Tennessee
|
62-0873631
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1725 Shepherd Road, Chattanooga, Tennessee
|
37421
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(423) 899-5898
|
(Registrant’s telephone number, including area code)
|
Title of each Class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock
|
ASTE
|
The Nasdaq Stock Market LLC
|
Large Accelerated Filer ☒
|
Accelerated Filer ☐
|
Non-accelerated filer ☐
|
Smaller Reporting Company ☐
|
Emerging Growth Company ☐
|
Yes ☐
|
No ☒
|
Class
|
Outstanding at October 26, 2019
|
Common Stock, par value $0.20
|
22,546,348
|
|
||
|
September 30,
2019
|
December 31,
2018
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
26,289
|
$
|
25,821
|
||||
Investments
|
1,103
|
1,946
|
||||||
Trade receivables
|
110,583
|
130,569
|
||||||
Other receivables
|
3,490
|
3,409
|
||||||
Inventories
|
356,889
|
355,944
|
||||||
Prepaid income taxes
|
16,999
|
24,459
|
||||||
Prepaid expenses and other assets
|
14,531
|
18,843
|
||||||
Total current assets
|
529,884
|
560,991
|
||||||
Property and equipment, net
|
190,545
|
192,448
|
||||||
Investments
|
14,480
|
14,890
|
||||||
Operating lease right-of-use assets
|
4,241
|
–
|
||||||
Goodwill
|
32,206
|
32,748
|
||||||
Deferred income tax assets
|
18,146
|
27,490
|
||||||
Other long-term assets
|
26,167
|
26,890
|
||||||
Total assets
|
$
|
815,669
|
$
|
855,457
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of long-term debt
|
$
|
204
|
$
|
413
|
||||
Accounts payable
|
59,886
|
70,614
|
||||||
Customer deposits
|
43,821
|
48,069
|
||||||
Accrued product warranty
|
9,992
|
10,928
|
||||||
Accrued payroll and related liabilities
|
22,492
|
24,126
|
||||||
Accrued loss reserves
|
1,989
|
1,832
|
||||||
Other current liabilities
|
34,697
|
33,249
|
||||||
Total current liabilities
|
173,081
|
189,231
|
||||||
Long-term debt
|
717
|
59,709
|
||||||
Deferred income tax liabilities
|
869
|
1,020
|
||||||
Other long-term liabilities
|
23,418
|
20,207
|
||||||
Total liabilities
|
198,085
|
270,167
|
||||||
Shareholders’ equity
|
617,060
|
584,580
|
||||||
Non-controlling interest
|
524
|
710
|
||||||
Total equity
|
617,584
|
585,290
|
||||||
Total liabilities and equity
|
$
|
815,669
|
$
|
855,457
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net sales
|
$
|
255,807
|
$
|
256,613
|
$
|
886,389
|
$
|
854,595
|
||||||||
Cost of sales
|
203,947
|
198,329
|
674,362
|
717,197
|
||||||||||||
Gross profit
|
51,860
|
58,284
|
212,027
|
137,398
|
||||||||||||
Selling, general, administrative and engineering expenses
|
47,643
|
51,054
|
158,594
|
154,396
|
||||||||||||
Restructuring and asset impairment charges
|
875
|
-
|
1,431
|
-
|
||||||||||||
Income (loss) from operations
|
3,342
|
7,230
|
52,002
|
(16,998
|
)
|
|||||||||||
Interest expense
|
(167
|
)
|
(170
|
)
|
(1,299
|
)
|
(488
|
)
|
||||||||
Other income, net of expenses
|
412
|
23
|
1,252
|
1,536
|
||||||||||||
Income (loss) from operations before income taxes
|
3,587
|
7,083
|
51,955
|
(15,950
|
)
|
|||||||||||
Income tax provision (benefit)
|
632
|
180
|
11,420
|
(2,301
|
)
|
|||||||||||
Net income (loss)
|
2,955
|
6,903
|
40,535
|
(13,649
|
)
|
|||||||||||
Net loss attributable to non-controlling interest
|
55
|
92
|
127
|
238
|
||||||||||||
Net income (loss) attributable to controlling interest
|
$
|
3,010
|
$
|
6,995
|
$
|
40,662
|
$
|
(13,411
|
)
|
|||||||
Earnings (loss) per common share
|
||||||||||||||||
Net income (loss) attributable to controlling interest:
|
||||||||||||||||
Basic
|
$
|
0.13
|
$
|
0.31
|
$
|
1.81
|
$
|
(0.58
|
)
|
|||||||
Diluted
|
$
|
0.13
|
$
|
0.30
|
$
|
1.79
|
$
|
(0.58
|
)
|
|||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,523
|
22,923
|
22,510
|
23,009
|
||||||||||||
Diluted
|
22,684
|
23,084
|
22,666
|
23,009
|
||||||||||||
Dividends declared per common share
|
$
|
0.11
|
$
|
0.11
|
$
|
0.33
|
$
|
0.31
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net income (loss)
|
$
|
2,955
|
$
|
6,903
|
$
|
40,535
|
$
|
(13,649
|
)
|
|||||||
Other comprehensive loss:
|
||||||||||||||||
Foreign currency translation adjustments
|
(3,524
|
)
|
(1,536
|
)
|
(2,671
|
)
|
(7,845
|
)
|
||||||||
Change in unrecognized pension benefit cost
|
–
|
–
|
–
|
65
|
||||||||||||
Other comprehensive loss
|
(3,524
|
)
|
(1,536
|
)
|
(2,671
|
)
|
(7,780
|
)
|
||||||||
Comprehensive income (loss)
|
(569
|
)
|
5,367
|
37,864
|
(21,429
|
)
|
||||||||||
Comprehensive loss attributable to non-controlling interest
|
105
|
122
|
167
|
407
|
||||||||||||
Comprehensive income (loss) attributable to controlling interest
|
$
|
(464
|
)
|
$
|
5,489
|
$
|
38,031
|
$
|
(21,022
|
)
|
|
Nine Months Ended
September 30,
|
|||||||
2019
|
2018
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
40,535
|
$
|
(13,649
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
|
||||||||
Depreciation and amortization
|
19,698
|
20,755
|
||||||
Provision for doubtful accounts
|
1,086
|
145
|
||||||
Provision for warranties
|
7,020
|
10,115
|
||||||
Deferred compensation expense (benefit)
|
74
|
(441
|
)
|
|||||
Stock-based compensation
|
2,118
|
1,770
|
||||||
Deferred income tax provision
|
9,193
|
1,587
|
||||||
(Gain) loss on disposition of fixed assets
|
309
|
(249
|
)
|
|||||
Distributions to SERP participants
|
(2,067
|
)
|
(291
|
)
|
||||
Change in operating assets and liabilities:
|
||||||||
Sale (purchase) of trading securities, net
|
883
|
(628
|
)
|
|||||
Trade and other receivables
|
18,150
|
(7,512
|
)
|
|||||
Inventories
|
(1,261
|
)
|
(37,841
|
)
|
||||
Prepaid expenses and other assets
|
849
|
796
|
||||||
Accounts payable
|
(8,899
|
)
|
14,047
|
|||||
Accrued pellet plant agreement costs
|
–
|
17,000
|
||||||
Accrued product warranty
|
(8,004
|
)
|
(14,480
|
)
|
||||
Customer deposits
|
(4,247
|
)
|
2,895
|
|||||
Prepaid and income taxes payable, net
|
8,964
|
(11,055
|
)
|
|||||
Other
|
(226
|
)
|
(3,498
|
)
|
||||
Net cash provided (used) by operating activities
|
84,175
|
(20,534
|
)
|
|||||
Cash flows from investing activities:
|
||||||||
Expenditures for property and equipment
|
(17,924
|
)
|
(17,518
|
)
|
||||
Proceeds from sale of property and equipment
|
268
|
330
|
||||||
Other
|
1,407
|
83
|
||||||
Net cash used by investing activities
|
(16,249
|
)
|
(17,105
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Payment of dividends
|
(7,436
|
)
|
(7,149
|
)
|
||||
Stock buy-back purchases
|
–
|
(13,914
|
)
|
|||||
Borrowings under bank loans
|
164,850
|
48,523
|
||||||
Repayments of bank loans
|
(223,984
|
)
|
(24,741
|
)
|
||||
Sale of Company shares held by SERP
|
192
|
246
|
||||||
Withholding tax paid upon vesting of restricted stock units
|
(312
|
)
|
(432
|
)
|
||||
Purchase of subsidiary shares
|
(16
|
)
|
(27
|
)
|
||||
Net cash provided (used) by financing activities
|
(66,706
|
)
|
2,506
|
|||||
Effect of exchange rates on cash
|
(752
|
)
|
(1,473
|
)
|
||||
Net change in cash and cash equivalents
|
468
|
(36,606
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
25,821
|
62,280
|
||||||
Cash and cash equivalents, end of period
|
$
|
26,289
|
$
|
25,674
|
For the Three Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||||
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, June 30, 2019
|
22,531
|
$
|
4,506
|
$
|
122,285
|
$
|
(33,751
|
)
|
$
|
(1,716
|
)
|
$
|
528,655
|
$
|
629
|
$
|
620,608
|
|||||||||||||||
Net income (loss)
|
–
|
–
|
–
|
–
|
–
|
3,010
|
(55
|
)
|
2,955
|
|||||||||||||||||||||||
Other comprehensive loss
|
–
|
–
|
–
|
(3,474
|
)
|
–
|
–
|
(50
|
)
|
(3,524
|
)
|
|||||||||||||||||||||
Dividends declared
|
–
|
–
|
3
|
–
|
–
|
(2,483
|
)
|
–
|
(2,480
|
)
|
||||||||||||||||||||||
Stock-based compensation
|
–
|
–
|
241
|
–
|
–
|
–
|
–
|
241
|
||||||||||||||||||||||||
RSU vesting
|
15
|
3
|
(3
|
)
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||||
Withholding tax paid upon vesting of RSUs
|
–
|
–
|
(152
|
)
|
–
|
–
|
–
|
–
|
(152
|
)
|
||||||||||||||||||||||
SERP transactions, net
|
–
|
–
|
(1
|
)
|
–
|
(45
|
)
|
–
|
–
|
(46
|
)
|
|||||||||||||||||||||
Other
|
–
|
–
|
–
|
(18
|
)
|
–
|
–
|
–
|
(18
|
)
|
||||||||||||||||||||||
Balance, September 30, 2019
|
22,546
|
$
|
4,509
|
$
|
122,373
|
$
|
(37,243
|
)
|
$
|
(1,761
|
)
|
$
|
529,182
|
$
|
524
|
$
|
617,584
|
For the Nine Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||||
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, 2018
|
22,513
|
$
|
4,503
|
$
|
120,601
|
$
|
(33,883
|
)
|
$
|
(1,886
|
)
|
$
|
495,245
|
$
|
710
|
$
|
585,290
|
|||||||||||||||
Net income (loss)
|
–
|
–
|
–
|
–
|
–
|
40,662
|
(127
|
)
|
40,535
|
|||||||||||||||||||||||
Other comprehensive loss
|
–
|
–
|
–
|
(2,631
|
)
|
–
|
–
|
(40
|
)
|
(2,671
|
)
|
|||||||||||||||||||||
Change in ownership percentage of subsidiary
|
–
|
–
|
–
|
–
|
–
|
–
|
(9
|
)
|
(9
|
)
|
||||||||||||||||||||||
Dividends declared
|
–
|
–
|
9
|
–
|
–
|
(7,445
|
)
|
–
|
(7,436
|
)
|
||||||||||||||||||||||
Stock-based compensation
|
2
|
–
|
2,014
|
–
|
–
|
–
|
–
|
2,014
|
||||||||||||||||||||||||
RSU vesting
|
31
|
6
|
(6
|
)
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||||
Withholding tax paid upon vesting of RSUs
|
–
|
–
|
(312
|
)
|
–
|
–
|
–
|
–
|
(312
|
)
|
||||||||||||||||||||||
Cumulative impact of ASU No. 2018-02
|
–
|
–
|
–
|
(721
|
)
|
–
|
721
|
–
|
–
|
|||||||||||||||||||||||
SERP transactions, net
|
–
|
–
|
67
|
–
|
125
|
–
|
–
|
192
|
||||||||||||||||||||||||
Other
|
–
|
–
|
–
|
(8
|
)
|
–
|
(1
|
)
|
(10
|
)
|
(19
|
)
|
||||||||||||||||||||
Balance, September 30, 2019
|
22,546
|
$
|
4,509
|
$
|
122,373
|
$
|
(37,243
|
)
|
$
|
(1,761
|
)
|
$
|
529,182
|
$
|
524
|
$
|
617,584
|
For the Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||
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, June 30, 2018
|
23,094
|
$
|
4,619
|
$
|
143,596
|
$
|
(30,487
|
)
|
$
|
(1,888
|
)
|
$
|
540,300
|
$
|
841
|
$
|
656,981
|
|||||||||||||||
Net income (loss)
|
–
|
–
|
–
|
–
|
–
|
6,995
|
(92
|
)
|
6,903
|
|||||||||||||||||||||||
Other comprehensive loss
|
–
|
–
|
–
|
(1,536
|
)
|
–
|
–
|
–
|
(1,536
|
)
|
||||||||||||||||||||||
Change in ownership percentage of subsidiary
|
–
|
–
|
–
|
–
|
–
|
–
|
(11
|
)
|
(11
|
)
|
||||||||||||||||||||||
Dividends declared
|
–
|
–
|
3
|
–
|
–
|
(2,534
|
)
|
–
|
(2,531
|
)
|
||||||||||||||||||||||
Stock buy-back program
|
(296
|
)
|
(59
|
)
|
(13,855
|
)
|
–
|
–
|
–
|
–
|
(13,914
|
)
|
||||||||||||||||||||
Stock-based compensation
|
–
|
–
|
411
|
–
|
–
|
–
|
–
|
411
|
||||||||||||||||||||||||
SERP transactions, net
|
–
|
–
|
11
|
–
|
(44
|
)
|
–
|
–
|
(33
|
)
|
||||||||||||||||||||||
Other
|
–
|
–
|
–
|
–
|
–
|
–
|
4
|
4
|
||||||||||||||||||||||||
Balance, September 30, 2018
|
22,798
|
$
|
4,560
|
$
|
130,166
|
$
|
(32,023
|
)
|
$
|
(1,932
|
)
|
$
|
544,761
|
$
|
742
|
$
|
646,274
|
For the Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||
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 loss
|
–
|
–
|
–
|
–
|
–
|
(13,411
|
)
|
(238
|
)
|
(13,649
|
)
|
|||||||||||||||||||||
Other comprehensive loss
|
–
|
–
|
–
|
(7,780
|
)
|
–
|
–
|
–
|
(7,780
|
)
|
||||||||||||||||||||||
Change in ownership percentage of subsidiary
|
–
|
–
|
–
|
–
|
–
|
–
|
(120
|
)
|
(120
|
)
|
||||||||||||||||||||||
Dividends declared
|
–
|
–
|
8
|
–
|
–
|
(7,157
|
)
|
–
|
(7,149
|
)
|
||||||||||||||||||||||
Stock buy-back program
|
(296
|
)
|
(59
|
)
|
(13,855
|
)
|
–
|
–
|
–
|
–
|
(13,914
|
)
|
||||||||||||||||||||
Stock-based compensation
|
–
|
–
|
2,301
|
–
|
–
|
–
|
–
|
2,301
|
||||||||||||||||||||||||
RSU vesting
|
24
|
5
|
(5
|
)
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||||
Withholding tax paid upon vesting of RSUs
|
–
|
–
|
(432
|
)
|
–
|
–
|
–
|
–
|
(432
|
)
|
||||||||||||||||||||||
SERP transactions, net
|
–
|
–
|
218
|
–
|
28
|
–
|
–
|
246
|
||||||||||||||||||||||||
Other
|
–
|
–
|
–
|
–
|
–
|
(1
|
)
|
7
|
6
|
|||||||||||||||||||||||
Balance, September 30, 2018
|
22,798
|
$
|
4,560
|
$
|
130,166
|
$
|
(32,023
|
)
|
$
|
(1,932
|
)
|
$
|
544,761
|
$
|
742
|
$
|
646,274
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net income (loss) attributable to controlling interest
|
$
|
3,010
|
$
|
6,995
|
$
|
40,662
|
$
|
(13,411
|
)
|
|||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings (loss) per share
|
22,523
|
22,923
|
22,510
|
23,009
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Restricted stock units
|
112
|
104
|
107
|
–
|
||||||||||||
Supplemental Executive Retirement Plan
|
49
|
57
|
49
|
–
|
||||||||||||
Denominator for diluted earnings (loss) per share
|
22,684
|
23,084
|
22,666
|
23,009
|
|
September 30,
2019
|
December 31,
2018
|
||||||
Raw materials and parts
|
$
|
171,552
|
$
|
173,919
|
||||
Work-in-process
|
78,110
|
69,718
|
||||||
Finished goods
|
81,317
|
89,152
|
||||||
Used equipment
|
25,910
|
23,155
|
||||||
Total
|
$
|
356,889
|
$
|
355,944
|
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.
|
|
September 30, 2019
|
|||||||||||
Level 1
|
Level 2
|
Total
|
||||||||||
Financial Assets:
|
||||||||||||
Trading equity securities:
|
||||||||||||
SERP money market fund
|
$
|
278
|
$
|
–
|
$
|
278
|
||||||
SERP mutual funds
|
4,039
|
–
|
4,039
|
|||||||||
Preferred stocks
|
282
|
–
|
282
|
|||||||||
Trading debt securities:
|
||||||||||||
Corporate bonds
|
4,429
|
–
|
4,429
|
|||||||||
Municipal bonds
|
–
|
1,358
|
1,358
|
|||||||||
Floating rate notes
|
612
|
–
|
612
|
|||||||||
U.S. government securities
|
2,035
|
–
|
2,035
|
|||||||||
Asset backed securities
|
–
|
1,265
|
1,265
|
|||||||||
Other
|
323
|
962
|
1,285
|
|||||||||
Derivative financial instruments
|
–
|
443
|
443
|
|||||||||
Total financial assets
|
$
|
11,998
|
$
|
4,028
|
$
|
16,026
|
||||||
Financial Liabilities:
|
||||||||||||
SERP liabilities
|
$
|
–
|
$
|
5,857
|
$
|
5,857
|
||||||
Total financial liabilities
|
$
|
–
|
$
|
5,857
|
$
|
5,857
|
|
December 31, 2018
|
|||||||||||
Level 1
|
Level 2
|
Total
|
||||||||||
Financial Assets:
|
||||||||||||
Trading equity securities:
|
||||||||||||
SERP money market fund
|
$
|
229
|
$
|
–
|
$
|
229
|
||||||
SERP mutual funds
|
4,755
|
–
|
4,755
|
|||||||||
Preferred stocks
|
248
|
–
|
248
|
|||||||||
Trading debt securities:
|
||||||||||||
Corporate bonds
|
5,398
|
–
|
5,398
|
|||||||||
Municipal bonds
|
–
|
1,546
|
1,546
|
|||||||||
Floating rate notes
|
1,300
|
–
|
1,300
|
|||||||||
U.S. government securities
|
2,210
|
–
|
2,210
|
|||||||||
Asset backed securities
|
–
|
442
|
442
|
|||||||||
Other
|
–
|
708
|
708
|
|||||||||
Derivative financial instruments
|
–
|
333
|
333
|
|||||||||
Total financial assets
|
$
|
14,140
|
$
|
3,029
|
$
|
17,169
|
||||||
Financial Liabilities:
|
||||||||||||
SERP liabilities
|
$
|
–
|
$
|
6,641
|
$
|
6,641
|
||||||
Total financial liabilities
|
$
|
–
|
$
|
6,641
|
$
|
6,641
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Reserve balance, beginning of the period
|
$
|
10,117
|
$
|
11,544
|
$
|
10,928
|
$
|
15,410
|
||||||||
Warranty liabilities accrued
|
2,524
|
2,586
|
7,020
|
10,115
|
||||||||||||
Warranty liabilities settled
|
(2,717
|
)
|
(2,998
|
)
|
(8,004
|
)
|
(9,674
|
)
|
||||||||
Pellet plant agreement write-off
|
–
|
–
|
–
|
(4,806
|
)
|
|||||||||||
Other
|
68
|
(220
|
)
|
48
|
(133
|
)
|
||||||||||
Reserve balance, end of the period
|
$
|
9,992
|
$
|
10,912
|
$
|
9,992
|
$
|
10,912
|
|
Three Months Ended
September 30, 2019
|
|||
Operating lease expense
|
$
|
657
|
||
Cash paid for operating leases included in operating cash flows
|
697
|
|
Nine Months Ended
September 30, 2019
|
|||
Operating lease expense
|
$
|
1,907
|
||
Cash paid for operating leases included in operating cash flows
|
2,037
|
|
As of
September 30, 2019
|
|||
Operating lease right-of-use asset
|
$
|
4,241
|
||
Operating lease short-term liability included in other current liabilities
|
2,021
|
|||
Operating lease long-term liability included in other long-term liabilities
|
2,234
|
|||
Weighted average remaining lease term (in years)
|
4.60
|
|||
Weighted average discount rate used in calculating right-of-use asset
|
3.64
|
%
|
|
Amount
|
|||
2019 (three months remaining)
|
$
|
685
|
||
2020
|
1,723
|
|||
2021
|
703
|
|||
2022
|
406
|
|||
2023
|
245
|
|||
2024 and thereafter
|
922
|
|||
Total
|
4,684
|
|||
Less interest
|
(429
|
)
|
||
Present value of lease liabilities
|
$
|
4,255
|
|
Amount
|
|||
2019
|
$
|
1,992
|
||
2020
|
1,100
|
|||
2021
|
388
|
|||
2022
|
144
|
|||
2023
|
66
|
|||
2024 and thereafter
|
12
|
|||
Total
|
$
|
3,702
|
|
Three Months Ended September 30, 2019
|
|||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Total
|
|||||||||||||
Net Sales-Domestic:
|
||||||||||||||||
Equipment sales
|
$
|
47,001
|
$
|
32,569
|
$
|
40,477
|
$
|
120,047
|
||||||||
Pellet plant sales
|
–
|
–
|
–
|
–
|
||||||||||||
Parts and component sales
|
24,107
|
19,592
|
11,063
|
54,762
|
||||||||||||
Service and equipment installation revenue
|
2,318
|
2,399
|
1,575
|
6,292
|
||||||||||||
Used equipment sales
|
940
|
232
|
1,434
|
2,606
|
||||||||||||
Freight revenue
|
2,778
|
1,603
|
1,761
|
6,142
|
||||||||||||
Other
|
119
|
(524
|
)
|
339
|
(66
|
)
|
||||||||||
Total domestic revenue
|
77,263
|
55,871
|
56,649
|
189,783
|
||||||||||||
Net Sales-International:
|
||||||||||||||||
Equipment sales
|
5,742
|
28,988
|
8,863
|
43,593
|
||||||||||||
Parts and component sales
|
3,326
|
12,792
|
2,165
|
18,283
|
||||||||||||
Service and equipment installation revenue
|
1,186
|
183
|
190
|
1,559
|
||||||||||||
Used equipment sales
|
520
|
1,116
|
–
|
1,636
|
||||||||||||
Freight revenue
|
182
|
633
|
(57
|
)
|
758
|
|||||||||||
Other
|
–
|
34
|
161
|
195
|
||||||||||||
Total international revenue
|
10,956
|
43,746
|
11,322
|
66,024
|
||||||||||||
Total net sales
|
$
|
88,219
|
$
|
99,617
|
$
|
67,971
|
$
|
255,807
|
|
Nine Months Ended September 30, 2019
|
|||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Total
|
|||||||||||||
Net Sales-Domestic:
|
||||||||||||||||
Equipment sales
|
$
|
191,879
|
$
|
134,660
|
$
|
121,027
|
$
|
447,566
|
||||||||
Pellet plant sales
|
20,000
|
–
|
–
|
20,000
|
||||||||||||
Parts and component sales
|
90,833
|
57,673
|
34,697
|
183,203
|
||||||||||||
Service and equipment installation revenue
|
10,415
|
5,456
|
4,687
|
20,558
|
||||||||||||
Used equipment sales
|
4,638
|
645
|
3,889
|
9,172
|
||||||||||||
Freight revenue
|
9,754
|
4,999
|
4,892
|
19,645
|
||||||||||||
Other
|
268
|
(2,506
|
)
|
919
|
(1,319
|
)
|
||||||||||
Total domestic revenue
|
327,787
|
200,927
|
170,111
|
698,825
|
||||||||||||
Net Sales-International:
|
||||||||||||||||
Equipment sales
|
27,413
|
72,453
|
19,041
|
118,907
|
||||||||||||
Parts and component sales
|
15,034
|
34,408
|
7,083
|
56,525
|
||||||||||||
Service and equipment installation revenue
|
4,634
|
883
|
227
|
5,744
|
||||||||||||
Used equipment sales
|
751
|
1,953
|
70
|
2,774
|
||||||||||||
Freight revenue
|
812
|
2,064
|
232
|
3,108
|
||||||||||||
Other
|
17
|
297
|
192
|
506
|
||||||||||||
Total international revenue
|
48,661
|
112,058
|
26,845
|
187,564
|
||||||||||||
Total net sales
|
$
|
376,448
|
$
|
312,985
|
$
|
196,956
|
$
|
886,389
|
|
Three Months Ended September 30, 2018
|
|||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Total
|
|||||||||||||
Net Sales-Domestic:
|
||||||||||||||||
Equipment sales
|
$
|
38,377
|
$
|
43,742
|
$
|
44,930
|
$
|
127,049
|
||||||||
Pellet plant agreement sale charge
|
–
|
–
|
–
|
–
|
||||||||||||
Parts and component sales
|
22,526
|
19,238
|
9,601
|
51,365
|
||||||||||||
Service and equipment installation revenue
|
2,682
|
533
|
1,122
|
4,337
|
||||||||||||
Used equipment sales
|
1,526
|
292
|
2,642
|
4,460
|
||||||||||||
Freight revenue
|
2,527
|
1,887
|
1,439
|
5,853
|
||||||||||||
Other
|
60
|
(395
|
)
|
1,437
|
1,102
|
|||||||||||
Total domestic revenue
|
67,698
|
65,297
|
61,171
|
194,166
|
||||||||||||
Net Sales-International:
|
||||||||||||||||
Equipment sales
|
12,766
|
23,758
|
3,781
|
40,305
|
||||||||||||
Parts and component sales
|
5,018
|
10,610
|
2,428
|
18,056
|
||||||||||||
Service and equipment installation revenue
|
911
|
263
|
147
|
1,321
|
||||||||||||
Used equipment sales
|
233
|
467
|
42
|
742
|
||||||||||||
Freight revenue
|
437
|
1,212
|
241
|
1,890
|
||||||||||||
Other
|
–
|
128
|
5
|
133
|
||||||||||||
Total international revenue
|
19,365
|
36,438
|
6,644
|
62,447
|
||||||||||||
Total net sales
|
$
|
87,063
|
$
|
101,735
|
$
|
67,815
|
$
|
256,613
|
|
Nine Months Ended September 30, 2018
|
|||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Total
|
|||||||||||||
Net Sales-Domestic:
|
||||||||||||||||
Equipment sales
|
$
|
226,619
|
$
|
165,225
|
$
|
123,573
|
$
|
515,417
|
||||||||
Pellet plant agreement sale charge
|
(75,315
|
)
|
–
|
–
|
(75,315
|
)
|
||||||||||
Parts and component sales
|
92,907
|
55,383
|
32,395
|
180,685
|
||||||||||||
Service and equipment installation revenue
|
7,892
|
1,424
|
4,550
|
13,866
|
||||||||||||
Used equipment sales
|
4,535
|
2,355
|
3,577
|
10,467
|
||||||||||||
Freight revenue
|
9,781
|
5,608
|
4,389
|
19,778
|
||||||||||||
Other
|
837
|
(1,967
|
)
|
3,862
|
2,732
|
|||||||||||
Total domestic revenue
|
267,256
|
228,028
|
172,346
|
667,630
|
||||||||||||
Net Sales-International:
|
||||||||||||||||
Equipment sales
|
30,720
|
69,470
|
17,618
|
117,808
|
||||||||||||
Parts and component sales
|
14,390
|
32,969
|
8,180
|
55,539
|
||||||||||||
Service and equipment installation revenue
|
2,368
|
902
|
376
|
3,646
|
||||||||||||
Used equipment sales
|
1,397
|
1,954
|
625
|
3,976
|
||||||||||||
Freight revenue
|
1,121
|
3,509
|
918
|
5,548
|
||||||||||||
Other
|
107
|
268
|
73
|
448
|
||||||||||||
Total international revenue
|
50,103
|
109,072
|
27,790
|
186,965
|
||||||||||||
Total net sales
|
$
|
317,359
|
$
|
337,100
|
$
|
200,136
|
$
|
854,595
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
United States
|
$
|
189,783
|
$
|
194,166
|
$
|
698,825
|
$
|
667,630
|
||||||||
Other African countries
|
11,491
|
7,668
|
27,408
|
28,543
|
||||||||||||
Asia (excl. China, Japan & Korea)
|
1,413
|
1,504
|
6,360
|
3,690
|
||||||||||||
Australia
|
10,067
|
11,256
|
26,037
|
25,152
|
||||||||||||
Canada
|
19,157
|
16,037
|
56,170
|
51,109
|
||||||||||||
Mexico and Central America
|
(114
|
)
|
3,281
|
6,038
|
10,606
|
|||||||||||
China, Japan &Korea
|
1,244
|
1,107
|
3,824
|
5,324
|
||||||||||||
Europe
|
11,840
|
5,813
|
31,312
|
24,884
|
||||||||||||
Middle East and North Africa
|
397
|
4,691
|
2,173
|
7,600
|
||||||||||||
South America
|
7,273
|
9,925
|
21,908
|
28,159
|
||||||||||||
West Indies
|
4,084
|
390
|
5,651
|
1,050
|
||||||||||||
Other
|
(828
|
)
|
775
|
683
|
848
|
|||||||||||
Total international
|
66,024
|
62,447
|
187,564
|
186,965
|
||||||||||||
Total consolidated sales
|
$
|
255,807
|
$
|
256,613
|
$
|
886,389
|
$
|
854,595
|
|
Three Months Ended September 30, 2019
|
|||||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Corporate
|
Total
|
||||||||||||||||
Net sales to external customers
|
$
|
88,219
|
$
|
99,617
|
$
|
67,971
|
$
|
–
|
$
|
255,807
|
||||||||||
Intersegment sales
|
3,273
|
4,842
|
3,112
|
–
|
11,227
|
|||||||||||||||
Gross profit
|
15,406
|
20,837
|
15,541
|
76
|
51,860
|
|||||||||||||||
Gross profit percent
|
17.5
|
%
|
20.9
|
%
|
22.9
|
%
|
–
|
20.3
|
%
|
|||||||||||
Restructuring charges
|
875
|
-
|
-
|
-
|
875
|
|||||||||||||||
Segment profit (loss)
|
$
|
(419
|
)
|
$
|
5,803
|
$
|
5,093
|
$
|
(7,732
|
)
|
$
|
2,745
|
|
Nine Months Ended September 30, 2019
|
|||||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Corporate
|
Total
|
||||||||||||||||
Net sales to external customers
|
$
|
376,448
|
$
|
312,985
|
$
|
196,956
|
$
|
–
|
$
|
886,389
|
||||||||||
Intersegment sales
|
8,193
|
15,381
|
14,228
|
–
|
37,802
|
|||||||||||||||
Gross profit
|
93,792
|
71,876
|
46,207
|
152
|
212,027
|
|||||||||||||||
Gross profit percent
|
24.9
|
%
|
23.0
|
%
|
23.5
|
%
|
–
|
23.9
|
%
|
|||||||||||
Restructuring charges
|
1,431
|
-
|
-
|
-
|
1,431
|
|||||||||||||||
Segment profit (loss)
|
$
|
39,264
|
$
|
22,969
|
$
|
11,625
|
$
|
(34,422
|
)
|
$
|
39,436
|
|
Three Months Ended September 30, 2018
|
|||||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Corporate
|
Total
|
||||||||||||||||
Net sales to external customers
|
$
|
87,063
|
$
|
101,735
|
$
|
67,815
|
$
|
–
|
$
|
256,613
|
||||||||||
Intersegment sales
|
6,424
|
4,300
|
1,975
|
–
|
12,699
|
|||||||||||||||
Gross profit
|
18,642
|
24,294
|
15,282
|
66
|
58,284
|
|||||||||||||||
Gross profit percent
|
21.4
|
%
|
23.9
|
%
|
22.5
|
%
|
–
|
22.7
|
%
|
|||||||||||
Segment profit (loss)
|
$
|
4,761
|
$
|
9,011
|
$
|
3,318
|
$
|
(9,778
|
)
|
$
|
7,312
|
|
Nine Months Ended September 30, 2018
|
|||||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining
Group
|
Energy
Group
|
Corporate
|
Total
|
||||||||||||||||
Net sales to external customers
|
$
|
317,359
|
$
|
337,100
|
$
|
200,136
|
$
|
–
|
$
|
854,595
|
||||||||||
Intersegment sales
|
18,065
|
13,308
|
13,838
|
–
|
45,211
|
|||||||||||||||
Gross profit
|
4,105
|
82,625
|
50,376
|
292
|
137,398
|
|||||||||||||||
Gross profit percent
|
1.3
|
%
|
24.5
|
%
|
25.2
|
%
|
–
|
16.1
|
%
|
|||||||||||
Segment profit (loss)
|
$
|
(43,121
|
)
|
$
|
34,669
|
$
|
16,406
|
$
|
(20,428
|
)
|
$
|
(12,474
|
)
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Total segment profit (loss)
|
$
|
2,745
|
$
|
7,312
|
$
|
39,436
|
$
|
(12,474
|
)
|
|||||||
Recapture (elimination) of intersegment profit
|
210
|
(409
|
)
|
1,099
|
(1,175
|
)
|
||||||||||
Net income (loss)
|
2,955
|
6,903
|
40,535
|
(13,649
|
)
|
|||||||||||
Net loss attributable to non-controlling interest in subsidiaries
|
55
|
92
|
127
|
238
|
||||||||||||
Net income (loss) attributable to controlling interest
|
$
|
3,010
|
$
|
6,995
|
$
|
40,662
|
$
|
(13,411
|
)
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Interest income
|
$
|
369
|
$
|
225
|
$
|
938
|
$
|
678
|
||||||||
Gain (loss) on investments
|
17
|
(27
|
)
|
215
|
(96
|
)
|
||||||||||
Insurance recovery
|
–
|
–
|
–
|
635
|
||||||||||||
Other
|
26
|
(175
|
)
|
99
|
319
|
|||||||||||
Total
|
$
|
412
|
$
|
23
|
$
|
1,252
|
$
|
1,536
|
|
design, engineer, manufacture and market equipment used in each phase of road building, including mining, quarrying and crushing the aggregate, mobile bulk and material handling solutions, producing asphalt or concrete, recycling old asphalt or concrete and applying the asphalt;
|
|
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, 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 (which is being dissolved in 2019).
|
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. In October 2019, the Company informed its employees that it will be closing its CEI manufacturing facility and CEI’s operations will be transferred to the Company’s Heatec and RexCon subsidiaries.
|
Three Months Ended
September 30, |
||||||||||||||||
2019
|
2018
|
$ Change
|
% Change
|
|||||||||||||
Infrastructure Group
|
$
|
88,219
|
$
|
87,063
|
$
|
1,156
|
1.3
|
%
|
||||||||
Aggregate and Mining Group
|
99,617
|
101,735
|
(2,118
|
)
|
(2.1
|
)%
|
||||||||||
Energy Group
|
67,971
|
67,815
|
156
|
0.2
|
%
|
|||||||||||
Nine Months Ended
September 30, |
||||||||||||||||
2019
|
2018
|
$ Change
|
% Change
|
|||||||||||||
Infrastructure Group
|
$
|
376,448
|
$
|
317,359
|
$
|
59,089
|
18.6
|
%
|
||||||||
Aggregate and Mining Group
|
312,985
|
337,100
|
(24,115
|
)
|
(7.2
|
)%
|
||||||||||
Energy Group
|
196,956
|
200,136
|
(3,180
|
)
|
(1.6
|
)%
|
||||||||||
Three Months Ended
September 30, |
||||||||||||||||
2019
|
2018
|
$ Change
|
% Change
|
|||||||||||||
Infrastructure Group
|
$
|
(419
|
)
|
$
|
4,761
|
$
|
(5,180
|
)
|
(108.8
|
)%
|
||||||
Aggregate and Mining Group
|
5,803
|
9,011
|
(3,208
|
)
|
(35.6
|
)%
|
||||||||||
Energy Group
|
5,093
|
3,318
|
1,775
|
53.5
|
%
|
|||||||||||
Corporate
|
(7,732
|
)
|
(9,778
|
)
|
2,046
|
20.9
|
%
|
Nine Months Ended
September 30, |
||||||||||||||||
2019
|
2018
|
$ Change
|
% Change
|
|||||||||||||
Infrastructure Group
|
$
|
39,264
|
$
|
(43,121
|
)
|
$
|
82,385
|
191.1
|
%
|
|||||||
Aggregate and Mining Group
|
22,969
|
34,669
|
(11,700
|
)
|
(33.7
|
)%
|
||||||||||
Energy Group
|
11,625
|
16,406
|
(4,781
|
)
|
(29.1
|
)%
|
||||||||||
Corporate
|
(34,422
|
)
|
(20,428
|
)
|
(13,994
|
)
|
(68.5
|
)%
|
Nine Months Ended
September 30, |
Increase
|
|||||||||||
2019
|
2018
|
(Decrease)
|
||||||||||
Net income (loss)
|
$
|
40,535
|
$
|
(13,649
|
)
|
$
|
54,184
|
|||||
Depreciation and amortization
|
19,698
|
20,755
|
(1,057
|
)
|
||||||||
Provision for warranties
|
7,020
|
10,115
|
(3,095
|
)
|
||||||||
Deferred income tax provision
|
9,193
|
1,587
|
7,606
|
|||||||||
Distributions to SERP participants
|
(2,067
|
)
|
(291
|
)
|
(1,776
|
)
|
||||||
Changes in working capital:
|
||||||||||||
Trade and other receivables
|
18,150
|
(7,512
|
)
|
25,662
|
||||||||
Inventories
|
(1,261
|
)
|
(37,841
|
)
|
36,580
|
|||||||
Accounts payable
|
(8,899
|
)
|
14,047
|
(22,946
|
)
|
|||||||
Customer deposits
|
(4,247
|
)
|
2,895
|
(7,142
|
)
|
|||||||
Product warranty accruals
|
(8,004
|
)
|
(14,480
|
)
|
6,476
|
|||||||
Prepaid and income taxes payable, net
|
8,964
|
(11,055
|
)
|
20,019
|
||||||||
Accrued pellet plant agreement costs
|
–
|
17,000
|
(17,000
|
)
|
||||||||
Other, net
|
5,093
|
(2,105
|
)
|
7,198
|
||||||||
Net cash provided (used) by operating activities
|
$
|
84,175
|
$
|
(20,534
|
)
|
$
|
104,709
|
Nine Months Ended
September 30, |
Increase
|
|||||||||||
2019
|
2018
|
(Decrease)
|
||||||||||
Expenditures for property and equipment
|
$
|
(17,924
|
)
|
$
|
(17,518
|
)
|
$
|
(406
|
)
|
|||
Other
|
1,675
|
413
|
1,262
|
|||||||||
Net cash used by investing activities
|
$
|
(16,249
|
)
|
$
|
(17,105
|
)
|
$
|
856
|
Nine Months Ended
September 30, |
Increase
|
|||||||||||
2019
|
2018
|
(Decrease)
|
||||||||||
Payment of dividends
|
$
|
(7,436
|
)
|
$
|
(7,149
|
)
|
$
|
(287
|
)
|
|||
Stock buy-back purchases
|
-
|
(13,914
|
)
|
13,914
|
||||||||
Net change in borrowings from banks
|
(59,134
|
)
|
23,782
|
(82,916
|
)
|
|||||||
Other, net
|
(136
|
)
|
(213
|
)
|
77
|
|||||||
Net cash provided (used) by financing activities
|
$
|
(66,706
|
)
|
$
|
2,506
|
$
|
(69,212
|
)
|
Exhibit No.
|
Description
|
Amendment to “Appendix A” of the Astec Industries, Inc. Supplemental Executive Retirement Plan, effective October 24, 2019.
|
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b)/15d-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
ASTEC INDUSTRIES, INC.
(Registrant) |
|
Date: November 8, 2019
|
/s/ Barry A. Ruffalo
|
Barry A. Ruffalo
Chief Executive Officer and President (Principal Executive Officer) |
|
Date: November 8, 2019
|
/s/ David C. Silvious
|
David C. Silvious
Chief Financial Officer, Vice President, and Treasurer (Principal Financial and Accounting Officer) |
1. |
I have reviewed this annual 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:
|
(a) |
Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during
the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and
|
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)
|
(a) |
All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: November 8, 2019
|
By:
|
/s/ Barry A. Ruffalo
|
Barry A. Ruffalo
|
||
CEO and President
(Principal Executive Officer)
|
1. |
I have reviewed this annual 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:
|
(a) |
Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during
the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and
|
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)
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(a) |
All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b) |
Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.
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Date: November 8, 2019
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By:
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/s/ David C. Silvious
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David C. Silvious
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||
CFO, Vice President and Treasurer
(Principal Financial Officer)
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(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Barry A. Ruffalo
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Barry A. Ruffalo
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CEO and President
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(Principal Executive Officer)
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/s/ David C. Silvious
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David C. Silvious
|
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Chief Financial Officer, Vice President and Treasurer
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(Principal Financial Officer)
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