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ASTEC INDUSTRIES ANNOUNCES RESULTS

 CHATTANOOGA, Tenn., July 21 /PRNewswire/ -- Astec Industries, Inc. (NASDAQ-NMS: ASTE) today announced net income for the second quarter ended June 30 of $3,481,000 or $0.90 per share compared to net income of $2,717,000 or $0.75 per share for the quarter ended June 30, 1992.
 Sales for the quarter ended June 30 were $52,436,000 compared to sales of $42,978,000 for the quarter ended June 30, 1992. The weighted average number of common and common equivalent shares outstanding in the second quarter of 1993 was 3,891,474 compared to 3,606,398 in the second quarter of 1992.
 Net income for the six months ended June 30 was $5,059,000 or $1.33 per share compared to $2,721,000 or $0.75 per share for the six months ended June 30, 1992. Sales for the six months ended June 30 were $95,837,000 compared to sales of $77,197,000 for the six months ended June 30, 1992. The weighted average number of common and common equivalent shares outstanding was 3,789,445 for the six months ending June 30 compared to 3,605,231 for the six months ending June 30, 1992.
 Dr. J. Don Brock, chairman and chief executive officer of Astec Industries, Inc., said: "We are very pleased with the 24 percent increase in sales and the 86 percent increase in net income for the first six months of 1993 over the same period in 1992. Our increase in volume and profitability, with the successful public offering of 1,195,000 shares of common stock, has enabled the company to reduce its debt significantly, and to implement our strategy to become the high- quality, low-cost producer in each of its product lines."
 Dr. Brock stated further that "William F. Weldon, a director of the company since 1988, recently resigned from the board of directors for personal reasons. A replacement to fill the unexpired term of Mr. Weldon is expected to be named at the next board of directors meeting."
 Dr. Brock announced the completion of the definitive agreement for the forming of the joint venture company, Wibau-Astec Machinenfabrik GmbH. Wibau-Astec will manufacture, market and service Astec asphalt mixing plants and related products for the European hot mix asphalt industry.
 The backlog of orders at June 30 was $27,938,000 compared to $22,839,000 at June 30, 1992, reflecting an increase of 22 percent.
 Astec Industries, Inc., a manufacturer of asphalt mixing plants, paving equipment, heat transfer equipment, aggregate crushing equipment, excavating and trenching equipment, asphalt recycling equipment, and soil remediation equipment, is traded over-the-counter and is reported on the NASDAQ National Market System under the symbol ASTE.
 ASTEC INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 (In thousands, except per share information)
 3 mos. ended 6 mos. ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales $ 52,436 $ 42,978 $ 95,837 $ 77,197
 Cost of sales 40,558 33,795 73,579 61,374
 Gross profit 11,878 9,183 22,258 15,823
 S, G & A expenses 8,079 6,079 16,770 12,020
 Patent suit damages
 and expenses 75 163 184 307
 Income from
 operations 3,724 2,941 5,304 3,496
 Interest expense 687 854 1,444 1,743
 Other income, net of
 expense 526 669 1,348 1,046
 Income before income
 income taxes 3,563 2,756 5,208 2,799
 Income taxes 82 39 149 78
 Net income $ 3,481 $ 2,717 $ 5,059 $ 2,721
 Earnings per common
 and common
 equivalent share $0.90 $0.75 $1.33 $0.75
 Wtd. avg. no. of
 common and common
 equivalent shares
 outstanding 3,891,474 3,606,398 3,789,445 3,605,231
 Consolidated Balance Sheets
 (In thousands)
 (Unaudited)
 Account description 6/30/93 6/30/92
 ASSETS
 Current assets
 Cash and cash equivalents $ 25,692 $ 4,578
 Receivables - net 22,637 21,279
 Inventories 35,851 38,642
 Prepaid expenses and other 816 1,050
 Patent damage escrow funds 11,780 8,079
 Total current assets 96,776 73,628
 Property and equipment - net 19,253 19,557
 Other assets 2,127 2,694
 Total assets $ 118,156 $ 95,879
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Current maturities of long-term debt $ 6,028 $ 3,225
 Accts. payable - trade 14,519 10,616
 Reserve for patent damages 12,721 12,044
 Other accrued liabilities 11,663 12,506
 Total current liabilities 44,931 38,391
 Long-term debt, less current
 maturities 10,000 30,517
 Other long-term liabilities 3,425 2,950
 Total shareholders' equity 59,800 24,021
 Total liabilities and
 shareholders' equity $ 118,156 $ 95,879
 Consolidated Statements of Cash Flows
 (Unaudited)
 (In Thousands)
 6 mos. ended 6/30/93 6/30/92
 Cash flows from operating activities:
 Net income $ 5,059 $ 2,721
 Adjustments to reconcile net income
 to net cash provided by operating
 activities:
 Depreciation and amortization 1,549 1,617
 Provision for doubtful accounts 125 258
 Provision for inventory reserve 985 966
 Provision for warranty reserve 1,748 1,178
 Provision for pension liability 35 ---
 Gain on sale of fixed assets (14) (74)
 (Increase) decrease in:
 Receivables (10,411) (8,917)
 Inventories 3,133 1,313
 Prepaid expenses and other 128 (122)
 Patent damage escrow funds (190) (156)
 Other receivables 380 (77)
 Other assets 311 161
 Increase (decrease) in:
 Accounts payable 5,404 1,362
 Accrued product warranty (1,067) (819)
 Other accrued liabilities 1,362 961
 Taxes payable 189 (105)
 Reserve for patent damages 166 131
 Total adjustments 3,833 (2,323)
 Net cash provided by oper. activities 8,892 398
 Cash flows from investing activities:
 Proceeds from sale of property and
 equipment-net 24 318
 Expenditures for property and equipment (2,834) (1,403)
 Net cash used by investing activities (2,810) (1,085)
 Cash flows from financing activities:
 Net repayments under revolving
 credit loan (4,675) 4,520
 Principal repayments of loans (5,060) (5,027)
 Proceeds from issuance of common stock 27,111 21
 Net cash provided by (used by)
 financing activs. 17,376 (486)
 Net increase (decrease) in cash 23,458 (1,173)
 Cash at beginning of period 2,234 5,751
 Cash at end of period $ 25,692 $ 4,578
 -0- 7/21/93
 /CONTACT: Albert E. Guth, senior vice president of Astec Industries, 615-867-4210/
 (ASTE)


CO: Astec Industries, Inc. ST: Tennessee IN: MAC SU: ERN

RA-BR -- AT009 -- 3858 07/21/93 10:34 EDT
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Date:Jul 21, 1993
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