UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2015
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ASTEC INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Charter)
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Tennessee
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001-11595
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62-0873631
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1725 Shepherd Road
Chattanooga, Tennessee 37421
(Address of Principal Executive Offices and Zip Code)
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(423) 899-5898
(Registrant's telephone number, including area code)
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N/A
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-d(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
The information, including the exhibits attached hereto, in this Current Report on Form 8-K is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed by the Company pursuant to the Securities Act of 1933, as amended, or into any other filing or document made by the Company pursuant to the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing.
Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of Astec Industries, Inc., dated February 24, 2015, reporting the Company's financial results for the three months and year ended December 31, 2014.
Item 9.01. Financial Statements and Exhibits.
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(c) Exhibits. The following exhibits are furnished herewith:
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated February 24, 2015
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ASTEC INDUSTRIES, INC.
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Date: February 24, 2015
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By: /s/ David C. Silvious
David C. Silvious, Chief Financial Officer,
Vice President and Treasurer
(Principal Financial and Accounting Officer)
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Index to Exhibits
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated February 24, 2015
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Exhibit 99.1
Astec Industries, Inc.
News Release
1725 Shepherd Road | Chattanooga, TN 37421 | Phone (423) 899-5898 | Fax (423) 899-4456
ASTEC INDUSTRIES REPORTS FOURTH QUARTER AND 2014 RESULTS
CHATTANOOGA, Tenn. (February 24, 2015) - Astec Industries, Inc. (Nasdaq: ASTE) today reported results for their fourth quarter and year ended December 31, 2014. Net sales for the fourth quarter of 2014 were $239.5 million compared to $223.9 million for the fourth quarter of 2013, a 7.0% increase. Net income attributable to controlling interest for the fourth quarter of 2014 was $8.5 million or $0.37 per diluted share compared to $8.3 million or $0.36 per diluted share in the fourth quarter of 2013, an increase of 2.4%.
Domestic sales increased 6.5% to $151.6 million for the fourth quarter of 2014 from $142.4 million for the fourth quarter of 2013. International sales increased 7.9% to $87.9 million for the fourth quarter of 2014 from $81.5 million for the fourth quarter of 2013.
Net sales for 2014 were $975.6 million compared to $933.0 million for 2013, an increase of $42.6 million. Net income attributable to controlling interest for 2014 was $34.5 million or $1.49 per diluted share compared to $39.0 million or $1.69 per diluted share for 2013, a 11.5% decrease.
Domestic sales increased 9.2% to $654.2 million for 2014 from $599.1 million for 2013. International sales were $321.4 million for 2014 compared to $333.9 million for 2013, a 3.7% decrease.
The Company's domestic backlog increased 10.8%, from $200.7 million at December 31, 2013 to $222.4 million at December 31, 2014. The international backlog at December 31, 2014 was $109.7 million compared to $97.5 million at December 31, 2013 for an increase of 12.4%. Total backlog increased 11.4% to $332.1 million at December 31, 2014 from $298.2 million at December 31, 2013.
Consolidated financial information for the quarter and year ended December 31, 2014 and additional information related to segment revenues and profits are attached as addenda to this press release.
Commenting on the announcement of quarterly and annual results, Benjamin G. Brock, Chief Executive Officer, stated, "We were pleased with our bottom line results during the 4th Quarter of 2014, especially given the continued instability in the federal highway funding. With regards to our top line, we were pleased to grow our reported revenues to a record $975.6 million. We are improving operationally and it is starting to show up in higher gross margins. This, along with our record $332.1 million backlog, has us optimistic on our first half of 2015. With regards to federal highway funding, we believe that there is momentum in Washington DC to get a long-term bill of some kind passed this year. With this development we are cautiously optimistic for the balance of 2015."
Mr. Brock continued, "Orders so far in 2015 have been steady with the exception of products targeted at the oil exploration industry due to the well-publicized decrease in the price of oil. As a result we have made the difficult decision to consolidate all GEFCO operations in Enid, Oklahoma and to close our Loudon, Tennessee operation effective May 31, 2015. We will work to place our Loudon employees with our other companies wherever possible. This closure will result in cost savings in 2015 that will outweigh the cost of closing the facility. Our balance sheet remains strong with a positive net cash position. We are continuing our acquisition efforts and will work to add companies that represent strategic fits for our business during 2015."
Investor Conference Call and Web Simulcast
Astec will conduct a conference call on February 24, 2015, at 10:00 A.M. Eastern Time to review its December 31, 2014 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, March 10, 2015 by dialing (877) 660-6853, or (201) 612-7415 for international callers, Conference ID# 13600838. 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 asphalt road building; aggregate processing; oil, gas and water well drilling; and wood processing. Astec's manufacturing operations are divided into three primary business segments: road building and related equipment (Infrastructure Group); aggregate processing and mining equipment (Aggregate and Mining Group); and equipment for the extraction and production of fuels, biomass production, and water drilling equipment (Energy Group).
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, future federal highway funding, efforts to improve gross margin, the effect of closing the Loudon, Tennessee facility and our ability to complete and integrate the 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, oil and liquid asphalt prices, rising steel prices, 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, 2014.
For Additional Information Contact:
Benjamin G. Brock
President & Chief Executive Officer
Phone: (423) 867-4210
Fax: (423) 867-4127
E-mail: bbrock@astecindustries.com
or
David C. Silvious
Vice President and Chief Financial Officer
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: dsilvious@astecindustries.com
or
Stephen C. Anderson
Vice President, Director of Investor Relations & Corporate Secretary
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: sanderson@astecindustries.com