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ASTEC INDUSTRIES REPORTS RESULTS

 ASTEC INDUSTRIES REPORTS RESULTS
 CHATTANOOGA, Tenn., April 15 /PRNewswire/ -- Astec Industries,


Inc. (NASDAQ-NMS: ASTE) today announced sales for the quarter ended March 31 of $34,219,000 compared to sales of $35,717,000 for the quarter ended March 31, 1991.
 Net income for the first quarter of 1992 was $4,000 or $.00 per share, compared with net income of $854,000 or $.24 per share for the first quarter of 1991. Weighted average common and common equivalent shares outstanding in the first quarter of 1992 were 3,064,063, the same number as were outstanding for the same period in 1991.
 Dr. J. Don Brock, chairman and chief executive officer of Astec Industries, Inc., said: "The reduction in the Gross Profit Margin of 2.1 percent resulted from orders taken in the fourth quarter of 1991 and shipped this year. Certain orders were taken at lower margins before the upturn in sales activity resulting from the passage of the Intermodal Surface Transportation Act on November 27,1991. We continue to be optimistic with improvements we have seen in the domestic market and increases in export sales activity. The lower interest expense is a reflection of significantly reduced debt. We expect the second quarter results to reflect significant improvement compared to the first quarter of 1992."
 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
 (In thousands, except per share information)
 (Unaudited)
 Account 3 mos. ended
 description 3/31/92 3/31/91
 Net sales $ 34,219 $ 35,717
 Cost of sales 27,579 28,027
 Gross profit 6,640 7,690
 S, G & A expenses 5,941 5,265
 Patent suit damages and expenses 144 56
 Income from operations 555 2,369
 Interest expense 889 1,571
 Other income, net of expense 377 264
 Income from continuing operations
 before income taxes 43 1,062
 Income taxes 39 167
 Income from continuing operations 4 895
 Losses during phase-out period
 of discontinued operations 0 (41)
 Net income $ 4 $ 854
 Earnings per common and common
 equivalent share 0.00 0.24
 Weighted average number of common
 and common equivalent shares
 outstanding 3,604,063 3,604,063
 Consolidated Balance Sheets
 (In thousands)
 (Unaudited)
 Account description 3/31/92 3/31/91
 ASSETS
 Current assets
 Cash $ 4,856 $ 424
 Receivables - net 14,027 16,243
 Inventories 43,165 46,027
 Prepaid expenses and other 1,136 1,632
 Patent damage escrow fund 8,010 7,344
 Net assets of discontinued operations --- 19,962
 Total current assets 71,194 91,632
 Property and equipment - net 19,613 20,703
 Other assets 2,725 1,943
 Total assets $ 93,532 $ 114,278
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Notes payable $ --- $ 24
 Current maturities of long-term debt 3,509 23,018
 Accounts payable - trade 12,182 15,127
 Reserve for patent damage expense 11,975 7,344
 Other accrued liabilities 10,516 10,263
 Total current liabilities 38,182 55,776
 Long-term debt, less current
 maturities 30,594 36,104
 Other long-term liabilities 3,472 4,336
 Total shareholders' equity 21,284 18,062
 Total liabilities and
 shareholders' equity $ 93,532 $ 114,278
 Consolidated Statements of Cash Flows
 (Unaudited)
 3 mos. ended March 1992 March 1991
 Cash flows from operating activities:
 Net income $ 4,068 $ 854,002
 Adjustments to reconcile net income
 to net cash provided by (used by)
 operating activities:
 Depreciation and amortization 850,094 796,742
 Provision for doubtful accounts 42,967
 Provision for inventory reserve 406,031
 Provision for warranty reserve 499,192
 Gain on disposition of fixed assets (10,315)
 (Increase) decrease in:
 Receivables (1,706,127) (2,498,133)
 Inventories (2,648,727) 375,614
 Prepaid expenses (211,665) (155,618)
 Other receivables 179,572
 Other assets (102,804)
 Patent damage escrow fund (87,470)
 Increase (decrease) in:
 Accounts payable (2,928,656) 2,124,226
 Other accrued liabilities (279,439) (1,455,547)
 Accrued product warranty (327,691) 235,667
 Other liabilities (149,149) (78,712)
 Taxes payable (47,693) 178,644
 Reserve for patent damages 62,403 ---
 Total adjustments (602,165) (477,117)
 Net cash provided by (used by)
 operating activities (598,097) 376,885
 Cash flows from investing activities:
 Proceeds from sale of property
 and equipment-net 264,696 4,356
 Expenditures for property and equipment (414,581) (1,144,261)
 Other - net --- (89,554)
 Net cash used by investing activities (149,885) (1,229,459)
 Cash flows from financing activities:
 Net borrowings under revolving
 credit loan 4,000,000 410,000
 Principal repayments under loan
 and note agreements (4,146,971) (404,585)
 Net cash provided by (used by)
 financing activities (146,971) 5,415
 Net decrease in cash (894,953) (847,159)
 Cash at beginning of period 5,750,614 1,270,852
 Cash at end of period $4,855,661 $ 423,693
 -0- 4/15/92
 /CONTACT: Albert E. Guth, senior vice president of Astec Industries, 615-867-4210/
 (ASTE) CO: Astec Industries ST: Tennessee IN: MAC SU: ERN


BR-EA -- AT016 -- 8859 04/15/92 15:46 EDT
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