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April 2010 Business News
Business news from Vermeer, Caterpillar, Astec Industries, Ditch Witch, SAK Construction, MasTec, Akkerman, Volvo Construction Equipment, JCB, Advanced Drainage Systems, Pressure Pipe Inspection Company and PSI.
Vermeer Corp., Pella, IA, has been selected by Caterpillar to continue as a Preferred Allied Vendor to The Cat Rental Stores for 2010.
Prospective vendors undergo an annual review by Caterpillar and selection is based upon a comprehensive review of the company’s product offerings, field distribution and support, training capabilities and results from a dealer survey. Involvement by Vermeer as an Allied Vendor dates back to the early days of the Cat rental program. 888.837.6337, www.vermeer.com
Astec Industries reported 2009 fourth-quarter net sales of $177.9 million and a net loss for the fourth quarter of $15.5 million compared to net income of $8 million for the fourth quarter of 2008.
Net sales for 2009 were $738.1 million compared with $973.7 million for 2008, a decrease of 24.2 percent. Domestic net sales were $465.5 million for 2009, a 25 percent decrease compared to 2008. Domestic net sales were 63.1 percent of 2009 total net sales compared to 63.8 percent of 2008 total net sales. International sales were $272.6 million for 2009, a 22.7 percent decrease compared to 2008. Gross margins for 2009 compared to 2008 decreased 330 basis points. Income from operations decreased 89.2 percent from $91.8 million in 2008 to $9.9 million, including the intangible impairment charge of $17.0 million in 2009. The company reported net income of $3.1 million, compared with a net income of $63.1 million for 2008.
Domestic sales were $103.1 million for the fourth quarter of 2009, a 20.9 percent decrease compared to the fourth quarter of 2008 or 58.0 percent of 2009 fourth quarter revenues, compared to domestic sales of $130.4 million for the fourth quarter of 2008, or 66.7 percent of 2008 fourth quarter revenues. International sales were $74.8 million for the fourth quarter of 2009, a 15.1 percent increase over the fourth quarter of 2008 or 42.0 percent of 2009 fourth quarter revenues, compared to international sales of $65.0 million for the fourth quarter of 2008, or 33.2 percent of 2008 fourth quarter revenues.