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ASTEC INDUSTRIES REPORTS RESULTS

 CHATTANOOGA, Tenn., Feb. 22 /PRNewswire/ -- Astec Industries, Inc. (NASDAQ-NMS: ASTE) today announced net income for 1992 of $6,014,000 or $1.61 per share, compared to net income of $4,054,000 or $1.12 per share for the year ended Dec. 31, 1991.
 Income from continuing operations is $6,014,000 in 1992 compared to $524,000 in 1991 for an increase of $5,490,000. The earnings per share from continuing operations has increased from $0.15 in 1991 to $1.61 in 1992. Net sales for the year ended Dec. 31, 1992, were $149,133,000 compared to net sales for the year ended Dec. 31, 1991, of $134,512,000. Weighted average common and common equivalent shares outstanding in 1992 were 3,729,652 on a fully diluted basis, compared to 3,604,063 for 1991.
 Net income for the fourth quarter ended Dec. 31, 1992, was $1,295,000 or $0.35 per share compared to net income for the fourth quarter of 1991 of $934,000 or $0.25 per share. Net sales for the fourth quarter of 1992 were $32,444,000 compared to $32,029,000 for the fourth quarter of 1991. Weighted average common and common equivalent shares outstanding in the fourth quarter were 3,740,669 on a fully diluted basis, compared to 3,604,063 for the fourth quarter of 1991.
 Dr. J. Don Brock, chairman and chief executive officer of Astec Industries, Inc., said: "We are excited and pleased with the performance of Astec for 1992. The company increased sales 11 percent to $149.0 million and increased net income 48 percent to $6.0 million. Management has worked very hard to strengthen the company financially and to continue product development and the marketing of all Astec products. We are also excited about our new joint venture agreement with WIBAU in Germany, which is expected to be completed very soon. Our backlog at December 31, 1992, was $26,638,000, up from $25,797,000 from the end of 1991. At January 31, 1993, our backlog had increased to $41,584,000. So many good things have happened; we are anxious to move on with 1993."
 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
 (In thousands, except per share information)
 3 mos. ended 12 mos. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $32,444 $32,029 $149,133 $134,512
 Cost of sales 23,573 25,581 114,960 105,155
 Gross profit 8,871 6,448 34,173 29,357
 S, G & A expenses 7,613 5,924 26,549 22,959
 Patent suit damages and exps. 123 1,104 567 3,868
 Income (loss) from operations 1,135 (580) 7,057 2,530
 Interest expense 715 940 3,241 4,597
 Other income, net of expense 975 1,517 2,620 2,651
 Income (loss) from cont. operations
 before income taxes 1,395 (3) 6,436 584
 Income taxes 100 (92) 422 60
 Income from cont. operations 1,295 89 6,014 524
 Income on discontinued opers. --- 845 --- 3,530
 Net income $ 1,295 $ 934 $ 6,014 $ 4,054
 Earnings per common share
 From continuing operations
 Primary $0.35 $0.02 $1.64 $0.15
 Fully diluted $0.35 N/A $1.61 N/A
 Net income
 Primary $0.35 $0.25 $1.64 $1.12
 Fully diluted $0.35 N/A $1.61 N/A
 Common shares and equivalents
 Primary 3,721,707 3,604,063 3,674,806 3,604,063
 Fully diluted 3,740,669 N/A 3,729,652 N/A
 Consolidated Balance Sheets
 (In thousands)
 Account description 12/31/92 12/31/91
 ASSETS
 Current assets
 Cash and cash equivalents $ 2,234 $ 5,751
 Receivables - net 12,733 12,271
 Inventories 39,969 40,922
 Prepaid expenses and other 1,230 1,088
 Patent damage escrow fund 11,590 7,923
 Total current assets 67,756 67,955
 Property and equipment - net 17,887 20,260
 Other assets 2,242 2,773
 Total assets $ 87,885 $ 90,988
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities
 Current maturities of long-term debt $ 3,103 $ 4,862
 Accts. payable - trade 9,115 9,254
 Reserve for patent damage expense 12,555 11,912
 Other accrued liabilities 9,343 10,761
 Total current liabilities 34,116 36,789
 Long-term debt, less current
 maturities 22,660 29,387
 Other long-term liabilities 3,479 3,533
 Total shareholders' equity 27,630 21,279
 Total liabilities and
 shareholders' equity $ 87,885 $ 90,988
 -0- 2/22/93
 /CONTACT: Albert E. Guth, senior vice president of Astec Industries, 615-867-4210/
 (ASTE)


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

BN-BR -- AT013 -- 8851 02/22/93 10:00 EST
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Date:Feb 22, 1993
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