to controlling interest
|
|
13,171
|
12,245
|
926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec
Industries, Inc.
|
Backlog by
Segment
|
March 31,
2013 and 2012
|
(in
thousands)
|
(unaudited)
|
|
Asphalt
Group
|
Aggregate
and Mining
Group
|
Mobile
Asphalt Paving
Group
|
Underground Group
|
All
Others
|
Total
|
2013
Backlog
|
126,895
|
93,867
|
10,056
|
30,937
|
14,770
|
276,525
|
2012
Backlog
|
123,327
|
102,686
|
10,799
|
26,380
|
12,980
|
276,172
|
Change
$
|
3,568
|
(8,819)
|
(743)
|
4,557
|
1,790
|
353
|
Change
%
|
2.9%
|
(8.6%)
|
(6.9%)
|
17.3%
|
13.8%
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec
Industries, Inc.
|
Supplemental Data Related to the Discontinued
Operations of American Augers
|
(in
thousands)
|
(unaudited)
|
|
|
2012
|
2011
|
|
|
Quarter
Ended
|
Revenues
|
Earnings,
net of tax
|
Revenues
|
Earnings,
net of tax
|
|
|
March
31
|
14,670
|
234
|
5,800
|
(1,251)
|
|
|
June
30
|
15,600
|
848
|
16,704
|
918
|
|
|
September
30
|
8,651
|
318
|
14,717
|
915
|
|
|
December
31
|
14,698
|
2,001
|
9,867
|
(357)
|
|
|
Total
|
53,619
|
3,401
|
47,088
|
225
|
|
SOURCE Astec Industries, Inc.