Astec Industries Has Rise In Earnings For 4th Quarter

Tuesday, February 25, 2014
Astec Industries, Inc. (Nasdaq: ASTE) today reported results for their fourth quarter and year ended Dec. 31, 2013, including a rise in earnings.

Net sales for the fourth quarter of 2013 were $223.9 million compared to $227.6 million for the fourth quarter of 2012, a 2% decrease. Earnings from continuing operations for the fourth quarter of 2013 were $8.3 million or $0.36 per diluted share compared to $5.5 million or $0.24 per diluted share in the fourth quarter of 2012, an increase of 51%.

Domestic sales increased 10% to $142.4 million for the fourth quarter of 2013 from $129.0 million for the fourth quarter of 2012. International sales decreased 17% to $81.5 million for the fourth quarter of 2013 from $98.6 million for the fourth quarter of 2012.

Net sales for 2013 were $933.0 million compared to $936.3 million for 2012, a decrease of $3.3 million. Earnings from continuing operations for 2013 were $39.0 million or $1.69 per diluted share compared to $34.0 million or $1.48 per diluted share of 2012, a 15% increase.

Domestic sales increased 5% to $599.1 million for 2013 from $572.5 million for 2012. International sales were $333.9 million for 2013 compared to $363.8 million for 2012, an 8% decrease.

The company's domestic backlog increased 28%, from $156.6 million at December 31, 2012 to $200.5 million at December 31, 2013. The international backlog at December 31, 2013 was $89.7 million compared to $107.2 million at December 31, 2012 for a decrease of 16%. Total backlog increased 10% to $290.2 million at December 31, 2013 from $263.8 million at December 31, 2012.

Consolidated financial information for the quarter and year ended December 31, 2013 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 2013, especially given the continued instability in the federal highway funding. On a positive note, the new turn-key wood pellet plant in Georgia is operating to our customer's satisfaction. As a result of its performance, the customer ordered an additional two lines for $40 million during the fourth quarter. In addition, our aggregate processing equipment businesses performed well. On the downside, our Underground Group, which is now focused on supplying equipment to the oil and gas drilling industry, continued to struggle in the quarter, and for the year. We believe this group has developed and is producing superior products, but is battling a soft market with low demand. We are focused on this group and working to reverse the unfavorable trends."

Mr. Brock continued, "Orders so far in 2014 have been steady. At the same time, we have continued to develop new products for the energy, mining and infrastructure industries. We will display 41 new products at the ConExpo show in Las Vegas during the first week of March. This will be the largest display in our history of exhibiting at this event. Our balance sheet remains strong with no debt and a strong cash position. We are continuing our acquisition efforts and will work to add companies that represent strategic fits for our business during 2014."


FirstBank Reports Increased Second Quarter Income

FirstBank reported net income of $16.3 million for the quarter ended June 30, a 41.7 percent increase over net income of $11.5 million for the second quarter of 2015. Net income was $31.2 million for the six months ended June 30, compared to $23.3 million for the first half of 2015.   "FirstBank is continuing to benefit from a well-executed growth strategy," said FirstBank ... (click for more)

BlueCross To Award $10,000 Diversity Scholarships

The BlueCross BlueShield of Tennessee Health Foundation will award $10,000 scholarships on Monday to three outstanding minority college students who are pursuing degrees in the health care field. The diversity scholarship program was launched to help address the growing need for a qualified and more inclusive workforce to deliver health care in Tennessee. The scholarships ... (click for more)

Man, 28, Shot And Killed In East Chattanooga

A 28-year-old man was shot and killed in East Chattanooga early Friday morning. The victim was identified as Jeremy Clark. At 1:20 a.m., Chattanooga Police officers responded to 2008 Glass St. on a person shot. One victim was found suffering from a gunshot wound. He was pronounced dead on the scene. Police said investigators were gathering information on the potential ... (click for more)

Election Officials Awaiting Amended Financial Disclosure From Siedlecki After GOP Files Complaint

Election officials were awaiting an amended financial disclosure form from Democratic assessor of property candidate Mark Siedlecki after county Republicans said he accepted far above the legal limit from a corporation he heads. Mr. Siedlecki met Thursday with Election Administrator Kerry Steelman and said the amended form would be in sometime Friday. Marty Haynes, the ... (click for more)

Olympic Events On The Ocoee River Made History – But It Wasn’t Easy

It started with a simple “what if” question while Atlanta officials were working on a bid to host the 1996 Summer Olympic Games.  A group of amateur kayakers from the city began asking themselves: “What if Atlanta’s bid is successful? Then where would the Olympic whitewater canoe and kayak races be held?”  To some of the members of that group, the answer was obvious. ... (click for more)

Roy Exum: Mr. Siedlecki, Sit Down!

This is a personal thing but one of my pet peeves is the little advertising stickers I sometimes find on the top of the front page of my newspaper. An editor at the newspaper has already determined a bit of news he or she feels I should read. And then the sticker covers it up so I have to peel it off before I can read “All the news that is fit to print.” As I groveled over my ... (click for more)