Issue link: https://read.dmtmag.com/i/276196
Letter to Shareholders 2013 marked the fifth year of an extended recession in the United States. In spite of the loss in 2013 of revenue contributions from the sale of product lines (American Augers, Inc., Trencor and Astec Underground, Inc. trenchers) late in 2012, we were able to maintain our revenues and grow earnings during 2013. Earnings from our continuing operations grew from $34,210,000 to $39,214,000. We entered the year with a strong balance sheet and looked for acquisitions, but were unable to conclude any during 2013. Our Board of Directors decided to institute a quarterly $0.10 per share dividend which began at the end of the first quarter of 2013. During the year, domestic sales grew from $572,522,000 to $599,054,000, and international sales decreased from $363,751,000 to $333,944,000. Inter national sales' percentage of total sales dropped from 38.9% to 35.8% during the year. We saw practically no growth in infrastructure spending in the United States, and the uncertainty of future spending made contractors reluctant to invest in new equipment. To overcome this, we increased our presence internationally by strategically expanding into new markets. We also developed new products to sell to the infrastructure, energy, and mining industries. While we are not losing focus on infrastructure equipment, we are trying to become less dependent on highway spending as the Government's ability to fund infrastructure continues to be uncertain. On the positive side, we are seeing a number of states increase their gas taxes and fund- ing with less dependence on the Federal Highway Trust Fund. Benjamin G. Brock J. Don Brock We strive to deliver continuous increases in shareholder value through stable long-term growth in earnings per share. To that end, we plan to expand and enhance the scope and profit- ability of our core business through internal growth and strategic acquisitions. 02 | Astec Industries, Inc.