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Net sales decreased 24.6% to $190.9 million for the quarter ended September 30, 2009 from $253.0 million in the 2008 period. Foreign currency fluctuations had a $14.1 million unfavorable impact. Operating profit decreased by 29.7% over the 2008 third quarter to $19.2 million; foreign currency fluctuations had an unfavorable impact of $2.0 million on current period operating profit. Our affiliates and joint ventures generated income amounting to $0.02 per diluted share as compared to losses of $0.47 per share in the prior year period. Our reduced effective tax rate for the quarter added $0.03 per diluted share.
For the nine-month period ended September 30, 2009, net income attributable to AMCOL shareholders was $23.6 million, or $0.76 per diluted share, compared with $25.4 million, or $0.82 per diluted share in the prior year period, which includes a one-time loss of $0.63 per diluted share incurred on our investment in an affiliate.
Net sales for the nine-month period ended September 30, 2009 decreased 22.4% to $526.5 million, compared with $678.3 million for the 2008 period. Foreign currency fluctuations had a $43.7 million unfavorable impact offset by $9.0 million in new revenue from acquisitions. Operating profit declined by 32.0% over the 2008 period to $43.2 million. Foreign currency fluctuations and acquisitions had unfavorable impacts of $5.7 million and $1.3 million, respectively, on current period operating profit. Our affiliates and joint ventures generated $0.9 million, or $0.03 per diluted share, of losses in the current year compared to losses of $14.1 million, or $0.45 per diluted share, in the prior year's comparable period.
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.
"Although overall AMCOL revenue in the third quarter was still well behind the 2008 pace, there are some positive developments," said Larry Washow, AMCOL President and Chief Executive Officer. "Gross margins continue to improve across all segments. We continue to reduce debt as our focus on the balance sheet is producing results."
Washow continued, "The Minerals segment did show stronger U.S. sales sequentially over second quarter 2009, as the "cash for clunkers" program helped increase foundry activity. On a sequential quarter basis, our business in Asia is improving, and Europe, which has a significant consumer related business, had a good quarter as well."
"The third quarter is typically the strongest for our Environmental segment and this year is no exception. Gross margins improved but the building materials business remains very soft around the world. Our Lining Tech products are used in several markets and while the U.S. is well below last years pace, Europe is having a good year," Washow added.
"Third quarter 2008 was the best quarter ever for our Oilfield Services segment but this year's results reflect the impact of lower oil and natural gas prices. Gross margins continue to be in line but project activity is slow and predicting a return to growth is very difficult," Washow continued."
"The sequential improvement in the Minerals segment is very encouraging and shows the result of our pricing approach as well as cost controls. There is more project activity in the Environmental segment, but customers are cautious about starting new projects. The Oilfield Services segment is very well positioned when the business returns. All of our segments are prepared for growth but our key focus continues to be on the balance sheet and we expect continuing improvement in Q4," 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 third quarter compared to the prior year's third 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. Pass-through freight revenue accounted for approximately 18.7% of the total segment's decrease, principally from the pet products and basic minerals divisions. Foreign currency fluctuations represented approximately 16.7% of the decrease in revenue principally due to the weakening of the British pound against the U.S. dollar.
Environmental: Base business revenues decreased due to lower demand in the U.S. for our lining technology and building materials products and services provided by our contracting services group. Foreign currency fluctuations represented approximately 38.0% of the revenue decrease, primarily due to the weakening of the British pound and the Polish zloty against the U.S. dollar.
Oilfield Services: Lower demand for oil and natural gas has reduced production activities, driving the decrease in revenue in the current quarter compared to the prior year quarter. Domestic base business revenues declined across all services, compared to the prior year quarter.
International revenue was down substantially in Nigeria and the United Kingdom compared to the prior year quarter due to lower demand for our services. However, both Brazil and Malaysia continue to experience solid growth over the prior year quarter.
Transportation: Reductions in fuel-surcharge revenue represented 58.2% of the revenue decrease; the remaining decrease was due to reduced demand for consumer product shipments.
Gross profit: Gross profit decreased $9.7 million, or 15.3%, from the 2008 third quarter while gross margin was 28.2%, a 310 basis point improvement from the 2008 quarter.
Minerals: Gross profit decreased $0.9 million, or 4.3%, from the 2008 quarter while gross margins improved 450 basis points to 22.2%. The gross margin improvement results principally from domestic pricing initiatives put in place in 2008. The decrease in gross profit includes a net $2.0 million of write off expenses related to our domestic briquetting operations within our metalcasting group, due to reduced demand. These expenses negatively affected gross margins by 230 basis points but is offset by improvements in our product mix and other businesses.
Environmental: Gross profit decreased $5.5 million, or 19.4%, from the 2008 quarter while gross margins increased 250 basis points to 35.5%; the margin increase is due to lower input costs, principally resin, and lower freight costs due to the reduction in energy costs. These benefits were partially offset by decreased volumes.
Oilfield Services: Gross profit decreased $3.0 million, or 23.6%, from the 2008 quarter due to the reduction in revenues.
Transportation: Gross profit decreased $0.3 million over the prior year quarter, and gross margin improved 190 basis points to 12.4% due to lower energy costs.
General, selling and administrative expenses (GS&A): GS&A expenses decreased $1.6 million, or 4.4%, from the prior year quarter, mainly due to a $1.5 million decrease in our Environmental segment's GS&A expenses. This segment's GS&A expenses decreased 11.3% largely due to the effect of foreign currency fluctuations resulting from a weakening of the British pound and Polish zloty against the U.S. dollar. GS&A expenses in other segments remained relatively constant in each segment.
Interest expense: Net interest expense decreased by $0.6 million over the prior year quarter due to reduced average debt levels.
Other, net: Other, net is primarily comprised of foreign currency exchange income and losses. Other, net favorably impacted results in the 2009 period by $0.1 million versus $2.1 million of losses in the prior year's comparable period.
Income taxes: The effective tax rate for the third quarter of 2009 was 19.8%, compared with 25.5% for the same period in 2008. The reduction is due to a greater proportion of our income being generated in lower tax rate jurisdictions, principally foreign countries.
Income and losses from affiliates and joint ventures: Income from affiliates and joint ventures of $0.7 million is principally due to one of our Indian joint ventures, Ashapura Volclay and improvements in our Russian joint venture.
This compares to losses of $14.7 million in the prior year period, primarily incurred in our largest Indian investment, Ashapura Minechem Limited. This investment is accounted for under the equity method. At December 31, 2008, we wrote off the balance of our investment and accordingly have discontinued recording additional losses from this affiliate.
Share count: Weighted average common and common equivalent shares outstanding were comparable for the quarters ended September 30, 2009 and 2008, differing by less than 1%.
FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:
Long-term debt decreased $39.7 million to $217.1 million at September 30, 2009, compared to $256.8 million at December 31, 2008. The reduction was primarily due to reductions in working capital levels and minimizing capital expenditures. Total long-term debt represented 38.4% of capitalization at September 30, 2009, compared with 43.9% at December 31, 2008. Cash and cash equivalents remained the same at $19.4 million at September 30, 2009 as compared with December 31, 2008.
Working capital decreased to $212.9 million at September 30, 2009 from $262.7 million at December 31, 2008. The reduction in working capital was due to a combination of lower sales volumes and continued efforts to reduce working capital.
Cash flow generated from operating activities was $90.6 million for year-to-date September 30, 2009 compared with $2.6 million in the prior year period. This increase was principally due to the decrease in working capital.
Excluding our corporate building (which was a sale-leaseback transaction) and $15.1 million of expenditures for our purchase of a 53% investment in a chrome mine in South Africa, capital expenditures in the 2009 period were $24.5 million compared with $29.7 million in the prior year period. The reduction in adjusted capital expenditures is due to our limiting capital expenditures to maintenance activities and minimal expansion projects in 2009.
Dividends declared year-to-date through September 30, 2009 increased by 9.1 % over the prior year period to $16.5 million. Our dividend rate has remained constant at $0.18 per share since the third quarter of 2008.
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 third quarter conference call will be available live today at 11 a.m. EDT on the AMCOL website or by dialing 888.539.3679.
Financial tables follow.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
-------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $526,539 $678,304 $190,920 $253,048
Cost of sales 382,320 505,727 137,069 189,481
------- ------- ------- -------
Gross profit 144,219 172,577 53,851 63,567
General, selling and
administrative expenses 101,047 109,061 34,626 36,214
------- ------- ------ ------
Operating profit 43,172 63,516 19,225 27,353
------ ------ ------ ------
Other income (expense):
Interest expense, net (9,399) (8,642) (2,833) (3,404)
Other, net (2,595) (1,533) 119 (2,128)
------ ------ --- ------
(11,994) (10,175) (2,714) (5,532)
------- ------- ------ ------
Income before income
taxes and income (loss)
from affiliates and
joint ventures 31,178 53,341 16,511 21,821
Income tax expense 6,388 13,950 3,271 5,567
----- ------ ----- -----
Income before income
(loss) from affiliates
and joint ventures 24,790 39,391 13,240 16,254
Income (loss) from
affiliates and joint
ventures (921) (14,072) 721 (14,697)
------ ------ ------ -----
Net income 23,869 25,319 13,961 1,557
------ ------ ------ -----
Net income (loss)
attributable to the
noncontrolling interest 296 (58) 661 (365)
------- ------- ------- ------
Net income (loss)
attributable to AMCOL
shareholders $23,573 $25,377 $13,300 $1,922
======= ======= ======= ======
Weighted average common
shares outstanding 30,735 30,405 30,766 30,540
Weighted average common and
common equivalent shares
outstanding 30,967 30,993 31,057 31,129
Basic earnings per share
attributable to AMCOL
shareholders $0.77 $0.83 $0.43 $0.06
Diluted earnings per share
attributable to AMCOL
shareholders $0.76 $0.82 $0.43 $0.06
Dividends declared per share $0.54 $0.50 $0.18 $0.18
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2009 2008
ASSETS (unaudited) *
------ ----------- -----------
Current assets:
Cash and equivalents $19,367 $19,441
Accounts receivable, net 165,477 197,611
Inventories 103,966 125,066
Prepaid expenses 14,190 12,812
Deferred income taxes 3,043 5,358
Income tax receivable 6,791 3,490
Other 232 7,409
--- -----
Total current assets 313,066 371,187
------- -------
Investments in and advances to
affiliates and joint ventures 30,292 30,025
------ ------
Property, plant, equipment, mineral
rights and reserves:
Land and mineral rights 56,356 17,186
Depreciable assets 405,217 380,555
------- -------
461,573 397,741
Less: accumulated depreciation
and depletion 229,387 206,398
------- -------
232,186 191,343
------- -------
Other assets:
Goodwill 71,537 68,482
Intangible assets, net 48,681 53,974
Deferred income taxes 14,361 15,867
Other assets 24,449 13,702
------- -------
159,028 152,025
------- -------
$734,572 $744,580
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $47,116 $45,297
Accrued liabilities 53,080 63,197
------- -------
Total current liabilities 100,196 108,494
------- -------
Long-term debt 217,064 256,821
------- -------
Pension liabilities 24,920 22,939
Other liabilities 44,650 27,971
------ ------
69,570 50,910
------ ------
Equity:
Common stock 320 320
Additional paid in capital 83,284 86,350
Retained earnings 269,500 262,453
Accumulated other comprehensive income 8,749 (4,721)
------- -------
361,853 344,402
Less:
Treasury stock (15,952) (18,196)
------- -------
Total AMCOL shareholder's equity 345,901 326,206
------- -------
Noncontrolling interest 1,841 2,149
------- -------
Total equity 347,742 328,355
------- -------
$734,572 $744,580
======== ========
* Condensed from audited financial statements.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
Nine Months Ended
September 30,
-------------
2009 2008
---- ----
Cash flow from operating activities:
Net income $23,869 $25,319
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation, depletion, and amortization 26,781 24,872
Undistributed (earnings) losses from affiliates
and joint ventures 1,412 14,866
Other non - cash charges 7,611 2,409
Changes in assets and liabilities, net of
effects of acquisitions:
Decrease (Increase) in current assets 35,096 (86,237)
Decrease (Increase) in noncurrent assets (1,257) 496
Increase (decrease) in current liabilities (7,480) 20,116
Increase (decrease) in noncurrent liabilities 4,586 788
----- ---
Net cash provided by (used in) operating
activities 90,618 2,629
------ -----
Cash flow from investing activities:
Capital expenditures (39,637) (29,686)
Capital expenditures - corporate building (9,651) (14,273)
Proceeds from sale of depreciable assets -
corporate building 9,651 -
Acquisitions, net of cash (522) (42,549)
Investments in and advances to affiliates and
joint ventures (2,647) (10,993)
Receipts from (advances to) Chrome Corp 6,000 (6,000)
Other 2,906 (2,193)
----- ------
Net cash used in investing activities (33,900) (105,694)
------- --------
Cash flow from financing activities:
Net change in outstanding debt (42,467) 105,495
Net change in outstanding debt - corporate
building - 20,692
Proceeds from sales of treasury stock 1,005 1,550
Purchases of treasury stock (165) (2,062)
Dividends (16,526) (15,143)
Excess tax benefits from stock-based compensation 464 1,087
--- -----
Net cash provided by (used in) financing
activities (57,689) 111,619
------- -------
Effect of foreign currency rate changes on cash 897 (190)
--- ----
Net increase (decrease) in cash and cash
equivalents (74) 8,364
--- -----
Cash and cash equivalents at beginning of period 19,441 25,282
------ ------
Cash and cash equivalents at end of period $19,367 $33,646
======= =======
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
QUARTER-TO-DATE
Three Months Ended September 30,
--------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Minerals (Dollars in Thousands)
-------- ----------------------
Net sales $89,021 100.0% $116,881 100.0% $(27,860) -23.8%
Cost of sales 69,232 77.8% 96,206 82.3% (26,974) -28.0%
------ ---- ------ ---- -------
Gross profit 19,789 22.2% 20,675 17.7% (886) -4.3%
General, selling and
administrative
expenses 9,317 10.5% 9,565 8.2% (248) -2.6%
----- ---- ----- --- ----
Operating profit 10,472 11.7% 11,110 9.5% (638) -5.7%
Three Months Ended September 30,
--------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Environmental (Dollars in Thousands)
------------- ----------------------
Net sales $64,493 100.0% $86,133 100.0% $(21,640) -25.1%
Cost of sales 41,603 64.5% 57,731 67.0% (16,128) -27.9%
------ ---- ------ ---- -------
Gross profit 22,890 35.5% 28,402 33.0% (5,512) -19.4%
General, selling and
administrative
expenses 12,135 18.8% 13,683 15.9% (1,548) -11.3%
------ ---- ------ ---- ------
Operating profit 10,755 16.7% 14,719 17.1% (3,964) -26.9%
Three Months Ended September 30,
--------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Oilfield Services (Dollars in Thousands)
----------------- ----------------------
Net sales $29,109 100.0% $38,379 100.0% $(9,270) -24.2%
Cost of sales 19,491 67.0% 25,785 67.2% (6,294) -24.4%
------ ---- ------ ---- ------
Gross profit 9,618 33.0% 12,594 32.8% (2,976) -23.6%
General, selling and
administrative
expenses 6,522 22.4% 6,400 16.7% 122 1.9%
----- ---- ----- ---- ---
Operating profit 3,096 10.6% 6,194 16.1% (3,098) -50.0%
Three Months Ended September 30,
--------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Transportation (Dollars in Thousands)
-------------- ----------------------
Net sales $12,487 100.0% $17,983 100.0% $(5,496) -30.6%
Cost of sales 10,933 87.6% 16,087 89.5% (5,154) -32.0%
------ ---- ------ ---- ------
Gross profit 1,554 12.4% 1,896 10.5% (342) -18.0%
General, selling and
administrative
expenses 861 6.9% 938 5.2% (77) -8.2%
--- --- --- --- ---
Operating profit 693 5.5% 958 5.3% (265) -27.7%
Three Months Ended September 30,
-------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Corporate (Dollars in Thousands)
--------- ----------------------
Intersegment
shipping sales $(4,190) $(6,328) $2,138
Intersegment
shipping costs (4,190) (6,328) $2,138
------ ------
Gross profit - -
General, selling and
administrative
expenses 5,791 5,628 163 2.9%
----- -----
Operating loss 5,791 5,628 163 2.9%
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
YEAR-TO-DATE
Nine Months Ended September 30,
-------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Minerals (Dollars in Thousands)
-------- ----------------------
Net sales $244,657 100.0% $323,228 100.0% $(78,571) -24.3%
Cost of sales 193,774 79.2% 267,532 82.8% (73,758) -27.6%
------- ---- ------- ---- -------
Gross profit 50,883 20.8% 55,696 17.2% (4,813) -8.6%
General, selling and
administrative
expenses 27,020 11.0% 28,379 8.8% (1,359) -4.8%
------ ---- ------ --- ------
Operating profit 23,863 9.8% 27,317 8.4% (3,454) -12.6%
Nine Months Ended September 30,
-------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Environmental (Dollars in Thousands)
------------- ----------------------
Net sales $164,096 100.0% $222,393 100.0% $(58,297) -26.2%
Cost of sales 107,580 65.6% 147,694 66.4% (40,114) -27.2%
------- ---- ------- ---- -------
Gross profit 56,516 34.4% 74,699 33.6% (18,183) -24.3%
General, selling and
administrative
expenses 34,913 21.3% 41,754 18.8% (6,841) -16.4%
------ ---- ------ ---- ------
Operating profit 21,603 13.1% 32,945 14.8% (11,342) -34.4%
Nine Months Ended September 30,
-------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Oilfield Services (Dollars in Thousands)
----------------- ----------------------
Net sales $93,140 100.0% $100,177 100.0% $(7,037) -7.0%
Cost of sales 60,554 65.0% 63,130 63.0% (2,576) -4.1%
------ ---- ------ ---- ------
Gross profit 32,586 35.0% 37,047 37.0% (4,461) -12.0%
General, selling and
administrative
expenses 20,123 21.6% 18,156 18.1% 1,967 10.8%
------ ---- ------ ---- -----
Operating profit 12,463 13.4% 18,891 18.9% (6,428) -34.0%
Nine Months Ended September 30,
-------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Transportation (Dollars in Thousands)
-------------- ----------------------
Net sales $35,336 100.0% $49,216 100.0% $(13,880) -28.2%
Cost of sales 31,102 88.0% 44,081 89.6% (12,979) -29.4%
------ ---- ------ ---- -------
Gross profit 4,234 12.0% 5,135 10.4% (901) -17.5%
General, selling and
administrative
expenses 2,551 7.2% 2,564 5.2% (13) -0.5%
----- --- ----- --- ---
Operating profit 1,683 4.8% 2,571 5.2% (888) -34.5%
Nine Months Ended September 30,
-------------------------------
2009 2008 2009 vs 2008
---- ---- ------------
Corporate (Dollars in Thousands)
--------- ----------------------
Intersegment
shipping sales $(10,690) $(16,710) $6,020
Intersegment
shipping costs (10,690) (16,710) $6,020
------- -------
Gross profit - -
General, selling and
administrative
expenses 16,440 18,208 (1,768) -9.7%
------ ------ ------
Operating loss 16,440 18,208 (1,768) -9.7%
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
QUARTER-TO-DATE
Three Months Ended September 30, 2009
-------------------------------------
Composition of Sales by Asia
Geographic Region Americas EMEA Pacific Total
----------------------- -------- ---- ------- -----
Minerals 29.0% 9.7% 8.0% 46.7%
Environmental 17.0% 15.0% 1.8% 33.8%
Oilfield services 13.7% 0.4% 1.1% 15.2%
Transportation 4.3% 0.0% 0.0% 4.3%
---- ---- ---- -----
Total - current year's period 64.0% 25.1% 10.9% 100.0%
==== ==== ==== =====
Total from prior year's
comparable period 66.9% 23.4% 9.7% 100.0%
Three Months Ended September 30, 2009
vs.
Three Months Ended September 30, 2008
-------------------------------------
Percentage of Revenue Base Acquisi- Foreign
Growth by Component Business tions Exchange Total
--------------------- -------- -------- -------- -----
Minerals -9.2% 0.0% -1.8% -11.0%
Environmental -5.6% 0.2% -3.2% -8.6%
Oilfield services -3.2% 0.0% -0.5% -3.7%
Transportation -1.3% 0.0% 0.0% -1.3%
----- --- ---- -----
Total -19.3% 0.2% -5.5% -24.6%
===== === ==== =====
% of change 78.2% -0.9% 22.7% 100.0%
Three Months Ended September 30,
----------------------------
2009 2008 % change
---- ---- --------
Minerals Product Line Sales (Dollars in Thousands)
--------------------------- ----------------------
Metalcasting $38,097 $46,392 -17.9%
Specialty materials 26,661 29,033 -8.2%
Pet products 16,959 19,559 -13.3%
Basic minerals 6,348 19,471 -67.4%
Other product lines 956 2,426 *
------ -------
Total 89,021 116,881
====== =======
* Not meaningful.
Three Months Ended September 30,
--------------------------------
2009 2008 % change
Environmental Product ---- ---- --------
Line Sales (Dollars in Thousands)
--------------------- ----------------------
Lining technologies $44,727 $57,320 -22.0%
Building materials 14,227 22,237 -36.0%
Other product lines 5,539 6,576 *
------ ------
Total 64,493 86,133
====== ======
* Not meaningful.
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
YEAR-TO-DATE
Nine Months Ended September 30, 2009
------------------------------------
Composition of Sales by Asia
Geographic Region Americas EMEA Pacific Total
----------------------- -------- ---- ------- -----
Minerals 29.6% 9.5% 7.4% 46.5%
Environmental 15.6% 13.5% 2.1% 31.2%
Oilfield services 16.1% 0.5% 1.1% 17.7%
Transportation 4.6% 0.0% 0.0% 4.6%
---- ---- ---- -----
Total - current year's period 65.9% 23.5% 10.6% 100.0%
==== ==== ==== =====
Total from prior year's
comparable period 67.3% 23.1% 9.6% 100.0%
Nine Months Ended September 30, 2009
vs.
Nine Months Ended September 30, 2008
-------------------------------------
Percentage of Revenue Base Acquisi- Foreign
Growth by Component Business tions Exchange Total
--------------------- -------- -------- -------- -----
Minerals -9.2% 0.0% -2.4% -11.6%
Environmental -5.0% 0.2% -3.8% -8.6%
Oilfield services -1.8% 1.1% -0.3% -1.0%
Transportation -1.2% 0.0% 0.0% -1.2%
----- --- ---- -----
Total -17.2% 1.3% -6.5% -22.4%
===== === ==== =====
% of change 77.1% -5.9% 28.8% 100.0%
Nine Months Ended September 30,
-------------------------------
2009 2008 % change
---- ---- --------
Minerals Product Line Sales (Dollars in Thousands)
--------------------------- ----------------------
Metalcasting $100,592 $134,118 -25.0%
Specialty materials 71,330 77,239 -7.7%
Pet products 49,729 58,261 -14.6%
Basic minerals 20,288 47,275 -57.1%
Other product lines 2,718 6,335 *
------- -------
Total 244,657 323,228
======= =======
* Not meaningful.
Nine Months Ended September 30,
-------------------------------
2009 2008 % change
Environmental Product ---- ---- --------
Line Sales (Dollars in Thousands)
--------------------- ----------------------
Lining technologies $106,150 $138,267 -23.2%
Building materials 41,704 65,090 -35.9%
Other product lines 16,242 19,036 *
------- -------
Total 164,096 222,393
======= =======
* Not meaningful.
SOURCE AMCOL International Corporation
http://www.amcol.com
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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
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