-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LQYDGt/q0ihUhml3fJAeVydV/u8Kmq6pcqGOzY45WfLLf5W6l42dMoh0wGh1qSzk b7AJwTODAObnJ+ThrHuoMg== 0000813621-96-000023.txt : 19961023 0000813621-96-000023.hdr.sgml : 19961022 ACCESSION NUMBER: 0000813621-96-000023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961021 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMCOL INTERNATIONAL CORP CENTRAL INDEX KEY: 0000813621 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 360724340 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15661 FILM NUMBER: 96645635 BUSINESS ADDRESS: STREET 1: 1500 W SHURE DR SUITE 500 STREET 2: 1500 W SHURE DR CITY: ARLINGTON HEIGHTS STATE: IL ZIP: 60004-7803 BUSINESS PHONE: 7083924600 MAIL ADDRESS: STREET 1: ONE N ARLINGTON STREET 2: 1500 W SHURE DR SUITE 500 CITY: ARLINGTON HEIGHTS STATE: IL ZIP: 60004-7803 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN COLLOID CO DATE OF NAME CHANGE: 19920703 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 or ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-15661 AMCOL INTERNATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-0724340 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
1500 West Shure Drive, Suite 500, Arlington Heights, Illinois 60004-7803 (Address of principal executive offices) (Zip Code) (847) 394-8730 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate the number of shares outstanding of each of the issuer's classes Of common stock, as of the latest practicable date. Class Outstanding at October 18, 1996 (Common stock, $.01 par value) 19,160,786 AMCOL INTERNATIONAL CORPORATION INDEX
Page No. Part I - Financial Information Item 1 Financial Statements Condensed Consolidated Balance Sheet - September 30, 1996 and December 31, 1995 1 Condensed Consolidated Statement of Operations - nine months and three months ended September 30, 1996 and 1995 2 Condensed Consolidated Statement of Cash Flows - nine months ended September 30, 1996 and 1995 3 Notes to Condensed Consolidated Financial Statements 4 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 5 Part II - Other Information Item 6 Exhibits and Reports on Form 8-K 13
Part I, Item I - FINANCIAL INFORMATION AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In thousands) ASSETS
September 30, December 31, 1996 1995 --------------------- ---------------------- Current assets: * Cash and cash equivalents $ 4,300 $ 1,888 Accounts receivable 88,662 66,429 Inventories 48,292 47,205 Advance mining 1,737 2,678 Prepaid expenses 4,827 5,355 Current deferred tax asset 2,782 2,782 Total current assets 150,600 126,337 Property, plant, equipment and mineral reserves 288,673 276,530 Less accumulated depreciation 110,899 101,319 177,774 175,211 Intangible assets 15,419 15,886 Other long-term assets 5,908 4,932 $ 349,701 $ 322,366 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable and current maturities of debt $ 6,841 $ 4,069 Accounts payable 20,678 18,777 Accrued liabilities 24,719 13,036 Total current liabilities 52,238 35,882 Long-term debt 123,457 117,016 Deferred credits and minority interest 13,004 13,974 Stockholders' equity: Common stock 213 213 Additional paid-in capital 75,224 74,967 Foreign currency translation adjustment (1,836) (2,351) Retained earnings 92,677 86,703 Treasury stock (5,276) (4,038) 161,002 155,494 $ 349,701 $ 322,366
*Condensed from audited financial statements. The accompanying notes are an integral part of these condensed financial statements. -1- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (In thousands, except number of shares and per share data)
Nine Months Ended Three Months Ended September 30, September 30, ---------------------------- ---------------------------- 1996 1995 1996 1995 ------------- -------------- ------------- -------------- Net sales $ 291,843 $ 255,388 $ 109,546 $ 92,978 Cost of sales 231,431 198,981 85,048 73,376 Gross profit 60,412 56,407 24,498 19,602 General, selling and administrative expenses 38,672 32,442 13,190 9,973 Operating profit 21,740 23,965 11,308 9,629 Other income (expense): Interest expense, net (6,309) (4,445) (2,195) (2,095) Other income, net 197 1,046 66 146 (6,112) (3,399) (2,129) (1,949) Income from operations 15,628 20,566 9,179 7,680 Income taxes 5,626 7,275 3,304 2,748 Income before minority interest 10,002 13,291 5,875 4,932 (13) (55) -- (15) Net income of minority interest Net income $ 9,989 $ 13,236 $ 5,875 $ 4,917 Weighted average common and common equivalent shares 19,532,059 19,667,815 19,553,060 19,762,759 Earnings per share $ .51 $ .67 $ .30 $ .25 Dividends declared per share $ .21 $ .19 $ .07 $ .07
The accompanying notes are an integral part of these condensed financial statements. -2- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (In thousands)
Nine Months Ended September 30, ---------------------------- 1996 1995 Net income $ 9,989 $ 13,236 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, and amortization 20,180 14,842 Other (219) (228) (Increase)/decrease in current assets (22,394) (27,350) Increase/(decrease) in current liabilities 14,373 1,023 Net cash provided by operations 21,929 1,523 Cash flow from investing activities: Acquisition of land, mineral reserves, depreciable and intangible assets (29,286) (55,312) Sale of mineral reserves and product line 6,155 -- Other 89 1,832 Net cash used in investing activities (23,042) (53,480) Cash flow from financing activities: Net change in outstanding debt 8,425 45,744 Dividends paid (4,016) (3,639) Other (884) 708 Net cash provided by financing activities 3,525 42,813 Net increase (decrease) in cash and cash equivalents 2,412 (9,144) Cash and cash equivalents at beginning of period 1,888 10,389 Cash and cash equivalents at end of period $ 4,300 $ 1,245 Supplemental Disclosure of Cash Flows Information Actual cash paid for: Interest $ 5,313 $ 4,206 Income taxes $ 2,316 $ 5,794
The accompanying notes are an integral part of these condensed financial statements. -3- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (In thousands) Note 1: BASIS OF PRESENTATION The financial information included herein, other than the condensed consolidated balance sheet as of December 31, 1995, has been prepared by management without audit by independent certified public accountants who do not express an opinion thereon. The condensed consolidated balance sheet as of December 31, 1995, has been derived from and does not include all the disclosures contained in the audited consolidated financial statements for the year ended December 31, 1995. The information furnished herein includes all adjustments which are, in the opinion of management, necessary for a fair statement of the results of the interim period, and all such adjustments are of a normal recurring nature. Management recommends the accompanying consolidated financial information be read in conjunction with the consolidated financial statements and related notes included in the Company's 1995 Form 10-K which accompanies the 1995 Corporate Report. The results of operations for the nine-month period ended September 30, 1996, are not necessarily indicative of the results to be expected for the full year. Note 2: INVENTORIES Inventories at September 30, 1996, have been valued using the same methods as at December 31, 1995. The composition of inventories at September 30, 1996, and December 31, 1995, was as follows:
September 30, December 31, 1996 1995 ----------------------- --------------------- Crude stockpile and in-process inventories $ 29,725 $ 29,705 Other raw material, container and supplies inventories 18,567 17,500 $ 48,292 $ 47,205
Note 3: EARNINGS PER SHARE Earnings per share are computed by dividing net income by the weighted average number of common shares outstanding and the dilutive effect of stock options outstanding at the end of each period. -4- Item II - AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain significant factors which have affected the Company's financial position and operating results during the periods included in the accompanying condensed consolidated financial statements. Nine Months Ended September 30, 1996 vs. 1995 Net sales increased by $36.5 million, or 14.3%. Gross profit increased by $4.0 million, or 7.1%, as lower gross profit from the minerals segment offset improvements in other segments. Operating profit decreased by $2.2 million, or 9.3%, as general, selling and administrative expenses increased by $6.2 million, or 19.2% primarily related to the expenses associated with the development of nanocomposite technology and the establishment of the European environmental unit. Net interest expense increased by $1.9 million, or 41.9%, as a result of higher debt levels. In the 1995 period, approximately $.9 million of construction-related interest was capitalized. Other income for 1995 included $.6 million related to a gain on the cancellation of an interest rate swap. Earnings were $.51 per share for the 1996 period, compared with $.67 per share for the prior-year period on slightly fewer weighted average shares outstanding. A brief discussion by business segment follows:
Nine Months Ended September 30, ------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ------------------------ ----------------------------- --------------------------- Minerals (Dollars in Thousands) $ Change % Change ------------ -------------- Net sales $107,164 100.0% $104,947 100.0% $ 2,217 2.1% Cost of sales 89,673 83.7% 84,236 80.3% Gross profit 17,491 16.3% 20,711 19.7% (3,220) (15.5)% General, selling and administrative expenses 11,432 10.6% 10,811 10.3% 621 5.7% Operating profit 6,059 5.7% 9,900 9.4% (3,841) (38.8)%
Sales increased by $2.2 million, or 2.1%, from the prior-year period. Higher sales of cat litter more than offset the loss of sales of agricultural carrier and refining chemical products. Gross profit margins declined by 340 basis points due to the loss of agricultural carrier business and the higher costs associated with underutilized cat litter capacity. Staff reductions were implemented and lower packaging costs have been negotiated to improve results for the cat litter operations. The new cat litter plants are still operating at less than full capacity. -5- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Nine Months Ended September 30, -------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 --------------------------- -------------------------- --------------------------- Absorbent Polymers (Dollars in Thousands) $ Change % Change ------------ -------------- Net sales $104,892 100.0% $86,534 100.0% $ 18,358 21.2% Cost of sales 84,835 80.9% 68,070 78.7% Gross profit 20,057 19.1% 18,464 21.3% 1,593 8.6% General, selling and administrative expenses 7,579 7.2% 6,811 7.9% 768 11.3% Operating profit 12,478 11.9% 11,653 13.4% 825 7.1%
Revenues increased by $18.4 million, or 21.2%, over the prior year as sales volume increased 36.9%. Gross profit margins declined by 220 basis points from the prior year, as raw material cost decreases were not sufficient to offset unit selling price declines. In addition, European sales demand exceeded the U.K. plant production capability for its new generation of products, requiring supplemental shipments of finished product from the U.S. at lower margins. Additional capacity came on line in the U.K. during the third quarter. The supplemental shipments curtailed near the end of the third quarter. The current worldwide superabsorbent polymer capacity for the Company is 120,000 metric tons. -6- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Nine Months Ended September 30, ------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ---------------------------- -------------------------- ------------------------- Environmental (Dollars in Thousands) $ Change % Change ----------- ------------ Gross profit 20,611 33.1% 15,237 31.9% 5,374 35.3% General, selling and administrative expenses 11,465 18.4% 8,932 18.7% 2,533 28.4% Operating profit 9,146 14.7% 6,305 13.2% 2,841 45.1%
Sales increased by $14.6 million, or 30.5%, over the prior year, with approximately 35% of the increase coming from businesses acquired during the past 12 months. Sales have increased in virtually all product lines, partially fueled by increased international penetration. Gross profit margins improved by 120 basis points, primarily as a result of cost reductions on certain of its products. General, selling and administrative expenses increased by $2.5 million, or 28.4%, reflecting the increased sales staff for the domestic geosynthetic clay liner products, higher international marketing costs and higher costs associated with the establishment of the European environmental unit.
Nine Months Ended September 30, ------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ---------------------------- -------------------------- ------------------------- Transportation (Dollars in Thousands) $ Change % Change ------------ ------------ Net sales $ 17,534 100.0% $ 16,215 100.0% $ 1,319 8.1% Cost of sales 15,281 87.2% 14,220 87.7% Gross profit 2,253 12.8% 1,995 12.3% 258 12.9% General, selling and administrative expenses 1,368 7.8% 1,161 7.2% 207 17.8% Operating profit 885 5.0% 834 5.1% 51 6.1%
Revenues increased 8.1% with increased shipments of cat litter and environmental products. Gross profit margins improved from the previous year's low level. General, selling and administrative expenses increased primarily as a result of higher staffing levels in the brokerage operation. The incremental revenues expected to be achieved by the larger brokerage staff have yet to be fully realized. -7- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Nine Months Ended September 30, ------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ---------------------------- -------------------------- ------------------------- Corporate (Dollars in Thousands) $ Change % Change ----------- ------------ General, selling and administrative expenses $ 6,828 $ 4,727 $ 2,101 44.4% Operating loss (6,828) (4,727) (2,101) 44.4%
Corporate costs include management information systems, human resources, investor relations and corporate communications, corporate finance and corporate governance costs. The start-up of the nanocomposite business is also included in the corporate costs. The $2.1 million increase in costs is primarily attributable to the development and launch of the Company's nanocomposite technology. -8- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Three Months Ended September 30, 1996 vs. 1995 Net sales increased by $16.6 million, or 17.8%, while gross profit increased by $4.9 million, or 25.0%. Operating profit was $1.7 million, or 17.4%, higher. General, selling and administrative expenses increased by $3.2 million, or 32.3%, related to costs associated with developing the nanocomposite technology and higher expenses associated with the European environmental unit. Net interest expense increased by $.1 million, or 4.8%, over the prior year quarter. Earnings were $.30 per share for the 1996 quarter compared with $.25 per share for the prior year quarter on slightly fewer weighted average shares outstanding. A brief discussion by business segment follows:
Quarter Ended September 30, ------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ---------------------------- -------------------------- ------------------------- Minerals (Dollars in Thousands) $ Change % Change ----------- ------------ Net sales $ 37,260 100.0% $ 34,381 100.0% $ 2,879 8.4% Cost of sales 30,254 81.2% 28,066 81.6% Gross profit 7,006 18.8% 6,315 18.4% 691 10.9% General, selling and administrative expenses 3,684 9.9% 2,975 8.7% 709 23.8% Operating profit 3,322 8.9% 3,340 9.7% (18) (.5)%
Sales increased by $2.9 million, or 8.4%, over the prior-year period. Increased sales of cat litter and higher sales of products to the metalcasting industry more than offset the decline in sales of refining chemicals, a market which the Company exited during the second quarter of 1996. Gross profit margins increased by 40 basis points with improved product mix. General, selling and administrative expenses were up 23.8% over the prior-year quarter, however, the 1995 third quarter expenses were the lowest of that year. Average quarterly general, selling and administrative expenses for 1995 were comparable to the 1996 third quarter expense. -9- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Quarter Ended September 30, ------------------------------------------------------------------------------------ 1996 1995 1996 vs. 1995 --------------------------- -------------------------- ------------------------- Absorbent Polymers (Dollars in Thousands) $ Change % Change ------------ -------------- Net sales $ 38,744 100.0% $ 31,286 100.0% $ 7,458 23.8% Cost of sales 31,121 80.3% 25,023 80.0% Gross profit 7,623 19.7% 6,263 20.0% 1,360 21.7% General, selling and administrative expenses 2,683 6.9% 2,394 7.7% 289 12.1% Operating profit 4,940 12.8% 3,869 12.3% 1,071 27.7%
Revenues increased by $7.5 million, or 23.8%, over the prior-year quarter, as sales volume increased 39.7%. Gross profit margins declined by 30 basis points, primarily as a result of supplemental sales of U.S. product to the U.K. to satisfy European demand in excess of the U.K. plant capability. Greater plant utilization in both the U.S. and U.K. offset the impact of lower average selling prices.
Quarter Ended September 30, ------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ---------------------------- -------------------------- ------------------------- Environmental (Dollars in Thousands) $ Change % Change ------------ -------------- Net sales $ 26,923 100.0% $ 21,612 100.0% $ 5,311 24.6% Cost of sales 17,860 66.3% 15,307 70.8% Gross profit 9,063 33.7% 6,305 29.2% 2,758 43.7% General, selling and administrative expenses 3,985 14.8% 2,794 12.9% 1,191 42.6% Operating profit 5,078 18.9% 3,511 16.3% 1,567 44.6%
Sales increased by $5.3 million, or 24.6%, over the prior year. Gross profit margins increased by 450 basis points, primarily as a result of lower manufacturing costs for certain of its products. General, selling and administrative expenses increased by $1.2 million, or 42.6%, reflecting the addition of personnel and costs associated with the marketing of liner products, higher international marketing costs and increased infrastructure costs related to the European unit. -10- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Quarter Ended September 30, -------------------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 ---------------------------- -------------------------- ------------------------- Transportation (Dollars in Thousands) $ Change % Change ------------ -------------- Net sales $ 6,619 100.0% $ 5,699 100.0% $ 920 16.1% Cost of sales 5,813 87.8% 4,980 87.4% Gross profit 806 12.2% 719 12.6% 87 12.1% General, selling and administrative expenses 455 6.9% 404 7.1% 51 12.6% Operating profit 351 5.3% 315 5.5% 36 11.4%
Revenues increased 16.1% with increased shipments of cat litter and environmental products. General, selling and administrative expenses increased as a result of higher brokerage staffing levels.
Quarter Ended September 30, --------------------------------------------------------------------------- 1996 1995 1996 vs. 1995 -------------------- ---------------------- --------------------------- Corporate (Dollars in Thousands) $ Change % Change ------------ -------------- General, selling and administrative expenses $ 2,383 $ 1,406 $ 977 69.5% Operating loss (2,383) (1,406) (977) 69.5%
Increased costs associated with the development and launch of the nanocomposite business account for much of the increase in corporate expenses. In addition, the third quarter 1995 expenses included a reduction in incentive compensation, causing the costs to be lower than average. -11- AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources At September 30, 1996, the Company had outstanding debt of $130.3 million (including both long-and short-term debt) and cash of $4.3 million compared with $121.1 million in debt and $1.9 million in cash at December 31, 1995. The long-term debt to total capitalization at September 30, 1996, was 43.4% compared with 42.9% at December 31, 1995. The Company had a current ratio of 2.88-to-1 at September 30, 1996, with approximately $98.4 million in working capital, compared with 3.52-to-1 and $90.5 million, respectively, at December 31, 1995. The Company had $34.1 million in unused, committed credit lines at September 30, 1996. During 1996, the Company has paid dividends of $4.0 million and acquired property, plant and equipment totaling $29.3 million. These expenditures were funded from operations, additional borrowings of $8.4 million, and the sale of a non-strategic product line and certain mineral reserves. The net proceeds from the sale of these non-strategic assets were $6.2 million. The Company has adequate committed credit facilities to fund the capital expenditure program approved by the Board of Directors at this time. Management continues to explore other growth prospects in the environmental and international minerals sectors, as well as further expansion in the polymer segment. -12- PART II - OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K (a) See Index to Exhibits immediately following the signature page. (b) No reports on Form 8-K have been filed during the quarter ended September 30, 1996. -13- 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 thereunto duly authorized. AMCOL INTERNATIONAL CORPORATION Date: October 21, 1996 /s/ John Hughes John Hughes President and Chief Executive Officer Date: October 21, 1996 /s/ Paul G. Shelton Paul G. Shelton Senior Vice President and Chief Financial Officer -14- INDEX TO EXHIBITS Exhibit Number 3.1 Restated Certificate of Incorporation of the Company (5), as amended (10) 3.2 Bylaws of the Company (10) 4 Article Fourth of the Company's Restated Certificate of Incorporation (5) 10.1 AMCOL International Corporation 1983 Incentive Stock Option Plan (1); as amended (3) 10.2 Executive Medical Reimbursement Plan (1) 10.3 Lease Agreement for office space dated September 29, 1986, between the Company and American National Bank and Trust Company of Chicago (1) as amended (8) 10.4 AMCOL International Corporation 1987 Non-Qualified Stock Option Plan (2); as amended (6) 10.5 Change in Control Agreement dated April 1, 1994, by and between Registrant and John Hughes (6) 10.6 Change in Control Agreement dated April 1, 1994, by and between Registrant and Paul G. Shelton (6) 10.7 Change in Control Agreement dated February 7, 1996, by and between Registrant and Lawrence E. Washow (10) 10.8 Change in Control Agreement dated February 7, 1996, by and between Registrant and Roger P. Palmer (10) 10.9 Change in Control Agreement dated January 24, 1994, by and between Registrant and Peter L. Maul (6) 10.10 AMCOL International Corporation Dividend Reinvestment and Stock Purchase Plan (4); as amended (6) 10.11 AMCOL International Corporation 1993 Stock Plan, as amended and restated (10) 10.12 Credit Agreement by and among AMCOL International Corporation and Harris Trust and Savings Bank, individually and as agent, NBD Bank, LaSalle National Bank and the Northern Trust Company dated October 4, 1994, (7); as amended, First Amendment to Credit Agreement dated September 25, 1995 (9) 10.13 Note Agreement dated October 1, 1994, between AMCOL International Corporation and Principal Mutual Life Insurance Company (7) 27 Financial Data Schedule (1) Exhibit is incorporated by reference to the Registrant's Form 10 filed with the Securities and Exchange Commission on July 27, 1987. (2) Exhibit is incorporated by reference to the Registrant's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1988. (3) Exhibit is incorporated by reference to the Registrant's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1989. (4) Exhibit is incorporated by reference to the Registrant's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1992. (5) Exhibit is incorporated by reference to the Registrant's Form S-3 filed with the Securities and Exchange Commission on September 15, 1993. (6) Exhibit is incorporated by reference to the Registrant's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1993. (7) Exhibit is incorporated by reference to the Registrant's Form 10-Q filed with the Securities and Exchange Commission for the quarter ended September 30, 1994. (8) Exhibit is incorporated by reference to the Registrant's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1994. (9) Exhibit is incorporated by reference to the Registrant's Form 10-Q filed with the Securities and Exchange Commission for the quarter ended September 30, 1995. (10) Exhibit is incorporated by reference to the Registrant's Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1995. EX-27 2 FDS --
5 (Replace this text with the legend) 0000813621 AMCOL INTERNATIONAL CORPORATION 1,000 USD 3-MOS DEC-31-1996 JUL-01-1996 SEP-30-1996 1.00 4,300 0 90,806 2,144 48,292 150,600 288,673 110,899 349,701 52,238 0 0 0 213 0 349,701 291,843 291,843 231,431 270,103 197 0 6,309 15,628 5,628 9,989 0 0 0 9,989 .51 .51
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