Greetings and welcome to the Astec Industries third quarter 2015 earnings conference call. 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, Steve Anderson, Vice President and Director of Investor Relations. Thank you, sir. You may begin.

Thank you, Christine. Good morning and welcome to the Astec Industries' conference call for the third quarter that ended September 30, 2015. As Christine mentioned, my name is Steve Anderson. Also on today's call are Ben Brock, our President and Chief Executive Officer, Rick Dorris, Executive Vice President and Chief Operating Officer and David Silvious, our Chief Financial Officer. In just a moment, I will turn the call over to David to summarize our financial results and then to Ben to review our business activity during the third quarter. Before we begin, I will remind you that our discussion this morning 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 and assumptions. At this point, I will turn the call over to David to summarize our financial results for the third quarter.

All right. Thanks, Steve and good morning, everybody. Thanks for being with us this morning. Net sales for the quarter were $211.4 million compared to $220.2 million in the third quarter of 2014. It's a decrease of 4% or a $8.8 million decrease. International sales for were $55 million compared to $77.6 million for Q3 last year. It's a decrease of 29.1% or $22.6 million decrease. International sales represented 26% of Q3 sales this year and 35.2% of Q3 sales last year. The decrease in international sales compared to Q3 of last year occurred primarily in Canada and South American countries other than Brazil and in Australia and those decreases were offset by increases in Europe, in Southeast Asia and in Africa. Domestic sales for the quarter were $156.3 million compared to $142.6 million in Q3 of last year. It's a 9.6% increase or $13.7 million increase. Domestic sales represented 77% of Q3 sales this year and 64.8% of Q3 sales last year. Part sales for the quarter were $62 million compared to $61.5 million for Q3 last year. That's an increase of slightly less than 1% or a $500,000 increase. Part sales represented 29.3% of Q3 2015 sales compared to 28% of Q3 2014 sales. The foreign exchange translation of our foreign entities sales had a negative impact on those sales for the quarter of about $5.3 million. Now that is if the current year sales were translated at last year's rates, they would have been $5.3 million higher. On a year-to-date basis, net sales were $768.1 million compared to $736.1 million for the first nine months last year, a 4.3% increase or $32 million increase. International sales, on a year-to-date, were $206.1 million compared to $233.4 million for the first nine months last year. It's a decrease of…

Okay. Thank you, David. And now Ben Brock is going to provide some comments regarding the third quarter of this year's operations. Ben?

Thank you, Steve. Thanks to everyone for joining us on our call today. As we mentioned in our earnings release this morning, we were pleased with our third quarter results given the headwinds that we are facing and lower oil prices, the global mining slow down, the strong U.S. dollar and the absence of a long-term Highway Bill in the United States. We were pleased with our year-to-date earnings per share which were up 12% versus last year and the third quarter earnings per share were $0.10 a share versus $0.07 in the third quarter of last year for an increase of 25%. Our year-to-date earnings per share of $1.26 versus the $1.12 last year was an increase of 12.2% and our year-to-date EBITDA is at $66.1 million versus $58.9 million last year for an increase of 12.2%. Our backlog at September 30 was $245.6 million, which is down 16.7% versus last year. Our domestic backlog was down about 1% year-over-year and our international backlog was down about 45% versus last year. The international backlog remains down about the same percentage that it was down at the end of the second quarter, primarily due to the strength of the U.S. dollar and the global mining slowdown. Regarding our international sales, quoting activity in that side of our business remains active. Our Astec do Brazil facility is in the process of building a large aggregate processing plant and two hot mix asphalt plant orders. Our domestic backlog was down at the end of the third quarter. However order intake has been good in our infrastructure and aggregate group since October 1. Order intake in our energy group has remained soft. We continue to hear from our infrastructure customers that they are experiencing good business levels in the United States, particularly on…

All right. Christine, we are ready for questions if anyone has some.

[Operator Instructions]. Our first question comes from the line of Schon Williams with BB&T. Please proceed with your question.

Hi. Good morning, gentlemen.

Good morning.

Good morning.

I wanted just a little bit more clarity on the push-out on the pellet plant in Georgia. I just want to make sure I understand. So construction is still set to be finalized in mid-2016, but the customer has asked you to delay until 2017 in terms of final payment. Is that the correct interpretation?

Yes, Schon, this is Ben. We will probably have it all running by the end of the first quarter, all three lines. They asked us for more time to get a more favorable rate from their bank. They are talking to a couple of banks. We have a 6% note on it. And at the end of the day, they got us into the business. They helped us a lot. They help us on the $30 million order with site business with that customer. So we verbally agreed with the interest rate being where it was, we thought it was the right thing to do. I think they could potentially take us out earlier than mid-2017, talking with them, but that's what they have asked for and we are still working through the details. But that's essentially where it will end up and they have sold well over 100,000 tons of pellets out of line one and they are selling pellets out of line two already. So we are encouraged about where they are and we felt like it was the right thing to do with them.

Okay. Do you have any concerns that there's any, I guess, financial distress that this customer, that they wouldn't be able to eventually pay on this order?

No. No, we don't.

Okay. That's helpful. And then I wonder if we could just dig into what the aggregate side of the business looks like versus mining? I mean I would suspect that, obviously based on your commentary, the mining side is quite weak. But is the aggregate side of the business actually running off and then that's just being more than offset by the down side in mining? Maybe just a little bit of commentary there. And then I know that weather was an issue with aggregates in the spring. Is that still an issue, as we have moved into the summer and the fall here? Just any commentary there would be helpful.

Sure, Schon. This is Ben again. We have been to all our divisions in North America in the last three weeks and visiting with our aggregate group guys. In the summer, we had the traditional summer doldrums and on top of that internationally with mining being off, that affects a lot of different things. So it effects our infrastructure side too which would be the quarry-type aggregates for that type of construction and then you have got the building construction that goes off with that in some of our key markets. So it was almost a perfect storm. We had a few of our guys say, we are glad the third quarter is behind us and the mention that I had about orders being pretty good since October 1, the aggregate group has seen a much better order intake since the October started. So when you look at the mining side, you have got prices for iron ore and copper and commodities being down, but the fact is that the larger mines are pushing volumes higher to try to make up for it which is maybe a crazy way to I think of it, but the other thing that they think of is trying to push out some of their smaller competitors with higher cost while it's down. Our estimate, traveling around, talking with our guys is that, global mining may be running at about 60% capacity utilization with the exception of those large mines that are just going all out. Iron ore, two years ago, was at $200 a ton and it's up $50 right now. And a lot of that is China, but it affects a lot of things more than just the mining side and areas where mining goes down. And so that affects the aggregate side too. So we have been hurting in some those key markets where mining is big and that hurts aggregate and infrastructure really. We do hear from some of our guys that they are hearing that if we could see some type of come back in mid-to-late 2016. In the meantime, we are focusing on bringing out some new products to try to fill some niches and keeping our guys focused on getting all we can in the United States while it's been stronger. Although it took a break during the third. It seems like the buying has started back up here after October 1.

All right. Thanks, guys. I will get back in the queue here.

Thank you.

Our next question comes from the line of William Bremer with Maxim. Please proceed with your question.

Good morning, gentlemen.

Good morning.

Good morning.

First, let's go into the infrastructure group. Can you walk me through your backlog there? It came in very, very solid, in our opinion. Do you have a sense on, primarily in the infrastructure group, how is pricing and the bookings of the current orders being affected there currently? And if we could take that into the other two segments as well.

Sure. This is Ben again. The pricing side, given that the same environment that we are in all, our of our competitors are in. So the pricing is tough. It's a buyer's market for our customers and they know it and it is tough and it doesn't matter which group it is. So that would answer the pricing part of the question. For the backlog side of the infrastructure group, part of that is the pellet plant, which is $30 million. The margin line of that should be in line with the margin you are seeing in the release for the infrastructure group. And so that's where you are probably seeing a good bit of that. The asphalt plant market has been better than this time last year. So a little bit of that is in asphalt plants, which in addition to that, some of that would bleed over into the energy group through CEI, the asphalt tanks and heaters will come through on some of those plants.

All right. Ben, you mentioned that the fourth quarter will be equivalent to the fourth quarter of 2014. Are you talking net income here? Or are you talking top-line revenue?

On the net income side. And we have a chance to approach the volume. But a good bit of that does, we have got to get the pellet plant out to get there. It's really interesting, we have to balance everything with 18 divisions and 16 manufacturing plants. Some are doing better and others, if you just sitting here in Chattanooga at the Astec plant, you would feel like the world is pretty good because they are all out trying to get the pellet plant out.

So you are looking to get the $30 million pellet plant realized in the fourth quarter, not necessarily the first quarter of 2016?

That's correct.

Okay. Thanks, gentlemen. I will hop back in queue.

Thank you.

Our next question comes from the line of Mig Dobre with Robert W Baird. Please proceed with your question.

Good morning, everyone. This is Joe Grabowski sitting in for Mig this morning.

Good morning.

Good morning. I guess just I would start with a big-picture question. Your backlog domestically was down 1% year-over-year, but if you back out the wood pellet plant, it was down more like 17% year-over-year. How would you rank the headwinds that the domestic business is facing right now? No Highway Bill, energy slowdown, mining slowdown. How would you rank those headwinds as you look at the backlog being down that much, again ex- the wood pellet plant?

This is Ben again, Joe. The Highway Bill just is really a big headwind, because our customers for large CapEx projects want to have that security over a longer-term for their planning. So these two, three, four months extensions just wreak havoc on the ability of those guys to really plan out. Part of what I think we are seeing for the uptick in the plant business here, just a slight uptick, is there has been lot of line maintenance contracts for the asphalt side and they have a pretty good market on the private side. So I think our customers are doing better than we are and I think we are seeing a little bit of the pent up in demand come through and plants have run more in the last couple of years. I think we are just seeing some of that come through. So that would be number one. Oil prices would probably be number two, but it would be number one in the energy group. That's been the big drag there. We are focused on working to grow our backlog, but the headwinds we mentioned are real and challenging. We are facing them. Our competitors are facing them. But we are being realistic about it and we are managing the business to the environment we are in. We had a headcount at the beginning of the year that was approaching 4,000 in January and so we are under 3,800 today. Our shop utilization is around 60% as a whole. Now it differs by division, I think average in and out it would be about 60% and right now it looks 100% here in Chattanooga, but that would be the exception. But we are managing hours in our shops in addition to the headcount work that we fortunately had to do and we are working on expenses. But at the same time, we are staying focused on new products. We have got a lot of R&D going through. We have applied for several provisional patents during the quarter. So the R&D continues. And that's another way to help get the volume in the down market, so long as those products will help our customers be more successful. I mean they have got to have an economic return for once. So we are working on that. The concrete plant is one great example of that because it will allow our customers to use less cement in their concrete, which is their highest cost input item at $150 a ton. So that's the type of things that we are working on to try to help on the backlog and get through what we are in the middle of.

Thanks for the color on that. Maybe probing a little more on the Highway Bill, you are still optimistic that we could get a long-term bill, I guess, at the 11th hour. I know you have spent a lot of time in Washington DC. I would just be curious to your thoughts, the retirement of John Boehner, is that potentially a negative for getting a Highway Bill by the end of the year? Or maybe even a positive that he might get it through as he is leaving?

It's interesting you mentioned John Boehner because I was in our congressman's office as he retired. So that was an interesting visit. Congress is a mess. So I cannot even get a replacement for Boehner. But when you look at it, both sides concede that they need to pass a long-term bill. And the paid for has always been the issue and in the talks that we have had and that's why we think we expect an extension by October 29, is what we are hearing from our discussions. The committee has released a bill. The T&I Committee released a bill. They will probably do the extension and then the House will pass a six-year bill and then it will go to conference. And that's the best chance we have had in a long, long time, when you have got two six year bills in conference between Senate and the House. And that's where our optimism comes from. It's hard because I would like to use the word in confidence when I talk about our representatives in DC with regards to the Highway bill because it seems like that that would be the one thing they could all agree on and get done, because our country needs it.. I mean I probably travel as much as anybody around the country and our freaking bridges are in terrible shape. And so we have got to do something and I guess the sense is that then get it to conference that gives us a really good shot at a six-year bill. The asterisk on Washington DC is the fact that that's what it is. It's Washington DC and it always seems like it's on its way to fall over.

Sure.

I think this is as good a shot as we have had. The funding we might not love. I think the funding will be slipping. I think it's probably in the $43 billion to $44 billion a year on average range for highways. But if they could get past, it adds the missing stability that we need in our industry. And it will add to the states that have taken the matter in their own hands that have passed their own funding mechanisms, either be a gas tax or sales tax. So it would be extremely positive, even if it was in the $43 billion to $44 billion range for our industry.

Great. Okay. Well, thank you. One last question for me. With the downturn in energy and mining, has it made the M&A market more attractive? Are you seeing acquisition multiples come down and just the appetite for M&A here in the medium-term, I guess?

Well, we are not seeing multiples come down. The private equity continues to keep those higher. But as far as opportunities, we are definitely active. Our strategic goal is to work to add 5% volume a year through acquisitions. We do have opportunities to do that in 2016. So we are not going to necessarily, we won't do it for our ego. It's got to be a fit. It's got to be strategic and it's got to be in areas that we cover energy, infrastructure or aggregate mining. But we do have those opportunities and we are working on them.

Sure. Okay. Thank you. Good luck in the fourth quarter.

Thank you.

Our next question comes from the line of Stanley Elliott with Stifel. Please proceed with your question.

Hi guys. Good morning and thanks for taking my question. As it relates to the Highway Bill, so what are the expectations? So if we do get a bill, how quickly can these orders come through? Would it be in time for the spring construction season? Any thoughts around that?

Based on the inquiry levels we have had, Stanley, I would say yes, it could effect the first, if it's passed and signed this year, it could affect as early as the first quarter, but certainly in the second.

And kind of playing worst-case scenario. So if we don't get the Highway Bill, what are thoughts on, are there restructuring efforts? How quickly can you take cost out? And then maybe framework us some plans on a contingency basis there.

Well, I think per my comments and mentioning about the backlog, Stanley, we are working on that now. It's not fun and we have got great people and it's painful. But we are working on that now. We are not assuming there is a Highway Bill. So although with the areas where we feel like we have a competitive advantage in, in service and parts and sales, we are less aggressive on some of those things. So we are planning right now putting plans in place in the event there is no Highway Bill. However, I would say that we do have some good new products coming out. We have other opportunities to try to sell internationally. We can try to use our Astec do Brazil facility in a more strategic way internationally. We have a license agreement in India that we could work to take advantage of in areas where we are not selling now, which we are looking at now. So we are working on some things to try to help grow the business without a Highway Bill.

And switching gears to the wood pellet plant or line rather in the first half. I thought I heard you say that the margins would be in line on a gross level to what you are doing now. But I remember in the release that there was a fair amount of service work, service related revenue. Should we think of that as incremental to whatever the line would end up costing?

Yes, I think so. I think you would see that. But I think it's kind of a delayed deal because in the first part of operation of the plant, there won't be as much. But I think in year two and three, you will start to see that. So for the two plants, for the two lines that are running and the one that will start up, I think we won't see that until 2017.

Great. Thank you very much.

Thank you.

Our next question comes from the line of Nick Coppola with Thompson Research. Please proceed with your question.

Hi. Good morning.

Good morning.

So you guys talked about the infrastructure group seeing a tough price environment. Can you just add some color there about the competitive environment, maybe in the asphalt plant business versus maybe the roadbuilding equipment at Roadtec?

Well, Roadtec has an unique situation. They fight a very large competitor based in Europe. Of course they are helped right now with the Euro to dollar ratio too. So they are very challenged on just about every single deal on pricing and they are doing a really good job of working through it. But they are having to do a lot of work and they are working on lot on their shop and flow in trying to help margins that way. Of course, that pricing pressure though, Nick, it's across all lines. Every one of our groups has got some headwinds and our competitors have too. So I wouldn't necessarily single out those guys. We have some competitors that seem to have no bottom asphalt plant side. So it's very difficult right now. But our guys are doing a nice job and they are maintaining the market share and what's really helped is maintain our bottom line is the lean effort and the fact that in steel is down. It has been helpful in addition to the work we have done in manufacturing.

And so is it really more about volume is picking back up, so that you can get price?

Yes.

All right. Fair enough. And then in the energy business, clearly sales and backlog were down there, impacted by lower oil prices. Any comments or color on the types of equipment that saw declines there, given your mix inside that segment?

Yes. On the oil side, it's the oil drill rigs at GEFCO and the pumper trailers at GEFCO and then we have got heating systems that would be out of Heatec and CEI. So really oil is pretty depressing. It's well documented and we are getting conflicting information from the field talking with customers about when it would come back. We have heard as early as mid-2016 to as far out as early-2017 for oil prices to come back. The rig count year-over-year is down over 50%. So at some point, hopefully we hit a rock-bottom on that. But a lot of the rigs that are still running are the newer technology so the capacity, we are still getting a good volume of oil. But the oil brings opportunity. That's where you are seeing some states be able to get gas taxes through to help the infrastructure. And if the federal government gets to step on that too, they would. It's crazy because $0.12 a gallon would really fix what ails us. And that Exit 11 hearing in Chattanooga called the Ooltewah Exit, we had $0.12 a gallon price difference from one side of the street to the other. The consumers could shop away $0.12 a gallon and that's just crazy that the federal government can't just do it. Of course, I am stumping here a little bit, but it's frustrating to us. But GEFCO does continue to struggle because of their products and Heatec has made up for a little better their oil issue with the heaters are making it up with food and chemical heater sales and those two industries. CEI frankly is in transition on the energy group side. We moved the small asphalt plants there to our Dillman operation to get it aligned with our Astec operation and that really worked well because they are doing well and we are shipping small plants to a lot of different places out of there that we never got done at CEI. So that part of the plant is working. CEI, in some respects, is a little bit of a startup because we have got a new product line going through there and they are going to be okay in 2016, but they have struggled this year. So that shows up in the energy group too.

All right. That's very helpful. Thanks for taking my questions.

Okay. Thank you.

Our next question comes from Ted Grace with Susquehanna. Please proceed with your question.

Hi gentlemen.

Hi, Ted.

Ben, I was wondering if you could talk about 2016 at some level. I know you are have framed 4Q as being maybe flattish year-on-year on an EPS basis and pellet presses will be a big variable and you have walked through some of the end markets. A lot will be dependent on the Highway Bill. Pellet presses are a big TBD. You have got AMG and energy as a headwind. But we are at the point of the year where investors are kind of rolling forward to 2016. Any kind of handful of things you could give us on how people might want to think about next year would be really helpful. Could you maybe start there?

Well, I would tell you, I wish we had a crystal ball on the Highway Bill because we could be a little more, maybe I don't know, if it's optimistic but we sure have a clear line of sight. But I think the pellet plant is something that kind of sits there and could help us offset as a whole some of the Highway Bill uncertainty and when talking to our guys with some of the new products we have coming out, we could see next year being slightly up in the 5 to 8% range. I know we have people that we buy equipment from and are also competitors that think it could be down 5%. I think we would take a little more optimistic view with opportunity slightly up in 2016 with the products we have today.

That's total revenue, just to make sure we are talking apples-to-apples?

Yes. Total revenue.

Okay. So I guess when we think about it, your energy segment backlog is down to $15 million. Really tough environment. We have talked about that a lot. Orders were down over 80%. They have been running kind of like $15 million to $20 million in the last two or three quarters. If you look at consensus expectations next year, consensus has revenue for the energy segment at $190 million versus a quarterly run rate of, call it, $15 million to $20 million optimistically. So it just seems like that's a huge gap to bridge and if you put any reasonable margins, that's anywhere from $0.85 to $1.15 of earnings power. So can you just help us understand how you back-fill energy? You talked about maybe getting an inflection in mid-2016. That's probably the optimistic view, I think most would think. You highlighted that that seemed like the more optimistic view is maybe 2017. So how do you bridge flat revenue, if we are facing the kind of challenge in energy?

Well, we have really got to do that through some of the products that are coming out. The other concrete plant that we sold is $1.7 million and we got an opportunity there to bridge some of that gap there. And then on the CEI side and the Heatec side is focusing more on other industrial uses for their heater systems. And they have got a couple of larger projects that are quoted too that if they came through, they would help. So it's going to be broadening their industrial base market and also we are looking at two new rig designs for our GEFCO unit to try to get volume through their plant as well. So it's really a combination of new industrial heating system opportunities for the Heatec, CEI side, concrete plants and related equipment at CEI and a new drill rig or two at GEFCO to help get that volume up.

This is Rick. Peterson is also looking at some new products that should help their sales next year also.

Okay. And then in terms of just any incremental color you can share on orders throughout the quarter. Obviously some of the businesses, especially with the pellet presses, can be lumpy. Can you talk about just whether relative internal plan or on a smooth basis, how each month of the third quarter progressed and how fourth quarter is progressing? I know you had some optimism in some of the business, but in terms of just how orders are trending. Is that part of what underpins your optimism on next year? Was there any discernible trend that was abnormal in the third quarter on a monthly basis?

Yes. I would tell you that in June and July, well, it is really July and August, Ted. Our customers were working and not buying in the U.S. and it was pretty slow. And then after Labor Day, it opened up and that's traditional. Our buying season on the infrastructure side in asphalt would typically run from about Labor Day through end of May. That's a ballpark. But it just opened up a little bit and it did delay little bit on the aggregate side versus the asphalt and it seemed to open up the last week of September and the increase and then the purchases really started, almost like October 1 was the day. And so we saw that not only in our aggregate side but also in the wood chipper side at our Peterson group. So that's where that optimism comes from.

Okay. And then the last question for me just on the cost actions you are exploring and trying to dimensionalize. Do you think there will be an update by the time you announce fourth quarter results in terms of the actions you will take? Could it actually occurred during the fourth quarter? Just how should we think about timing, getting visibility on what those actions will be in the cost and benefits?

Well, probably that would be at the next release, Ted. We have, like we said here, our headcount is down, probably in the 200 range now from the January of this year. A part of that is the Loudon facility closing and part of that where the divisions where we been challenged in volume and that's quarter-end in employment numbers. But I would say, we have had about 25 additional since the October 1 date. So it's painful and we are a people oriented place here and it hurts me personally to do that. But we got to be realistic with the markets we are in so it's a case-by-case basis.

Okay. Well, thanks for the color and let's much hope for a sustained turn. Good luck this quarter, guys.

Thank you.

Our next question comes from the line of Brian Sponheimer with Gabelli & Co. Please proceed with your question.

Hi. Thank you for fitting me in. You have answered most of my questions, but I am just curious as to whether on the mining side or in the oil and gas side, you are a seeing any distress in your customer base.

We have on some of the contract drillers but not a lot. It's really one of the interesting gauges that we kind of look at is Enid, Oklahoma, where GEFCO traditionally has a very low unemployment rate and it's still pretty low. But recently our last visit there was two weeks ago. That town is slowing down a little bit. So that's one of the gauges that we would have for oil and gas.

And just as far as your foreign markets, particularly South America, your sense of distress there, versus four, five months ago?

Outside of Brazil, it's getting a little better, Brian. Brazil itself is everything you are reading is pretty well hurting. You talk about timing to open a facility. We did the official opening in right about the time all the corruption is happening, while mining is going down. But we have gotten a few orders there. We have got a few prospects, not all of them are in Brazil, but they are around there and our guys are doing good job uncovering some opportunities. So outside of Brazil, South American in the last four or five months has gotten better for us.

Understood. Thank you very much.

Thank you.

Thank you. Our final question is a follow-up question from William Bremer with Maxim. Please proceed with your question.

Hi, Ben. Just a follow-up on the pellet activity. What needs to be done for you to realize that $30 million this year in 2015? And then if it is realized and we push out the realization of the $60 million, what's the likelihood that you will have a win and a realization in 2016 on the pellet side?

For the current quarter we have in the shop, the way the terms are we need to finish it. So we have just got to get it out the door. So that's good news. We are pushing hard to do that. To realize the $60 million, that would be the customer being able to get that favorable finance rate they think they can get with a longer-term cash flow showing. So I think we are doing all we can to help them get there. We have got people on site. We are staying on-site. Of course we need to, as we still haven't started on line three up but very encouraging on line two that we hit the guaranteed production extremely fast. Much faster than we done on line one, which proves that we are learning and we are moving in a positive direction and all the changes that we have on those lines at Hazlehurst are in the new lines that we are building now. So we are very encouraged about our future there.

Okay, Ben. Thanks. Appreciate it.

We have reached the end of question-and-answer session. Mr. Anderson, I would now like to turn the floor back over to you for closing comments.

Thank you, Christine. We appreciate everyone's participation on our third quarter conference call. Thank you for your interest in Astec. As our news release indicates, today's conference call has been recorded. A replay of the conference call will be available through November 3, 2015 and an archived webcast will be available for 90 days. The transcript will be available under the Investor Relations section of the Astec industries website within the next seven days. All of that information is contained in the news release that was sent out earlier today. As Christine mentioned, this concludes our call. So thank you all. Have a good week.

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.