| For further information, contact: | Gary L. Castagna |
| Senior Vice President & CFO |
| 847.394.8730 |
AMCOL INTERNATIONAL (NYSE:ACO) REPORTS 25% INCREASE IN DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS OVER PRIOR-YEAR THIRD QUARTER
ARLINGTON HEIGHTS, IL., OCTOBER 19, 2007—AMCOL International Corporation (NYSE:ACO) today reported 2007 third-quarter income from continuing operations of $20.1 million or $0.65 per diluted share, compared with $16.0 million or $0.52 per diluted share in the same prior-year period. Earnings in both reporting periods benefited from non-recurring events. A gain on the sale of vacant land in the U.S. added $0.06 per diluted share to the 2007 third quarter. Income from continuing operations in the 2006 third quarter included a $0.09 per diluted share net benefit resulting from income tax refunds.
Net sales from continuing operations rose 27.2 percent to $203.6 million for the quarter ended September 30, 2007, compared with $160.2 million for the 2006 period. Acquisitions and favorable foreign currency translation represented approximately $15.7 million and $4.9 million, respectively, of the third-quarter sales growth.
Operating profit improved by 58.5 percent over the 2006 period to $26.0 million. Current-period operating profit includes earnings from acquisitions and favorable foreign currency translation of $1.9 million and $0.7 million, respectively. The previously mentioned gain on sale of assets also contributed $2.4 million to operating profit.
“Overall, this was a very good quarter for us,” says Larry Washow, AMCOL president and chief executive officer. “Excluding the impact of the vacant land sale, over 60% of our operating profit growth resulted from organic growth. We continue to show solid year-over-year improvement.
“Environmental usually posts its strongest performance in the third quarter, and this year was no exception. In the United States, growth was strong in the contracting services business, and there was improvement across all the business lines in Europe.
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AMCOL Q3 2007 EARNINGS
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“Oilfield Services, too, experienced continued strong growth in the third quarter,” Washow continued. “Acquisitions added to performance there, but the basic business has been very solid.
“As always, though, there are some ongoing challenges. Minerals continues to feel the effects of a soft metalcasting market in the United States. And while we showed growth in Minerals in Asia, the cost of bringing new operations online had an effect. As a result, although Minerals had good sales growth during the quarter, the margins there weren’t where we want them to be.
“We’re continuing to address the challenges and working to maintain our performance in all areas. As these results demonstrate, we’re showing continued growth and added value for our shareholders.”
For the nine-month period ended September 30, 2007, income from continuing operations was $46.2 million, or $1.49 per diluted share, compared with $37.7 million, or $1.22 per diluted share in the prior-year period. Net income for the nine-month period ended September 30, 2007, was $46.0 million, or $1.48 per diluted share compared with $38.2 million; or $1.24 per diluted share in the prior-year period. Earnings in both reporting periods benefited from non-recurring events. A gain on the sale of vacant land in the U.S. added $0.06 per diluted share to the 2007 period. Income from continuing operations in the 2006 period included a $0.09 per diluted share net benefit resulting from income tax refunds. Discontinued operations accounted for a loss of $0.01 per diluted share in the 2007 period compared with a gain of $0.02 per diluted share in the 2006 period.
Net sales from continuing operations for the nine-month period ended September 30, 2007 rose 20.7 percent to $549.8 million, compared with $455.6 million for the 2006 period. Acquisitions and favorable foreign currency translation represented approximately $43.6 million and $13.7 million, respectively, of the sales growth. Operating profit improved by 38.2 percent over the 2006 period to $59.8 million. Current-period operating profit includes earnings from acquisitions and favorable foreign currency translation of $7.4 million and $1.7 million, respectively.
This release should be read in conjunction with the attached unaudited condensed consolidated financial statements. Further discussion of items and events impacting earnings are included in the Financial Overview.
FINANCIAL OVERVIEW
Third Quarter Statement of Operations Highlights
Net sales: The following table details the consolidated sales growth components over the 2006 third quarter:
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AMCOL Q3 2007 EARNINGS
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| | Base Business | Acquisitions | Foreign Exchange | Total |
| Minerals | 2.1% | 4.0% | 1.2% | 7.3% |
| Environmental | 7.1% | 1.7% | 1.8% | 10.6% |
| Oilfield Services | 3.8% | 4.2% | 0.1% | 8.1% |
| Transportation | 1.2% | - | - | 1.2% |
Total | 14.2% | 9.9% | 3.1% | 27.2% |
% of Growth | 52.4% | 36.3% | 11.4% | 100% |
Minerals - Base business improved over the 2006 quarter primarily due to export shipments from the U.S., as well as increased shipments and pricing in pet products and greater shipments in the Asia-Pacific region. Specialty materials sales were relatively unchanged compared with the prior-year period. Stronger European and Asian currencies led to the growth from foreign exchange.
Environmental - Growth in contracting services (based in the U.S.) and greater lining technologies and building materials shipments in Europe contributed to the base business growth over the 2006 quarter. Stronger European currencies accounted for foreign exchange growth.
Oilfield Services - Base business growth was led by increased filtration and pipeline service levels in the Gulf of Mexico. International markets, principally in the North Sea and West Africa, also improved over the prior-year quarter.
Gross profit: Sales growth, principally generated by the Environmental and Oilfield Services segments, boosted gross profit by 28.6 percent over the 2006 quarter. Gross margin for the quarter rose to 26.7 percent compared with 26.4 percent in the prior-year quarter.
The Minerals segment suffered a 90 basis point decline in gross margin compared with the 2006 quarter. Higher freight revenues in the current-year quarter caused the gross margin decline.
Higher relative contribution from contracting services caused the 30 basis point decline in the Environmental segment gross margin compared with the prior-year period.
The Oilfield Services segment benefited from higher relative profitability contributed by the acquired businesses. Additionally, margins improved in the base business operations due to more favorable product/service mix.
General, selling and administrative expenses (GS&A): The $2.5 million, or 9.6 percent, increase over the 2006 third quarter includes the benefit of a gain on the sale of vacant land, which was described earlier in this release. Excluding this benefit, GS&A would have increased by $4.9 million, or 18.8 percent, over the prior-year quarter. In aggregate, acquired businesses, including amortization of intangible assets, accounted for approximately $3.3 million of the increase in the 2007 third quarter.
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Within the Minerals segment, acquired business expenses were approximately $1.0 million of the increase over the prior-year quarter. Base business GS&A grew in the Asia Pacific region due to higher marketing expenses and start-up costs at the Tianjin, China facility.
A benefit from a gain on the sale of vacant land reduced Environmental segment GS&A by $2.4 million in the current-year quarter. Acquired businesses accounted for approximately $0.8 million of the increase over the prior-year quarter within the Environmental segment. Base business GS&A increased primarily due to higher marketing and sales expenses at the European operations.
The Oilfield Services segment incurred approximately $1.4 million of GS&A from acquired businesses. Base business expenses increased due to higher personnel costs.
Corporate segment GS&A declined principally due to professional service expenses incurred in the 2006 third quarter related to the income tax refunds described below.
Operating profit: The 58.5 percent improvement in operating profit over the 2006 third quarter was primarily related to sales and gross profit growth. Operating margin for the quarter was 12.8 percent compared with 10.2 percent in the prior-year period. The improvement was principally due to the higher gross margin reported in the current period and the benefit from the gain on sale of vacant land. Excluding this benefit, operating profit would have grown by 44.0 percent and operating margin would have been 11.6 percent in the 2007 third quarter.
Interest expense: Net interest expense increased by approximately $1.7 million over the prior-year quarter due to higher average debt levels and increased interest rates.
Income taxes: The effective tax rate was 20.7 percent for the third quarter of 2007 compared with 8.0 percent for the same period in 2006. Favorable adjustments to contingency reserves reduced the effective tax rate in the 2007 quarter. These adjustments benefited income by approximately $1.0 million. Excluding these adjustments, the effective tax rate would have been 24.9 percent in this year’s quarter. Favorable tax reductions of approximately $3.4 million related to amended income tax returns caused the low tax rate in the 2006 quarter.
Income from affiliates and joint ventures: These investments contributed approximately $0.07 and $0.06 per diluted share in the 2007 and 2006 reporting periods, respectively. Our investments in Ashapura Minechem Limited and Ashapura Volclay Limited, both based in India, have continued to increase their respective contributions to earnings. Ashapura Minechem has been growing principally due to its bauxite business, a large portion of which is exported to alumina refineries in China. Alumina is a key raw material used in the production of aluminum.
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Share count: The weighted average number of common and common equivalent shares remained relatively unchanged at 30.9 million for the quarter ended September 30, 2007 compared with 30.8 million in the same period in 2006.
Key Financial Position and Cash Flow Highlights
Long-term debt increased to $164.2 million at September 30, 2007 compared with $112.5 million at December 31, 2006. The increase was primarily due to funding acquisitions, greater working capital levels and capital expenditures. Debt represented approximately 33 percent of total capitalization at September 30, 2007, compared with 28 percent at December 31, 2006. Cash and cash equivalents were $20.8 million at September 30, 2007 compared with $17.8 million at December 31, 2006.
Working capital increased to $202.0 million at September 30, 2007 from $173.3 million at December 31, 2006. The current ratio was 3.0-to-1 and 3.2-to-1 at September 30, 2007, and December 31, 2006, respectively.
Cash flow provided by operating activities was $42.0 million year-to-date as of September 30, 2007 compared with $28.9 million in the nine-month period in 2006. In addition to the growth in net income, the 2007 period was aided by higher non-cash charges and lower relative growth in working capital.
Investing activities in the 2007 nine-month period were primarily driven by three acquisitions which, in aggregate, accounted for $38.8 million. Capital expenditures amounted to $37.6 million year-to-date as of September 30, 2007, compared with $30.0 million for the same period in 2006.
Approximately $6.1 million was expended on share repurchases year-to-date, as of September 30, 2007. A total of 250,000 shares were repurchased, which equates to $24.34 per share. There were no share repurchases in the third quarter. Dividends declared year-to-date through September 30, 2007, increased by 26 percent over the prior-year period to $13.2 million.
This release contains certain forward-looking statements regarding AMCOL’s expected performance for future periods and actual results for such periods might materially differ. Such forward-looking statements are subject to uncertainties, which include, but are not limited to, actual growth in AMCOL’s various markets, utilization of AMCOL’s plants, currency exchange rates, currency devaluation, delays in development, production and marketing of new products, integration of acquired businesses, and other factors detailed from time to time in AMCOL’s annual report and other reports filed with the Securities and Exchange Commission. AMCOL undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in AMCOL’s expectations.
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AMCOL International, headquartered in Arlington Heights, IL, produces and markets a wide range of specialty mineral products used for industrial, environmental and consumer-related applications. AMCOL is the parent of American Colloid Co., CETCO (Colloid Environmental Technologies Company), CETCO Oilfield Services Company and the transportation operations, Ameri-co Carriers, Inc. and Ameri-co Logistics, Inc. AMCOL’s common stock is traded on the New York Stock Exchange under the symbol ACO. AMCOL’s web address is www.amcol.com. AMCOL’s third quarter conference call will be available live today at 11 a.m. EDT on the AMCOL website.
Financial tables follow.
AMCOL INTERNATIONAL CORPORATION | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |
(unaudited) | |
(In thousands, except per share data) | |
| | | | | | | | | | |
| | | Nine Months Ended September 30, | | Three Months Ended September 30, | |
| | | 2007 | | 2006 | | 2007 | | 2006 | |
Continuing Operations: | | | | | | | | | |
Net sales | | $ | 549,780 | | $ | 455,637 | | $ | 203,598 | | $ | 160,172 | |
Cost of sales | | | 402,190 | | | 337,995 | | | 149,298 | | | 117,954 | |
Gross profit | | | 147,590 | | | 117,642 | | | 54,300 | | | 42,218 | |
| | | | | | | | | | | | | | |
General, selling and administrative expenses | | | 87,756 | | | 74,359 | | | 28,297 | | | 25,810 | |
Operating profit | | | 59,834 | | | 43,283 | | | 26,003 | | | 16,408 | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net | | | (6,506 | ) | | (1,835 | ) | | (2,409 | ) | | (740 | ) |
Other, net | | | (1,000 | ) | | 259 | | | (830 | ) | | (273 | ) |
| | | | (7,506 | ) | | (1,576 | ) | | (3,239 | ) | | (1,013 | ) |
| | | | | | | | | | | | | | |
Income before income taxes and income from affiliates and joint ventures | | | 52,328 | | | 41,707 | | | 22,764 | | | 15,395 | |
Income tax expense (benefit) | | | 12,205 | | | 8,505 | | | 4,704 | | | 1,237 | |
Income before income from affiliates and joint ventures | | | 40,123 | | | 33,202 | | | 18,060 | | | 14,158 | |
| | | | | | | | | | | | | | |
Income from affiliates and joint ventures | | | 6,118 | | | 4,462 | | | 2,086 | | | 1,876 | |
Income from continuing operations | | | 46,241 | | | 37,664 | | | 20,146 | | | 16,034 | |
| | | | | | | | | | | | | | |
(Loss) Income from discontinued operations | | | (286 | ) | | 585 | | | - | | | 585 | |
| | | | | | | | | | | | | | |
Net income | | $ | 45,955 | | $ | 38,249 | | $ | 20,146 | | $ | 16,619 | |
| | | | | | | | | | | | | | |
Weighted average common shares outstanding | | | 30,146 | | | 29,903 | | | 30,130 | | | 29,962 | |
| | | | | | | | | | | | | | |
Weighted average common and common equivalent shares outstanding | | | 30,934 | | | 30,874 | | | 30,887 | | | 30,825 | |
| | | | | | | | | | | | | | |
Basic earnings per share: | | | | | | | | | | | | | |
Continuing operations | | $ | 1.53 | | $ | 1.26 | | $ | 0.67 | | $ | 0.54 | |
Discontinued operations | | | (0.01 | ) | | 0.02 | | | - | | | 0.02 | |
Basic earnings per share | | $ | 1.52 | | $ | 1.28 | | $ | 0.67 | | $ | 0.56 | |
| | | | | | | | | | | | | | |
Diluted earnings per share: | | | | | | | | | | | | | |
Continuing operations | | $ | 1.49 | | $ | 1.22 | | $ | 0.65 | | $ | 0.52 | |
Discontinued operations | | | (0.01 | ) | | 0.02 | | | - | | | 0.02 | |
Diluted earnings per share | | $ | 1.48 | | $ | 1.24 | | $ | 0.65 | | $ | 0.54 | |
| | | | | | | | | | | | | | |
Dividends declared per share | | $ | 0.44 | | $ | 0.35 | | $ | 0.16 | | $ | 0.12 | |
| | |
AMCOL INTERNATIONAL CORPORATION | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
(In thousands) | |
| | | | | | |
ASSETS | | September 30, 2007 (unaudited) | | December 31, 2006 * | |
Current assets: | | | | | |
Cash and equivalents | | $ | 20,773 | | $ | 17,805 | |
Accounts receivable, net | | | 173,401 | | | 133,432 | |
Inventories | | | 91,919 | | | 84,612 | |
Prepaid expenses | | | 12,375 | | | 10,142 | |
Deferred income taxes | | | 5,905 | | | 4,648 | |
Other | | | 565 | | | 1,045 | |
Total current assets | | | 304,938 | | | 251,684 | |
| | | | | | | | |
Investments in and advances to affiliates and joint ventures | | | 47,010 | | | 31,049 | |
| | | | | | | | |
Property, plant, equipment, mineral rights and reserves: | | | | | | | |
Land and mineral rights | | | 20,233 | | | 17,428 | |
Depreciable assets | | | 336,249 | | | 305,013 | |
| | | | 356,482 | | | 322,441 | |
Less: accumulated depreciation | | | 190,975 | | | 181,669 | |
| | | | 165,507 | | | 140,772 | |
| | | | | | | | |
Other assets: | | | | | | | |
Goodwill | | | 51,384 | | | 40,341 | |
Intangible assets, net | | | 43,501 | | | 25,611 | |
Deferred income taxes | | | 7,914 | | | 6,643 | |
Other assets | | | 17,771 | | | 15,124 | |
| | | | 120,570 | | | 87,719 | |
| | | $ | 638,025 | | $ | 511,224 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | |
Current liabilities: | | | | | | | |
Accounts payable | | $ | 45,290 | | $ | 26,107 | |
Accrued income taxes | | | 3,107 | | | 4,844 | |
Accrued liabilities | | | 54,492 | | | 47,432 | |
Total current liabilities | | | 102,889 | | | 78,383 | |
| | | | | | | | |
Long-term debt | | | 164,241 | | | 112,448 | |
| | | | | | | | |
Minority interests in subsidiaries | | | 77 | | | 276 | |
Pension liabilities | | | 13,480 | | | 13,209 | |
Other liabilities | | | 19,279 | | | 12,090 | |
| | | | 32,836 | | | 25,575 | |
| | | | | | | | |
Stockholders’ equity: | | | | | | | |
Common stock | | | 320 | | | 320 | |
Additional paid in capital | | | 80,310 | | | 76,686 | |
Retained earnings | | | 252,198 | | | 219,690 | |
Accumulated other comprehensive income | | | 26,567 | | | 16,658 | |
| | | | 359,395 | | | 313,354 | |
Less: | | | | | | | |
Treasury stock | | | 21,336 | | | 18,536 | |
| | | | 338,059 | | | 294,818 | |
| | | $ | 638,025 | | $ | 511,224 | |
* Condensed from audited financial statements.
AMCOL INTERNATIONAL CORPORATION | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |
(In thousands) | |
| | | | | | |
| | | Nine Months Ended | |
| | | September 30, | |
| | | 2007 | | 2006 | |
Cash flow from operating activities: | | | | | |
Net income | | $ | 45,955 | | $ | 38,249 | |
Adjustments to reconcile net income to net cash | | | | | | | |
provided by (used in) operating activities: | | | | | | | |
Depreciation, depletion, and amortization | | | 21,688 | | | 14,606 | |
Changes in assets and liabilities, net of effects of acquisitions: | | | | | | | |
Decrease (Increase) in current assets | | | (44,716 | ) | | (33,693 | ) |
Decrease (Increase) in noncurrent assets | | | (1,620 | ) | | (2,171 | ) |
Increase (decrease) in current liabilities | | | 23,435 | | | 13,240 | |
Increase (decrease) in noncurrent liabilities | | | 6,382 | | | 1,703 | |
Other | | | (9,102 | ) | | (3,064 | ) |
Net cash provided by (used in) operating activities | | | 42,022 | | | 28,870 | |
| | | | | | | | |
Cash flow from investing activities: | | | | | | | |
Acquisition of land, mineral rights, and depreciable assets | | | (37,577 | ) | | (29,980 | ) |
Acquisitions, net of cash | | | (38,783 | ) | | (11,722 | ) |
Investments in and advances to affiliates and joint ventures | | | (7,369 | ) | | (5,260 | ) |
Investments in restricted cash | | | (856 | ) | | - | |
Other | | | 6,463 | | | 1,811 | |
Net cash provided by (used in) investing activities | | | (78,122 | ) | | (45,151 | ) |
Cash flow from financing activities: | | | | | | | |
Net change in outstanding debt | | | 50,368 | | | 22,257 | |
Proceeds from sales of treasury stock | | | 2,574 | | | 2,517 | |
Purchases of treasury stock | | | (6,115 | ) | | (5,625 | ) |
Dividends | | | (13,194 | ) | | (10,488 | ) |
Excess tax benefits from stock-based compensation | | | 1,463 | | | 1,931 | |
Net cash provided by (used in) financing activities | | | 35,096 | | | 10,592 | |
Effect of foreign currency rate changes on cash | | | 3,972 | | | 5,011 | |
Net increase (decrease) in cash and cash equivalents | | | 2,968 | | | (678 | ) |
Cash and cash equivalents at beginning of period | | | 17,805 | | | 15,997 | |
Cash and cash equivalents at end of period | | $ | 20,773 | | $ | 15,319 | |
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
| | | Nine Months Ended September 30, | |
Minerals | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
| | | | | | | | | | | | | | |
Net sales | | $ | 262,432 | | | 100.0 | % | $ | 237,463 | | | 100.0 | % | $ | 24,969 | | | 10.5 | % |
Cost of sales | | | 212,005 | | | 80.8 | % | | 191,152 | | | 80.5 | % | | 20,853 | | | 10.9 | % |
Gross profit | | | 50,427 | | | 19.2 | % | | 46,311 | | | 19.5 | % | | 4,116 | | | 8.9 | % |
General,selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 23,721 | | | 9.0 | % | | 20,139 | | | 8.5 | % | | 3,582 | | | 17.8 | % |
Operating profit | | | 26,706 | | | 10.2 | % | | 26,172 | | | 11.0 | % | | 534 | | | 2.0 | % |
| | | Nine Months Ended September 30, | |
Environmental | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands | |
| | | | |
Net sales | | $ | 189,927 | | | 100.0 | % | $ | 151,996 | | | 100.0 | % | $ | 37,931 | | | 25.0 | % |
Cost of sales | | | 124,523 | | | 65.6 | % | | 99,934 | | | 65.7 | % | | 24,589 | | | 24.6 | % |
Gross profit | | | 65,404 | | | 34.4 | % | | 52,062 | | | 34.3 | % | | 13,342 | | | 25.6 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 34,388 | | | 18.1 | % | | 30,896 | | | 20.3 | % | | 3,492 | | | 11.3 | % |
Operating profit | | | 31,016 | | | 16.3 | % | | 21,166 | | | 14.0 | % | | 9,850 | | | 46.5 | % |
| | | Nine Months Ended September 30, | |
Oilfield Services | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
Net sales | | $ | 72,137 | | | 100.0 | % | $ | 43,270 | | | 100.0 | % | $ | 28,867 | | | 66.7 | % |
Cost of sales | | | 44,633 | | | 61.9 | % | | 28,558 | | | 66.0 | % | | 16,075 | | | 56.3 | % |
Gross profit | | | 27,504 | | | 38.1 | % | | 14,712 | | | 34.0 | % | | 12,792 | | | 86.9 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 13,661 | | | 18.9 | % | | 7,366 | | | 17.0 | % | | 6,295 | | | 85.5 | % |
Operating profit | | | 13,843 | | | 19.2 | % | | 7,346 | | | 17.0 | % | | 6,497 | | | 88.4 | % |
| | | Nine Months Ended September 30, | |
Transportation | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands | |
Net sales | | $ | 38,654 | | | 100.0 | % | $ | 38,619 | | | 100.0 | % | $ | 35 | | | 0.1 | % |
Cost of sales | | | 34,399 | | | 89.0 | % | | 34,062 | | | 88.2 | % | | 337 | | | 1.0 | % |
Gross profit | | | 4,255 | | | 11.0 | % | | 4,557 | | | 11.8 | % | | (302 | ) | | -6.6 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 2,253 | | | 5.8 | % | | 2,367 | | | 6.1 | % | | (114 | ) | | -4.8 | % |
Operating profit | | | 2,002 | | | 5.2 | % | | 2,190 | | | 5.7 | % | | (188 | ) | | -8.6 | % |
| | | Nine Months Ended September 30 | |
Corporate | | 2007 | | 2006 | | 2007 vs 2006 | |
| | (Dollars in Thousands) | |
Intersegment shipping sales | | $ | (13,370 | ) | $ | (15,711 | ) | | | | | | |
Intersegment shipping costs | | | (13,370 | ) | | (15,711 | ) | | | | | | |
Gross profit | | | - | | | - | | | | | | | |
Corporate general, selling | | | | | | | | | | | | | |
and administrative expenses | | | 13,733 | | | 13,591 | | | 142 | | | 1.0 | % |
Operating loss | | | 13,733 | | | 13,591 | | | 142 | | | 1.0 | % |
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
| | | Three Months Ended September 30, | |
Minerals | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
Net sales | | $ | 90,906 | | | 100.0 | % | $ | 79,274 | | | 100.0 | % | $ | 11,632 | | | 14.7 | % |
Cost of sales | | | 73,610 | | | 81.0 | % | | 63,503 | | | 80.1 | % | | 10,107 | | | 15.9 | % |
Gross profit | | | 17,296 | | | 19.0 | % | | 15,771 | | | 19.9 | % | | 1,525 | | | 9.7 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 8,161 | | | 9.0 | % | | 6,187 | | | 7.8 | % | | 1,974 | | | 31.9 | % |
Operating profit | | | 9,135 | | | 10.0 | % | | 9,584 | | | 12.1 | % | | (449 | ) | | -4.7 | % |
| | | Three Months Ended September 30, | |
Environmental | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
Net sales | | $ | 76,121 | | | 100.0 | % | $ | 59,120 | | | 100.0 | % | $ | 17,001 | | | 28.8 | % |
Cost of sales | | | 50,839 | | | 66.8 | % | | 39,303 | | | 66.5 | % | | 11,536 | | | 29.4 | % |
Gross profit | | | 25,282 | | | 33.2 | % | | 19,817 | | | 33.5 | % | | 5,465 | | | 27.6 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 10,444 | | | 13.7 | % | | 11,077 | | | 18.7 | % | | (633 | ) | | -5.7 | % |
Operating profit | | | 14,838 | | | 19.5 | % | | 8,740 | | | 14.8 | % | | 6,098 | | | 69.8 | % |
| | | Three Months Ended September 30, | |
Oilfield Services | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
Net sales | | $ | 27,143 | | | 100.0 | % | $ | 14,157 | | | 100.0 | % | $ | 12,986 | | | 91.7 | % |
Cost of sales | | | 16,896 | | | 62.2 | % | | 9,090 | | | 64.2 | % | | 7,806 | | | 85.9 | % |
Gross profit | | | 10,247 | | | 37.8 | % | | 5,067 | | | 35.8 | % | | 5,180 | | | 102.2 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 4,494 | | | 16.6 | % | | 2,688 | | | 19.0 | % | | 1,806 | | | 67.2 | % |
Operating profit | | | 5,753 | | | 21.2 | % | | 2,379 | | | 16.8 | % | | 3,374 | | | 141.8 | % |
| | | Three Months Ended September 30, | |
Transportation | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
Net sales | | $ | 14,381 | | | 100.0 | % | $ | 13,300 | | | 100.0 | % | $ | 1,081 | | | 8.1 | % |
Cost of sales | | | 12,906 | | | 89.7 | % | | 11,737 | | | 88.2 | % | | 1,169 | | | 10.0 | % |
Gross profit | | | 1,475 | | | 10.3 | % | | 1,563 | | | 11.8 | % | | (88 | ) | | -5.6 | % |
General, selling and | | | | | | | | | | | | | | | | | | | |
administrative expenses | | | 745 | | | 5.2 | % | | 788 | | | 5.9 | % | | (43 | ) | | -5.5 | % |
Operating profit | | | 730 | | | 5.1 | % | | 775 | | | 5.8 | % | | (45 | ) | | -5.8 | % |
| | | Three Months Ended September 30, | |
Corporate | | 2007 | | 2006 | | 2007 vs 2006 | |
| | | (Dollars in Thousands) | |
Intersegment shipping sales | | $ | (4,953 | ) | $ | (5,679 | ) | | | | | | |
Intersegment shipping costs | | | (4,953 | ) | | (5,679 | ) | | | | | | |
Gross profit | | | - | | | - | | | | | | | |
Corporate general, selling | | | | | | | | | | | | | |
and administrative expenses | | | 4,453 | | | 5,070 | | | (617 | ) | | -12.2 | % |
Operating loss | | | 4,453 | | | 5,070 | | | (617 | ) | | -12.2 | % |
