Astec Industries Inc 8-K, filed Apr 1, 2020
Astec Industries Inc (ASTE)
8-K
2020-04-01
For: 2020-04-01
View Original
Added on
April 04, 2026
About this 8-K
Astec Industries Inc filed this 8-K on April 1, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 1, 2020
(Exact Name of Registrant as Specified in Charter)
|
|
|
|
|
|
|
|
|
|
|
|
|
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number)
|
|
(IRS Employer
Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (423 ) 899-5898
N/A
(Former Name or Former Address, if Changed Since Last Report)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
|
|
|
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
|
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure
On or after April 1, 2020, representatives of Astec Industries, Inc. (the “Company”) may present to various investors the information described in the
investor presentation regarding the Company’s response to the COVID-19 pandemic attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1 and will make such presentation available on the “Investor Relations” page of the Company’s website (https://www.astecindustries.com/).
No information contained on or accessible through the Company’s website shall be deemed to be part of or incorporated by reference into this Report other than Exhibit 99.1 attached to this Report.
The information contained in this Item 7.01 (including Exhibit 99.1) is being furnished and shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference
into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
|
|
99.1
|
Investor Presentation, dated April 1, 2020
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
|
|
|
|
|
|
Astec Industries, Inc.
(Registrant)
|
|||
|
|
|
|
||
|
Date: April 1, 2020
|
By:
|
|
/s/ Rebecca A. Weyenberg
|
|
|
|
|
|
Rebecca A. Weyenberg
|
|
|
|
|
|
Chief Financial Officer
|
|
EXHIBIT INDEX
|
99.1
|
Investor Presentation, dated April 1, 2020
|
COVID-19 Business Update April 1,2020
Key Messages 2 First priority is the safety of our employees, customers, suppliers, stakeholders and
their families 01 Our products are essential for building infrastructure used to move goods to market and facilitate the transportation needs of communities 02 Strong balance sheet, liquidity and new leadership to proactively manage
through current environment 03 COVID-19 impact on our company remains fluid and we will continue to update as appropriate 04
In early March, formed a COVID-19 task force, which continually monitors information from our sites,
customers, suppliers, government agencies and other sourcesContinue to manufacture, sell and service our products with appropriate precautionsReinforced good hygiene practices at all facilities including frequent handwashing, social distancing
and regular cleaning of surfaces, in accordance with U.S. Center of Disease Control and Prevention (CDC) and World Health Organization (WHO) guidelines to reduce health risksEnacted policies to keep our employees, customers and suppliers safe
by greatly reducing travel and utilizing technology to meet virtually as business permits; leverage Microsoft Teams, VPN and WebmailThis presentation is based on our assessment of information available to us as of the current date; please refer
to the Safe Harbor Statement at the end of this presentation 3 COVID-19 Preparedness Update New organizational structure has enhanced company-wide communication
4 Balance Sheet and Liquidity Update Focused on Maintaining a Strong Balance
Sheet ($M) 12/31/19 Cash and Cash Equivalents $ 48.9 Total Current Assets $ 506.3 Total Assets $ 800.5 Total Current Liabilities $ 172.8 Total Debt $ 2.0 Total Liabilities and Equity $ 800.5 SUMMARY BALANCE
SHEET ($M) 2/29/20 Cash and Cash Equivalents $ 42.4 Available Credit $ 149.9 Total Available Liquidity $ 192.3 COMMENTARYFocused on maintaining conservative balance sheet and strong liquidity to withstand sustained periods of market
uncertainty
5 Well Positioned to Manage through Current Dynamics with Our Investment Thesis Intact Leadership
positions within attractive niche markets in industries benefitting from long-term trends including population growth, urbanization and aging infrastructure Industry-leading reputation for innovation, high-quality products and superior
customer service Recurring, high-margin aftermarket revenue driven by a large global installed base Financial strength to execute our strategic priorities to improve productivity and drive long-term earnings growth Strategic transformation
underway with a new organizational structure to drive profitable growth and create long-term shareholder value 01 02 03 05 04
Safe Harbor 6 The information contained in this presentation and discussion contains “forward-looking
statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the future performance of the Company, including statements about the effects on the Company from (i) restructuring initiatives, (ii) the
potential sale of the GEFCO business, (iii) increases in international demand, and (iv) product demand in North America and the impacts of the coronavirus (COVID-19) on the Company’s financial condition and business operations. These
forward-looking statements reflect management’s expectations and are based upon currently available information, and the Company undertakes no obligation to update or revise such statements. These statements are not guarantees of performance
and are inherently subject to risks and uncertainties, many of which cannot be predicted or anticipated. Future events and actual results, financial or otherwise, could differ materially from those expressed in or implied by the forward-looking
statements. Important factors that could cause future events or actual results to differ materially include: general uncertainty in the economy, oil, gas and liquid asphalt prices, rising steel prices, decreased funding for highway projects,
the relative strength/weakness of the dollar to foreign currencies, production capacity, general business conditions in the industry, demand for the Company’s products, seasonality and cyclicality in operating results, seasonality of sales
volumes or lower than expected sales volumes, lower than expected margins on custom equipment orders, competitive activity, tax rates and the impact of future legislation thereon, and those other factors listed from time to time in the
Company’s reports filed with the Securities and Exchange Commission, including but not limited to the Company’s annual report on Form 10-K for the year ended December 31, 2019.
7 Contact Information STEVE ANDERSONSVP of Administration & Director of Investor RelationsPhone:
423-553-5934Email: sanderson@astecindustries.com