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

AMCOL International Corporation (NYSE: ACO) Reports Second Quarter Results  HOFFMAN ESTATES, IL -- (Marketwired) -- 07/26/13 --  For the second quarter of 2013, AMCOL International Corporation (NYSE: ACO) generated diluted earnings attributable to its shareholders of $0.51 per share versus $0.67 per share in the prior year's quarter. The 2013 quarter's diluted earnings per share would have been $0.06 greater, or $0.57 per share, excluding certain special items, primarily expenses associated with restructuring our construction technologies segment.   Net sales increased $5.4 million to $262.8 million in the 2013 second quarter, and gross profit decreased $2.7 million to $72.0 million. Gross profit margin decreased 160 basis points to 27.4%. Operating profit decreased 19.6% to $25.0 million, and operating profit margin decreased 260 basis points to 9.5%. SG&A expenses increased $3.4 million to $47.0 million and include $1.7 million of restructuring expenses, largely in our construction technologies segment. Our effective tax rate for the 2013 second quarter was 28.6% compared to 27.3% in the prior year period.  "From an operating perspective, while several product lines faced challenges in the quarter, others exhibited strong performance. In performance materials, we were pleased with the steady performance in our metalcasting product line both in the US and in Asia, despite softness in chromite sales. We estimate that lower drilling fluid and chromite product sales within the segment accounted for a $0.09 per share decrease in EPS compared to the prior year's quarter," said AMCOL President and CEO Ryan McKendrick.   "Although our construction technologies segment faced challenges in the quarter, we are seeing sales develop for our new lining technologies products. We also completed the restructuring initiatives we started in early 2013," McKendrick continued.  "Energy services completed another good quarter with sales up 27.2% and operating profit up 14.3%. We are seeing a good rebound in activity in the Gulf of Mexico, but it is offset by lower profitability for domestic land based business. This led to a lower gross profit margin for the segment," McKendrick added.  DETAILED ANALYSIS OF RESULTS  The following paragraphs discuss our most recent results. The statement of operations highlights are supported by the quarterly segment results schedules included in this press release. As they relate to our results as contained in the statement of operations, the following comments relate to our results for the current quarter as compared to the same quarter in the prior year, unless otherwise noted. As they relate to the balance sheet, the following paragraphs highlight our financial condition as of June 30, 2013 as compared to December 31, 2012. As they relate to our statement of cash flows, the following comments compare our results for the six months ending June 30, 2013 as compared to the six months ending June 30, 2012.  The $16.6 million, or 27.2%, increase in revenues from our energy services segment was large enough to offset the decreased sales experienced in our other segments. Energy service segment revenues increased as our filtration services were in greater demand due to increased offshore activity in the Gulf of Mexico. Lower sales volumes in construction technologies account for the $5.3 million decrease in that segment's revenues. Lower volumes, principally in chromite product offerings within metalcasting sales and drilling products within basic minerals, led to the $3.9 million sales decrease in our performance materials segment.  Gross profit margins decreased 160 basis points to 27.4%, with the largest decrease occurring in our energy services segment. There, land based services, particularly coil tubing and well testing offerings, experienced lower prices due to increased competition. Lower volume within our performance materials segment decreased that segment's gross profit margins 200 basis points to 25.2%.  Selling, general and administrative expenses increased $3.4 million and included $1.7 million of restructuring charges, mostly in our construction technologies segment. Excluding restructuring charges, increased employee and related expenses were the main drivers of the increased SG&A costs.  Our cash flows from operating activities decreased $18.5 million to $20.4 million largely due to the decreased net income and increased investments in working capital. The current year-to-date period is not benefitting from the significant decrease in accounts receivable that we experienced in the prior year's period, especially in our energy services segment. Capital expenditures increased, mostly in our energy services segment, and we invested $5.0 million in Novinda in the first quarter of 2013. The combination of these factors led us to borrow $31.2 million more than in the prior year-to-date period. Our quarterly dividend rate increased to $0.20 per share from $0.18 per share in the prior year's second quarter.  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, LLC), CETCO Energy Services Company, LLC 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 866-225-0198.  Financial tables follow.                                                                                                         AMCOL INTERNATIONAL CORPORATION                                      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                (unaudited)                                                      (In millions, except per share data)                                                                                                                                   ---------  ---------  ---------  ---------                                     Six Months Ended     Three Months Ended                                          June 30,              June 30,                                         --------------------  --------------------                                      2013       2012       2013       2012                                      ---------  ---------  ---------  ---------                                                                               Net sales                        $   499.5  $   492.9  $   262.8  $   257.4  Cost of sales                        364.4      353.5      190.8      182.7                                   ---------  ---------  ---------  ---------    Gross profit                       135.1      139.4       72.0       74.7                                                                               Selling, general, and                                                         administrative expenses              93.8       86.9       47.0       43.6                                   ---------  ---------  ---------  ---------    Operating profit                    41.3       52.5       25.0       31.1                                   ---------  ---------  ---------  ---------                                                                               Other income (expense):                                                        Interest expense, net               (5.0)      (5.4)      (2.5)      (2.7)   Other, net                          (1.2)      (2.7)      (0.5)      (0.6)                                  ---------  ---------  ---------  ---------                                        (6.2)      (8.1)      (3.0)      (3.3)                                  ---------  ---------  ---------  ---------    Income before income taxes and                                                income (loss) from affiliates                                                and joint ventures                 35.1       44.4       22.0       27.8  Income tax expense                     9.9       12.0        6.3        7.6                                   ---------  ---------  ---------  ---------    Income before income (loss)                                                   from affiliates and joint                                                    ventures                           25.2       32.4       15.7       20.2                                                                               Income (loss) from affiliates                                                 and joint ventures                    1.8        2.4        0.9        1.1                                                                                                                ---------  ---------  ---------  ---------    Net income                          27.0       34.8       16.6       21.3                                   ---------  ---------  ---------  ---------                                                                               Net income (loss) attributable                                                to noncontrolling interests             -       (0.2)       0.1       (0.3)                                                                                                               ---------  ---------  ---------  ---------  Net income attributable to AMCOL                                              shareholders                    $    27.0  $    35.0  $    16.5  $    21.6                                   =========  =========  =========  =========                                                                               Weighted average common shares                                                outstanding                          32.4       32.0       32.4       32.0                                                                               Weighted average common and                                                   common equivalent shares                                                     outstanding                          32.7       32.3       32.7       32.3                                                                               Earnings per share attributable                                               to AMCOL shareholders                                                                                                                                      Basic earnings per share       $    0.83  $    1.09  $    0.51  $    0.67    Diluted earnings per share     $    0.83  $    1.08  $    0.51  $    0.67                                                                               Dividends declared per share     $    0.40  $    0.36  $    0.20  $    0.18                                                                                                                                                                                                                                                               AMCOL INTERNATIONAL CORPORATION                                           CONDENSED CONSOLIDATED BALANCE SHEETS                                                    (In millions)                                                                                                              ASSETS                                            June 30,     December 31,                                                      2013           2012                                                      (unaudited)         *                                                       -------------  -------------    Current assets:                                                                Cash and equivalents                       $        26.5  $        40.0      Accounts receivable, net                           230.1          202.7      Inventories                                        147.6          153.8      Prepaid expenses                                    22.0           17.0      Deferred income taxes                                5.4            7.0      Income tax receivable                               15.7            7.0      Other                                                3.2            2.0                                                 -------------  -------------          Total current assets                           450.5          429.5                                                 -------------  -------------                                                                                 Noncurrent assets:                                                             Property, plant, equipment, mineral rights                                    and reserves:                                                                 Land                                              11.1           13.0        Mineral rights                                    42.5           48.6        Depreciable assets                               572.9          552.0                                                 -------------  -------------                                                         626.5          613.6        Accumulated depreciation and depletion          (318.9)        (311.7)                                                -------------  -------------                                                         307.6          301.9                                                 -------------  -------------                                                                                 Goodwill                                              69.5           70.2    Intangible assets, net                                32.2           33.9    Investments in and advances to affiliates                                     and joint ventures                                   34.3            27.8    Available-for-sale securities                         10.7           14.6    Deferred income taxes                                  7.6            7.4    Other assets                                          27.1           25.3                                                 -------------  -------------          Total noncurrent assets                        489.0          481.1                                                 -------------  -------------    Total Assets                                 $       939.5  $       910.6                                                 =============  =============                                                                               LIABILITIES AND SHAREHOLDERS' EQUITY                                           Current liabilities:                                                           Accounts payable                           $        52.7  $        51.1      Accrued income taxes                                 9.0            5.0      Accrued liabilities                                 62.6           58.4                                                 -------------  -------------          Total current liabilities                      124.3          114.5                                                 -------------  -------------                                                                                 Noncurrent liabilities:                                                        Long-term debt                                     270.2          248.8      Pension liabilities                                 37.9           37.5      Deferred compensation                               10.9            9.4      Deferred income taxes                               11.9           12.8      Other long-term liabilities                         19.3           22.5                                                 -------------  -------------          Total noncurrent liabilities                   350.2          331.0                                                 -------------  -------------                                                                                 Shareholders' equity:                                                          Common stock                                         0.3            0.3      Additional paid in capital                         112.7          105.1      Retained earnings                                  369.3          355.2      Accumulated other comprehensive income                                        (loss)                                            (20.5)           0.8                                                 -------------  -------------    Total AMCOL shareholders' equity                     461.8          461.4                                                 -------------  -------------                                                                                   Noncontrolling interest                              3.2            3.7                                                                                                                              -------------  -------------          Total equity                                   465.0          465.1                                                 -------------  -------------                                                                                 Total Liabilities and Shareholders' Equity   $       939.5  $       910.6                                                 =============  =============                                                                               * Condensed from audited financial statements.                                                                                                                                                                                                                                                                                            AMCOL INTERNATIONAL CORPORATION                                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)                                         (In millions)                                                                                                                                                                   Six Months Ended                                                                 June 30,                                                           ----------------------------                                                      2013           2012                                                     -------------  -------------  Cash flow from operating activities:                                           Net income                                   $        27.0  $        34.8    Adjustments to reconcile net income to net                                    cash provided by (used in) operating                                         activities:                                                                   Depreciation, depletion, and amortization           24.3           21.8      Other non-cash charges                               5.3            7.4      Changes in assets and liabilities, net of                                     effects of acquisitions:                                                      Decrease (increase) in current assets            (48.3)         (25.6)       Decrease (increase) in noncurrent assets          (2.1)          (1.2)       Increase (decrease) in current                                                liabilities                                      12.5            0.3        Increase (decrease) in noncurrent                                             liabilities                                       1.7            1.4                                                 -------------  -------------          Net cash provided by (used in)                                                operating activities                           20.4           38.9                                                 -------------  -------------                                                                               Cash flow from investing activities:                                           Capital expenditures                                 (44.1)         (32.2)   (Increase) decrease in investments and                                        advances (to) from affiliates and joint                                      ventures                                             (4.9)           0.1    Proceeds from sale of land and depreciable                                    assets                                                0.5            1.4    Other                                                  1.3            0.8                                                 -------------  -------------          Net cash (used in) investing                                                  activities                                    (47.2)         (29.9)                                                ------ -------  -------------                                                                               Cash flow from financing activities:                                           Net change in outstanding debt                        21.6           (9.6)   Proceeds from exercise of stock awards                 4.4            3.9    Dividends paid                                       (12.9)         (11.5)   Excess tax benefits from stock-based                                          compensation                                          0.1            0.2    Contribution from noncontrolling partner               0.1              -                                                 -------------  -------------          Net cash provided by (used in)                                                financing activities                           13.3          (17.0)                                                -------------  -------------                                                                               Effect of foreign currency rate changes on                                    cash                                                      -            0.7                                                 -------------  -------------  Net increase (decrease) in cash and cash                                      equivalents                                           (13.5)          (7.3)                                                -------------  -------------  Cash and cash equivalents at beginning of                                     period                                                 40.0           24.1                                                 -------------  -------------  Cash and cash equivalents at end of period     $        26.5  $        16.8                                                 =============  =============                                                                                                                                                                                                                                                               AMCOL INTERNATIONAL CORPORATION                                                SEGMENT RESULTS (unaudited)                                                        QUARTER-TO-DATE                                                                                                                                                  Three Months Ended June 30,                                      --------------------------------------------------    Performance Materials        2013              2012        2013 vs. 2012                            ----------------  ---------------  ---------------                                          (Dollars in Millions)                                         --------------------------------------------------                                                                               Net sales                $ 127.2    100.0% $ 131.1   100.0% $  (3.9)   -3.0% Cost of sales               95.1     74.8%    95.5    72.8%    (0.4)   -0.4%                          -------  -------  -------  ------  -------            Gross profit              32.1     25.2%    35.6    27.2%    (3.5)   -9.8% Selling, general and                                                          administrative expenses    13.2     10.3%    13.1    10.0%     0.1     0.8%                          -------  -------  -------  ------  -------            Operating profit          18.9     14.9%    22.5    17.2%    (3.6)  -16.0%                                                                                                                                                                                                                                                                             Three Months Ended June 30,                                      --------------------------------------------------        Construction                                                                 Technologies             2013              2012        2013 vs. 2012                            ----------------  ---------------  ---------------                                          (Dollars in Millions)                                         --------------------------------------------------                                                                               Net sales                $  56.0    100.0% $  61.3   100.0% $  (5.3)   -8.6% Cost of sales               38.0     67.9%    42.6    69.5%    (4.6)  -10.8%                          -------  -------  -------  ------  -------            Gross profit              18.0     32.1%    18.7    30.5%    (0.7)   -3.7% Selling, general and                                                          administrative expenses    15.2     27.1%    12.4    20.2%     2.8    22.6%                          -------  -------  -------  ------  -------            Operating profit           2.8      5.0%     6.3    10.3%    (3.5)  -55.6%                                                                                                                                                                                                                                                                             Three Months Ended June 30,                                      --------------------------------------------------      Energy Services            2013              2012        2013 vs. 2012                            ----------------  ---------------  ---------------                                          (Dollars in Millions)                                         --------------------------------------------------                                                                               Net sales                $  77.7    100.0% $  61.1   100.0% $  16.6    27.2% Cost of sales               57.1     73.5%    41.9    68.6%    15.2    36.3%                          -------  -------  -------  ------  -------            Gross profit              20.6     26.5%    19.2    31.4%     1.4     7.3% Selling, general and                                                          administrative expenses    11.8     15.2%    11.5    18.8%     0.3     2.6%                          -------  -------  -------  ------  -------            Operating profit           8.8     11.3%     7.7    12.6%     1.1    14.3%                                                                                                                                                                                                                                                                             Three Months Ended June 30,                                      --------------------------------------------------       Transportation            2013              2012        2013 vs. 2012                            ----------------  ---------------  ---------------                                          (Dollars in Millions)                                         --------------------------------------------------                                                                               Net sales                $  11.5    100.0% $  11.7   100.0% $  (0.2)   -1.7% Cost of sales               10.3     89.6%    10.5    89.7%    (0.2)   -1.9%                          -------  -------  -------  ------  -------            Gross profit               1.2     10.4%     1.2    10.3%    (0.0)    0.0% Selling, general and                                                          administrative expenses     0.9      7.8%     0.9     7.7%       -     0.0%                          -------  -------  -------  ------  -------            Operating profit           0.3      2.6%     0.3     2.6%    (0.0)    0.0%                                                                                                                                                                                                                                                                    Three Months Ended June 30,                                               ---------------------------------                           Corporate          2013     2012    2013 vs. 2012                                             -------  -------  ---------------                                                  (Dollars in Millions)                                                  ---------------------------------                                                                                                Intersegment sales       $  (9.6) $  (7.8) $  (1.8)                          Intersegment cost of                                                          sales                      (9.7)    (7.8)    (1.9)                                                   -------  -------  -------                             Gross profit (loss)        0.1        -      0.1                           Selling, general and                                                          administrative expenses     5.9      5.7      0.2     3.5%                                            -------  -------  -------                           Operating loss              (5.8)    (5.7)    (0.1)    1.8%                                                                                                                                                                                                                                                                               AMCOL INTERNATIONAL CORPORATION                                                SEGMENT RESULTS (unaudited)                                                         YEAR-TO-DATE                                                                                                                                                    Six Months Ended June 30,                                        -------------------------------------------------     Performance Materials        2013              2012        2013 vs. 2012                            ----------------  ---------------  --------------                                          (Dollars in Millions)                                          -------------------------------------------------                                                                                Net sales                $ 244.4    100.0% $ 256.3   100.0% $ (11.9)  -4.6 % Cost of sales              182.9     74.8%   187.3    73.1%    (4.4)  -2.3 %                          -------  -------  -------  ------  -------            Gross profit              61.5     25.2%    69.0    26.9%    (7.5) -10.9 % Selling, general                                                              andadministrative                                                            expenses                   26.7     11.0%    25.0     9.7%     1.7    6.8 %                          -------  -------  -------  ------  -------            Operating profit          34.8     14.2%    44.0    17.2%    (9.2) -20.9 %                                                                                                                                                                                                                                                                             Six Months Ended June 30,                                        -------------------------------------------------         Construction                                                                 Technologies             2013              2012        2013 vs. 2012                            ----------------  ---------------  --------------                                          (Dollars in Millions)                                          -------------------------------------------------                                                                                Net sales                $  98.8    100.0% $ 112.3   100.0% $ (13.5) -12.0 % Cost of sales               67.8     68.6%    79.0    70.3%   (11.2) -14.2 %                          -------  -------  -------  ------  -------            Gross profit              31.0     31.4%    33.3    29.7%    (2.3)  -6.9 % Selling, general and                                                          administrative expenses    30.0     30.4%    26.1    23.3%     3.9   14.9 %                          -------  -------  -------  ------  -------            Operating profit           1.0      1.0%     7.2     6.4%    (6.2) -86.1 %                                                                                                                                                                                                                                                                             Six Months Ended June 30,                                        -------------------------------------------------        Energy Services           2013              2012        2013 vs. 2012                            ----------------  ---------------  --------------                                          (Dollars in Millions)                                          -------------------------------------------------                                                                                Net sales                $ 150.8    100.0% $ 116.4   100.0% $  34.4   29.6 % Cost of sales              110.6     73.3%    81.8    70.3%    28.8   35.2 %                          -------  -------  -------  ------  -------            Gross profit              40.2     26.7%    34.6    29.7%     5.6   16.2 % Selling, general and                                                          administrative expenses    23.2     15.4%    22.1    19.0%     1.1    5.0 %                          -------  -------  -------  ------  -------            Operating profit          17.0     11.3%    12.5    10.7%     4.5   36.0 %                                                                                                                                                                                                                                                                             Six Months Ended June 30,                                        -------------------------------------------------        Transportation            2013              2012        2013 vs. 2012                            ----------------  ---------------  --------------                                          (Dollars in Millions)                                          -------------------------------------------------                                                                                Net sales                $  21.7    100.0% $  22.8   100.0% $  (1.1)  -4.8 % Cost of sales               19.4     89.4%    20.4    89.5%    (1.0)  -4.9 %                          -------  -------  -------  ------  -------            Gross profit               2.3     10.6%     2.4    10.5%    (0.1)  -4.2 % Selling, general and                                                          administrative expenses     1.8      8.3%     1.9     8.3%    (0.1)  -5.3 %                          -------  -------  -------  ------  -------            Operating profit           0.5      2.3%     0.5     2.2%    (0.0)   0.0 %                                                                                                                                                                                                                                                                     Six Months Ended June 30,                                                ---------------------------------                           Corporate          2013     2012    2013 vs. 2012                                             -------  -------  ---------------                                                  (Dollars in Millions)                                                  ---------------------------------                                                                                                Intersegment sales       $ (16.2) $ (14.9) $  (1.3)                          Intersegment cost of                                                          sales                     (16.3)   (15.0)    (1.3)                                                   -------  -------  -------                             Gross profit (loss)        0.1      0.1     (0.0)                          Selling, general and                                                          administrative expenses    12.1     11.8      0.3     2.5%                                           -------  -------  -------                           Operating loss             (12.0)   (11.7)    (0.3)    2.6%                                                                                                                                                                                                                                                                          AMCOL INTERNATIONAL CORPORATION                                           SUPPLEMENTARY INFORMATION (unaudited)                                                   QUARTER-TO-DATE                                                                                                                       Composition of Sales by                                                         Geographic Region             Three Months Ended June 30, 2013                                       --------------------------------------------                                                             Asia                                              Americas       EMEA       Pacific    Total                                  ---------  -------------  --------  --------  Performance materials               27.0%          10.0%     11.4%     48.4% Construction technologies            8.6%           9.5%      3.2%     21.3% Energy services                     25.1%           1.8%      2.7%     29.6% Transportation & intersegment                                                 sales                               0.7%           0.0%      0.0%      0.7%                                ---------  -------------  --------  --------                                                                                                              ---------  -------------  --------  --------  Total - current year's period       61.4%          21.3%     17.3%    100.0%                                =========  =============  ========  ========  Total from prior year's                                                       comparable period                  62.8%          21.7%     15.5%    100.0%                                                                                                                                                                                                                                                                              Three Months Ended June 30, 2013        Percentage of Revenue Growth                        vs.                              by Component                 Three Months Ended June 30, 2012                                       --------------------------------------------                                                           Foreign                                            Organic    Acquisitions  Exchange    Total                                  ---------  -------------  --------  --------  Performance materials               -1.3%           0.0%     -0.2%     -1.5% Construction technologies           -2.3%           0.0%      0.2%     -2.1% Energy services                      6.5%           0.0%     -0.1%      6.4% Transportation & intersegment                                                 sales                              -0.8%           0.0%      0.0%     -0.8%                                ---------  -------------  --------  --------                                                                                                              ---------  -------------  --------  --------  Total                                2.1%           0.0%     -0.1%      2.0%                                =========  =============  ========  ========  % of growth                        105.0%           0.0%     -5.0%    100.0%                                                                                                                                                                                                                                         Performance Materials Product                                                         Line Sales               Three Months Ended June 30,                                              ----------------------------------                                              2013         2012      % change                                           ---------  -------------  --------                                                  (Dollars in Millions)                                                 ----------------------------------                                                                                         Metalcasting                   $    70.0  $        71.0      -1.4%           Specialty materials                 24.0           28.9     -17.0%           Basic minerals                      15.4           16.0      -3.7%           Pet products                        14.6           13.9       5.0%           Other product lines                  3.2            1.3     146.2%                                          ---------  -------------                                                                                                                                  ---------  -------------                        Total                            127.2          131.1      -3.0%                                          =========  =============                                                                                                                                                                                                                                                                                                                                             Construction Technologies                                                       Product Line Sales           Three Months Ended June 30,                                              ----------------------------------                                              2013         2012      % change                                           ---------  -------------  --------                                                  (Dollars in Millions)                                                 ----------------------------------                                                                                         Lining technologies            $    24.5  $        27.3     -10.3%           Building materials                  18.9           19.2      -1.6%           Drilling products                   10.1           10.5      -3.8%           Contracting services                 2.5            4.3     -41.9%                                          ---------  -------------                                                                                                                                  ---------  -------------                        Total                             56.0           61.3      -8.6%                                          =========  =============                                                                                                                                                                                                                                                                              AMCOL INTERNATIONAL CORPORATION                                           SUPPLEMENTARY INFORMATION (unaudited)                                                     YEAR-TO-DATE                                                                                                                       Composition of Sales by                                                         Geographic Region              Six Months Ended June 30, 2013                                        --------------------------------------------                                                              Asia                                              Americas       EMEA       Pacific    Total                                  ---------  -------------  --------  --------                                                                              Performance materials               27.4%          10.0%     11.6%     49.0% Construction technologies            8.4%           8.4%      3.0%     19.8% Energy services                     25.6%           1.5%      3.0%     30.1% Transportation & intersegment                                                 sales                               1.1%           0.0%      0.0%      1.1%                                                                                                             ---------  -------------  --------  --------  Total - current year's period       62.5%          19.9%     17.6%    100.0%                                =========  =============  ========  ==== ====  Total from prior year's                                                       comparable period                  64.0%          20.7%     15.3%    100.0%                                                                                                                                                                                                                                                                              Six Months Ended June 30, 2013          Percentage of Revenue Growth                       vs.                               by Component                 Six Months Ended June 30, 2012                                        --------------------------------------------                                                            Foreign                                            Organic    Acquisitions  Exchange    Total                                  ---------  -------------  --------  --------  Performance materials               -2.3%           0.0%     -0.1%     -2.4% Construction technologies           -2.8%           0.0%      0.1%     -2.7% Energy services                      7.2%           0.0%     -0.2%      7.0% Transportation & intersegment                                                 sales                              -0.5%           0.0%      0.0%     -0.5%                                                                                                             ---------  -------------  --------  --------  Total                                1.6%           0.0%     -0.2%      1.4%                                =========  =============  ========  ========  % of growth                        114.3%           0.0%    -14.3%    100.0%                                                                                                                                                                                                                                         Performance Materials Product                                                         Line Sales                Six Months Ended June 30,                                               ----------------------------------                                              2013         2012      % change                                           ---------  -------------  --------                                                  (Dollars in Millions)                                                 ----------------------------------                                                                                         Metalcasting                   $   133.2  $       133.8      -0.4%           Specialty materials                 48.6           59.0     -17.6%           Basic minerals                      30.1           33.3      -9.6%           Pet products                        28.0           28.1      -0.4%           Other product lines                  4.5            2.1     114.3%                                                                                                                       ---------  -------------                        Total                            244.4          256.3      -4.6%                                          =========  =============                                                                                                                                                                                                                                                                Construction Technologies                                                       Product Line Sales            Six Months Ended June 30,                                               ----------------------------------                                              2013         2012      % change                                           ---------  -------------  --------                                                  (Dollars in Millions)                                                 ----------------------------------                                                                                         Lining technologies            $    38.0  $        46.7     -18.6%           Building materials                  36.9           37.9      -2.6%           Drilling products                   19.4           19.1       1.6%           Contracting services                 4.5            8.6     -47.7%                                                                                                                       ---------  -------------                        Total                             98.8          112.3     -12.0%                                          =========  =============                          For further information, contact:  Don Pearson Senior Vice President & Chief Financial Officer  847.851.1500     
Press spacebar to pause and continue. Press esc to stop.