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ASTEC INDUSTRIES REPORTS EARNINGS

 ASTEC INDUSTRIES REPORTS EARNINGS
 CHATTANOOGA, Tenn., July 22 /PRNewswire/ -- Astec Industries, Inc.


(NASDAQ-NMS: ASTE) today announced sales for the second quarter ended June 30 of $42,978,000 and net income of $2,717,000 or $0.75 per share compared to sales of $36,001,000 and net income of $1,755,000 or $0.49 per share for the quarter ended June 30, 1991.
 The second quarter of 1991 included income from discontinued operations of $2,760,000 offset by a loss on continuing operations of $1,005,000. Continuing operations accounted for the entire $2,716,000 of net income in 1992. The weighted average number of common and common equivalent shares outstanding in the second quarter of 1992 was 3,606,398 compared to 3,604,063 in the second quarter of 1991.
 Sales for the six months ended June 30 were $77,197,000 compared to sales of $71,718,000 for the six months ended June 30, 1991. Net income for the six months ended June 30 was $2,721,000 or $0.75 per share compared to net income of $2,609,000 or $0.72 per share for the six months ended June 30, 1991. Income from discontinued operations for the six months ended June 30, 1991, was $2,719,000 or $0.75 per share resulting primarily from the gain realized on the sale of the Barber- Greene paving equipment business. The weighted average number of common and common equivalent shares outstanding was 3,605,231 for the six months ending June 30, compared to 3,604,063 for the six months ending June 30, 1991.
 Dr. J. Don Brock, chairman and chief executive officer of Astec Industries, Inc., said: "I am very pleased with the improved results of operations. Sales have increased 19.4 percent over the same quarter last year and our backlogs have increased 19.8 percent over the backlogs at the end of the second quarter of 1991. Customer satisfaction from use of our new products and new technology that we have introduced the last two years has been very encouraging. We continue to experience an improved market both domestically and internationally."
 Astec Industries, Inc., a manufacturer of asphalt mixing plants, paving equipment, heat transfer equipment, aggregate crushing equipment, excavating and trenching equipment, and asphalt recycling 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
 6/30/92 6/30/91 6/30/92 6/30/91
 Net sales $ 42,978 $ 36,001 $ 77,197 $ 71,718
 Cost of sales 33,795 27,581 61,374 55,608
 Gross profit 9,183 8,420 15,823 16,110
 S, G & A expenses 6,079 6,223 12,020 11,488
 Patent suit damages
 and expenses 163 2,632 307 2,688
 Income (loss) from
 operations 2,941 (435) 3,496 1,934
 Interest expense 854 1,042 1,743 2,613
 Other income, net of
 expense 669 450 1,046 714
 Income (loss) from
 cont. opers. before
 income taxes 2,756 (1,027) 2,799 35
 Income taxes 39 (22) 76 145
 Income (loss) from
 cont. operations 2,717 (1,005) 2,721 (110)
 Income on discont.
 operations --- 2,760 --- 2,719
 Net income $ 2,717 $ 1,755 $ 2,721 $ 2,609
 Earns. per common and common
 equiv. share $ 0.75 $ 0.49 $ 0.75 $ 0.72
 Wtd. avg. no. of
 common and common
 equivalent shares
 outstanding 3,606,398 3,604,063 3,605,231 3,604,063
 Consolidated Balance Sheets
 (In thousands)
 (Unaudited)
 Account description 6/30/92 6/30/91
 ASSETS
 Current assets
 Cash $ 4,578 $ 1,152
 Receivables - net 21,279 15,426
 Inventories 38,642 42,540
 Prepaid expenses and other 1,050 2,156
 Patent damage escrow fund 8,079 7,344
 Total current assets 73,628 68,618
 Property and equipment - net 19,557 22,018
 Other assets 2,694 2,066
 Total assets $ 95,879 $ 92,702
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Current maturities of long-term debt $ 3,225 $ 9,096
 Accts. payable - trade 10,616 12,621
 Reserve for patent damage expense 12,044 9,844
 Other accrued liabilities 12,506 11,840
 Total current liabilities 38,391 43,401
 Long-term debt, less current
 maturities 30,517 25,546
 Other long-term liabilities 2,950 3,939
 Total shareholders' equity 24,021 19,816
 Total liabilities and
 shareholders' equity $ 95,879 $ 92,702
 Consolidated Statements of Cash Flows
 (Unaudited)
 (In thousands)
 6 mos. ended June 1992 June 1991
 Cash flows from operating activities:
 Net income $2,721 $2,609
 Adjustments to reconcile net income
 to net cash provided by (used by) operating
 activities:
 Depreciation and amortization 1,617 1,793
 Provision for doubtful accounts 258 164
 Provision for inventory reserve 966 1,370
 Provision for warranty reserve 1,178 36
 Gain on disposition of fixed assets (74) ---
 (Increase) decrease in:
 Receivables (8,917) (1,355)
 Inventories 1,313 2,492
 Prepaid expenses (122) (1,572)
 Other receivables (77) ---
 Other assets 161 ---
 Patent damage escrow fund (156) ---
 Net assets from discontinued operations --- 20,271
 Increase (decrease) in:
 Accounts payable 1,362 (382)
 Other accrued liabilities 1,492 1,979
 Accrued product warranty (819) 119
 Other liabilities (524) (574)
 Taxes payable (105) 936
 Reserve for patent damages 131 ---
 Minority interest (7) 98
 Total adjustments (2,323) 25,375
 Net cash provided by (used by) oper. activities 396 27,984
 Cash flows from investing activities:
 Proceeds from sale of property and equipment-net 318 667
 Expenditures for property and equipment (1,159) (4,225)
 Other - net (244) (47)
 Net cash used by investing activities (1,085) (3,605)
 Cash flows from financing activities:
 Net borrowings under revolving credit loan 4,520 4,520,000
 Principal repayments under loan (4,544,498)
 and note agreements (5,027) ---
 Proceeds from sale of common stock 21 ---
 Net cash provided by (used by) financing activs. (486) (24,496)
 Net decrease in cash (1,173) (119)
 Cash at beginning of period 5,751 1,271
 Cash at end of period $4,578 $1,152
 -0- 7/22/92
 /CONTACT: Albert E. Guth, senior vice president of Astec Industries, 615-867-4210/
 (ASTE) CO: Astec Industries ST: Tennessee IN: MAC SU: ERN


EA-BN -- AT007 -- 1909 07/22/92 12:30 EDT
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Date:Jul 22, 1992
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