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AMCOL INTERNATIONAL CORP


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Financial table in standard format


AMCOL

INTERNATIONAL CORPORATION

INDEX







 
 


Page No.






Part I - Financial Information


 


 
 
 




Item 1:





 


 





4




 
 
 


 





6




 
 
 


 





7




 
 
 


 





8




 
 
 


 





9




 
 
 


 





10




 
 
 




Item 2:







19




 
 
 




Item 3:







36




 
 
 




Item 4:







36




 
 
 




Part II - Other Information


 


 
 
 




Item 4:







37




 
 
 




Item 6:







37










AMCOL INTERNATIONAL CORP
CIK:813621





Notes to Condensed Consolidated Financial Statements10


Item 2:19


Item 3:36


Item 4:36


Part II - Other Information


Item 4:37


Item 6:37





Data column 1: "numyear" is ambiguous (2010 or 2009 or 2010 or 2009 or 2010 or 2009 or 2010 or 2009 or 2010 or 2009)

Data column 1: "month" is ambiguous (6 or 12 or 6 or 6 or 6 or 6)

Data column 1: "dayofmonth" is ambiguous (30 or 31 or 30 or 30 or 30 or 30)

Data column 1: Unable to interpret date in column header

Data column 2: Unable to interpret date in column header

Row "Part II - Other Information": Multi-column field in a numeric row


Table 1


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Index

AMCOL

INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)









Item 1:




Financial Statements







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Table 2


Financial table in standard format


Index

AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)







 



June 30,






December 31,





 



2010






2009







LIABILITIES AND SHAREHOLDERS' EQUITY





(unaudited)




*





Current liabilities:













Accounts payable



$
53,168


$
40,335





Accrued liabilities




48,194



49,981





Total current liabilities




101,362



90,316



 












Noncurrent liabilities:














Long-term debt




223,373



207,017





Pension liabilities




20,943



20,403





Deferred compensation




7,927



7,544





Other long-term liabilities




32,821



29,208





Total noncurrent liabilities




285,064



264,172



 












Equity:














Common stock




320



320





Additional paid in capital




87,598



84,830





Retained earnings




286,328



275,200





Accumulated other comprehensive income




16,358



32,174



 


390,604



392,524





Treasury stock




(11,377
)


(14,377
)




Total AMCOL shareholders' equity




379,227



378,147



 












Noncontrolling interest




1,349



1,625





Total equity




380,576



379,772



 

$
767,002


$
734,260









AMCOL INTERNATIONAL CORP
CIK:813621


2010-06-30
2009-12-31

LIABILITIES AND SHAREHOLDERS' EQUITY


Current liabilities:


Accounts payable$53,168$40,335


Accrued liabilities48,19449,981


Total current liabilities101,36290,316


Noncurrent liabilities:


Long-term debt223,373207,017


Pension liabilities20,94320,403


Deferred compensation7,9277,544


Other long-term liabilities32,82129,208


Total noncurrent liabilities285,064264,172


Equity:


Common stock320320


Additional paid in capital87,59884,830


Retained earnings286,328275,200


Accumulated other comprehensive income16,35832,174


390,604392,524


Treasury stock(11,377)(14,377)


Total AMCOL shareholders' equity379,227378,147


Noncontrolling interest1,3491,625


Total equity380,576379,772


$767,002$734,260





Table 3


Financial table in standard format


Index

AMCOL

INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)







 



Six Months Ended






Three Months Ended





 



June 30,






June 30,





 



2010






2009






2010






2009





 
















Net sales



$
395,664


$
335,619


$
220,713


$
171,200





Cost of sales




290,342



245,251



159,938



124,052





Gross profit




105,322



90,368



60,775



47,148





General, selling and administrative expenses




70,818



66,421



37,031



33,368





Operating profit




34,504



23,947



23,744



13,780





Other income (expense):






















Interest expense, net




(4,550
)


(6,566
)


(2,334
)


(3,159
)




Other, net




(117
)


(2,714
)


330



(1,502
)


 


(4,667
)


(9,280
)


(2,004
)


(4,661
)




Income before income taxes and income (loss) from affiliates and joint ventures




29,837



14,667



21,740



9,119





Income tax expense




7,701



3,117



5,519



1,546





Income before income (loss) from affiliates and joint ventures




22,136



11,550



16,221



7,573





Income (loss) from affiliates and joint ventures




(71
)


(1,642
)


20



(1,634
)




Net income (loss)




22,065



9,908



16,241



5,939





Net income (loss) attributable to noncontrolling interests




(212
)


(365
)


92



(158
)




Net income (loss) attributable to AMCOL shareholders



$
22,277


$
10,273


$
16,149


$
6,097



 




















Weighted average common shares outstanding




31,092



30,719



31,141



30,744



 




















Weighted average common and common equivalent shares outstanding




31,467



30,928



31,515



30,984



 




















Basic earnings per share attributable to AMCOL shareholders



$
0.72


$
0.33


$
0.52


$
0.20



 




















Diluted earnings per share attributable to AMCOL shareholders



$
0.71


$
0.33


$
0.51


$
0.20



 




















Dividends declared per share



$
0.36


$
0.36


$
0.18


$
0.18









AMCOL INTERNATIONAL CORP
CIK:813621


2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		
2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		

Net sales$395,664$335,619$220,713$171,200


Cost of sales290,342245,251159,938124,052


Gross profit105,32290,36860,77547,148


General, selling and administrative expenses70,81866,42137,03133,368


Operating profit34,50423,94723,74413,780


Other income (expense):


Interest expense, net(4,550)(6,566)(2,334)(3,159)


Other, net(117)(2,714)330(1,502)


(4,667)(9,280)(2,004)(4,661)


Income before income taxes and income (loss) from affiliates and joint ventures29,83714,66721,7409,119


Income tax expense7,7013,1175,5191,546


Income before income (loss) from affiliates and joint ventures22,13611,55016,2217,573


Income (loss) from affiliates and joint ventures(71)(1,642)20(1,634)


Net income (loss)22,0659,90816,2415,939


Net income (loss) attributable to noncontrolling interests(212)(365)92(158)


Net income (loss) attributable to AMCOL shareholders$22,277$10,273$16,149$6,097


Weighted average common shares outstanding31,09230,71931,14130,744


Weighted average common and common equivalent shares outstanding31,46730,92831,51530,984


Basic earnings per share attributable to AMCOL shareholders$0.72$0.33$0.52$0.20


Diluted earnings per share attributable to AMCOL shareholders$0.71$0.33$0.51$0.20


Dividends declared per share$0.36$0.36$0.18$0.18





Table 4


Table column format standardization was unsuccessful.


Six Months Ended

Three Months Ended

June 30,

June 30,

2010

2009

2010

2009

Weighted average number of common shares outstanding

31,091,659

30,719,389

31,141,368

30,744,447

Dilutive impact of stock based compensation

375,680

208,579

373,522

239,696

Weighted average number of common and common equivalent shares outstanding for the period

31,467,339

30,927,968

31,514,890

30,984,143

Number of common shares outstanding at the end of the period

31,034,171

30,602,966

31,034,171

30,602,966

Weighted average number of anti-dilutive shares excluded from the computation of diluted earnings per share

554,056

1,606,728

610,295

1,143,072









Note 3:




ADDITIONAL BALANCE SHEET INFORMATION







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Table 5


Financial table in standard format


Note 3:

ADDITIONAL BALANCE SHEET INFORMATION

Our inventories at June 30, 2010 and December 31, 2009 are comprised of the following components:







 



June 30,






December 31,





 



2010






2009







Crude stockpile inventories



$
26,390


$
30,510





In-process and finished goods inventories




47,608



40,368





Other raw material, container, and supplies inventories




22,096



25,295



 

$
96,094


$
96,173









AMCOL INTERNATIONAL CORP
CIK:813621


2010-06-30
2009-12-31

Crude stockpile inventories$26,390$30,510


In-process and finished goods inventories47,60840,368


Other raw material, container, and supplies inventories22,09625,295


$96,094$96,173





Table 6


Financial table in standard format


Note 7:

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITES

As a multinational corporation with operations throughout the world, we are subject to certain market risks. We use a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. We use derivative financial instruments only for risk management and not for trading or speculative purposes.

The following table sets forth the fair values of our derivative instruments and where they are recorded within our Condensed Consolidated Balance Sheet:







 

 



Fair Value as of







Liability Derivatives





Balance Sheet Location





June 30, 



2010






December 31, 



2009







Derivatives designated as hedging instruments:



 








 

 










Interest rate swaps





Other long-term liabilities



$
6,811


$
3,082









AMCOL INTERNATIONAL CORP
CIK:813621



2010-06-30
2009-12-31

Derivatives designated as hedging instruments:


Interest rate swaps$6,811$3,082





Data column 1: Unable to interpret date in column header


Table 7


Financial table in standard format


Fair Value as of

Liability Derivatives

Balance Sheet Location

June 30,

2010

December 31,

2009

Derivatives designated as hedging instruments:

Interest rate swaps

Other long-term liabilities

$

6,811

$

3,082

Cash flow hedges











Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives



(Effective Portion)





 



Six Months Ended



June 30,






Three Months Ended



June 30,







Derivatives in Cash Flow Hedging Relationships





2010






2009






2010






2009





 
















Interest rate swaps, net of tax



$
(2,374
)

$
1,319


$
(1,788
)

$
1,151









AMCOL INTERNATIONAL CORP
CIK:813621







Interest rate swaps, net of tax$(2,374)$1,319$(1,788)$1,151





Data column 1: Unable to interpret date in column header

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Table 8


Financial table in standard format


Index

Three months ended June 30, 2010 vs. June 30, 2009

Consolidated Income Statement Review

The table below compares our operating results for the quarters ended June 30, 2010 and 2009.The comments in this section discuss our results overall and are followed with a more detailed discussion of each segments key operating results.







 



Three Months Ended June 30,









2010






2009






2010 vs. 2009







Consolidated





(Dollars in Thousands, Except Per Share Amounts)







Net sales



$
220,713


$
171,200



28.9
%




Cost of sales




159,938



124,052









Gross profit




60,775



47,148



28.9
%




margin %




27.5
%


27.5
%








General, selling and administrative expenses




37,031



33,368



11.0
%




Operating profit




23,744



13,780



72.3
%




margin %




10.8
%


8.0
%








Other income (expense):


















Interest expense, net




(2,334
)


(3,159
)


-26.1
%




Other, net




330



(1,502
)


-122.0
%


 


(2,004
)


(4,661
)






 
















Income before income taxes and income (loss) from affiliates and joint ventures




21,740



9,119









Income tax expense




5,519



1,546



257.0
%




effective tax rate




25.4
%


17.0
%






 
















Income before income (loss) from affiliates and joint ventures




16,221



7,573









Income (loss) from affiliates and joint ventures




20



(1,634
)


-101.2
%


 
















Net income (loss)




16,241



5,939







 
















Net income (loss) attributable to noncontrolling interests




92



(158
)


-158.2
%


 
















Net income (loss) attributable to AMCOL shareholders



$
16,149


$
6,097



164.9
%


 
















Basic earnings per share attributable to AMCOL shareholders



$
0.52


$
0.20



160.0
%


 
















Diluted earnings per share attributable to AMCOL shareholders



$
0.51


$
0.20



155.0
%








AMCOL INTERNATIONAL CORP
CIK:813621


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		



Consolidated


Net sales$220,713$171,20028.9


Cost of sales159,938124,052


Gross profit60,77547,14828.9


margin %27.527.5


General, selling and administrative expenses37,03133,36811.0


Operating profit23,74413,78072.3


margin %10.88.0


Other income (expense):


Interest expense, net(2,334)(3,159)


Other, net330(1,502)


(2,004)(4,661)


Income before income taxes and income (loss) from affiliates and joint ventures21,7409,119


Income tax expense5,5191,546257.0


effective tax rate25.417.0


Income before income (loss) from affiliates and joint ventures16,2217,573


Income (loss) from affiliates and joint ventures20(1,634)


Net income (loss)16,2415,939


Net income (loss) attributable to noncontrolling interests92(158)


Net income (loss) attributable to AMCOL shareholders$16,149$6,097164.9


Basic earnings per share attributable to AMCOL shareholders$0.52$0.20160.0


Diluted earnings per share attributable to AMCOL shareholders$0.51$0.20155.0





Data column 3: "numyear" is ambiguous (2010 or 2009)

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Row "margin %": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "effective tax rate": Multi-column field in a numeric row

Row "effective tax rate": Multi-column field in a numeric row


Table 9


Financial table in standard format


Index

Corporate GS&A expenses increased due to increased compensation and employee benefit related expenses.

Six months ended June 30, 2010 vs. June 30, 2009

Consolidated Income Statement Review

The table below compares our operating results for the period ended June 30, 2010 and 2009.The comments in this section discuss our results overall and are followed with a more detailed discussion of each segments key operating results.







 



Six Months Ended June 30,







Consolidated





2010






2009






2010 vs. 2009





 



(Dollars in Thousands, Except Per Share Amounts)







Net sales



$
395,664


$
335,619



17.9
%




Cost of sales




290,342



245,251









Gross profit




105,322



90,368



16.5
%




margin %




26.6
%


26.9
%








General, selling and administrative expenses




70,818



66,421



6.6
%




Operating profit




34,504



23,947



44.1
%




margin %




8.7
%


7.1
%








Other income (expense):


















Interest expense, net




(4,550
)


(6,566
)


-30.7
%




Other, net




(117
)


(2,714
)


-95.7
%


 


(4,667
)


(9,280
)






 
















Income before income taxes and income (loss) from affiliates and joint ventures




29,837



14,667









Income tax expense




7,701



3,117



147.1
%




effective tax rate




25.8
%


21.3
%






 
















Income before income (loss) from affiliates and joint ventures




22,136



11,550









Income (loss) from affiliates and joint ventures




(71
)


(1,642
)


-95.7
%


 
















Net income (loss)




22,065



9,908







 
















Net income (loss) attributable to noncontrolling interests




(212
)


(365
)


-41.9
%


 
















Net income (loss) attributable to AMCOL shareholders



$
22,277


$
10,273



116.8
%


 
















Basic earnings per share attributable to AMCOL shareholders



$
0.72


$
0.33



118.2
%


 
















Diluted earnings per share attributable to AMCOL shareholders



$
0.71


$
0.33



115.2
%








AMCOL INTERNATIONAL CORP
CIK:813621


2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		



(Dollars in Thousands, Except Per Share Amounts)


Net sales$395,664$335,61917.9


Cost of sales290,342245,251


Gross profit105,32290,36816.5


margin %26.626.9


General, selling and administrative expenses70,81866,4216.6


Operating profit34,50423,94744.1


margin %8.77.1


Other income (expense):


Interest expense, net(4,550)(6,566)


Other, net(117)(2,714)


(4,667)(9,280)


Income before income taxes and income (loss) from affiliates and joint ventures29,83714,667


Income tax expense7,7013,117147.1


effective tax rate25.821.3


Income before income (loss) from affiliates and joint ventures22,13611,550


Income (loss) from affiliates and joint ventures(71)(1,642)


Net income (loss)22,0659,908


Net income (loss) attributable to noncontrolling interests(212)(365)


Net income (loss) attributable to AMCOL shareholders$22,277$10,273116.8


Basic earnings per share attributable to AMCOL shareholders$0.72$0.33118.2


Diluted earnings per share attributable to AMCOL shareholders$0.71$0.33115.2





Data column 3: "numyear" is ambiguous (2010 or 2009)

Data column 3: Unable to interpret date in column header

Data column 4: "numyear" is ambiguous (2010 or 2009)

Data column 4: Unable to interpret date in column header

Row "(Dollars in Thousands, Except Per Share Amounts)": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "margin %": Multi-column field in a numeric row

Row "effective tax rate": Multi-column field in a numeric row

Row "effective tax rate": Multi-column field in a numeric row


Table 10


Table column format standardization was unsuccessful.


Index

Long-term debt increased as we needed more cash to fund increased working capital levels and purchase equipment, resulting in an increase in long-term debt relative to total capitalization to 37.0% at June 30, 2010 versus 35.3% at December 31, 2009.We have approximately $150.6 million of borrowing capacity available from our revolving credit facility at June 30, 2010.We are in compliance with financial covenants related to the revolving credit facility as of the period covered by this report.

Since the mid 1980s, we have been named as one of a number of defendants in product liability lawsuits relating to the minor free-silica content within our bentonite products used in the metalcasting industry.The plaintiffs in these lawsuits are primarily employees of our former and current customers.To date, we have not incurred significant costs in defending these matters.We believe we have adequate insurance coverage and do not believe the litigation will have a material adverse impact on our financial position, liquidity or results of operations.

Contractual Obligations and Off-Balance Sheet Arrangements

Item 7 of our Annual Report on Form 10-K, for the year ended December 31, 2009 discloses our contractual obligations and off-balance sheet arrangements.There were no material changes in our contractual obligations and off-balance sheet arrangements.












Quantitative and Qualitative Disclosures About Market Risk







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    [1..1)   [1..1] (stub): 'Quantitative and Qualitative Disclosures About Market Risk'



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Table attributes: balancesheet,date,cash



Original filing from SEC EDGAR system.