Astec Industries, Inc. Reports Second Quarter 2004 Results
CHATTANOOGA, Tenn., July 21 /PRNewswire-FirstCall/ -- Astec
Industries, Inc. (NASDAQ:ASTE) today reported results for the
second quarter ended June 30, 2004. Net income for the second
quarter of 2004 was $12.6 million, or $.62 per diluted share,
compared with a net loss of $2.2 million, or $.11 per share, for
the second quarter of 2003. As previously announced, the Company
sold substantially all of the assets and liabilities of Superior
Industries of Morris, Inc. (Superior) on June 30, 2004. The Company
recognized a gain of $5.5 million, net of taxes of $5.0 million, on
the sale of Superior in the second quarter of 2004. Superior's
financial results are included in the income from discontinued
operations line and are excluded from all other lines on the
statement of operations. Net sales from continuing operations for
the second quarter ended June 30, 2004 were $145.9 million compared
to $103.4 million for the second quarter ended June 30, 2003.
International sales for the second quarter of 2004 were 26.1% of
total revenues versus 21.2% for 2003. Net sales from Superior that
are included in discontinued operations for the second quarters
ended June 30, 2004 and June 30, 2003, were $8.5 million and $6.4
million, respectively. Net income from continuing operations for
the second quarter of 2004 was $6.3 million, or $.31 per diluted
share compared to a net loss from continuing operations of $2.8
million, or $.14 per share, for the second quarter of 2003. Income
from discontinued operations for the second quarter ending June 30,
2004 was $.8 million net of $.5 million of income taxes compared to
$.6 million net of $.4 million in income taxes for the quarter
ended June 30, 2003. Diluted earnings per share from discontinued
operations including the gain on disposal for the second quarter
ending June 30, 2004 was $.31 and for June 30, 2003 was $.03. Net
income for the six months ended June 30, 2004 was $18.1 million, or
$.90 per diluted share, compared to a net loss of $4.0 million, or
$.21 per share, for the six months ended June 30, 2003. Net sales
from continuing operations for the six months ended June 30, 2004
were $281.7 million compared to $218.5 million for the six months
ended June 30, 2003. International sales for the six months ended
June 30, 2004 were 23.8% of total revenues versus 20.7% for 2003.
Net sales for Superior that are included in discontinued operations
for the six months ended June 30, 2004 totaled $15.8 million and
for the six months ended June 30, 2003 totaled $13.4 million. The
net income from continuing operations for the six months ended June
30, 2004 was $11.1 million, or $.55 per diluted share, compared
with a net loss of $5.3 million, or $.27 per share, for the same
period in 2003. Income from discontinued operations for the six
months ended June 30, 2004 was $1.4 million net of income tax of
$.9 million compared to $1.2 million net of $.8 million in income
tax for the six months ended June 30, 2003. Diluted earnings per
share from discontinued operations including the gain on disposal
for the six months ending June 30, 2004 was $.35 and for June 30,
2003 was $.06. Condensed consolidated financial statements for the
second quarter and for the first six months of 2004 and 2003, and
additional information related to segment revenues and profits are
attached to this press release. Astec's backlog for continuing
operations at June 30, 2004, was $68.7 million compared with $41.9
million at June 30, 2003, for a 64% increase. Commenting on the
announcement, Dr. J. Don Brock, Chairman and Chief Executive
Officer, stated, "We are pleased with the improvement in our
business in the second quarter of 2004 versus 2003. The liquidity
and strength of our balance sheet continues to improve from
operations and the sale of assets and liabilities of Superior
Industries of Morris, Inc. On June 30, 2004 the revolving credit
line balance was paid down to zero and the term loan balance was
reduced by $4.5 million dollars from the proceeds of the Superior
sale." Comments Concerning The Third Quarter of 2004: The following
discussion is a compilation of "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act. Such statements
are not guarantees of future performance and are subject to certain
risks, uncertainties, assumptions and other factors, some of which
are beyond the Company's control, that could cause actual results
to differ materially from those anticipated as of the date of this
Press Release. Dr. J. Don Brock also stated, "We are concerned
about the possible delay or reluctance in buyer's decisions on
larger equipment because the reauthorization of TEA- 21 has not
been resolved by Congress. Fluctuating oil prices continue to
impact the cost of asphalt for our customers. Continued steel price
increases and the resulting cost increases in purchased components
threaten gross margins if sale prices can't be achieved to overcome
the cost increases. We believe an improving economy should lead to
more fuel tax collections and a healthier status of state
government funding. The reauthorization of TEA-21 could provide a
very positive impact to our customers' current attitude toward
spending. We believe customers have profited from the smaller
contracts awarded to utilize piecemeal federal awards and some are
now considering the need for capital expenditures to take advantage
of the current opportunity to generate accelerated depreciation to
reduce income taxes. This tax-break will expire December 31, 2004
and, in our opinion, could lead to orders in the third and fourth
quarters." Investor Conference Call and Web Simulcast Astec will
conduct a conference call on July 21, 2004, at 10:00 A.M. Eastern
Time to review its second quarter results as well as current
business conditions. The number to call for this interactive
teleconference is (800) 922-0755. International callers should dial
(973) 935-2401. 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/investors , Conference Calls
Section. 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 Saturday, July 24, 2004 by
dialing (877) 519-4471, or (973) 341-3080 for international callers
- Confirmation #4969312. A transcription of the conference call
will be made available under the Investor Relations 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. 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 the future generally, the Company's liquidity and
strength of its balance sheet, the impact of fluctuating oil prices
on the cost of asphalt for our customers; the potential decrease in
gross margins from the continued steel price increases and the
resulting cost increases in purchased components; the positive
impact to our customers' current attitude toward spending from the
reauthorization of TEA- 21; the timing of any expected recovery in
the Company's markets, the amount of fuel tax collections, the
status of state government funding, the ability of the Company to
capitalize on expected upturns in its markets, and the impact of
any highway bill. 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, further downturns in the economy or delays in any
upturns in the economy, rising oil and liquid asphalt prices, a
failure to comply with covenants in the Company's credit facility
or to obtain waivers thereof, rising interest rates, rising steel
and steel component pricing, delayed or decreased funding for
highway projects, the timing of large contracts, production
capacity, general business conditions in the industry, demand for
the Company's products, seasonality and cyclicality in operating
results, 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, 2003. Astec Industries, Inc.
and Subsidiaries Segment Revenues and Profits For the three months
ended June 30, 2004 and 2003 (in thousands) (Unaudited) Aggregate
Mobile and Asphalt Under- Asphalt Mining Paving ground All Group
Group Group Group Others Total 2004 Revenues 44,325 56,975 26,519
18,073 45 145,937 2003 Revenues 30,733 39,730 20,803 11,933 238
103,437 Change $ 13,592 17,245 5,716 6,140 (193) 42,500 Change %
44.2% 43.4% 27.5% 51.5% (81.1%) 41.1% 2004 Gross Profit 9,328
13,154 6,029 2,938 (808) 30,641 2004 Gross Profit % 21.0% 23.1%
22.7% 16.3% (1795.6%) 21.0% 2003 Gross Profit 3,544 8,259 4,418
1,792 8 18,021 2003 Gross Profit % 11.5% 20.8% 21.2% 15.0% 3.4%
17.4% Change 5,784 4,895 1,611 1,146 (816) 12,620 2004 Profit
(Loss) 4,966 6,145 2,780 553 (8,046) 6,398 2003 Profit (Loss) (511)
1,053 946 (1,115) (3,687) (3,314) Change $ 5,477 5,092 1,834 1,668
(4,359) 9,712 Change % 1071.8% 483.6% 193.9% 149.6% (118.2%) 293.1%
Segment revenues are reported net of intersegment revenues. Segment
gross profit is net of profit on intersegment revenues. A
reconciliation of total segment profits (losses) to the Company's
consolidated net income (loss) is as follows: For the three months
ended June 30 2004 2003 Total profit (loss) for all segments 6,398
(3,314) Minority interest in earnings of subsidiary (36) (10)
Recapture (elimination) of intersegment profit (36) 490
Consolidated net income (loss) from continuing operations 6,326
(2,834) Profit from discontinued operations, net of tax 769 622
Gain on sale of discontinued operations, net of tax 5,507 -
Consolidated net income (loss) 12,602 (2,212) Astec Industries,
Inc. and Subsidiaries Segment Revenues and Profits For the six
months ended June 30, 2004 and 2003 (in thousands) (Unaudited)
Aggregate Mobile and Asphalt Under- Asphalt Mining Paving ground
All Group Group Group Group Others Total 2004 Revenues 87,588
107,332 50,650 36,050 45 281,665 2003 Revenues 75,055 77,001 41,259
24,439 769 218,523 Change $ 12,533 30,331 9,391 11,611 (724) 63,142
Change % 16.7% 39.4% 22.8% 47.5% (94.1%) 28.9% 2004 Gross Profit
17,968 25,320 12,159 5,060 (1,042) 59,465 2004 Gross Profit % 20.5%
23.6% 24.0% 14.0% (2315.6%) 21.1% 2003 Gross Profit 10,120 15,806
8,709 1,762 234 36,631 2003 Gross Profit % 13.5% 20.5% 21.1% 7.2%
30.4% 16.8% Change 7,848 9,514 3,450 3,298 (1,276) 22,834 2004
Profit (Loss) 9,262 11,276 5,508 (83) (14,682) 11,281 2003 Profit
(Loss) 1,573 1,861 2,134 (4,149) (7,145) (5,726) Change $ 7,689
9,415 3,374 4,066 (7,537) 17,007 Change % 488.8% 505.9% 158.1%
98.0% (105.5%) 297.0% Segment revenues are reported net of
intersegment revenues. Segment gross profit is net of profit on
intersegment revenues. A reconciliation of total segment profits
(losses) to the Company's consolidated net income (loss) is as
follows: For the six months ended June 30 2004 2003 Total profit
(loss) for all segments 11,281 (5,726) Minority interest in
earnings of subsidiary (46) (31) Recapture (elimination) of
intersegment profit (106) 475 Consolidated net income (loss) from
continuing operations 11,129 (5,282) Profit from discontinued
operations, net of tax 1,419 1,240 Gain on sale of discontinued
operations, net of tax 5,507 - Consolidated net income (loss)
18,055 (4,042) Astec Industries, Inc. and Subsidiaries Consolidated
Balance Sheets (In thousands) (Unaudited) June 30 June 30 2004 2003
Assets Current Assets Cash and cash equivalents $20,325 $11,280
Receivables, net 63,826 57,609 Inventories 103,440 113,740 Prepaid
expenses and other 9,114 23,204 Total current assets 196,705
205,833 Property and equipment, net 99,398 115,357 Other assets
22,831 42,340 Total assets $318,934 $363,530 Liabilities and
shareholders' equity Current liabilities Revolving credit loan $-
$27,782 Notes payable 223 3,683 Current maturities of long-term
debt 6,857 5,872 Accounts payable - trade 38,453 34,158 Other
accrued liabilities 51,413 38,668 Total current liabilities 96,946
110,163 Long-term debt, less current maturities 30,602 50,373 Other
non-current liabilities 4,074 10,638 Minority interest in
consolidated subsidiary 698 451 Total shareholders' equity 186,614
191,905 Total liabilities and shareholders' equity $318,934
$363,530 Astec Industries, Inc. and Subsidiaries Consolidated
Statements of Operations (In thousands) (Unaudited) Three Months
Ended Six Months Ended June 30 June 30 2004 2003 2004 2003 Net
sales $145,937 $103,437 $281,665 $218,523 Cost of sales 115,296
85,416 222,200 181,892 Gross profit 30,641 18,021 59,465 36,631
Selling, general, administrative & engineering expenses 19,913
17,580 39,786 37,984 Income (loss) from operations 10,728 441
19,679 (1,353) Interest expense 1,072 2,096 2,151 4,435 Other
income, net of expense 721 891 661 1,058 Senior note termination
expense - (3,837) - (3,837) Income (loss) from continuing
operations before income taxes 10,377 (4,601) 18,189 (8,567) Income
taxes on continuing operations 4,015 (1,777) 7,014 (3,316) Minority
interest in earnings 36 10 46 31 Income (loss) from continuing
operations 6,326 (2,834) 11,129 (5,282) Income from discontinued
operations 1,252 1,012 2,307 2,016 Income taxes on discontinued
operations 483 390 888 776 Gain on disposal of discontinued
operations (net of tax of $4,970) 5,507 - 5,507 - Net income (loss)
$12,602 $(2,212) $18,055 $(4,042) Earnings per Common Share Income
(loss) from continuing operations: Basic $0.32 $(0.14) $0.57
$(0.27) Diluted $0.31 $(0.14) $0.55 $(0.27) Income from
discontinued operations: Basic $0.32 $0.03 $0.35 $0.06 Diluted
$0.31 $0.03 $0.35 $0.06 Net income (loss): Basic $0.64 $(0.11)
$0.92 $(0.21) Diluted $0.62 $(0.11) $0.90 $(0.21) Weighted average
common shares outstanding Basic 19,691,359 19,686,539 19,666,055
19,682,161 Diluted 20,179,112 19,686,539 20,057,591 19,682,161
DATASOURCE: Astec Industries, Inc. CONTACT: J. Don Brock, Chairman
of the Board & C.E.O., +1-423-867-4210, or fax,
+1-423-867-4127, or , or F. McKamy Hall, Vice President and Chief
Financial Officer, +1-423-899-5898, or fax, +1-423-899-4456, or ,
or Stephen C. Anderson, Director of Investor Relations,
+1-423-899-5898, or fax, +1-423-899-4456, or , all of Astec
Industries, Inc. Web site: http://www.astecindustries.com/
http://www.astecindustries.com/investors
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