AMCOL International Corporation (NYSE: ACO) Reports Fourth Quarter and 2008 Year-End Results
Posted on: Thursday, 29 January 2009, 17:17 CST
HOFFMAN ESTATES, Ill., January 29, 2009 /PRNewswire-FirstCall/ -- AMCOL
International Corporation (NYSE: ACO) reports 2008 fourth-quarter net income
of $0.3 million or $0.01 per diluted share, compared with $10.8 million or
$0.35 per diluted share in the same prior year period. Net income in the
current quarter includes $7.3 million of losses from affiliates and joint
ventures, largely reflective of a $5.9 million, or $0.19 per diluted share,
non-cash loss on the fair value of derivative instruments held by Ashapura
Minechem Limited, a publicly traded Indian company (Ashapura). AMCOL holds a
21% interest in Ashapura and accounts for this investment using the equity
method of accounting. Net income in the 2008 fourth quarter also includes
$2.7 million, or $0.09 per diluted share, of losses on derivative instruments
relating to our pending transaction to acquire a majority interest in a chrome
sand deposit in South Africa, the purchase price of which is payable in
Australian dollars (AUD). Excluding these two items, 2008 fourth quarter net
income was $8.9 million, or $0.29 per diluted share.
Net sales rose 5.5% to $205.2 million for the quarter ended December 31,
2008, compared with $194.6 million for the 2007 period. Acquisitions
comprised $4.7 million of the fourth quarter sales growth and foreign currency
fluctuations had an $11.1 million unfavorable impact on fourth quarter sales.
Operating profit increased by 1.5% over the 2007 period to $15.7 million.
Acquisitions and foreign currency fluctuations had unfavorable impacts of $0.7
million and $1.0 million, respectively, on current period operating profit.
In a press release issued this morning, we reported that our Audit
Committee, upon the recommendation of management, determined that our
unaudited consolidated financial statements for the quarters ended September
30 and June 30, 2008 should no longer be relied upon because we did not
properly account for the fair value of derivative instruments held by
Ashapura. The earlier press release discloses the effects of properly
recording the fair value of Ashapura's derivative instruments on our results
for the second and third quarters of 2008. We intend to restate the financial
results reported in our quarterly report on Form 10-Q for the quarters ended
September 30 and June 30, 2008 as soon as possible. The year end results
discussed in this press release reflect the restated results for the second
and third quarter of 2008.
For the twelve-month period ended December 31, 2008, net income was $25.3
million, or $.82 per diluted share, compared with $56.7 million, or $1.83 per
diluted share in the prior year. Earnings for the twelve month period ending
December 31, 2008 include $21.7 million of losses from affiliates and joint
ventures, largely reflective of $25.9 million, or $.84 per diluted share, of
non-cash losses on the fair value of Ashapura's derivative instruments.
Earnings for the year also include $1.6 million of losses on AUD derivative
instruments discussed earlier. Excluding these two items, net income for the
current year was $52.8 million, or $1.70 per diluted share.
Net sales from continuing operations for the twelve-month period ended
December 31, 2008, rose 18.7% to $883.6 million, compared with $744.3 million
for 2007. Acquisitions and favorable foreign currency fluctuations represented
approximately $28.4 million and $1.7 million, respectively, of the sales
growth. Operating profit improved by 5.2% over 2007 to $79.2 million. Current
year operating profit includes earnings from acquisitions and favorable
foreign currency fluctuations of $1.4 million and $1.0 million, respectively.
This release should be read in conjunction with the attached unaudited
condensed consolidated financial statements as well as the press release
issued earlier today regarding the restatement of our financial results
reported in our quarterly report on Form 10-Q for the quarters ended September
30 and June 30, 2008. Further discussion of items and events impacting
earnings are included later in this press release.
"Even excluding the negative impact from the Ashapura and AUD derivative
instrument losses, it was a challenging quarter as the Environmental segment
slowed and lower oil and gas prices negatively impacted our Oilfield Services
segment," said Larry Washow, AMCOL President and Chief Executive Officer.
"However, we did see continuing margin improvement in the Minerals segment."
"Commercial construction activity has been slowing down around the world.
In addition to the normal seasonal impact, our Environmental segment saw a
significant sales drop in the fourth quarter, particularly in Europe," Washow
added.
"The improvement in the Minerals segment's margins continues the positive
trend developed over the last few quarters. The combination of lower costs and
higher sales pricing resulted in a substantial jump in Minerals segment's
gross margins. However, in 2009, we expect lower volumes from the Metalcasting
market and the oil drilling division will have a negative impact on the
segment's margins," Washow commented.
"The Oilfield Services segment showed a drop in gross margins in the
quarter as both the volume and mix of business was unfavorable. This segment
depends on individual projects and lower oil and gas prices have reduced
overall activity in the segment," Washow added.
STATEMENT OF OPERATIONS HIGHLIGHTS:
Net sales: The following details the components that contributed to the
consolidated sales growth or sales decline for each operating segment over the
2007 fourth quarter, see the accompanying schedule for components of sales
growth.
Minerals: The substantial majority of the revenue increase is due to price
increases, principally in the U.S., and to a lesser extent in Asia-Pacific.
Base business growth was driven by increased volume in the U.S. petroleum
industry but was offset by reduced demand for U.S. metalcasting and
unfavorable foreign currency translation.
Environmental: The majority of the revenue decline was due to unfavorable
foreign currency translation. Weakening demand in Europe was partially offset
by growth in the domestic Lining Tech business.
Oilfield Services: Base business growth was driven by the expansion of
our Brazil operations and domestic land-based well testing and filtration
services. Overall domestic results were flat due to the economic climate in
the fourth quarter as well as reduced oil and gas prices. Sales from
acquisitions were from Premium Reeled Tubing.
Transportation: Traffic levels increased over the prior year quarter due
to higher demand from third party consumer products shippers.
Gross profit: Sales growth provided by the Minerals segment increased
gross profit by 6.9% over the 2007 fourth quarter. Gross margins improved
slightly to 25.5% compared to 25.1% in the prior year quarter. Increases in
Minerals segment gross margins were offset by decreased gross margins in the
Environmental and Oilfield segments.
Minerals: Gross profit increased $8.5 million, or 53.5%, over the 2007
quarter while gross margins improved 620 basis points resulting from 2008
pricing initiatives in the U.S. and declining energy costs.
Environmental: Gross profit declined 18.2% due to the decline in sales.
The impact on gross margins was a decline of 290 basis points to 30.0%.
Oilfield Services: Gross profit declined 13.1% and gross margin declined
to 28.3% principally due to lower demands in offshore services and changes in
product mix.
Transportation: Gross margin of 10.9% was comparable to the prior year
quarter.
General, selling and administrative expenses (GS&A): The $3.2 million or
9.5% increase over the 2007 fourth quarter was attributable to increases in
the Minerals, Corporate, and Transportation segments; all other segments had
comparable or lower GS&A expenses.
Minerals: GS&A increased $2.7 million, a 32.2% increase over the 2007
quarter, principally due to greater research and development costs, increased
bad debt reserves and start-up costs for our South African operation.
Environmental: GS&A decreased $0.5 million, a 3.8% decrease over the 2007
quarter.
Oilfield Services: GS&A decreased $0.4 million, a 7.1% decrease over the
2007 quarter.
Corporate: GS&A increased $1.1 million due to increased employee benefit
and IT costs.
Operating profit: Operating profit increased $0.2 million, a 1.5%
increase over the prior year.
Interest expense: Net interest expense increased by approximately $1.1
million over the prior year quarter due to greater average debt levels.
Other, net: Other, net increased $3.3 million, principally due to foreign
currency transaction losses. This includes losses on derivative instruments
on the Australian dollar relating to our pending transaction to acquire a
majority interest in a chrome sand deposit in South Africa.
Income taxes: The effective tax rate for the fourth quarter of 2008 was
13.8% compared to 34.3% for the same period in 2007. The current year quarter
was positively impacted by increased benefits from depletion deductions and
research and development credits recorded in the fourth quarter. Since this is
the last quarter of the year, these items decreased the effective rate by a
large amount.
Income and losses from affiliates and joint ventures: Income and losses
from affiliates and joint ventures decreased $9.6 million compared to the
prior year quarter. The current period loss of $7.3 million includes the $5.9
million non-cash charge for the fair value of derivative instruments held by
Ashapura, as previously discussed in this release.
Share count: Weighted average common and common equivalent shares
outstanding were comparable for the quarters ended December 31, 2008 and 2007
at 31.0 million shares.
FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:
Long-term debt increased to $256.8 million at December 31, 2008 compared
to $164.2 million at December 31, 2007. The increase was primarily due to
funding acquisitions, increased working capital levels and capital
expenditures. Total long-term debt represented 44.0% of capitalization at
December 31, 2008, compared with 31.8% at December 31, 2007. Cash and cash
equivalents were $19.4 million at December 31, 2008 compared with $25.3
million at December 31, 2007.
Working capital increased to $266.4 million at December 31, 2008 from
$202.5 million at December 31, 2007. The current ratio was 3.5 to 1.0 and 3.0
to 1.0 at December 31, 2008, and December 31, 2007, respectively.
Cash flow provided from operating activities was $18.4 million for year-
to-date December 31, 2008 compared to $66.2 million in the prior year. The
increase in working capital caused the decline in operating cash flows
compared with the prior year, principally due to an increase in accounts
receivable and inventories.
The primary investing activities in the 2008 twelve-month period include
acquisitions of $42.8 million, compared with $45.2 million for the same
period in 2007, and capital expenditures (excluding our corporate building) of
$37.1 million compared with $46.0 for the same period in 2007.
We repurchased $2.0 million of our shares through December 31, 2008,
approximately eighty thousand shares at an average price of $25.45 per share.
Our share repurchase program expired in November 2008. Dividends declared
year-to-date through December 31, 2008 increased by 14.5% over the prior year
period to $20.6 million.
This release contains certain forward-looking statements regarding AMCOL's
expected performance for future periods and actual results for such periods
might materially differ. Such forward-looking statements are subject to
uncertainties, which include, but are not limited to, actual growth in AMCOL's
various markets, utilization of AMCOL's plants, currency exchange rates,
currency devaluation, delays in development, production and marketing of new
products, integration of acquired businesses, and other factors detailed from
time to time in AMCOL's annual report and other reports filed with the
Securities and Exchange Commission. AMCOL undertakes no duty to update any
forward-looking statement to conform the statement to actual results or
changes in AMCOL's expectations.
AMCOL International, headquartered in Hoffman Estates, IL, produces and
markets a wide range of specialty mineral products used for industrial,
environmental and consumer-related applications. AMCOL is the parent of
American Colloid Co., 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
http://www.amcol.com. AMCOL's fourth quarter conference call will be
available live on Friday, January 30, 2009 at 11 a.m. EST on the AMCOL website
or by dialing (877) 874-1586.
Financial tables follow.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Twelve Months Ended Three Months Ended
December 31, December 31,
2008 2007 2008 2007
Net sales $883,552 $744,334 $205,248 $194,554
Cost of sales 658,653 547,820 152,926 145,630
Gross profit 224,899 196,514 52,322 48,924
General, selling and
administrative
expenses 145,653 121,187 36,592 33,431
Operating profit 79,246 75,327 15,730 15,493
Other income (expense):
Interest expense,
net (12,154) (8,915) (3,512) (2,409)
Other, net (4,880) (1,139) (3,405) (139)
(17,034) (10,054) (6,917) (2,548)
Income before
income taxes and
income from
affiliates and
joint ventures 62,789 65,273 9,390 12,945
Income tax expense 15,167 16,646 1,217 4,441
Income before
income from
affiliates and
joint ventures 47,045 48,627 7,596 8,504
Income (loss) from
affiliates and
joint ventures (21,714) 8,394 (7,337) 2,276
Income from
continuing
operations 25,331 57,021 259 10,780
(Loss) Income from
discontinued
operations - (286) - -
Net income $25,331 $56,735 $259 $10,780
Weighted average
common shares
outstanding 30,446 30,165 30,568 30,220
Weighted average
common and common
equivalent shares
outstanding 30,990 30,959 30,963 31,030
Basic earnings per
share:
Continuing
operations $0.83 $1.89 $0.01 $0.36
Discontinued
operations - (0.01) - -
Basic earnings per
share $0.83 $1.88 $0.01 $0.36
Diluted earnings per
share:
Continuing
operations $0.82 $1.84 $0.01 $0.35
Discontinued
operations - (0.01) - -
Diluted earnings
per share $0.82 $1.83 $0.01 $0.35
Dividends declared
per share $0.68 $0.60 $0.18 $0.16
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS December 31, December 31,
2008 2007
(unaudited) *
Current assets:
Cash and equivalents $19,441 $25,282
Accounts receivable, net 197,611 166,835
Inventories 125,066 91,367
Prepaid expenses 12,812 13,529
Deferred income taxes 9,052 4,374
Income tax receivable 3,490 2,768
Other 7,409 475
Total current assets 374,881 304,630
Investments in and advances to
affiliates and joint ventures 30,025 49,309
Property, plant, equipment, mineral
rights and reserves:
Land and mineral rights 17,186 21,394
Depreciable assets 385,671 352,100
402,857 373,494
Less: accumulated depreciation
and depletion 211,514 196,904
191,343 176,590
Other assets:
Goodwill 68,482 59,840
Intangible assets, net 53,974 41,257
Deferred income taxes 12,173 5,513
Other assets 13,702 15,007
148,331 121,617
$744,580 $652,146
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $45,297 $44,274
Accrued liabilities 63,197 57,833
Total current liabilities 108,494 102,107
Long-term debt 256,821 164,232
Total long-term debt 256,821 164,232
Minority interests in subsidiaries 3,558 327
Pension liabilities 22,939 9,576
Deferred compensation 5,904 7,559
Other liabilities 20,658 16,022
53,059 33,484
Stockholders' equity:
Common stock 320 320
Additional paid in capital 86,350 81,599
Retained earnings 262,453 258,164
Accumulated other comprehensive
income (loss) (4,721) 33,248
344,402 373,331
Less:
Treasury stock 18,196 21,008
326,206 352,323
$744,580 $652,146
* Condensed from audited financial statements.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
Twelve Months Ended
December 31,
2008 2007
Cash flow from operating activities:
Net income $25,331 $56,735
Adjustments to reconcile net income to net
cash provided by (used in) operating
activities:
Depreciation, depletion, and
amortization 33,985 29,219
Undistributed earning from affiliates
and joint ventures 22,526 (7,229)
Other non - cash charges 1,274 (644)
Changes in assets and liabilities, net
of effects of acquisitions:
Decrease (Increase) in current assets (64,523) (40,675)
Decrease (Increase) in noncurrent assets 3,604 (1,913)
Increase (decrease) in current liabilities (2,803) 21,021
Increase (decrease) in noncurrent
liabilities (1,007) 9,667
Net cash provided by (used in)
operating activities 18,387 66,181
Cash flow from investing activities:
Capital expenditures (37,078) (46,004)
Capital expenditures - corporate building (23,662) (7,050)
Acquisitions, net of cash (42,769) (45,191)
Investments in and advances to
affiliates and joint ventures (14,067) (6,636)
Advances to non - affiliates (6,000) -
Proceeds from sale of land and
depreciable assets 23,159 6,896
Investments in restricted cash (1,723) 2,504
Other 1,522 (386)
Net cash used in investing activities (100,618) (95,867)
Cash flow from financing activities:
Net change in outstanding debt 98,532 50,348
Proceeds from sales of treasury stock 1,608 3,336
Purchases of treasury stock (2,062) (6,622)
Dividends (20,619) (18,008)
Excess tax benefits from stock-based
compensation 1,188 2,030
Other - 255
Net cash provided by financing
activities 78,647 31,339
Effect of foreign currency rate
changes on cash (2,257) 5,824
Net increase (decrease) in cash and
cash equivalents (5,841) 7,477
Cash and cash equivalents at beginning
of period 25,282 17,805
Cash and cash equivalents at end of period $19,441 $25,282
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
QUARTER-TO-DATE
Minerals Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $105,758 100.0% $94,238 100.0% $11,520 12.2%
Cost of sales 81,396 77.0% 78,366 83.2% 3,030 3.9%
Gross profit 24,362 23.0% 15,872 16.8% 8,490 53.5%
General, selling
and
administrative
expenses 11,200 10.6% 8,473 9.0% 2,727 32.2%
Operating profit 13,162 12.4% 7,399 7.8% 5,763 77.9%
Environmental Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $56,315 100.0% $62,849 100.0% $(6,534) -10.4%
Cost of sales 39,415 70.0% 42,194 67.1% (2,779) -6.6%
Gross profit 16,900 30.0% 20,655 32.9% (3,755) -18.2%
General, selling
and
administrative
expenses 12,776 22.7% 13,277 21.1% (501) -3.8%
Operating profit 4,124 7.3% 7,378 11.8% (3,254) -44.1%
Oilfield Services Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $33,423 100.0% $28,435 100.0% $4,988 17.5%
Cost of sales 23,964 71.7% 17,545 61.7% 6,419 36.6%
Gross profit 9,459 28.3% 10,890 38.3% (1,431) -13.1%
General, selling
and
administrative
expenses 5,123 15.3% 5,516 19.4% (393) -7.1%
Operating profit 4,336 13.0% 5,374 18.9% (1,038) -19.3%
Transportation Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $14,705 100.0% $13,755 100.0% $950 6.9%
Cost of sales 13,104 89.1% 12,248 89.0% 856 7.0%
Gross profit 1,601 10.9% 1,507 11.0% 94 6.2%
General, selling
and
administrative
expenses 926 6.3% 741 5.4% 185 25.0%
Operating profit 675 4.6% 766 5.6% (91) -11.9%
Corporate Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Intersegment
shipping sales $(4,953) $(4,723) $(230)
Intersegment
shipping costs (4,953) (4,723) (230)
Gross profit - -
General, selling
and
administrative
expenses 6,567 5,424 1,143 17.4%
Operating loss (6,567) (5,424) (1,143) 17.4%
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
YEAR-TO-DATE
Minerals Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $428,986 100.0% $356,670 100.0% $72,316 20.3%
Cost of sales 348,928 81.3% 290,371 81.4% 58,557 20.2%
Gross profit 80,058 18.7% 66,299 18.6% 13,759 20.8%
General, selling
and
administrative
expenses 39,579 9.2% 32,194 9.0% 7,385 22.9%
Operating profit 40,479 9.5% 34,105 9.6% 6,374 18.7%
Environmental Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $278,708 100.0% $252,776 100.0% $25,932 10.3%
Cost of sales 187,109 67.1% 166,717 66.0% 20,392 12.2%
Gross profit 91,599 32.9% 86,059 34.0% 5,540 6.4%
General, selling
and
administrative
expenses 54,530 19.6% 47,665 18.9% 6,865 14.4%
Operating profit 37,069 13.3% 38,394 15.1% (1,325) -3.5%
Oilfield Services Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $133,600 100.0% $100,572 100.0% $33,028 32.8%
Cost of sales 87,094 65.2% 62,178 61.8% 24,916 40.1%
Gross profit 46,506 34.8% 38,394 38.2% 8,112 21.1%
General, selling
and
administrative
expenses 23,279 17.4% 19,177 19.1% 4,102 21.4%
Operating profit 23,227 17.4% 19,217 19.1% 4,010 20.9%
Transportation Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Net sales $63,921 100.0% $52,409 100.0% $11,512 22.0%
Cost of sales 57,185 89.5% 46,647 89.0% 10,538 22.6%
Gross profit 6,736 10.5% 5,762 11.0% 974 16.9%
General, selling
and
administrative
expenses 3,490 5.5% 2,994 5.7% 496 16.6%
Operating profit 3,246 5.0% 2,768 5.3% 478 17.3%
Corporate Three Months Ended December 31,
2008 2007 2008 vs 2007
(Dollars in Thousands)
Intersegment
shipping
sales $(21,663) $(18,093) $(3,570)
Intersegment
shipping
costs (21,663) (18,093) (3,570)
Gross profit - -
General,
selling and
administrative
expenses 24,775 19,157 5,618 29.3%
Operating loss (24,775) (19,157) (5,618) 29.3%
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
QUARTER-TO-DATE
Composition of Sales by
Geographic Region Three Months Ended December 31, 2008
Americas EMEA Asia Pacific Total
Minerals 36.8% 8.4% 6.3% 51.5%
Environmental 15.5% 10.1% 1.8% 27.4%
Oilfield services 14.0% 1.5% 0.8% 16.3%
Transportation 4.8% 0.0% 0.0% 4.8%
Total - current
year's period 71.1% 20.0% 8.9% 100.0%
Total from prior
year's comparable
period 66.5% 24.8% 8.7% 100.0%
Percentage of Revenue
Growth by Component Three Months Ended December 31, 2008
vs.
Three Months Ended December 31, 2007
Base Foreign
Business Acquisitions Exchange Total
Minerals 8.4% 0.0% -2.5% 5.9%
Environmental -1.0% 0.5% -2.9% -3.4%
Oilfield services 1.0% 2.0% -0.4% 2.6%
Transportation 0.4% 0.0% 0.0% 0.4%
Total 8.8% 2.5% -5.8% 5.5%
% of growth 159.6% 44.2% -103.8% 100.0%
Minerals Product
Line Sales Three Months Ended December 31,
2008 2007 % change
(Dollars in Thousands)
Metalcasting $40,954 $38,257 7.0%
Specialty materials 27,003 27,382 -1.4%
Pet products 19,999 17,897 11.7%
Basic minerals 18,108 9,566 89.3%
Other product lines (306) 1,136 *
Total 105,758 94,238
* Not meaningful.
Environmental
Product Line Sales Three Months Ended December 31,
2008 2007 % change
(Dollars in Thousands)
Lining technologies $36,628 $36,532 0.3%
Building materials 13,290 20,472 -35.1%
Other product lines 6,397 5,845 *
Total 56,315 62,849
* Not meaningful.
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
YEAR-TO-DATE
Composition of Sales
by Geographic Region Twelve Months Ended December 31, 2008
Americas EMEA Asia Pacific Total
Minerals 34.1% 7.8% 6.7% 48.6%
Environmental 16.5% 13.0% 2.0% 31.5%
Oilfield services 12.9% 1.6% 0.6% 15.1%
Transportation 4.8% 0.0% 0.0% 4.8%
Total - current year's
period 68.3% 22.4% 9.3% 100.0%
Total from prior year's
comparable period 68.2% 23.8% 8.0% 100.0%
Percentage of Revenue
Growth by Component Twelve Months Ended December 31, 2008
vs.
Twelve Months Ended December 31, 2007
Base Foreign
Business Acquisitions Exchange Total
Minerals 8.7% 1.3% -0.3% 9.7%
Environmental 2.1% 0.8% 0.6% 3.5%
Oilfield services 2.8% 1.7% -0.1% 4.4%
Transportation 1.1% 0.0% 0.0% 1.1%
Total 14.7% 3.8% 0.2% 18.7%
% of growth 78.4% 20.4% 1.2% 100.0%
Minerals Product
Line Sales Twelve Months Ended December 31,
2008 2007 % change
(Dollars in Thousands)
Metalcasting $175,072 $152,358 14.9%
Specialty materials 104,242 90,374 15.3%
Pet products 78,260 65,804 18.9%
Basic minerals 65,383 43,269 51.1%
Other product lines 6,029 4,865 *
Total 428,986 356,670
* Not meaningful.
Environmental Product
Line Sales Twelve Months Ended December 31,
2008 2007 % change
(Dollars in Thousands)
Lining technologies $174,895 $149,191 17.2%
Building materials 78,380 80,555 -2.7%
Other product lines 25,433 23,030 *
Total 278,708 252,776
* Not meaningful.
SOURCE AMCOL International Corporation
Source: PR Newswire
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