Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
|
YES
☐
|
NO
ý
|
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
|
|
Class
|
Outstanding at April 23, 2018
|
Common Stock, par value $0.20
|
23,087,491
|
ASTEC INDUSTRIES, INC.
|
|||||
INDEX
|
|||||
|
|||||
(unaudited)
|
||||||||
March 31,
2018 |
December 31,
2017 |
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
41,940
|
$
|
62,280
|
||||
Investments
|
1,751
|
1,624
|
||||||
Trade receivables
|
149,450
|
114,786
|
||||||
Other receivables
|
4,404
|
5,166
|
||||||
Inventories
|
411,159
|
391,379
|
||||||
Prepaid expenses and other
|
23,533
|
27,734
|
||||||
Total current assets
|
632,237
|
602,969
|
||||||
Property and equipment, net
|
189,287
|
190,396
|
||||||
Investments
|
14,846
|
14,553
|
||||||
Goodwill
|
46,307
|
45,732
|
||||||
Other long-term assets
|
35,688
|
35,929
|
||||||
Total assets
|
$
|
918,365
|
$
|
889,579
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of long-term debt
|
$
|
2,050
|
$
|
2,469
|
||||
Accounts payable
|
68,833
|
60,417
|
||||||
Customer deposits
|
51,519
|
49,381
|
||||||
Accrued product warranty
|
16,013
|
15,410
|
||||||
Accrued payroll and related liabilities
|
19,368
|
23,297
|
||||||
Accrued loss reserves
|
2,152
|
2,504
|
||||||
Other current liabilities
|
26,507
|
25,668
|
||||||
Total current liabilities
|
186,442
|
179,146
|
||||||
Long-term debt
|
1,357
|
1,575
|
||||||
Deferred income tax liabilities
|
1,567
|
1,509
|
||||||
Other long-term liabilities
|
20,923
|
20,584
|
||||||
Total liabilities
|
210,289
|
202,814
|
||||||
Shareholders' equity
|
707,001
|
685,672
|
||||||
Non-controlling interest
|
1,075
|
1,093
|
||||||
Total equity
|
708,076
|
686,765
|
||||||
Total liabilities and equity
|
$
|
918,365
|
$
|
889,579
|
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Net sales
|
$
|
325,453
|
$
|
318,401
|
||||
Cost of sales
|
247,448
|
242,630
|
||||||
Gross profit
|
78,005
|
75,771
|
||||||
Selling, general, administrative and engineering expenses
|
52,078
|
53,121
|
||||||
Income from operations
|
25,927
|
22,650
|
||||||
Interest expense
|
150
|
265
|
||||||
Other income, net of expenses
|
461
|
512
|
||||||
Income from operations before income taxes
|
26,238
|
22,897
|
||||||
Income taxes
|
6,022
|
7,817
|
||||||
Net income
|
20,216
|
15,080
|
||||||
Net loss attributable to non-controlling interest
|
(51
|
)
|
(40
|
)
|
||||
Net income attributable to controlling interest
|
$
|
20,267
|
$
|
15,120
|
||||
Earnings per common share
|
||||||||
Net income attributable to controlling interest:
|
||||||||
Basic
|
$
|
0.88
|
$
|
0.66
|
||||
Diluted
|
$
|
0.87
|
$
|
0.65
|
||||
Weighted average number of common shares outstanding:
|
||||||||
Basic
|
23,045
|
23,013
|
||||||
Diluted
|
23,236
|
23,176
|
||||||
Dividends declared per common share
|
$
|
0.10
|
$
|
0.10
|
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Net income
|
$
|
20,216
|
$
|
15,080
|
||||
Other comprehensive income:
|
||||||||
Foreign currency translation adjustments
|
1,712
|
2,030
|
||||||
Change in unrecognized pension benefit cost
|
65
|
--
|
||||||
Other comprehensive income
|
1,777
|
2,030
|
||||||
Comprehensive income
|
21,993
|
17,110
|
||||||
Comprehensive income (loss) attributable to non-controlling interest
|
(48
|
)
|
8
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
22,041
|
$
|
17,102
|
||||
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
20,216
|
$
|
15,080
|
||||
Adjustments to reconcile net income to net cash used
by operating activities: |
||||||||
Depreciation and amortization
|
7,013
|
6,411
|
||||||
Provision (credit) for doubtful accounts
|
(82
|
)
|
436
|
|||||
Provision for warranties
|
3,453
|
3,996
|
||||||
Deferred compensation benefit
|
(166
|
)
|
(376
|
)
|
||||
Stock-based compensation
|
903
|
1,017
|
||||||
Deferred income tax expense (benefit)
|
86
|
(372
|
)
|
|||||
Gain on disposition of fixed assets
|
(48
|
)
|
(133
|
)
|
||||
Distributions to SERP participants
|
(124
|
)
|
(123
|
)
|
||||
Change in operating assets and liabilities:
|
||||||||
Sale (purchase) of trading securities, net
|
(108
|
)
|
406
|
|||||
Trade and other receivables
|
(33,744
|
)
|
(45,910
|
)
|
||||
Inventories
|
(19,780
|
)
|
(12,166
|
)
|
||||
Prepaid expenses and other assets
|
(3,098
|
)
|
401
|
|||||
Accounts payable
|
9,293
|
16,276
|
||||||
Accrued payroll and related expenses
|
(3,929
|
)
|
(7,687
|
)
|
||||
Accrued product warranty
|
(2,825
|
)
|
(3,460
|
)
|
||||
Customer deposits
|
2,138
|
(154
|
)
|
|||||
Prepaid and income taxes payable, net
|
6,468
|
8,249
|
||||||
Other
|
2,013
|
3,387
|
||||||
Net cash used by operating activities
|
(12,321
|
)
|
(14,722
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Expenditures for property and equipment
|
(5,011
|
)
|
(5,406
|
)
|
||||
Proceeds from sale of property and equipment
|
59
|
140
|
||||||
Other
|
(393
|
)
|
(292
|
)
|
||||
Net cash used by investing activities
|
(5,345
|
)
|
(5,558
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Payment of dividends
|
(2,308
|
)
|
(2,306
|
)
|
||||
Repayments of bank loans
|
(643
|
)
|
(4,601
|
)
|
||||
Sale of Company shares held by SERP
|
376
|
285
|
||||||
Withholding tax paid upon vesting of restricted stock units
|
(364
|
)
|
(501
|
)
|
||||
Net cash used by financing activities
|
(2,939
|
)
|
(7,123
|
)
|
||||
Effect of exchange rates on cash
|
265
|
433
|
||||||
Net decrease in cash and cash equivalents
|
(20,340
|
)
|
(26,970
|
)
|
||||
Cash and cash equivalents, beginning of period
|
62,280
|
82,371
|
||||||
Cash and cash equivalents, end of period
|
$
|
41,940
|
$
|
55,401
|
Condensed Consolidated Statement of Equity
|
||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||||||||||
Common
Stock Shares |
Common
Stock Amount |
Additional
Paid-in- Capital |
Accum-
ulated Other Compre- hensive Loss |
Company
Shares Held by SERP |
Retained
Earnings |
Non-
controlling Interest |
Total
Equity |
|||||||||||||||||||||||||
Balance, December
31, 2017 |
23,070
|
$
|
4,614
|
$
|
141,931
|
$
|
(24,243
|
)
|
$
|
(1,960
|
)
|
$
|
565,330
|
$
|
1,093
|
$
|
686,765
|
|||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
--
|
20,267
|
(51
|
)
|
20,216
|
|||||||||||||||||||||||
Other comprehensive
income |
--
|
--
|
--
|
1,777
|
--
|
--
|
3
|
1,780
|
||||||||||||||||||||||||
Change in ownership
percentage of subsidiary |
--
|
--
|
--
|
--
|
--
|
--
|
(43
|
)
|
(43
|
)
|
||||||||||||||||||||||
Dividends declared
|
--
|
--
|
3
|
--
|
--
|
(2,311
|
)
|
--
|
(2,308
|
)
|
||||||||||||||||||||||
Stock-based
compensation |
--
|
--
|
1,581
|
--
|
--
|
--
|
--
|
1,581
|
||||||||||||||||||||||||
Stock issued under
incentive plans |
17
|
3
|
(3
|
)
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||
Withholding tax
paid upon vesting of RSUs |
--
|
--
|
(364
|
)
|
--
|
--
|
--
|
--
|
(364
|
)
|
||||||||||||||||||||||
SERP transactions,
net |
--
|
--
|
207
|
--
|
169
|
--
|
--
|
376
|
||||||||||||||||||||||||
Other
|
--
|
--
|
--
|
--
|
--
|
--
|
73
|
73
|
||||||||||||||||||||||||
Balance, March
31, 2018 |
23,087
|
$
|
4,617
|
$
|
143,355
|
$
|
(22,466
|
)
|
$
|
(1,791
|
)
|
$
|
583,286
|
$
|
1,075
|
$
|
708,076
|
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Numerator:
|
||||||||
Net income attributable to controlling interest
|
$
|
20,267
|
$
|
15,120
|
||||
Denominator:
|
||||||||
Denominator for basic earnings per share
|
23,045
|
23,013
|
||||||
Effect of dilutive securities:
|
||||||||
Restricted stock units
|
136
|
102
|
||||||
Supplemental Executive Retirement Plan
|
55
|
61
|
||||||
Denominator for diluted earnings per share
|
23,236
|
23,176
|
||||||
March 31,
2018 |
December 31,
2017 |
|||||||
Raw materials and parts
|
$
|
171,713
|
$
|
146,144
|
||||
Work-in-process
|
148,146
|
129,441
|
||||||
Finished goods
|
71,167
|
94,571
|
||||||
Used equipment
|
20,133
|
21,223
|
||||||
Total
|
$
|
411,159
|
$
|
391,379
|
Level 1 -
|
Unadjusted quoted prices in active markets for identical assets or liabilities.
|
Level 2 -
|
Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted
quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. |
Level 3 -
|
Inputs reflect management's best estimate of what market participants would use in pricing
the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
March 31, 2018
|
||||||||||||
Level 1
|
Level 2
|
Total
|
||||||||||
Financial Assets:
|
||||||||||||
Trading equity securities:
|
||||||||||||
SERP money market fund
|
$
|
115
|
$
|
--
|
$
|
115
|
||||||
SERP mutual funds
|
5,200
|
--
|
5,200
|
|||||||||
Preferred stocks
|
362
|
--
|
362
|
|||||||||
Trading debt securities:
|
||||||||||||
Corporate bonds
|
5,659
|
--
|
5,659
|
|||||||||
Municipal bonds
|
--
|
1,672
|
1,672
|
|||||||||
Floating rate notes
|
877
|
--
|
877
|
|||||||||
U.S. Treasury notes
|
1,311
|
--
|
1,311
|
|||||||||
Asset backed securities
|
--
|
499
|
499
|
|||||||||
Other
|
--
|
902
|
902
|
|||||||||
Derivative financial instruments
|
--
|
190
|
190
|
|||||||||
Total financial assets
|
$
|
13,524
|
$
|
3,263
|
$
|
16,787
|
||||||
Financial Liabilities:
|
||||||||||||
SERP liabilities
|
$
|
--
|
$
|
8,362
|
$
|
8,362
|
||||||
Derivative financial instruments
|
--
|
13
|
13
|
|||||||||
Total financial liabilities
|
$
|
--
|
$
|
8,375
|
$
|
8,375
|
December 31, 2017
|
||||||||||||
Level 1
|
Level 2
|
Total
|
||||||||||
Financial Assets:
|
||||||||||||
Trading equity securities:
|
||||||||||||
SERP money market fund
|
$
|
124
|
$
|
--
|
$
|
124
|
||||||
SERP mutual funds
|
4,839
|
--
|
4,839
|
|||||||||
Preferred stocks
|
364
|
--
|
364
|
|||||||||
Trading debt securities:
|
||||||||||||
Corporate bonds
|
5,661
|
--
|
5,661
|
|||||||||
Municipal bonds
|
--
|
1,912
|
1,912
|
|||||||||
Floating rate notes
|
753
|
--
|
753
|
|||||||||
U.S. Treasury notes
|
1,030
|
--
|
1,030
|
|||||||||
Asset backed securities
|
--
|
526
|
526
|
|||||||||
Other
|
--
|
968
|
968
|
|||||||||
Total financial assets
|
$
|
12,771
|
$
|
3,406
|
$
|
16,177
|
||||||
Financial Liabilities:
|
||||||||||||
SERP liabilities
|
$
|
--
|
$
|
8,552
|
$
|
8,552
|
||||||
Derivative financial instruments
|
--
|
112
|
112
|
|||||||||
Total financial liabilities
|
$
|
--
|
$
|
8,664
|
$
|
8,664
|
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Reserve balance, beginning of the period
|
$
|
15,410
|
$
|
13,156
|
||||
Warranty liabilities accrued
|
3,453
|
3,996
|
||||||
Warranty liabilities settled
|
(2,825
|
)
|
(3,460
|
)
|
||||
Other
|
(25
|
)
|
27
|
|||||
Reserve balance, end of the period
|
$
|
16,013
|
$
|
13,719
|
Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Total
|
|||||||||||||
Net Sales-Domestic:
|
||||||||||||||||
Equipment sales
|
$
|
85,518
|
$
|
63,494
|
$
|
36,731
|
$
|
185,743
|
||||||||
Parts and component sales
|
41,113
|
17,834
|
11,315
|
70,262
|
||||||||||||
Equipment installation revenue
|
837
|
--
|
--
|
837
|
||||||||||||
Service revenue
|
1,091
|
326
|
2,096
|
3,513
|
||||||||||||
Rental revenue
|
--
|
72
|
159
|
231
|
||||||||||||
Used equipment sales
|
1,624
|
1,410
|
167
|
3,201
|
||||||||||||
Extended warranty revenue
|
472
|
(5
|
)
|
25
|
492
|
|||||||||||
Freight revenue
|
4,038
|
1,808
|
1,332
|
7,178
|
||||||||||||
Other
|
(207
|
)
|
(1,103
|
)
|
(71
|
)
|
(1,381
|
)
|
||||||||
Total domestic revenue
|
134,486
|
83,836
|
51,754
|
270,076
|
||||||||||||
Net Sales-International:
|
||||||||||||||||
Equipment sales
|
5,914
|
22,327
|
4,762
|
33,003
|
||||||||||||
Parts and component sales
|
5,062
|
10,289
|
2,473
|
17,824
|
||||||||||||
Equipment installation revenue
|
34
|
11
|
--
|
45
|
||||||||||||
Service revenue
|
778
|
300
|
--
|
1,078
|
||||||||||||
Rental revenue
|
61
|
--
|
15
|
76
|
||||||||||||
Used equipment sales
|
503
|
856
|
--
|
1,359
|
||||||||||||
Extended warranty revenue
|
--
|
23
|
24
|
47
|
||||||||||||
Freight revenue
|
256
|
1,331
|
264
|
1,851
|
||||||||||||
Other
|
--
|
94
|
--
|
94
|
||||||||||||
Total international revenue
|
12,608
|
35,231
|
7,538
|
55,377
|
||||||||||||
Total net sales
|
$
|
147,094
|
$
|
119,067
|
$
|
59,292
|
$
|
325,453
|
||||||||
Three Months Ended March 31, 2018
|
||||||||||||||||||||
Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Corporate
|
Total
|
||||||||||||||||
Net sales to external customers
|
$
|
147,094
|
$
|
119,067
|
$
|
59,292
|
$
|
--
|
$
|
325,453
|
||||||||||
Intersegment sales
|
8,271
|
3,906
|
5,139
|
--
|
17,316
|
|||||||||||||||
Gross profit
|
33,280
|
29,289
|
15,286
|
150
|
78,005
|
|||||||||||||||
Gross profit percent
|
22.6
|
%
|
24.6
|
%
|
25.8
|
%
|
--
|
24.0
|
%
|
|||||||||||
Segment profit (loss)
|
$
|
14,852
|
$
|
13,110
|
$
|
4,611
|
$
|
(11,248
|
)
|
$
|
21,325
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||
Infrastructure
Group |
Aggregate
and Mining Group |
Energy
Group |
Corporate
|
Total
|
||||||||||||||||
Net sales to external customers
|
$
|
165,243
|
$
|
100,613
|
$
|
52,545
|
$
|
--
|
$
|
318,401
|
||||||||||
Intersegment sales
|
4,025
|
3,436
|
5,591
|
--
|
13,052
|
|||||||||||||||
Gross profit
|
37,801
|
25,023
|
12,887
|
60
|
75,771
|
|||||||||||||||
Gross profit percent
|
22.9
|
%
|
24.9
|
%
|
24.5
|
%
|
--
|
23.8
|
%
|
|||||||||||
Segment profit (loss)
|
$
|
18,180
|
$
|
8,428
|
$
|
2,729
|
$
|
(14,428
|
)
|
$
|
14,909
|
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Total segment profits
|
$
|
21,325
|
$
|
14,909
|
||||
Recapture (elimination) of intersegment profit
|
(1,109
|
)
|
171
|
|||||
Net income
|
20,216
|
15,080
|
||||||
Net loss attributable to non-controlling interest in subsidiaries
|
(51
|
)
|
(40
|
)
|
||||
Net income attributable to controlling interest
|
$
|
20,267
|
$
|
15,120
|
Three Months Ended
March 31, |
||||||||
2018
|
2017
|
|||||||
Interest income
|
$
|
214
|
$
|
175
|
||||
Gain (loss) on investments
|
(103
|
)
|
27
|
|||||
License fee income
|
194
|
250
|
||||||
Other
|
156
|
60
|
||||||
Total
|
$
|
461
|
$
|
512
|
·
|
design, engineer, manufacture and market equipment used in each phase of road building, including mining, quarrying and crushing the aggregate, material handling solutions, producing asphalt or concrete, recycling old asphalt or concrete and asphalt paving;
|
·
|
design, engineer, manufacture and market additional equipment and components, including equipment for geothermal drilling, oil and natural gas drilling, industrial heat transfer, wood chipping and grinding, wood pellet processing, commercial and industrial burners, combustion control systems; and
|
·
|
manufacture and sell replacement parts for equipment in each of its product lines.
|
1.
|
Infrastructure Group
– Astec, Inc., Roadtec, Inc., Carlson Paving Products, Inc., Astec Australia, Pty Ltd and Astec Mobile Machinery GmbH.
|
2.
|
Aggregate and Mining Group
– Telsmith, Inc., Kolberg-Pioneer, Inc., Johnson Crushers International, Inc., Osborn Engineered Products SA (Pty) Ltd, Breaker Technology, Inc., Astec Mobile Screens, Inc., Astec do Brasil Fabricacao de Equipamentos LTDA and Telestack Limited.
|
3.
|
Energy Group
– Heatec, Inc., CEI, Inc., GEFCO, Inc., Peterson Pacific Corp., Power Flame Incorporated and RexCon, Inc. (beginning in October 2017). RexCon, Inc., a manufacturer of high-quality stationary and portable, central mix and ready mix concrete batch plants, concrete mixers and concrete paving equipment, was added to this group effective October 1, 2017 upon the acquisition of substantially all of the assets and liabilities of RexCon LLC.
|
Three Months Ended
March 31, |
||||||||||||||||
2018
|
2017
|
$ Change
|
% Change
|
|||||||||||||
Infrastructure Group
|
$
|
147,094
|
$
|
165,243
|
$
|
(18,149
|
)
|
(11.0
|
)%
|
|||||||
Aggregate and Mining Group
|
119,067
|
100,613
|
18,454
|
18.3
|
%
|
|||||||||||
Energy Group
|
59,292
|
52,545
|
6,747
|
12.8
|
%
|
|||||||||||
Three Months Ended
March 31, |
||||||||||||||||
2018
|
2017
|
$ Change
|
% Change
|
|||||||||||||
Infrastructure Group
|
$
|
14,852
|
$
|
18,180
|
$
|
(3,328
|
)
|
(18.3
|
)%
|
|||||||
Aggregate and Mining Group
|
13,110
|
8,428
|
4,682
|
55.6
|
%
|
|||||||||||
Energy Group
|
4,611
|
2,729
|
1,882
|
69.0
|
%
|
|||||||||||
Corporate
|
(11,248
|
)
|
(14,428
|
)
|
3,180
|
22.0
|
%
|
Three Months Ended
March 31, |
Increase
|
|||||||||||
2018
|
2017
|
(Decrease)
|
||||||||||
Net income
|
$
|
20,216
|
$
|
15,080
|
$
|
5,136
|
||||||
Depreciation and amortization
|
7,013
|
6,411
|
602
|
|||||||||
Provision for warranties
|
3,453
|
3,996
|
(543
|
)
|
||||||||
Changes in working capital:
|
||||||||||||
Trade and other receivables
|
(33,744
|
)
|
(45,910
|
)
|
12,166
|
|||||||
Inventories
|
(19,780
|
)
|
(12,166
|
)
|
(7,614
|
)
|
||||||
Accounts payable
|
9,293
|
16,276
|
(6,983
|
)
|
||||||||
Customer deposits
|
2,138
|
(154
|
)
|
2,292
|
||||||||
Product warranty accruals
|
(2,825
|
)
|
(3,460
|
)
|
635
|
|||||||
Prepaid and income taxes payable, net
|
6,468
|
8,249
|
(1,781
|
)
|
||||||||
Other, net
|
(4,553
|
)
|
(3,044
|
)
|
(1,509
|
)
|
||||||
Net cash used by operating activities
|
$
|
(12,321
|
)
|
$
|
(14,722
|
)
|
$
|
2,401
|
Three Months Ended
March 31, |
Increase
|
|||||||||||
2018
|
2017
|
(Decrease)
|
||||||||||
Expenditures for property and equipment
|
$
|
(5,011
|
)
|
$
|
(5,406
|
)
|
$
|
395
|
||||
Other
|
(334
|
)
|
(152
|
)
|
(182
|
)
|
||||||
Net cash used by investing activities
|
$
|
(5,345
|
)
|
$
|
(5,558
|
)
|
$
|
213
|
Three Months Ended
March 31, |
Increase
|
|||||||||||
2018
|
2017
|
(Decrease)
|
||||||||||
Payment of dividends
|
$
|
(2,308
|
)
|
$
|
(2,306
|
)
|
$
|
(2
|
)
|
|||
Net change in borrowings from banks
|
(643
|
)
|
(4,601
|
)
|
3,958
|
|||||||
Other, net
|
12
|
(216
|
)
|
228
|
||||||||
Net cash used by financing activities
|
$
|
(2,939
|
)
|
$
|
(7,123
|
)
|
$
|
4,184
|
ASTEC INDUSTRIES, INC.
(Registrant) |
||
Date: May 10, 2018
|
/s/ Benjamin G. Brock
|
|
Benjamin G. Brock
Chief Executive Officer (Principal Executive Officer) |
||
Date: May 10, 2018
|
/s/ David C. Silvious
|
|
David C. Silvious
Chief Financial Officer, Vice President, and Treasurer (Principal Financial and Accounting Officer) |
"APPENDIX A"
|
||
Each Participant's Date of Participation
|
||
Name of Participant
|
Effective Dates of Participation
|
|
W. Norman Smith
|
January 1, 1995
|
|
Richard Patek
|
January 1, 1995
|
|
Tim Gonigam
|
August 1, 2000
|
|
Jeff Elliott
|
January 1, 2002
|
|
Stephen C. Anderson
|
January 1, 2003
|
|
Richard Dorris
|
January 3, 2005
|
|
David C. Silvious
|
July 1, 2005
|
|
Ben Brock
|
January 1, 2007
|
|
Neil Peterson
|
January 1, 2008
|
|
Joe Cline
|
February 1, 2008
|
|
Chris Colwell
|
May 31, 2011
|
|
Robin Leffew
|
August 1, 2011
|
|
Matthew B. Haven
|
January 1, 2013
|
|
Jeff May
|
October 1, 2013
|
|
Malcolm Swanson
|
January 1, 2014
|
|
Tom Wilkey
|
January 1, 2014
|
|
Jeff Schwarz
|
July 1, 2014
|
|
Steven L. Claude
|
August 24, 2015
|
|
John Irvine
|
April 28, 2016
|
|
Jaco Van Der Merwe
|
October 1, 2016
|
|
Scott Barker
|
April 3, 2017
|
|
Neil Whitworth
|
May 30, 2017
|
|
Michael G. Anderson
|
July 7, 2017
|
|
Jody Volner
|
November 1, 2017
|
|
Michael Norris
|
January 1, 2018
|
1. |
I have reviewed this quarterly report on Form 10-Q of Astec Industries, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
/s/
Benjamin G. Brock
|
|
Benjamin G. Brock
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
1. |
I have reviewed this quarterly report on Form 10-Q of Astec Industries, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
/s/David C. Silvious
|
|
David C. Silvious
|
|
Chief Financial Officer, Vice President and Treasurer
|
|
(Principal Financial Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|