Read Larry Connors' blog – Short Term Trading Strategies
Net sales decreased 26.8% to $171.2 million for the quarter ended June 30, 2009 from $233.8 million in the 2008 period. Foreign currency fluctuations had a $14.9 million unfavorable impact, offset by $4.7 million in new revenue from acquisitions. Operating profit decreased by 41.2% over the 2008 period to $13.8 million; foreign currency fluctuations and acquisitions had unfavorable impacts of $2.4 million and $0.6 million, respectively, on current period operating profit. Our joint ventures also experienced losses amounting to $0.05 per diluted share as compared to $0.02 per share in the prior year period. However, our reduced effective tax rate for the quarter added $0.05 per diluted share.
For the six-month period ended June 30, 2009, net income attributable to AMCOL shareholders was $10.3 million, or $0.33 per diluted share, compared with $23.5 million, or $0.76 per diluted share in the prior year period.
Net sales for the six-month period ended June 30, 2009 decreased 21.1% to $335.6 million, compared with $425.3 million for the 2008 period. Foreign currency fluctuations had a $29.6 million unfavorable impact offset by $8.5 million in new revenue from acquisitions. Operating profit declined by 33.8% over the 2008 period to $23.9 million. Foreign currency fluctuations and acquisitions had unfavorable impacts of $3.7 million and $1.3 million, respectively, on current period operating profit.
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 later in this press release.
"We continue to see a very challenging environment as revenues are down from last year's second quarter across all of our reporting segments. The positive news is that gross margins have improved from the prior year," said Larry Washow, AMCOL President and Chief Executive Officer. "We are also pleased with progress on our balance sheet as we continued to reduce our debt levels, inventory and receivables."
Washow continued, "Our Minerals segment has not seen any improvement in the U.S. metalcasting or oil drilling markets. We have seen more positive activity in Asia but the impact is relatively small in our overall minerals business. Our focus on costs continues, but we are well prepared should we see any opportunities develop in our markets."
"Our Environmental segment is getting into their stronger season so we did see revenue up from Q1 but well off last year's pace. The global decline in commercial construction has had a significant impact on our building materials business. Lining Technologies is also down but there are a number of projects, especially in Europe, that seem likely to begin this year," Washow added.
"The Oilfield Services segment did show revenue softening even though we had the full quarter benefit of the Premium Reeled Tubing ("PRT") acquisition. The competitive environment is impacting margins. The uncertainty of oil prices and reduced drilling activity is also reducing overall project demand," Washow continued.
"We remain focused on strengthening our balance sheet and taking out costs. At the same time we are moving forward with important business opportunities such as our project in South Africa. While this is a very difficult business cycle, our actions today are driven with the benefit of more than 80 years of history and the confidence that markets will improve," Washow concluded
STATEMENT OF OPERATIONS HIGHLIGHTS:
The statement of operations highlights are supported by the segment results schedules included in this press release.
Net sales: The following details the components of sales by segment for the 2009 second quarter compared to the prior year's second quarter.
Minerals: The majority of the decrease in the quarter's revenue was due to lower volumes in the U.S. metal casting and basic minerals product lines, partially offset by price increases. Freight pass-through revenue accounted for approximately 27% of the total segment's decrease, principally from the pet products and metal castings divisions. Foreign currency fluctuations represented approximately 15% of the decrease in revenue principally due to the weakening of the British pound against the U.S. dollar.
Environmental: Foreign currency fluctuations represented approximately 43% of the revenue decrease, primarily due to the weakening of the British pound and the Polish zloty against the U.S. dollar. The remaining revenue decrease in base business was principally due to lower demand in the U.S. for our lining technology products and services provided by our contracting services group.
Oilfield Services: Lower demand for oil and natural gas has reduced oil production activity, driving the lower revenue in the current quarter compared to the prior year quarter. Domestic base business revenues declined in the current quarter, except for our water treatment business which continues to have strong demand.
Compared to the prior year quarter, international sales were down substantially in Nigeria and the UK due to lower demand for our services. Brazil, which had no revenues in the prior year quarter, and Malaysia both experienced solid growth. The Premium Reeled Tubing ("PRT"), acquisition added $4.0 million of revenue in the quarter.
Transportation: Reductions in fuel-surcharge revenue represented 57% of the revenue decrease; the remaining decrease was due to reduced demand for consumer product shipments.
Gross profit: Gross profit decreased $15.5 million, or 24.8%, from the 2008 second quarter while gross margin was 27.5%, a 70 basis point improvement from the 2008 quarter.
Minerals: Gross profit decreased $3.4 million, or 18.7%, from the 2008 quarter while gross margins improved 270 basis points to 19.8%. The gross margin improvement is principally due to domestic pricing initiatives put in place in 2008, capacity and headcount reductions in our domestic operation, and lower energy costs at our mining and processing facilities. These benefits are partially offset by decreased volumes.
Environmental: Gross profit decreased $7.3 million, or 27.3%, from the 2008 quarter while gross margins increased 90 basis points to 35.3%; the margin increase is due to lower input costs, principally resin, and lower freight costs due to the reduction in energy costs. These benefits are partially offset by decreased volumes.
Oilfield Services: Gross profit decreased $4.4 million, or 27.9%, from the 2008 quarter and gross margin decreased 640 basis points to 35.4%. The reduction in gross margin is due to increased pricing pressure in certain domestic services.
Transportation: Gross profit had a small decrease over the prior year quarter and gross margin improved 160 basis points to 11.6% due to lower energy costs.
General, selling and administrative expenses (GS&A): GS&A expenses decreased $5.8 million, a 14.9% decrease over the prior year quarter.
Minerals: GS&A decreased $0.7 million, a 7.1% decrease from the 2008 quarter, the majority of the decline being due to foreign exchange fluctuations and reductions in personnel related costs both being partially offset by increased bad debts in the U.S.
Environmental: GS&A decreased $2.2 million, a 15.4% decrease from the 2008 quarter. The majority of the reduction was due to foreign currency fluctuations, primarily due to the weakening of the British pound and the Polish zloty against the U.S. dollar. We also decreased our personnel related costs.
Oilfield Services: GS&A decreased $0.1 million, a 1.3% decrease from the 2008 quarter. Cost reductions were partially offset by increased costs from the PRT acquisition.
Corporate: GS&A decreased $2.8 million from the 2008 quarter due to improved performance in non-qualified pension plan assets and lower personnel, IT and consulting costs.
Interest expense: Net interest expense increased by $0.3 million over the prior year quarter due to higher average debt levels.
Other, net: Other, net of $1.5 million decreased $2.3 million, compared to the 2008 quarter gain of $0.8 million, principally due to foreign currency transaction losses.
Income taxes: The effective tax rate for the second quarter of 2009 was 17.0% compared with 26.4% for the same period in 2008. The fact that a greater proportion of our income is generated in lower tax rate jurisdictions (principally foreign countries) accounts for the significant reduction in our tax rate.
Income and losses from affiliates and joint ventures: Losses from affiliates and joint ventures of $1.6 million increased $1.0 million compared to the prior year quarter. This is principally due to losses with our Russian, Japanese and Dutch investments.
Share count: Weighted average common and common equivalent shares outstanding were comparable for the quarters ended June 30, 2009 and 2008 at 30.9 million shares.
FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:
Long-term debt decreased $26.8 million to $230.1 million at June 30, 2009 compared to $256.8 million at December 31, 2008. The reduction was primarily due to a decrease in working capital levels and lower capital expenditures. Total long-term debt represented 41.1% of capitalization at June 30, 2009, compared with 43.9% at December 31, 2008. Cash and cash equivalents were $21.4 million at June 30, 2009 compared with $19.4 million at December 31, 2008.
Working capital decreased to $208.1 million at June 30, 2009 from $262.7 million at December 31, 2008. The reduction in working capital was due to a combination of lower volumes and continued efforts to reduce working capital.
Cash flow generated from operating activities was $65.5 million for year-to-date June 30, 2009 compared to a cash outflow of $2.0 million in the prior year period. This increase was principally due to the decrease in working capital, offset by the reduction in net income.
Excluding our corporate building and $15.1 million of expenditures for our purchase of a chrome mine in South Africa, capital expenditures in the 2009 period were $17.3 million compared with $23.3 million in the prior year period. The reduction in adjusted capital expenditures is due to our limiting capital expenditures to maintenance and minimal expansion projects in 2009.
Dividends declared year-to-date through June 30, 2009 increased by 13.9 % over the prior year period to $11.0 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.
AMCOL International, headquartered in Hoffman Estates, 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 Company., 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 second quarter conference call will be available live today at 11 a.m. EDT on the AMCOL website or by dialing 800.211.3767
Financial tables follow.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Six Months Ended Three Months Ended
June 30, June 30,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $335,619 $425,256 $171,200 $233,847
Cost of sales 245,251 316,246 124,052 171,187
------- ------- ------- -------
Gross profit 90,368 109,010 47,148 62,660
General, selling and
administrative expenses 66,421 72,847 33,368 39,209
------ ------ ------ ------
Operating profit 23,947 36,163 13,780 23,451
------ ------ ------ ------
Other income (expense):
Interest expense, net (6,566) (5,238) (3,159) (2,837)
Other, net (2,714) 595 (1,502) 830
------ --- ------ ---
(9,280) (4,643) (4,661) (2,007)
------ ------ ------ ------
Income before income taxes
and income (loss) from
affiliates and joint ventures 14,667 31,520 9,119 21,444
Income tax expense 3,117 8,383 1,546 5,666
----- ----- ----- -----
Income before income (loss)
from affiliates and joint
ventures 11,550 23,137 7,573 15,778
Income (loss) from affiliates
and joint ventures (1,642) 625 (1,634) (670)
----- --- ----- ----
Net income 9,908 23,762 5,939 15,108
----- ------ ----- ------
Net income (loss)
attributable to the
noncontrolling interest (365) 307 (158) 274
---- --- ---- ---
Net income (loss)
attributable to AMCOL
shareholders $10,273 $23,455 $6,097 $14,834
======= ======= ====== =======
Weighted average common
shares outstanding 30,719 30,336 30,744 30,413
Weighted average common and
common equivalent shares
outstanding 30,928 30,938 30,984 30,993
Basic earnings per share
attributable to AMCOL
shareholders $0.33 $0.77 $0.20 $0.49
Diluted earnings per share
attributable to AMCOL
shareholders $0.33 $0.76 $0.20 $0.48
Dividends declared per share $0.36 $0.32 $0.18 $0.16
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2009 2008
ASSETS (unaudited) *
------ ----------- ----
Current assets:
Cash and equivalents $21,357 $19,441
Accounts receivable, net 155,196 197,611
Inventories 104,776 125,066
Prepaid expenses 13,969 12,812
Deferred income taxes 4,723 5,358
Income tax receivable 4,008 3,490
Other 161 7,409
--- -----
Total current assets 304,190 371,187
------- -------
Investments in and advances to affiliates
and joint ventures 28,043 30,025
------ ------
Property, plant, equipment, mineral rights
and reserves:
Land and mineral rights 53,628 17,186
Depreciable assets 399,099 380,555
------- -------
452,727 397,741
Less: accumulated depreciation and
depletion 222,606 206,398
------- -------
230,121 191,343
------- -------
Other assets:
Goodwill 71,035 68,482
Intangible assets, net 50,352 53,974
Deferred income taxes 15,136 15,867
Other assets 22,575 13,702
------ ------
159,098 152,025
------- -------
$721,452 $744,580
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $43,837 $45,297
Accrued liabilities 52,257 63,197
------ ------
Total current liabilities 96,094 108,494
------ -------
Long-term debt 230,056 256,821
------- -------
Pension liabilities 24,263 22,939
Other liabilities 41,120 27,971
------ ------
65,383 50,910
------ ------
Equity:
Common stock 320 320
Additional paid in capital 82,586 86,350
Retained earnings 261,712 262,453
Accumulated other comprehensive income 540 (4,721)
--- ------
345,158 344,402
Less:
Treasury stock (16,330) (18,196)
------- -------
Total AMCOL shareholder's equity 328,828 326,206
------- -------
Noncontrolling interest 1,091 2,149
------- -------
Total equity 329,919 328,355
------- -------
$721,452 $744,580
======== ========
* Condensed from audited financial statements.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
Six Months Ended
June 30,
--------
2009 2008
------------------------------------ ---- ----
Cash flow from operating activities:
Net income $9,908 $23,762
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation, depletion, and amortization 17,875 15,747
Other non - cash charges 3,630 (488)
Changes in assets and liabilities, net of effects
of acquisitions:
Decrease (Increase) in current assets 45,157 (53,864)
Decrease (Increase) in noncurrent assets (4,665) (650)
Increase (decrease) in current liabilities (8,004) 12,065
Increase (decrease) in noncurrent liabilities 1,639 1,416
----- -----
Net cash provided by (used in) operating
activities 65,540 (2,012)
------ ------
Cash flow from investing activities:
Capital expenditures (32,446) (23,313)
Capital expenditures - corporate building (6,400) (6,273)
Proceeds from sale of depreciable assets -
corporate building 6,400 -
Acquisitions, net of cash (522) (42,257)
Investments in and advances to affiliates and
joint ventures (889) (9,715)
Receipts from (advances to) Chrome Corp 6,000 (6,000)
Other 1,874 (1,198)
----- ------
Net cash used in investing activities (25,983) (88,756)
------- -------
Cash flow from financing activities:
Net change in outstanding debt (28,792) 84,820
Net change in outstanding debt - corporate building - 11,081
Proceeds from sales of treasury stock 768 1,272
Purchases of treasury stock (165) (2,062)
Dividends (11,014) (9,671)
Excess tax benefits from stock-based compensation 686 913
--- ---
Net cash provided by (used in) financing
activities (38,517) 86,353
------- ------
Effect of foreign currency rate changes on cash 876 1,115
--- -----
Net increase (decrease) in cash and cash equivalents 1,916 (3,300)
----- ------
Cash and cash equivalents at beginning of period 19,441 25,282
------ ------
Cash and cash equivalents at end of period $21,357 $21,982
======= =======
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
QUARTER-TO-DATE
Minerals Three Months Ended June 30,
-------- ---------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
---------------------------
Net sales $75,479 100.0% $107,003 100.0% $(31,524) -29.5%
Cost of sales 60,567 80.2% 88,659 82.9% (28,092) -31.7%
------ ---- ------ ---- -------
Gross profit 14,912 19.8% 18,344 17.1% (3,432) -18.7%
General, selling and
administrative
expenses 9,129 12.1% 9,824 9.2% (695) -7.1%
----- ---- ----- --- ----
Operating profit 5,783 7.7% 8,520 7.9% (2,737) -32.1%
Environmental Three Months Ended June 30,
------------- ---------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
---------------------------
Net sales $55,370 100.0% $78,041 100.0% $(22,671) -29.1%
Cost of sales 35,843 64.7% 51,165 65.6% (15,322) -29.9%
------ ---- ------ ---- -------
Gross profit 19,527 35.3% 26,876 34.4% (7,349) -27.3%
General, selling and
administrative
expenses 12,373 22.3% 14,621 18.7% (2,248) -15.4%
------ ---- ------ ---- ------
Operating profit 7,154 13.0% 12,255 15.7% (5,101) -41.6%
Oilfield Services Three Months Ended June 30,
----------------- ---------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
---------------------------
Net sales $32,133 100.0% $37,655 100.0% $(5,522) -14.7%
Cost of sales 20,770 64.6% 21,904 58.2% (1,134) -5.2%
------ ---- ------ ---- ------
Gross profit 11,363 35.4% 15,751 41.8% (4,388) -27.9%
General, selling and
administrative
expenses 6,913 21.5% 7,003 18.6% (90) -1.3%
----- ---- ----- ---- ---
Operating profit 4,450 13.9% 8,748 23.2% (4,298) -49.1%
Transportation Three Months Ended June 30,
-------------- ---------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
---------------------------
Net sales $11,558 100.0% $16,883 100.0% $(5,325) -31.5%
Cost of sales 10,212 88.4% 15,194 90.0% (4,982) -32.8%
------ ---- ------ ---- ------
Gross profit 1,346 11.6% 1,689 10.0% (343) -20.3%
General, selling and
administrative
expenses 837 7.2% 856 5.1% (19) -2.2%
--- --- --- --- ---
Operating profit 509 4.4% 833 4.9% (324) -38.9%
Corporate Three Months Ended June 30,
--------- ---------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
---------------------------
Intersegment
shipping sales $(3,340) $(5,735) $2,395
Intersegment
shipping costs (3,340) (5,735) $2,395
------ ------
Gross profit - -
General, selling and
administrative
expenses 4,116 6,905 (2,789) -40.4%
----- -----
Operating loss 4,116 6,905 (2,789) -40.4%
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
YEAR-TO-DATE
Minerals Six Months Ended June 30,
-------- -------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
-------------------------
Net sales $155,636 100.0% $206,347 100.0% $(50,711) -24.6%
Cost of sales 124,542 80.0% 171,326 83.0% (46,784) -27.3%
------- ---- ------- ---- -------
Gross profit 31,094 20.0% 35,021 17.0% (3,927) -11.2%
General, selling and
administrative
expenses 17,703 11.4% 18,814 9.1% (1,111) -5.9%
------ ---- ------ --- ------
Operating profit 13,391 8.6% 16,207 7.9% (2,816) -17.4%
Environmental Six Months Ended June 30,
------------- -------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
-------------------------
Net sales $99,603 100.0% $136,260 100.0% $(36,657) -26.9%
Cost of sales 65,977 66.2% 89,963 66.0% (23,986) -26.7%
------ ---- ------ ---- -------
Gross profit 33,626 33.8% 46,297 34.0% (12,671) -27.4%
General, selling and
administrative
expenses 22,778 22.9% 28,071 20.6% (5,293) -18.9%
------ ---- ------ ---- ------
Operating profit 10,848 10.9% 18,226 13.4% (7,378) -40.5%
Oilfield Services Six Months Ended June 30,
----------------- -------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
-------------------------
Net sales $64,031 100.0% $61,798 100.0% $2,233 3.6%
Cost of sales 41,063 64.1% 37,345 60.4% 3,718 10.0%
------ ---- ------ ---- -----
Gross profit 22,968 35.9% 24,453 39.6% (1,485) -6.1%
General, selling and
administrative
expenses 13,601 21.2% 11,756 19.0% 1,845 15.7%
------ ---- ------ ---- -----
Operating profit 9,367 14.7% 12,697 20.6% (3,330) -26.2%
Transportation Six Months Ended June 30,
-------------- -------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
-------------------------
Net sales $22,849 100.0% $31,233 100.0% $(8,384) -26.8%
Cost of sales 20,169 88.3% 27,994 89.6% (7,825) -28.0%
------ ---- ------ ---- ------
Gross profit 2,680 11.7% 3,239 10.4% (559) -17.3%
General, selling and
administrative
expenses 1,690 7.4% 1,626 5.2% 64 3.9%
----- --- ----- --- --
Operating profit 990 4.3% 1,613 5.2% (623) -38.6%
Corporate Six Months Ended June 30,
--------- -------------------------
2009 2008 2009 vs 2008
---- ---- ------------
(Dollars in Thousands)
-------------------------
Intersegment
shipping sales $(6,500) $(10,382) $3,882
Intersegment
shipping costs (6,500) (10,382) $3,882
------ -------
Gross profit - -
General, selling and
administrative
expenses 10,649 12,580 (1,931) -15.3%
------ ------ ------
Operating loss 10,649 12,580 (1,931) -15.3%
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
QUARTER-TO-DATE
Composition of Sales
by Geographic Region Three Months Ended June 30, 2009
-------------------- --------------------------------
Asia
Americas EMEA Pacific Total
-------- -------- ---- ------- -----
Minerals 26.3% 10.1% 7.7% 44.1%
Environmental 15.7% 14.3% 2.3% 32.3%
Oilfield services 16.9% 0.8% 1.1% 18.8%
Transportation 4.8% 0.0% 0.0% 4.8%
---- ---- ---- -----
Total - current year's
period 63.7% 25.2% 11.1% 100.0%
==== ==== ==== =====
Total from prior year's
comparable period 67.1% 23.3% 9.6% 100.0%
Three Months Ended June 30, 2009
Percentage of Revenue vs.
Growth by Component Three Months Ended June 30, 2008
--------------------- --------------------------------
Base Foreign
Business Acquisitions Exchange Total
-------- ------------ -------- -----
Minerals -11.5% 0.0% -2.0% -13.5%
Environmental -5.8% 0.3% -4.2% -9.7%
Oilfield services -3.9% 1.7% -0.2% -2.4%
Transportation -1.3% 0.0% 0.0% -1.3%
----- --- ---- -----
Total -22.5% 2.0% -6.4% -26.9%
===== === ==== =====
% of growth 83.7% -7.5% 23.8% 100.0%
Minerals Product Line Sales Three Months Ended June 30,
--------------------------- ---------------------------
2009 2008 % change
---- ---- --------
(Dollars in Thousands)
---------------------------
Metalcasting $30,954 $44,709 -30.8%
Specialty materials 22,007 27,328 -19.5%
Pet products 15,355 19,179 -19.9%
Basic minerals 6,090 13,317 -54.3%
Other product lines 1,073 2,470 *
------ -------
Total 75,479 107,003
====== =======
* Not meaningful.
Environmental Product
Line Sales Three Months Ended June 30,
--------------------- ---------------------------
2009 2008 % change
---- ---- --------
(Dollars in Thousands)
---------------------------
Lining technologies $34,670 $48,452 -28.4%
Building materials 15,099 22,858 -33.9%
Other product lines 5,601 6,731 *
------ ------
Total 55,370 78,041
====== ======
* Not meaningful.
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
YEAR-TO-DATE
Composition of Sales
by Geographic Region Six Months Ended June 30, 2009
-------------------- --------------------------------
Asia
Americas EMEA Pacific Total
-------- -------- ---- ------- -----
Minerals 29.9% 9.4% 7.1% 46.4%
Environmental 14.7% 12.7% 2.3% 29.7%
Oilfield services 17.5% 0.6% 1.0% 19.1%
Transportation 4.8% 0.0% 0.0% 4.8%
---- ---- ---- -----
Total - current year's
period 66.9% 22.7% 10.4% 100.0%
==== ==== ==== =====
Total from prior year's
comparable period 67.6% 22.9% 9.5% 100.0%
Six Months Ended June 30, 2009
Percentage of Revenue vs.
Growth by Component Six Months Ended June 30, 2008
--------------------- --------------------------------
Base Foreign
Business Acquisitions Exchange Total
-------- ------------ -------- -----
Minerals -9.2% 0.0% -2.7% -11.9%
Environmental -4.6% 0.2% -4.2% -8.6%
Oilfield services -1.2% 1.8% -0.1% 0.5%
Transportation -1.1% 0.0% 0.0% -1.1%
----- --- ---- -----
Total -16.1% 2.0% -7.0% -21.1%
===== === ==== =====
% of growth 76.4% -9.4% 0.0% 67.0%
Minerals Product Line Sales Six Months Ended June 30,
--------------------------- ---------------------------
2009 2008 % change
---- ---- --------
(Dollars in Thousands)
---------------------------
Metalcasting $62,495 $85,387 -26.8%
Specialty materials 44,669 52,991 -15.7%
Pet products 32,770 38,702 -15.3%
Basic minerals 13,940 25,358 -45.0%
Other product lines 1,762 3,909 *
------- -------
Total 155,636 206,347
======= =======
* Not meaningful.
Environmental Product
Line Sales Six Months Ended June 30,
--------------------- ---------------------------
2009 2008 % change
---- ---- --------
(Dollars in Thousands)
---------------------------
Lining technologies $61,423 $80,947 -24.1%
Building materials 27,477 42,853 -35.9%
Other product lines 10,703 12,460 *
------ -------
Total 99,603 136,260
====== =======
* Not meaningful.
SOURCE AMCOL International Corporation
http://www.amcol.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.