Earnings Call Excerpt
Astec Industries, Inc. (ASTE)
Q3 2008 Earnings Call
October 21, 2008 10:00 am ET
Executives
Stephen Anderson - Director of Investor Relations
J. Don Brock - Chairman and Chief Executive Officer
McKamy Hall - Vice President and Chief Financial Officer
Analyst
Arnie Ursaner - CJS Securities
Mike Cox - Piper Jaffray
Jack Kasprzak - BB&T
Rich Wesolowski - Sidoti & Company
Chris Weltzer - Robert Baird
[David Foundry - Partline Funds]
Presentation
Operator
Greetings, ladies and gentlemen and welcome to the Astec Industries’ Third Quarter 2008 Results. At this time all participants are in a listen-only mode, a brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Mr. Steve Anderson, Director of Investor Relations for Astec Industries. Thank you Mr. Anderson, you may begin.
Stephen Anderson - Director of Investor Relations
Thank you, Rob. Good morning and welcome to the Astec Industries conference call for the third quarter of 2008. As Rob mentioned, my name is Steve Anderson and I am the Corporate Secretary and Director of Investor Relations for the company. Also on today’s call are Dr. J. Don Brock, our Chairman and Chief Executive Officer, and McKamy Hall, Vice President and Chief Financial Officer.
In just a moment I will turn the call over to McKamy to summarize our financial results and then to Don to discuss our business environment and business operations.
In the way of disclosures I’ll note this morning, that our discussion may contain forward-looking statements that relate to the future performance of the company. And these statements are intended to qualify for the Safe Harbor liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance and are subject to certain risks, uncertainties, assumptions, and other factors, some of which are beyond the company’s control. Some of those factors that could influence our results are highlighted in today’s financial news release and others are contained in our Annual Report and our quarterly and annual filings with the SEC. As usual, we urge you to familiarize yourself with those factors.
At this point, I’ll turn the call over to McKamy to summarize our financial results.
McKamy Hall - Vice President and Chief Financial Officer
Thanks, Steve. We appreciate each of you joining us this morning. The company generated a 37.9% improvement in net income and we look forward to starting the fourth quarter (technical difficulty) of 255.7 million, net sales for the quarter were 237.4 million for an increase of 15.1%, international sales increased 37% and were 43% of the third quarter sales, increases internationally came in the Middle East, Central America, Asia, South America Africa, Europe and Canada.
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