SOURCE: AMCOL International

AMCOL International

October 28, 2011 07:00 ET

AMCOL International Corporation (NYSE: ACO) Reports Third Quarter Results

HOFFMAN ESTATES, IL--(Marketwire - Oct 28, 2011) - For the third quarter of 2011, AMCOL International Corporation (NYSE: ACO) generated diluted earnings per share attributable to its shareholders from continuing operations of $0.63 per share versus $0.55 per share in the prior year's quarter. Net income was $0.60 per diluted share for the quarter, reflective of the sale of our domestic contracting services business in the third quarter of 2011.

Net sales increased 8.4% to $248.0 million for the 2011 third quarter, as compared to $228.8 million for the 2010 period. Gross profits increased 21.8% while gross margins increased 310 basis points to 28.6%. Our gross profit in the third quarter of 2011 includes $1.5 million ($0.05 per share) of one-time reductions of our chromite mining costs. Operating profit increased 19.3% with operating margins increasing by 100 basis points to 10.9%. The aforementioned reduction in mining costs accounted for 60 basis points of the increase.

In the prior year's results, Other income, net included gains of $0.05 per share whereas this quarter's amount is minimal. The difference results from foreign currency management programs which have reduced the impact of changes in foreign currency exchange rates in the current quarter. Our effective tax rate increased in the quarter as compared to the prior year's quarter due to differences in non-recurring, discrete items between the two periods. Our income from joint-ventures and affiliates includes income of $0.07 per share associated with the sale of our ownership interest in our Belgian joint-venture.

During the current quarter, our start-up chromite operations generated earnings of $0.08 per share, inclusive of the $0.05 per share benefit previously mentioned. For the remainder of fiscal 2011, we expect our chromite operations to generate less than $0.02 per share of net income for AMCOL shareholders.

"Sales for the quarter were generally in line with our expectations, and we were pleased with the improvement in gross margin for all business segments -- the key factor leading to improved earnings for the quarter," said Ryan McKendrick, AMCOL President and Chief Executive Officer.

"Our Minerals and Materials segment generated 12% revenue growth versus prior year Q3 with significant gross margin improvement both sequentially and in comparison to the prior year's period. Both domestic and Asian metalcasting businesses experienced top line growth while maintaining gross margins. In addition, the turn-around in our personal care products business unit, which incurred a substantial loss in the 2010 period, was a factor in the overall improvement in gross margin. Our chromite business also contributed nicely in the quarter both in top line sales as well as profit contribution -- exceeding our expectations. The improved results for chromite were a result of our ability to selectively mine chromite ore that is more consistent with our original quality expectations and is thus more suitable to the existing manufacturing process. We are proceeding with the planned improvements to our manufacturing process to accommodate varying chromite ore quality likely to be encountered in the future. This will result in some down time in the near-term and affect the short-term profitability of our chromite business," continued McKendrick.

"The Environmental segment generated a small sales increase over Q3 2010, as increases in building materials and drilling products business were somewhat offset by a decline in lining technologies sales. Gross margin of 31% for the segment improved both sequentially as well as compared to Q3 2010. The building materials group continues to perform well based on new product introductions and a strong market position in several areas where construction activity is relatively stable. Price increases in the domestic lining technologies market have started to show some positive effect -- their gross margins have improved both sequentially and versus Q3 2010. However, the improvement in domestic margin was partially offset by lower margins in Europe. Our European contracting business also incurred a bad debt expense of approximately $1.1 million for the quarter associated with insolvency of a general contractor for whom we were performing work. In the US, we have exited the contracting business," McKendrick added.

McKendrick continued, "Our Oilfield Services segment experienced a 21.8% increase in sales revenue as compared to Q3 2010, with gross margin exceeding 30% for the quarter -- a 5 percentage point sequential margin improvement. Coiled tubing services, largely associated with hydraulic fracturing in various shale formations, was a large contributor to the growth. Our Pipeline Services business is also becoming an important contributor to the product mix, and accounted for 22% of the growth in the segment as compared to Q3 2010. This service focuses on pipeline maintenance and integrity testing utilizing our specialized technology designed to handle high volumes of solids discharged from pipelines during cleaning operations."

"The outlook for our major business units remains largely positive. Metalcasting is expected to remain stable as demand for automobiles, agricultural equipment, and machinery drives demand for castings. Demand for our pet products is expected to strengthen as consumers shift their preferences to private label brands supplied by major retailers. Despite the low level of non-residential construction activity, we expect our building materials group to continue performing well based on a broad portfolio of new products. Although the market for lining technologies is under pressure, we are improving margins and maintaining a strong position in the market. In Oilfield Services, we are positioned well to participate in the fast growing hydraulic fracturing segment, while continuing to develop and deploy specialized technologies for pipeline services and water treatment. Our major customers are expecting deep water drilling activity in the Gulf of Mexico to increase in 2012 as permitting requirements become better defined. This should translate into an increase in activity for our filtration services as we move into 2012. In summary, we will continue to focus on positioning AMCOL to succeed within business segments that we know well," he concluded.

STATEMENT OF OPERATIONS HIGHLIGHTS:

The statement of operations highlights are supported by the quarterly segment results schedules included in this press release. The following comments relate to our results for the current quarter as compared to the same quarter in the prior year, unless otherwise noted.

Net sales: Net sales increased $19.2 million or 8.4%.

Minerals & Materials: The majority of the revenue improvement was due to increased volumes, principally in our domestic and Asian metalcasting markets, and our relatively new chromite product offerings. These metalcasting markets continue to experience an increase in demand resulting from automobile and heavy equipment castings.

Environmental: The revenue increase resulted primarily from favorable foreign currency exchange rate movements as European currencies strengthened against the U.S. dollar. Organic revenue growth in Europe, partly resulting from the introduction of new product offerings, was offset by revenue decreases in the rest of the world due to decreases in our lining technologies business.

Oilfield Services: The growth in revenue occurred primarily in our domestic businesses, especially coil tubing, well-testing and pipeline services. Our coil tubing business continues to benefit from investments we've made in that business by expanding our service capacity in addition to growth in the Texas shale regions. Our well-testing and pipeline services also experienced increased demand as customers seek to improve production in existing assets. Our domestic filtration revenues suffered significantly this quarter due to depressed offshore activity resulting from the low amount of drilling permits being issued in the Gulf of Mexico. Regarding our foreign operations, revenues in Australia decreased (due to a large customer contract that ended in Q3 2010) while all other foreign businesses experienced revenue growth.

Transportation: Nearly all of the revenue increase was due to increased fuel-surcharges. This segment continues to see an increase in services being provided to divisions of our domestic businesses, principally our metalcasting and pet products groups; these intercompany revenues are eliminated in the corporate segment.

Gross profit: Gross profit increased $12.7 million, or 21.8%. Gross margins also increased, by 310 basis points to 28.6%.

Minerals & Materials: Gross profit increased by 35.6% or $8.5 million. Approximately $1.5 million of this increase is attributable to the one-time reduction of our chromite mining costs. Another significant contributor to the increase is the turn-around in our personal care products business, which generated significant gross profit losses in Q3 2010. Finally, our chromite operations generated increased gross profits this quarter due to better production yields resulting from selectively mining ore which better suits our current production capabilities.

Environmental: Gross profits and gross margins increased slightly in this segment. Gross margin increases in our domestic business, led by improved product offerings in our building materials products and selling price increases in our lining technologies business, were dampened by decreases in our European businesses, which suffered due to production cost increases and lower margin contracting services work.

Oilfield Services: Gross profit and gross margins increased due to leverage from increased sales in our domestic coil tubing, pipeline and well testing services. Our foreign operations also increased gross margins, most notably in Malaysia and Nigeria. These increases were partially offset by gross margin decreases in our domestic filtration business, a high fixed cost business.

Selling, general and administrative expenses (SG&A): The 23.4% increase in SG&A results from increased expenses across all businesses. Excluding gains and losses on market invested securities in our Corporate segment and a bad debt in our Environmental segment, SG&A expenses would have increased 16.3%. Our Corporate segment provides certain investments to fund long-term benefit programs, and these investments fluctuate with the value of the underlying securities. We had a large bad debt expense from a European customer who declared bankruptcy in the third quarter of 2011. Each of the segments experienced compensation and related benefit increases in addition to increases in certain categories of expenses, such as commissions, that generally increase with increased sales.

Other, net: Other, net is comprised of our gains and losses on foreign currency transactions and the corresponding derivative instruments used to hedge those transactions. The income from these transactions decreased significantly in the third quarter of 2011 due to the increased amount and effectiveness of derivatives used to mitigate the effect of the foreign currency transactions.

Income tax expense: Our income tax expense and effective tax rate increased in the quarter due to differences in discrete items recorded between the two quarters. The prior year's quarterly effective tax rate is abnormally low given the amount of favorable, discrete items recorded in that quarter.

Income from affiliates and joint ventures: We generated increased income from our affiliates and joint ventures in Q3 2011 as compared to Q3 2010 due to a gain recorded on the sale of our Belgian joint-venture.

Income (loss) on discontinued operations: In the third quarter of 2011, we sold our domestic contracting services business within our Environmental segment. All amounts generated from this business are now included within our losses from discontinued operations.

FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:

We compare several components of our balance sheet using amounts as of September 30, 2011 as compared to the amounts at December 31, 2010.

Our non-cash working capital increased by $46 million to support our revenue growth. We have financed this growth through long term debt, which increased by $14.2 million to $250.4 million, and greater utilization of our cash, which decreased by $17.9 million to $9.3 million. Long-term debt as a percentage of total capitalization increased 110 basis points to 38.2%.

Cash flow generated from operating activities was $16.6 million through the first nine months of 2011 as compared to $35.2 million in the prior-year period. The decrease results from cash used to fund growth in working capital, principally inventory for various factors, such as the ramp-up of our chromite operations.

Capital expenditures for the nine months ended September 30, 2011 were $43.8 million as compared to $37.9 million in the prior-year's period. In each of these periods, expenditures associated with our start-up chromite operations were $5.9 million and $13.6 million, respectively. In the nine months ended September 30, 2011, the majority of our capital spending occurred in our Oilfield Services and Minerals and Materials segments.

Dividends through September 30, 2011 remained roughly the same over the prior-year period as our dividend has remained constant at $0.18 per quarter per share.

This release should be read in conjunction with the attached unaudited, condensed, consolidated financial statements. It 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, develops and markets a wide range of mineral and technology based products and services for use in various industrial, environmental and consumer applications. AMCOL is the parent company 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 quarterly quarter conference call will be available live today at 11 a.m. ET on the AMCOL website via webcast or by dialing 1.877.240.9772.

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,
2011 2010 2011 2010
Continuing Operations
Net sales $ 708,708 $ 621,650 $ 248,044 $ 228,822
Cost of sales 517,891 458,163 177,054 170,546
Gross profit 190,817 163,487 70,990 58,276
General, selling and administrative expenses 123,354 105,769 43,937 35,604
Operating profit 67,463 57,718 27,053 22,672
Other income (expense):
Interest expense, net (8,308 ) (7,092 ) (2,824 ) (2,542 )
Other, net 83 2,146 (144 ) 2,191
(8,225 ) (4,946 ) (2,968 ) (351 )
Income before income taxes and income (loss) from affiliates and joint ventures 59,238 52,772 24,085 22,321
Income tax expense 16,935 12,877 6,675 5,219
Income before income (loss) from affiliates and joint ventures 42,303 39,895 17,410 17,102
Income (loss) from affiliates and joint ventures 4,076 266 3,080 337
Net income (loss) from continuing operations 46,379 40,161 20,490 17,439
Discontinued Operations
Income (loss) on discontinued operations (916 ) (789 ) (1,021 ) (132 )
Net income (loss) 45,463 39,372 19,469 17,307
Net income (loss) attributable to noncontrolling interests 48 (322 ) 44 (110 )
Net income (loss) attributable to AMCOL shareholders $ 45,415 $ 39,694 $ 19,425 $ 17,417
Weighted average common shares outstanding 31,672 31,137 31,800 31,225
Weighted average common and common equivalent shares outstanding 32,128 31,498 32,193 31,565
Earnings per share attributable to Amcol International Corporation
Basic earnings (loss) per share:
Continuing operations $ 1.46 $ 1.30 $ 0.64 $ 0.56
Discontinued operations (0.03 ) (0.03 ) (0.03 ) -
Net income $ 1.43 $ 1.27 $ 0.61 $ 0.56
Diluted earnings (loss) per share:
Continuing operations $ 1.44 $ 1.29 $ 0.63 $ 0.55
Discontinued operations (0.03 ) (0.03 ) (0.03 ) -
Net income $ 1.41 $ 1.26 $ 0.60 $ 0.55
Dividends declared per share $ 0.54 $ 0.54 $ 0.18 $ 0.18
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS September 30, December 31,
2011 2010
(unaudited) *
Current assets:
Cash and equivalents $ 9,345 $ 27,262
Accounts receivable, net 215,166 193,968
Inventories 133,960 107,515
Prepaid expenses 17,538 12,581
Deferred income taxes 4,420 5,553
Income tax receivable 16,356 8,474
Other 9,683 6,211
Total current assets 406,468 361,564
Noncurrent assets:
Property, plant, equipment, mineral rights and reserves:
Land 14,191 11,591
Mineral rights 43,096 51,435
Depreciable assets 481,120 454,351
538,407 517,377
Less: accumulated depreciation and depletion 278,887 256,889
259,520 260,488
Goodwill 70,174 70,909
Intangible assets, net 37,903 42,590
Investments in and advances to affiliates and joint ventures 24,516 19,056
Available-for-sale securities 4,956 14,168
Deferred income taxes 8,817 7,570
Other assets 21,326 22,748
Total noncurrent assets 427,212 437,529
Total Assets $ 833,680 $ 799,093
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 53,048 $ 53,167
Accrued income taxes 15,201 4,014
Accrued liabilities 61,115 55,294
Total current liabilities 129,364 112,475
Noncurrent liabilities:
Long-term debt 250,394 236,171
Pension liabilities 21,020 21,338
Deferred compensation 8,762 8,686
Other long-term liabilities 19,784 19,987
Total noncurrent liabilities 299,960 286,182
Shareholders' Equity:
Common stock 320 320
Additional paid in capital 92,809 95,074
Retained earnings 311,553 283,189
Accumulated other comprehensive income (457 ) 28,936
Less: Treasury stock (4,125 ) (8,945 )
Total AMCOL shareholders' equity 400,100 398,574
Noncontrolling interest 4,256 1,862
Total equity 404,356 400,436
Total Liabilities and Shareholders' Equity $ 833,680 $ 799,093
* Condensed from audited financial statements.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
Nine Months Ended
September 30,
2011 2010
Cash flow from operating activities:
Net income $ 45,463 $ 39,372
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation, depletion, and amortization 30,945 26,470
Other non-cash charges 4,044 3,174
Changes in assets and liabilities, net of effects of acquisitions:
Decrease (increase) in current assets (89,320 ) (69,385 )
Decrease (increase) in noncurrent assets 1,789 (2,298 )
Increase (decrease) in current liabilities 24,894 34,832
Increase (decrease) in noncurrent liabilities (1,170 ) 2,999
Net cash provided by (used in) operating activities 16,645 35,164
Cash flow from investing activities:
Capital expenditures (43,824 ) (37,944 )
Investments in and advances to affiliates and joint ventures (1,237 ) (2,047 )
Proceeds from sale of joint ventures 2,023 -
Other 2,118 1,210
Net cash (used in) investing activities (40,920 ) (38,781 )
Cash flow from financing activities:
Net change in outstanding debt 14,891 21,004
Purchase of noncontrolling interest - (11,873 )
Proceeds from sales of treasury stock 7,000 3,252
Dividends (17,051 ) (16,745 )
Excess tax benefits from stock-based compensation 669 394
Net cash provided by (used in) financing activities 5,509 (3,968 )
Effect of foreign currency rate changes on cash 849 242
Net increase (decrease) in cash and cash equivalents (17,917 ) (7,343 )
Cash and cash equivalents at beginning of period 27,262 27,669
Cash and cash equivalents at end of period $ 9,345 $ 20,326
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
QUARTER-TO-DATE
Three Months Ended September 30,
Minerals and Materials 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 123,792 100.0 % $ 110,332 100.0 % $ 13,460 12.2 %
Cost of sales 91,317 73.8 % 86,383 78.3 % 4,934 5.7 %
Gross profit 32,475 26.2 % 23,949 21.7 % 8,526 35.6 %
General, selling and administrative expenses
12,365

10.0
%
11,608

10.5
%
757

6.5
%
Operating profit 20,110 16.2 % 12,341 11.2 % 7,769 63.0 %
Three Months Ended September 30,
Environmental 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 69,543 100.0 % $ 67,744 100.0 % $ 1,799 2.7 %
Cost of sales 47,980 69.0 % 47,002 69.4 % 978 2.1 %
Gross profit 21,563 31.0 % 20,742 30.6 % 821 4.0 %
General, selling and administrative expenses
13,926

20.0
%
12,041

17.8
%
1,885

15.7
%
Operating profit 7,637 11.0 % 8,701 12.8 % (1,064 ) -12.2 %
Three Months Ended September 30,
Oilfield Services 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 50,175 100.0 % $ 41,204 100.0 % $ 8,971 21.8 %
Cost of sales 34,798 69.4 % 29,249 71.0 % 5,549 19.0 %
Gross profit 15,377 30.6 % 11,955 29.0 % 3,422 28.6 %
General, selling and administrative expenses
9,590

19.1
%
7,876

19.1
%
1,714

21.8
%
Operating profit 5,787 11.5 % 4,079 9.9 % 1,708 41.9 %
Three Months Ended September 30,
Transportation 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 14,877 100.0 % $ 14,284 100.0 % $ 593 4.2 %
Cost of sales 13,102 88.1 % 12,654 88.6 % 448 3.5 %
Gross profit 1,775 11.9 % 1,630 11.4 % 145 8.9 %
General, selling and administrative expenses
1,005

6.8
%
876

6.1
%
129

14.7
%
Operating profit 770 5.1 % 754 5.3 % 16 2.1 %
Three Months Ended September 30,
Corporate 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Intersegment shipping sales $ (10,343 ) $ (4,742 ) $ (5,601 )
Intersegment shipping costs (10,143 ) (4,742 ) (5,401 )
Gross profit (loss) (200 ) - (200 )
General, selling and administrative expenses
7,051

3,203

3,848

120.1
%
Operating loss (7,251 ) (3,203 ) (4,048 ) 126.4 %
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
YEAR-TO-DATE
Nine Months Ended September 30,
Minerals and Materials 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 360,523 100.0 % $ 314,417 100.0 % $ 46,106 14.7 %
Cost of sales 272,598 75.6 % 238,918 76.0 % 33,680 14.1 %
Gross profit 87,925 24.4 % 75,499 24.0 % 12,426 16.5 %
General, selling and administrative expenses 36,945 10.2 % 32,526 10.3 % 4,419 13.6 %
Operating profit 50,980 14.2 % 42,973 13.7 % 8,007 18.6 %
Nine Months Ended September 30,
Environmental 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 193,512 100.0 % $ 168,242 100.0 % $ 25,270 15.0 %
Cost of sales 134,402 69.5 % 116,493 69.2 % 17,909 15.4 %
Gross profit 59,110 30.5 % 51,749 30.8 % 7,361 14.2 %
General, selling and administrative expenses 41,261 21.3 % 34,709 20.6 % 6,552 18.9 %
Operating profit (loss) 17,849 9.2 % 17,040 10.2 % 809 4.7 %
Nine Months Ended September 30,
Oilfield Services 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 139,756 100.0 % $ 111,052 100.0 % $ 28,704 25.8 %
Cost of sales 100,250 71.7 % 79,313 71.4 % 20,937 26.4 %
Gross profit 39,506 28.3 % 31,739 28.6 % 7,767 24.5 %
General, selling and administrative expenses 25,424 18.2 % 21,879 19.7 % 3,545 16.2 %
Operating profit 14,082 10.1 % 9,860 8.9 % 4,222 42.8 %
Nine Months Ended September 30,
Transportation 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 42,331 100.0 % $ 39,987 100.0 % $ 2,344 5.9 %
Cost of sales 37,513 88.6 % 35,487 88.7 % 2,026 5.7 %
Gross profit 4,818 11.4 % 4,500 11.3 % 318 7.1 %
General, selling and administrative expenses 2,898 6.8 % 2,536 6.3 % 362 14.3 %
Operating profit 1,920 4.6 % 1,964 5.0 % (44 ) -2.2 %
Nine Months Ended September 30,
Corporate 2011 2010 2011 vs. 2010
(Dollars in Thousands)
Intersegment sales $ (27,414 ) $ (12,048 ) $ (15,366 )
Intersegment cost of sales (26,872 ) (12,048 ) (14,824 )
Gross profit (loss) (542 ) - (542 )
General, selling and administrative expenses 16,826 14,119 2,707 19.2 %
Operating loss (17,368 ) (14,119 ) (3,249 ) 23.0 %
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
QUARTER-TO-DATE
Composition of Sales by Geographic Region
Three Months Ended September 30, 2011
Americas EMEA Asia Pacific Total
Minerals & Materials 29.6 % 9.5 % 10.2 % 49.3 %
Environmental 12.5 % 13.7 % 1.5 % 27.7 %
Oilfield Services 17.3 % 1.0 % 1.8 % 20.1 %
Transportation 2.9 % 0.0 % 0.0 % 2.9 %
Total - current year's period 62.3 % 24.2 % 13.5 % 100.0 %
Total from prior year's comparable period 62.8 % 22.4 % 14.8 % 100.0 %
Percentage of Revenue Growth by Component Three Months Ended September 30, 2011
vs.
Three Months Ended September 30, 2010
Base Business Acquisitions Foreign Exchange Total
Minerals & Materials 5.2 % 0.0 % 0.7 % 5.9 %
Environmental -0.2 % 0.0 % 1.0 % 0.8 %
Oilfield Services 3.4 % 0.0 % 0.5 % 3.9 %
Transportation -2.2 % 0.0 % 0.0 % -2.2 %
Total 6.2 % 0.0 % 2.2 % 8.4 %
% of growth 73.7 % 0.0 % 26.3 % 100.0 %
Minerals and Materials Product Line Sales Three Months Ended September 30,
2011 2010 % change
(Dollars in Thousands)
Metalcasting $ 65,931 $ 53,632 22.9 %
Specialty materials 25,533 27,211 -6.2 %
Pet products 14,168 15,848 -10.6 %
Basic minerals 14,487 12,015 20.6 %
Other product lines 3,673 1,626 125.9 %
Total 123,792 110,332 12.2 %
Environmental Product Line Sales Three Months Ended September 30,
2011 2010 % change
(Dollars in Thousands)
Lining technologies $ 29,262 $ 33,407 -12.4 %
Building materials 20,653 15,822 30.5 %
Contracting services 11,060 11,519 -4.0 %
Drilling products 8,568 6,996 22.5 %
Total 69,543 67,744 2.7 %
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
YEAR-TO-DATE
Composition of Sales by Geographic Region Nine Months Ended September 30, 2011
Americas EMEA Asia Pacific Total
Minerals and materials 29.9 % 9.8 % 10.6 % 50.3 %
Environmental 12.2 % 13.2 % 1.6 % 27.0 %
Oilfield services 17.4 % 0.9 % 1.4 % 19.7 %
Transportation 3.0 % 0.0 % 0.0 % 3.0 %
Total - current year's period 62.5 % 23.9 % 13.6 % 100.0 %
Total from prior year's comparable period 64.1 % 21.2 % 14.7 % 100.0 %
Percentage of Revenue Growth by Component Nine Months Ended September 30, 2011
vs.
Nine Months Ended September 30, 2010
Organic Acquisitions Foreign Exchange Total
Minerals and materials 6.4 % 0.0 % 1.0 % 7.4 %
Environmental 3.0 % 0.1 % 1.0 % 4.1 %
Oilfield services 4.2 % 0.0 % 0.4 % 4.6 %
Transportation -2.1 % 0.0 % 0.0 % -2.1 %
Total 11.5 % 0.1 % 2.4 % 14.0 %
% of growth 82.1 % 0.9 % 17.0 % 100.0 %
Minerals and Materials Product Line Sales Nine Months Ended September 30,
2011 2010 % change
(Dollars in Thousands)
Metalcasting $ 190,769 $ 147,829 29.0 %
Specialty materials 78,729 80,074 -1.7 %
Pet products 42,237 46,739 -9.6 %
Basic minerals 37,527 34,790 7.9 %
Other product lines 11,261 4,985 125.9 %
Total 360,523 314,417 14.7 %
Environmental Product Line Sales Nine Months Ended September 30,
2011 2010 % change
(Dollars in Thousands)
Lining technologies $ 82,987 $ 84,994 -2.4 %
Building materials 58,868 41,863 40.6 %
Contracting services 28,686 23,322 23.0 %
Drilling products 22,971 18,063 27.2 %
Total 193,512 168,242 15.0 %

Contact Information

  • For further information, contact:
    Don Pearson
    Vice President & Chief Financial Officer
    847.851.1500