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AMCOL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In Millions) December 31, December 31, 2012 2011ASSETS (unaudited) ------------ ------------ Current assets: Cash and equivalents $ 40.0 $ 24.1 Accounts receivable, net 203.1 204.6 Inventories 153.9 144.6 Prepaid expenses 17.0 15.2 Deferred income taxes 7.0 5.9 Income tax receivable 7.0 6.9 Other 1.9 6.1 ------------ ------------ Total current assets 429.9 407.4 ------------ ------------ Noncurrent assets: Property, plant, equipment, mineral rights and reserves: Land 13.0 13.9 Mineral rights 48.6 52.5 Depreciable assets 552.8 482.6 ------------ ------------ 614.4 549.0 Less: accumulated depreciation and depletion 311.4 275.5 ------------ ------------ 303.0 273.5 ------------ ------------ Goodwill 70.2 69.5 Intangible assets, net 33.7 36.6 Investments in and advances to affiliates and joint ventures 27.8 26.4 Available for sale securities 14.6 3.8 Deferred income taxes 7.5 8.5 Other assets 25.3 24.5 ------------ ------------ Total noncurrent assets 482.1 442.8 ------------ ------------ $ 912.0 $ 850.2 ============ ============LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 51.1 $ 56.5 Accrued liabilities 63.5 61.3 ------------ ------------ Total current liabilities 114.6 117.8 ------------ ------------ Noncurrent liabilities: Long-term debt 248.8 260.7 Pension liabilities 37.6 34.8 Deferred income taxes 12.8 13.5 Deferred compensation 11.1 8.9 Other liabilities 20.5 19.2 ------------ ------------ Total noncurrent liabilities 330.8 337.1 ------------ ------------ Equity: Common stock 0.3 0.3 Additional paid in capital 105.1 94.3 Retained earnings 356.6 314.7 Accumulated other comprehensive income 0.8 (14.7) ------------ ------------ 462.8 394.6 Less: Treasury stock - 3.4 Total AMCOL shareholders' equity 462.8 391.2 ------------ ------------ Noncontrolling interest 3.8 4.1 ------------ ------------ Total equity 466.6 395.3 ------------ ------------ $ 912.0 $ 850.2 ============ ============ AMCOL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In Millions) Twelve Months Ended December 31, ---------------------- 2012 2011 ---------- ----------Cash flow from operating activities: Net income $ 66.0 $ 58.1 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, depletion, and amortization 45.2 42.3 Undistributed earnings from affiliates and joint ventures (2.0) (3.6) Decrease (increase) in deferred income taxes (1.0) 6.8 Other non-cash charges 11.5 9.7 Changes in assets and liabilities, net of effects of acquisitions: Decrease (increase) in current assets (9.8) (85.3) Decrease (increase) in noncurrent assets (0.4) (0.6) Increase (decrease) in current liabilities (6.7) 13.2 Increase (decrease) in noncurrent liabilities 6.1 (1.3) ---------- ---------- Net cash provided by (used in) operating activities 108.9 39.3 ---------- ----------Cash flow from investing activities: Capital expenditures (74.7) (61.0) Proceeds from sale of land and depreciable assets 2.4 1.9 Proceeds from sale of interests in affliates and businesses 2.4 6.2 Investments in and advances to affiliates and joint ventures 0.2 (2.9) Other 1.4 1.6 ---------- ---------- Net cash used in investing activities (68.3) (54.2) ---------- ----------Cash flow from financing activities: Net change in outstanding debt (12.3) 25.3 Proceeds from sales of treasury stock 9.7 8.0 Dividends (23.5) (22.7) Excess tax benefits from stock-based compensation 0.5 0.7 ---------- ---------- Net cash provided by (used in) financing activities (25.6) 11.3 ---------- ----------Effect of foreign currency rate changes on cash 0.9 0.9 ---------- ----------Net increase (decrease) in cash and cash equivalents 15.9 (2.7) ---------- ----------Cash and cash equivalents at beginning of period 24.1 26.8 ---------- ----------Cash and cash equivalents at end of period 40.0 24.1 ========== ========== AMCOL INTERNATIONAL CORPORATION SEGMENT RESULTS (unaudited) QUARTER-TO-DATE Performance Materials Three Months Ended December 31, -------------------------------------------------- 2012 2011 2012 vs. 2011 ---------------- --------------- --------------- (Dollars in Millions) --------------------------------------------------Net sales $ 114.6 100.0% $ 120.3 100.0% $ (5.7) -4.7%Cost of sales 87.9 76.7% 89.6 74.5% (1.7) -1.9% ------- ------- ------- ------ ------- Gross profit 26.7 23.3% 30.7 25.5% (4.0) -13.0%General, selling and administrative expenses 12.0 10.5% 12.6 10.5% (0.6) -4.8% ------- ------- ------- ------ ------- Operating profit 14.7 12.8% 18.1 15.0% (3.4) -18.8% Construction Technologies Three Months Ended December 31, -------------------------------------------------- 2012 2011 2012 vs. 2011 ---------------- --------------- --------------- (Dollars in Millions) --------------------------------------------------Net sales $ 50.1 100.0% $ 54.2 100.0% $ (4.1) -7.6%Cost of sales 34.8 69.5% 39.7 73.2% (4.9) -12.3% ------- ------- ------- ------ ------- Gross profit 15.3 30.5% 14.5 26.8% 0.8 5.5%General, selling and administrative expenses 13.4 26.7% 14.0 25.8% (0.6) -4.3% ------- ------- ------- ------ ------- Operating profit 1.9 3.8% 0.5 1.0% 1.4 280.0% Energy Services Three Months Ended December 31, -------------------------------------------------- 2012 2011 2012 vs. 2011 ---------------- --------------- --------------- (Dollars in Millions) --------------------------------------------------Net sales $ 71.8 100.0% $ 53.8 100.0% $ 18.0 33.5%Cost of sales 52.8 73.5% 38.4 71.4% 14.4 37.5% ------- ------- ------- ------ ------- Gross profit 19.0 26.5% 15.4 28.6% 3.6 23.4%General, selling and administrative expenses 10.6 14.8% 9.4 17.5% 1.2 12.8% ------- ------- ------- ------ ------- Operating profit 8.4 11.7% 6.0 11.1% 2.4 40.0% Transportation Three Months Ended December 31, -------------------------------------------------- 2012 2011 2012 vs. 2011 ---------------- --------------- --------------- (Dollars in Millions) --------------------------------------------------Net sales $ 10.5 100.0% $ 11.8 100.0% $ (1.3) -11.0%Cost of sales 9.4 89.5% 10.5 89.0% (1.1) -10.5% ------- ------- ------- ------ ------- Gross profit 1.1 10.5% 1.3 11.0% (0.2) -15.4%General, selling and administrative expenses 1.0 9.5% 1.0 8.5% - 0.0% ------- ------- ------- ------ ------- Operating profit 0.1 1.0% 0.3 2.5% (0.2) -66.7% Corporate Three Months Ended December 31, --------------------------------- 2012 2011 2012 vs. 2011 ------- ------- --------------- (Dollars in Millions) ---------------------------------Intersegment sales $ (7.9) $ (6.3) $ (1.6)Intersegment cost of sales (8.0) (6.5) (1.5) ------- ------- ------- Gross profit (loss) 0.1 0.2 (0.1)General, selling and administrative expenses 6.6 4.8 1.8 37.5% ------- ------- ------- Operating loss (6.5) (4.6) (1.9) 41.3% AMCOL INTERNATIONAL CORPORATION SEGMENT RESULTS (unaudited) YEAR-TO-DATE Performance Materials Twelve Months Ended December 31, ----------------------------------------------------- 2012 2011 2012 vs. 2011 ----------------- ----------------- ----------------- (Dollars in Millions) -----------------------------------------------------Net sales $ 491.9 100.0% $ 476.7 100.0% $ 15.2 3.2%Cost of sales 365.0 74.2% 360.2 75.6% 4.8 1.3% -------- ------- -------- ------- -------- ------- Gross profit 126.9 25.8% 116.5 24.4% 10.4 8.9%General, selling andadministrative expenses 50.2 10.2% 49.3 10.3% 0.9 1.8% -------- ------- -------- ------- ------- ------- Operating profit 76.7 15.6% 67.2 14.1% 9.5 14.1% Construction Technologies Twelve Months Ended December 31, ------------------------------------------------------ 2012 2011 2012 vs. 2011 ----------------- ----------------- ------------------ (Dollars in Millions) ------------------------------------------------------Net sales $ 222.8 100.0% $ 251.9 100.0% $ (29.1) -11.6%Cost of sales 154.2 69.2% 178.2 70.7% (24.0) -13.5% -------- ------- -------- -------- -------- -------- Gross profit 68.6 30.8% 73.7 29.3% (5.1) -6.9%General, selling andadministrative expenses 52.6 23.6% 56.8 22.5% (4.2) -7.4% -------- ------- -------- ------- -------- -------- Operating profit 16.0 7.2% 16.9 6.8% (0.9) -5.3% ----------------------------------------------------- Energy Services Twelve Months Ended December 31, ----------------------------------------------------- 2012 2011 2012 vs. 2011 ----------------- ----------------- ----------------- (Dollars in Millions) -----------------------------------------------------Net sales $ 257.3 100.0% $ 194.7 100.0% $ 62.6 32.2% -------- ------- -------- ------- -------- -------Cost of sales 186.0 72.3% 138.7 71.2% 47.3 34.1% Gross profit 71.3 27.7% 56.0 28.8% 15.3 27.3%General, selling andadministrative expenses 42.5 16.5% 34.8 17.9% 7.7 22.1% -------- ------- -------- ------- -------- ------- Operating profit 28.8 11.2% 21.2 10.9% 7.6 35.8% Transportation Twelve Months Ended December 31, ------------------------------------------------------ 2012 2011 2012 vs. 2011 ----------------- ----------------- ------------------ (Dollars in Millions) ------------------------------------------------------Net sales $ 44.0 100.0% $ 54.1 100.0% $ (10.1) -18.7%Cost of sales 39.4 89.5% 48.0 88.7% (8.6) -17.9% -------- ------- -------- ------- -------- ------- Gross profit 4.6 10.5% 6.1 11.3% (1.5) -24.6%General, selling andadministrative expenses 3.8 8.6% 3.9 7.2% (0.1) -2.6% -------- ------- -------- ------- -------- ------- Operating profit 0.8 1.9% 2.2 4.1% (1.4) -63.6%
