Back to GetFilings.com



UNITED STATES 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 June 30, 2004
-------------------------------------------------

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 (IRS Employer
incorporation or organization) 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 by check mark whether the registrant is an accelerated filer (as
defined in Rule 12(b)-2 of the Exchange Act).

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 July 21, 2004
- ------------------------------ ----------------------------
(Common stock, $.01 par value) 29,269,176 Shares



AMCOL INTERNATIONAL CORPORATION

INDEX

Page No.
--------
Part I - Financial Information

Item 1 Financial Statements
Condensed Consolidated Balance Sheets -
June 30, 2004 and December 31, 2003 1

Condensed Consolidated Statements of Operations -
three and six months ended June 30, 2004 and 2003 2

Condensed Consolidated Statements of Comprehensive Income -
three and six months ended June 30, 2004 and 2003 2

Condensed Consolidated Statements of Cash Flows -
three and six months ended June 30, 2004 and 2003 3

Notes to Condensed Consolidated Financial Statements 4

Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations 9

Item 3 Quantitative and Qualitative Disclosures About Market Risk 18

Item 4 Controls and Procedures 18

Part II - Other Information

Item 2e Company Repurchases of Company Stock 19

Item 6 Exhibits and Reports on Form 8-K 19



AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

- --------------------------------------------------------------------------------
ASSETS June 30, December 31,
2004 2003
(unaudited) *
- --------------------------------------------------------------------------------
Current assets:

Cash $ 15,993 $ 13,525
Accounts receivable, net 86,642 60,997
Inventories 51,966 46,182
Prepaid expenses 9,267 5,858
Current deferred tax assets 5,229 3,289
Income taxes receivable -- 8,445
-------- --------
Total current assets 169,097 138,296
-------- --------

Investment in and advances to joint ventures 13,432 13,068
-------- --------

Property, plant, equipment, and
mineral rights and reserves:

Land and mineral rights 10,460 10,275
Depreciable assets 234,345 226,221
-------- --------
244,805 236,496
Less: accumulated depreciation 157,459 149,500
-------- --------
87,346 86,996
-------- --------
Other assets:

Goodwill 16,339 5,633
Intangible assets, net 1,421 1,345
Other assets 9,294 8,649
Deferred tax assets 4,721 4,790
-------- --------
31,775 20,417
-------- --------
$301,650 $258,777
======== ========

LIABILITIES AND STOCKHOLDERS' EQUITY
- --------------------------------------------------------------------------------
June 30, December 31,
2004 2003
(unaudited) *
- --------------------------------------------------------------------------------
Current liabilities:

Notes payable $ 125 $ 844
Accounts payable 25,287 20,365
Income tax payable 3,355 --
Accrued liabilities 29,306 25,162
-------- --------
Total current liabilities 58,073 46,371
-------- --------

Long-term debt 31,331 9,006
-------- --------

Minority interests in subsidiaries 117 116
Other liabilities 19,787 18,386
-------- --------
19,904 18,502
-------- --------
Stockholders' equity:

Common stock 320 320
Additional paid in capital 68,403 67,513
Retained earnings 134,359 125,627
Accumulated other comprehensive income 7,759 8,372
-------- --------
210,841 201,832
Less:

Treasury stock 18,499 16,934
-------- --------
192,342 184,898
-------- --------
$301,650 $258,777
======== ========
*Condensed from audited financial statements

The accompanying notes are an integral part of these condensed consolidated
financial statements.


1


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)



- ------------------------------------------------------------------------------------------------------------
Six Months Ended Three Months Ended
June 30, June 30,
-----------------------------------------------------------
2004 2003 2004 2003
- ------------------------------------------------------------------------------------------------------------

Net sales $ 218,995 $ 172,720 $ 117,028 $ 93,253
Cost of sales 165,511 130,900 88,080 70,057
------------ ------------ ------------ ------------
Gross profit 53,484 41,820 28,948 23,196
General, selling and administrative expenses 35,143 29,223 17,847 14,929
------------ ------------ ------------ ------------
Operating profit 18,341 12,597 11,101 8,267
------------ ------------ ------------ ------------
Other income (expense):

Interest expense, net (390) (202) (311) (122)
Other, net 82 162 39 130
------------ ------------ ------------ ------------
(308) (40) (272) 8
------------ ------------ ------------ ------------
Income before income taxes and equity 18,033 12,557 10,829 8,275
in income of joint ventures
Income tax expense 5,679 4,269 3,410 2,814
------------ ------------ ------------ ------------
Income before equity in income of 12,354 8,288 7,419 5,461
joint ventures
Income from joint ventures 469 349 321 246
------------ ------------ ------------ ------------
Net income $ 12,823 $ 8,637 $ 7,740 $ 5,707
============ ============ ============ ============

Weighted average common shares outstanding 29,091,621 28,051,675 29,090,587 28,108,456
============ ============ ============ ============
Weighted average common and common
equivalent shares outstanding 30,859,545 29,745,805 30,835,691 29,896,941
============ ============ ============ ============
Basic earnings per share $ 0.44 $ 0.30 $ 0.27 $ 0.20
============ ============ ============ ============
Diluted earnings per share $ 0.42 $ 0.29 $ 0.25 $ 0.19
============ ============ ============ ============
Dividends declared per share $ 0.14 $ 0.07 $ 0.07 $ 0.04
============ ============ ============ ============


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)


- -----------------------------------------------------------------------------------------------------------
Six Months Ended Three Months Ended
June 30, June 30,
---------------------------- ----------------------------
2004 2003 2004 2003
---------------------------- ----------------------------

Net income $ 12,823 $ 8,637 $ 7,740 $ 5,707
Other comprehensive income (loss):
Reclassification of prior service cost (410) -- (410) --
Foreign currency translation adjustment (204) 2,286 (1,545) 3,832
------------ ------------ ------------ ------------
Comprehensive income $ 12,209 $ 10,923 $ 5,785 $ 9,539
============ ============ ============ ============


The accompanying notes are an integral part of these condensed consolidated
financial statements.


2


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

- --------------------------------------------------------------------------------
Six Months Ended
June 30,
-----------------------
2004 2003
- -------------------------------------------------------------------------------
Cash flow from operating activities:

Net income $ 12,823 $ 8,637
Adjustments to reconcile from net
income to net cash
used in operating activities:
Depreciation, depletion, and amortization 9,398 8,756
Changes in assets and liabilities, net of
effects of acquisitions:
Increase in current assets (20,568) (17,221)
Decrease (increase) in noncurrent assets (1,511) 35
Increase in current liabilities 8,371 1,353
Increase in noncurrent liabilities 1,135 240
Other 1,515 (153)
-------- --------
Net cash provided by operating activities 11,163 1,647
-------- --------
Cash flow from investing activities:

Acquisition of land, mineral rights,
and depreciable assets (7,446) (6,323)
Acquisitions, net of cash acquired (13,335) --
Other 1,629 (978)
-------- --------
Net cash used in investing activities (19,152) (7,301)
-------- --------
Cash flow from financing activities:

Net change in outstanding debt 17,651 4,043
Proceeds from sales of treasury stock 746 1,085
Purchases of treasury stock (2,879) (1,593)
Dividends paid (4,091) (1,965)
-------- --------
Net cash provided by financing activities 11,427 1,570
-------- --------
Effect of foreign currency rate changes on cash (970) 1,597
-------- --------
Net (increase) in cash and cash equivalents 2,468 (2,487)
-------- --------
Cash and cash equivalents at beginning of period 13,525 15,597
-------- --------
Cash and cash equivalents at end of period $ 15,993 $ 13,110
======== ========
Supplemental disclosures of cash flow information:
Cash paid for:
Interest $ 186 $ 252
======== ========
Income taxes $ 3,022 $ 2,180
======== ========

The accompanying notes are an integral part of these condensed consolidated
financial statements.


3


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share amounts)

Note 1: BASIS OF PRESENTATION

The financial information included herein has been prepared by management
and, other than the condensed consolidated balance sheet as of December 31,
2003, is unaudited. The condensed consolidated balance sheet as of December 31,
2003 has been derived from, but does not include all of the disclosures
contained in, the audited consolidated financial statements for the year ended
December 31, 2003. The information furnished herein includes all adjustments
that are, in the opinion of management, necessary for a fair statement of the
results of operations and cash flows for the interim periods ended June 30, 2004
and 2003, and the financial position of the Company as of June 30, 2004, and all
such adjustments are of a normal recurring nature. Management recommends that
the accompanying condensed consolidated financial information be read in
conjunction with the consolidated financial statements and related notes
included in the Company's 2003 Annual Report on Form 10-K, which accompanies the
2003 Corporate Report.

The results of operations for interim periods are not necessarily
indicative of the results to be expected for the full years.

In June 2001, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 143, "Accounting for
Asset Retirement Obligations" ("SFAS 143"), which addresses financial accounting
and reporting for legal obligations associated with the retirement of tangible
long-lived assets and the related asset retirement costs. SFAS 143 requires that
the fair value of a liability for an asset retirement obligation be recognized
in the period in which it is incurred if a reasonable estimate of fair value can
be made. The fair value of the liability is added to the carrying amount of the
associated asset and this additional carrying amount is depreciated over the
life of the asset. Subsequent to the initial measurement of the asset retirement
obligation, the obligation is adjusted at the end of each period to reflect the
passage of time and changes in the estimated future cash flows underlying the
obligation. The Company adopted SFAS No. 143 as of January 1, 2003, and
determined that no material adjustments were required to the amounts previously
recorded. At June 30, 2004, the Company's recorded reclamation obligation was
$5,142. During the quarter ended June 30, 2004, the obligation was reduced by
$240 due to payments made in relation to normal mining activities offset by
accretion and recognition of additional obligations resulting from normal mining
activities.

Note 2: INVENTORIES

Inventories at June 30, 2004 have been valued using the same methods as at
December 31, 2003. The composition of inventories at June 30, 2004 and December
31, 2003 was as follows:

- --------------------------------------------------------------------------------
June 30, December 31,
2004 2003
- --------------------------------------------------------------------------------
Advance mining $ 2,383 $ 2,605
Crude stockpile inventories 15,313 14,410
In-process inventories 18,726 14,190
Other raw material, container,
and supplies inventories 15,544 14,977
------- -------
$51,966 $46,182
======= =======


4


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share amounts)
(Continued)

Note 3: EARNINGS PER SHARE

Basic earnings per share were computed by dividing net income by the
weighted average number of common shares outstanding during each period. Diluted
earnings per share were computed by dividing net income by the weighted average
common shares outstanding after consideration of the dilutive effect of stock
options outstanding during each period. For the quarter ended June 30, 2004, the
exercise price of 294,650 outstanding stock options was above the average market
price, and therefore these options were excluded from the computation of diluted
earnings per share. For the six months ended June 30, 2004, the exercise price
of all the outstanding stock options was below the average market price and
therefore the impact of these options was included in the computation of diluted
earnings per share.



- ----------------------------------------------------------------------------------------------------
Six Months Ended Three Months Ended
June 30, June 30,
-------------------------------------------------
2004 2003 2004 2003
- ----------------------------------------------------------------------------------------------------

Weighted average of common shares outstanding 29,091,621 28,051,675 29,090,587 28,108,456
Dilutive impact of stock options 1,767,924 1,694,130 1,745,104 1,788,485
Weighted average of common and common equivalent
shares for the period 30,859,545 29,745,805 30,835,691 29,896,941
========== ========== ========== ==========
Common shares outstanding 29,203,355 28,262,630 29,203,355 28,262,630
========== ========== ========== ==========


Note 4: BUSINESS SEGMENT INFORMATION

The Company operates in two major industry segments: minerals and
environmental. The Company also operates a transportation business. The minerals
segment mines, processes and distributes clays and products with similar
applications to various industrial and consumer markets. The environmental
segment processes and distributes clays and products with similar applications
for use as a moisture barrier in commercial construction, landfill liners and in
a variety of other industrial and commercial applications. The transportation
segment includes a long-haul trucking business and a freight brokerage business,
which provide services to both the Company's plants and outside customers.

The Company identifies segments based on management responsibility and the
nature of the business activities of each component of the Company. Intersegment
sales are insignificant, other than intersegment shipping, which is disclosed in
the following table. The Company measures segment performance based on operating
profit. Operating profit is defined as sales less cost of sales and general,
selling and administrative expenses related to a segment's operations. The costs
deducted to arrive at operating profit do not include interest or income taxes.

Segment assets are those assets used in the Company's operations in that
segment. Corporate assets include cash and cash equivalents, corporate leasehold
improvements, the nanocomposite plant investment and other miscellaneous
equipment.


5


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share amounts)
(Continued)

The following summaries set forth certain financial information by
business segment for the six and three months ended June 30, 2004 and 2003 and
as of June 30, 2004 and December 31, 2003.

- -------------------------------------------------------------------------------
Six Months Ended Three Months Ended
June 30, June 30,
-----------------------------------------------------
2004 2003 2004 2003
- --------------------------------------------------------------------------------
Business Segment:
Revenues:

Minerals $ 130,472 $ 103,719 $ 66,417 $ 53,542
Environmental 76,517 57,402 44,750 33,913
Transportation 19,390 18,187 10,058 9,390
Intersegment shipping (7,384) (6,588) (4,197) (3,592)
--------- --------- --------- ---------
Total $ 218,995 $ 172,720 $ 117,028 $ 93,253
========= ========= ========= =========

Operating profit (loss):

Minerals $ 15,673 $ 10,799 $ 8,238 $ 5,882
Environmental 9,231 7,704 6,152 5,321
Transportation 837 775 451 399
Corporate (7,400) (6,681) (3,740) (3,335)
--------- --------- --------- ---------
Total $ 18,341 $ 12,597 $ 11,101 $ 8,267
========= ========= ========= =========

June 30, Dec. 31,
2004 2003
--------------------------
Assets:

Minerals $155,067 $144,973
Environmental 119,563 82,453
Transportation 2,243 1,891
Corporate 24,777 29,460
-------- --------
Total $301,650 $258,777
======== ========


At June 30, 2004 and December 31, 2003, goodwill for the minerals segment
was $5,024 and $5,394; and for the environmental segment was $11,315 and $239.
The purchase price allocation of acquisitions made within the past 12 months
have not been finalized as management is in the process of determining the fair
values of the assets acquired and liabilities assumed.

Note 5: STOCK OPTION PLANS

Prior to 2003, the Company accounted for its fixed plan stock options
under the recognition and measurement provisions of Accounting Principles Board
Opinion No. 25, Accounting for Stock Issued to Employees, and related
Interpretations. No stock-based employee compensation cost was reflected in net
income prior to 2003, as all options granted under those plans had an exercise
price equal to the market value of the underlying common stock on the date of
grant. Effective January 1, 2003, the Company adopted the fair value recognition
provisions of SFAS No. 123, Accounting for Stock-Based Compensation, and elected
to apply those provisions prospectively, in accordance with SFAS No.


6


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share amounts)
(Continued)

148, Accounting for Stock-Based Compensation-amendment to SFAS 123, to all
employee awards granted, modified, or settled after January 1, 2003. Awards
under the Company's plans vest over three years. Therefore, the cost related to
stock-based employee compensation included in the determination of net income
for 2003 and 2004 is less than that which would have been recognized if the fair
value based method had been applied to all awards since the original effective
date of Statement No. 123. Results for prior years have not been restated.

The following table illustrates the effect on net income and earnings per
share if the fair value based method had been applied to all outstanding and
unvested awards in each period.



- ------------------------------------------------------------------------------------------------
Six Months Ended Three Months Ended March 31,
June 30, June 30,
----------------------------------------------------
2004 2003 2004 2003
- ------------------------------------------------------------------------------------------------

Net income, as reported $ 12,823 $ 8,637 $ 7,740 $ 5,707
Add: Stock-based employee compensation
expense included in reported net
income, net of related tax effects 635 132 303 66
Deduct: Total stock-based employee
compensation expense determined
under fair value based method
for all awards, net of related
tax effects (784) (414) (378) (207)
---------- ---------- ---------- ----------
Pro forma net income $ 12,674 $ 8,355 $ 7,665 $ 5,566
========== ========== ========== ==========

Earnings per share:

Basic - as reported $ 0.44 $ 0.30 $ 0.27 $ 0.20
Basic - pro forma $ 0.44 $ 0.30 $ 0.26 $ 0.20

Diluted - as reported $ 0.42 $ 0.29 $ 0.25 $ 0.19
Diluted - pro forma $ 0.41 $ 0.28 $ 0.25 $ 0.19



Note 6: COMPONENTS OF PENSION AND OTHER RETIREMENT BENEFIT COST

- --------------------------------------------------------------------------------
Six Months Three Months
Ended Ended
June 30, June 30,
---------------------------------
2004 2003 2004 2003
- --------------------------------------------------------------------------------
Service cost $ 724 $ 664 $ 362 $ 332
Interest cost 914 876 457 438
Expected return on plan assets (968) (788) (484) (394)
Amortization of transition
(asset) obligation (68) (68) (34) (34)
Amortization of prior service cost 14 14 7 7
Amortization of net (gain) loss -- 34 -- 17
----- ----- ----- -----
Net periodic benefit cost $ 616 $ 732 $ 308 $ 366
===== ===== ===== =====


7


AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share amounts)
(Continued)

Employer Contributions

The Company previously disclosed in its financial statements for the year
ended December 31, 2003, that it expected to contribute $1 million to its
pension plan in 2004. As of June 30, 2004, that full contribution has been made.

Note 7: ACQUISITIONS

The Company acquired all of the outstanding stock in two individually
insignificant acquisitions during the period ended June 30, 2004. Net cash paid
and notes payable assumed were $13,335. Goodwill was $11,307. These
acquisitions, individually and in aggregate, did not materially affect the
Company's operating results or financial position in the periods presented. The
purchase price allocations of acquisitions made within the past 12 months have
not been finalized as management is in the process of determining the fair
values of the acquired assets and liabilities assumed.


8


Item 2: AMCOL INTERNATIONAL CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Following is a discussion and analysis that describes certain factors that
have affected, and may continue to affect, our financial position and operating
results. This discussion should be read with the accompanying condensed
consolidated financial statements.

Three months ended June 30, 2004 vs. June 30, 2003:

Results of operations (in millions):

Net sales: 2004 2003 % Change
---- ---- --------
$ 117.0 $ 93.3 25%

Net sales from businesses acquired since the third quarter of 2003
accounted for 37% of the growth over the prior year period, while favorable
foreign currency changes accounted for 11% of the increase in net sales. The
remainder of the increase was due to organic growth. On an operating segment
basis, minerals accounted for 54% of the increase in net sales while
environmental contributed 46% of the growth.

Gross profit: 2004 2003 % Change
---- ---- --------
$ 28.9 $ 23.2 25%
Margin 24.7% 24.9% N/A

Gross profit improved over the second quarter of 2003 in conjunction with
the increase in net sales. Gross margin declined by 20 basis points due to
relatively lower gross profit earned from businesses acquired since the third
quarter of 2003 that were reported in the environmental segment this period.

General, selling &
administration expenses 2004 2003 % Change
---- ---- --------
$ 17.8 $ 14.9 20%

Higher compensation and benefit costs accounted for the majority of the
increase over the 2003 second quarter. We had higher employment levels compared
with the prior year due to acquired businesses and staffing increases.
Stock-based compensation costs accounted for $0.4 million of the increase over
the prior year period. Research and development expenses were $1.4 million in
the second quarter of 2004 compared with $1.2 million in last year's period.

Operating profit: 2004 2003 % Change
---- ---- --------
$ 11.1 $ 8.3 34%
Margin 9.5% 8.9% N/A

Acquisitions and favorable foreign currency exchange rates accounted for
30% and 11%, respectively, of the increase in operating profit over the 2003
second quarter. Operating profit improved with the increase in gross profit and
net sales. The 60 basis point improvement in operating margin reflected lower
growth in operating expenses compared to gross profit gains over the prior year
period.


9


Interest expense, net 2004 2003 % Change
---- ---- --------
$ 0.3 $ 0.1 200%

Interest expense in the current year period increased due to higher
average long-term debt compared with the prior year period. The increase in
long-term debt was attributed to acquisitions completed in the first quarter of
2004 and an increase in working capital funding over the course of the second
quarter of this year.

Income taxes: 2004 2003 % Change
---- ---- --------
$ 3.4 $ 2.8 21%
Effective tax rate 31.5% 34.0% N/A

Income tax expense increased due to higher earnings before taxes.
Businesses with lower statutory income tax rates represented a greater
proportion of pre-tax earnings in the current year period compared with the
second quarter of 2003.

Net income: 2004 2003 % Change
---- ---- --------
$ 7.7 $ 5.7 35%
Margin 6.6% 6.1% N/A

Net income improved in conjunction with the increase in operating profit
and the lower effective income tax rate in the 2004 quarter.

Diluted earnings per share: 2004 2003 % Change
---- ---- --------
$ 0.25 $ 0.19 32%

Earnings from acquired businesses, favorable foreign currency exchange
rates and a lower effective income tax rate each accounted for $0.01 per share
of the increase over the second quarter of 2003. Weighted average common and
common equivalent shares outstanding increased by 3% over the 2003 quarter,
which negatively impacted earnings per share by $0.01 in the 2004 period. Stock
option exercises by employees throughout 2004 resulted in higher weighted
average shares outstanding during the second quarter of the current reporting
period. Organic sales and operating profit growth contributed the remaining
$0.04 per share of the increase over the second quarter of 2003.

Segment analysis:

Following is a review of operating results for each of our four reporting
segments:



- ----------------------------------------------------------------------------------------
Minerals Three Months Ended June 30,
-----------------------------------------------------------
2004 2003 2004 vs. 2003
- ----------------------------------------------------------------------------------------
(Dollars in Thousands)
- ----------------------------------------------------------------------------------------

Product sales $60,325 90.8% $47,842 89.4%
Shipping revenue 6,092 9.2% 5,700 10.6%
------- ------- ------- -------
Net sales 66,417 100.0% 53,542 100.0% 12,875 24.0%
------- ------- ------- -------
Cost of sales - product 46,838 70.5% 37,345 69.7%
Cost of sales - shipping 6,092 9.2% 5,700 10.6%
------- ------- ------- -------
Cost of sales 52,930 79.7% 43,045 80.4%
------- ------- ------- -------
Gross profit 13,487 20.3% 10,497 19.6% 2,990 28.5%
General, selling and
administrative expenses 5,249 7.9% 4,615 8.6% 634 13.7%
------- ------- ------- ------- -------
Operating profit 8,238 12.4% 5,882 11.0% 2,356 40.1%



10


Acquired businesses and favorable foreign currency exchange rates
accounted for 13% and 11%, respectively, of the increase in net sales. Organic
sales growth was primarily attributed to the metalcasting and specialty minerals
businesses. Domestic metalcasting sales were positively impacted by higher
demand from rail car producers as well as automotive component manufacturers.
The metalcasting markets in the Asia/Pacific region also continued to benefit
from strong demand from automotive and transportation equipment component
manufacturers. Specialty minerals experienced higher demand from detergent
producers while the health and beauty business continued to grow its customer
base.

Gross profit rose in conjunction with the increase in sales. Gross margin
improved by 70 basis points over the prior year due to higher production volume
and pricing in the metalcasting and specialty minerals business units.

General, selling and administrative expenses increased primarily due to
higher compensation and benefit costs. Higher foreign currency exchange rates
also contributed to the increase over the prior year quarter.

Operating profit improved over the second quarter of 2003 due to the
increase in sales and gross profit. Operating margin increased by 140 basis
points due to the expansion in gross margin and a lower rate of increase in
general, selling and administrative expenses.



- ---------------------------------------------------------------------------------------
Environmental Three Months Ended June 30,
------------------------------------------------------------
2004 2003 2004 vs. 2003
- ---------------------------------------------------------------------------------------
(Dollars in Thousands)
- ---------------------------------------------------------------------------------------

Product sales $41,406 92.5% $31,270 92.2%
Shipping revenue 3,344 7.5% 2,643 7.8%
------- ------- ------- -------
Net sales 44,750 100.0% 33,913 100.0% 10,837 32.0%
------- ------- ------- -------
Cost of sales - product 27,057 60.5% 19,596 57.8%
Cost of sales - shipping 3,344 7.5% 2,643 7.8%
------- ------- ------- -------
Cost of sales 30,401 67.9% 22,239 65.6%
------- ------- ------- -------
Gross profit 14,349 32.1% 11,674 34.4% 2,675 22.9%
General, selling and
administrative expenses 8,197 18.3% 6,353 18.7% 1,844 29.0%
------- ------- ------- ------- -------
Operating profit 6,152 13.7% 5,321 15.7% 831 15.6%


65% of the increase in net sales was attributed to businesses acquired
since the third quarter of 2003. Favorable currency exchange rates accounted for
another 12% of the increase. Lining technologies represented 49% of net sales
for the period, while building materials and water treatment comprised 26% and
25% of net sales, respectively.

Gross profit grew in conjunction with the increase in net sales, however,
gross margin declined by 230 basis points from the second quarter of 2003.
Acquired businesses earned relatively lower gross margins than existing
businesses. Gross margins earned from existing businesses were comparable to
second quarter of 2003.

General, selling and administrative expenses increased primarily due to
higher personnel levels and associated benefit costs. The personnel increase was
primarily associated with acquisitions


11


completed since the third quarter of 2003. Higher foreign currency exchange
rates also contributed to the increase over 2003.

Operating profit grew due to the increase in net sales and gross profit
over the prior year period. Operating margins declined by 200 basis points. This
was caused by the decline in gross margin described above.



- ---------------------------------------------------------------------------------------
Transportation Three Months Ended June 30,
-------------------------------------------------------------
2004 2003 2004 vs. 2003
- ---------------------------------------------------------------------------------------
(Dollars in Thousands)
- ---------------------------------------------------------------------------------------

Net sales $10,058 100.0% $ 9,390 100.0% $ 668 7.1%
Cost of sales 8,946 88.9% 8,365 89.1%
------- ------- ------- -------
Gross profit 1,112 11.1% 1,025 10.9% 87 8.5%
General, selling and
administrative expenses 661 6.6% 626 6.7% 35 5.6%
------- ------- ------- ------- -------
Operating profit 451 4.5% 399 4.2% 52 13.0%


Net sales improved due to higher traffic levels. Higher intersegment
revenues accounted for the majority of the increase. Gross profit improved over
the second quarter of 2003 by 20 basis points primarily due to higher pricing.
General, selling and administrative expenses increased due to higher personnel
levels.
- -------------------------------------------------------------------------
Corporate Three Months Ended June 30,
-------------------------------------------
2004 2003 2004 vs. 2003
- -------------------------------------------------------------------------
(Dollars in Thousands)
- -------------------------------------------------------------------------
Intersegment shipping sales $(4,197) $(3,592)
Intersegment shipping costs (4,197) (3,592)
------- -------
Gross profit -- --
Corporate general, selling
and administrative expenses 2,848 2,415 433 17.9%

Nanocomposite business
development expenses 892 920 (28) -3.0%
------- ------- -------
Operating loss (3,740) (3,335) (405) 12.1%

Intersegment shipping revenues and costs are related to billings from the
transportation segment to the domestic minerals and environmental segments for
services. These services are invoiced to the minerals and environmental segments
at arms-length rates and those costs are subsequently charged to customers.
Intersegment sales and costs reported above reflect the elimination of these
transactions.

Corporate expenses increased primarily due to higher stock-based
compensation costs recorded in the current year. Corporate personnel levels and
base compensation costs were comparable to the prior year period.

Nanocomposite operating expenses declined from the first quarter of 2003
due to an increase in revenues and lower spending on activities that are now
funded by our alliance partners. The business has alliance agreements with
Mitsubishi Gas Chemical Company and Poly One Corporation that focus on
developing certain markets for nanocomposites.


12


Six months ended June 30, 2004 vs. 2003

Results of operations (in millions):

Net sales: 2004 2003 % Change
---- ---- --------
$ 219.0 $172.7 27%

Net sales from businesses acquired since the third quarter of 2003
accounted for 30% of the growth over the prior year period, while favorable
foreign currency changes accounted for 14% of the increase in net sales. On an
operating segment basis, minerals accounted for 58% of the increase in net sales
while environmental contributed 41% of the growth. The remaining increase in net
sales was contributed by the transportation segment.

Gross profit: 2004 2003 % Change
---- ---- --------
$ 53.5 $ 41.8 28%
Margin 24.4% 24.2% N/A

Gross profit improved over the first half of 2003 in conjunction with the
increase in net sales. An increase in the minerals segment gross margin
contributed to the 20 basis point improvement in consolidated results.

General, selling &
administration expenses 2004 2003 % Change
---- ---- --------
$ 35.1 $ 29.2 20%

Higher compensation and benefit costs accounted for the majority of the
increase over the 2003 second quarter. We had higher personnel levels in the
first half of 2004 due to acquisitions and an increase in research and
development staff. Stock-based compensation costs accounted for $0.7 million of
the increase over the prior year period. Research and development expenses were
$2.8 million in the first half of 2004 compared with $2.6 million in last year's
period.

Operating profit: 2004 2003 % Change
---- ---- --------
$ 18.3 $ 12.6 45%
Margin 8.4% 7.3% N/A

Acquisitions and favorable foreign currency exchange rates accounted for
23% and 13%, respectively, of the increase in operating profit over the 2003 six
month period. Operating profit improved with the increase in gross profit and
net sales. The operating margin improved by 110 basis points over the 2003
period due to higher growth in gross profit in comparison to the growth in
operating expenses.

Interest expense, net 2004 2003 % Change
---- ---- --------
$ 0.4 $ 0.2 100%

Interest expense in the current year period increased due to higher
average long-term debt compared with the prior year period. The increase in
long-term debt was attributed to acquisitions


13


completed in the first quarter of 2004 and an increase in working capital
funding over the course of the second quarter of this year.

Income taxes: 2004 2003 % Change
---- ---- --------
$ 5.7 $ 4.3 33%
Effective tax rate 31.5% 34.0% N/A

Income tax expense increased due to higher earnings before taxes.
Businesses with lower statutory income tax rates represented a greater
proportion of pre-tax earnings in the current year period compared with the 2003
six month period.

Net income: 2004 2003 % Change
---- ---- --------
$ 12.8 $ 8.6 49%
Margin 5.9% 5.0% N/A

Net income improved in conjunction with the increase in operating profit
and the lower effective income tax rate in the 2004 six month period.

Diluted earnings per share: 2004 2003 % Change
---- ---- --------
$ 0.42 $ 0.29 45%

Earnings from acquired businesses, favorable foreign currency exchange
rates and a lower effective income tax rate accounted of $0.03, $0.02 and $0.01
per share, respectively, of the increase over the 2003 six month period.
Weighted average common and common equivalent shares outstanding increased by
3.7% over the 2003 six month period, which negatively impacted earnings per
share by $0.01 in the 2004 period. Stock option exercises by employees
throughout 2004 resulted in higher weighted average shares outstanding during
the second quarter of the current reporting period. Organic sales and operating
profit growth contributed the remaining $0.08 per share of the increase over the
2003 six month period.

Segment analysis:

Following is a review of operating results for each of our four reporting
segments:



- --------------------------------------------------------------------------------------------
Minerals Six Months Ended June 30,
-----------------------------------------------------------------
2004 2003 2004 vs. 2003
- --------------------------------------------------------------------------------------------
(Dollars in Thousands)
- --------------------------------------------------------------------------------------------

Product sales $119,442 91.5% $ 93,903 90.5%
Shipping revenue 11,030 8.5% 9,816 9.5%
-------- -------- -------- --------
Net sales 130,472 100.0% 103,719 100.0% 26,753 25.8%
-------- -------- -------- --------
Cost of sales - product 93,352 71.5% 73,956 71.3%
Cost of sales - shipping 11,030 8.5% 9,816 9.5%
-------- -------- -------- --------
Cost of sales 104,382 80.0% 83,772 80.8%
-------- -------- -------- --------
Gross profit 26,090 20.0% 19,947 19.2% 6,143 30.8%
General, selling and
administrative expenses 10,417 8.0% 9,148 8.8% 1,269 13.9%
-------- -------- -------- -------- --------
Operating profit 15,673 12.0% 10,799 10.4% 4,874 45.1%



Acquired businesses and favorable foreign currency exchange rates
accounted for 10% and 13%, respectively, of the increase in net sales over the
2003 six month period. Metalcasting, pet products and


14


specialty minerals represented 45%, 19% and 36%, respectively, of net sales for
the 2004 six month period. Organic sales growth was primarily attributed to the
metalcasting and specialty minerals businesses. Domestic metalcasting sales were
positively impacted by higher demand from rail car producers as well as
automotive component manufacturers. The metalcasting markets in the Asia/Pacific
region also continued to benefit from strong demand from automotive and
transportation equipment component manufacturers. Specialty minerals experienced
higher demand from detergent producers while the health and beauty business
continued to grow its sales volume.

Gross profit rose in conjunction with the increase in sales. Gross margin
improved by 80 basis points over the prior year period due to higher production
volume and pricing in the metalcasting and specialty minerals business units.

General, selling and administrative expenses increased primarily due to
higher compensation and benefit costs. Higher foreign currency exchange rates
also contributed to the increase over the prior year six-month period.

Operating profit improved over the first six months of 2004 due to the
increase in sales and gross profit. Operating margin increased by 160 basis
points due to the expansion in gross margin and a lower rate of increase in
general, selling and administrative expenses.



- --------------------------------------------------------------------------------------
Environmental Six Months Ended June 30,
------------------------------------------------------------
2004 2003 2004 vs. 2003
- --------------------------------------------------------------------------------------
(Dollars in Thousands)
- --------------------------------------------------------------------------------------

Product sales $71,473 93.4% $53,223 92.7%
Shipping revenue 5,044 6.6% 4,179 7.3%
------- ------- ------- -------
Net sales 76,517 100.0% 57,402 100.0% 19,115 33.3%
------- ------- ------- -------
Cost of sales - product 46,228 60.4% 33,353 58.1%
Cost of sales - shipping 5,044 6.6% 4,179 7.3%
------- ------- ------- -------
Cost of sales 51,272 67.0% 37,532 65.4%
------- ------- ------- -------
Gross profit 25,245 33.0% 19,870 34.6% 5,375 27.1%
General, selling and
administrative expenses 16,014 20.9% 12,166 21.2% 3,848 31.6%
------- ------- ------- ------- -------
Operating profit 9,231 12.1% 7,704 13.4% 1,527 19.8%



59% of the increase in net sales was attributed to businesses acquired
since the third quarter of 2003. Favorable currency exchange rates accounted for
another 16% of the increase. Lining technologies represented 49% of net sales
for the period, while building materials and water treatment comprised 26% and
25% of net sales, respectively.

Gross profit grew in conjunction with the increase in net sales, however,
gross margin declined by 160 basis points in comparison with the 2003 six month
period. Acquired businesses earned relatively lower gross margins than existing
businesses. Gross margins earned from existing businesses were comparable to the
2003 six month period.

General, selling and administrative expenses increased primarily due to
higher personnel levels and associated benefit costs. The personnel increase was
primarily attributed to acquired businesses since the third quarter of 2003.
Higher foreign currency exchange rates also contributed to the increase over
2003.


15


Operating profit grew due to the increase in net sales and gross profit
over the prior year period. Operating margin declined by 120 basis points. This
was caused by the decline in gross margin described above.



- --------------------------------------------------------------------------------------
Transportation Six Months Ended June 30,
------------------------------------------------------------
2004 2003 2004 vs. 2003
- --------------------------------------------------------------------------------------
(Dollars in Thousands)
- --------------------------------------------------------------------------------------

Net sales $19,390 100.0% $18,187 100.0% $ 1,203 6.6%
Cost of sales 17,241 88.9% 16,184 89.0%
------- ------- ------- -------
Gross profit 2,149 11.1% 2,003 11.0% 146 7.3%
General, selling and
administrative expenses 1,312 6.8% 1,228 6.8% 84 6.8%
------- ------- ------- ------- -------
Operating profit 837 4.3% 775 4.3% 62 8.0%


Net sales improved due to higher traffic levels. Higher intersegment
revenues accounted for the majority of the increase. Gross profit improved over
the 2003 six month period by 10 basis points primarily due to higher pricing.
General, selling and administrative expenses increased due to higher personnel
levels.

- --------------------------------------------------------------------------------
Corporate Six Months Ended June 30,
------------------------------------------------------
2004 2003 2004 vs. 2003
- --------------------------------------------------------------------------------
(Dollars in Thousands)
- --------------------------------------------------------------------------------
Intersegment shipping sales $(7,384) $(6,588)
Intersegment shipping costs (7,384) (6,588)
------- -------
Gross profit -- --
Corporate general, selling
and administrative expenses 5,594 4,733 861 18.2%

Nanocomposite business
development expenses 1,806 1,948 (142) -7.3%
------- ------- -------
Operating loss (7,400) (6,681) (719) 10.8%

Intersegment shipping revenues and costs are related to billings from the
transportation segment to the domestic minerals and environmental segments for
services. These services are invoiced to the minerals and environmental segments
at arms-length rates and those costs are subsequently charged to customers.
Intersegment sales and costs reported above reflect the elimination of these
transactions.

Corporate expenses increased primarily due to higher stock-based
compensation costs recorded in the current year period. Corporate personnel
levels and base compensation costs were comparable to the prior year period.

Nanocomposite operating expenses declined from the 2003 six month period
due to an increase in revenues and lower spending on activities that are now
funded by our alliance partners. The business has alliance agreements with
Mitsubishi Gas Chemical Company and Poly One Corporation that focus on
developing certain markets for nanocomposites.


16


Liquidity and capital resources (in millions):

- --------------------------------------------------------------------------------
Cash Flows Six Months Ended
June 30,
---------------------
2004 2003
- --------------------------------------------------------------------------------
Net cash provided by operating activities $11.2 $ 1.6
Net cash used in investing activities $(19.2) $(7.3)
Net cash provided by financing activities $11.4 $ 1.6

Cash flows provided by operating activities improved over the 2003 period
as a result of higher net income, which increased by $4.2 million. The
improvement was also aided by lower growth in working capital in the current
year period compared with the 2003 six month period. Historically, cash flows
provided by operations have increased over the course of the fiscal year and we
anticipate this pattern to continue in 2004.

Cash flows used in investing activities increased primarily due to
acquisitions completed in the first quarter of 2004. We acquired the shares of
Lafayette Well Testing, Inc. on January 7, 2004, and Linteco Geotechnische
Systeme GmbH on March 5, 2004. Capital expenditures totaled $7.4 million in the
first half of 2004 compared with $6.3 million in the prior year period. We
anticipate capital expenditures to increase over the remainder of 2004 due to
investments in capacity expansion and productivity projects. Our estimate of the
total 2004 capital expenditures is in the range of $20 million to $22 million.

Cash flows provided by financing activities increased due to debt funding
for acquisitions completed in the first half of 2004. We used our revolving
credit facility to finance the acquisitions. Additionally, we assumed $4.1
million of funded debt as part of the consideration for the Linteco acquisition.
Dividends paid in the first half of 2004 increased to $4.1 million from $2.0
million in the prior year period. We paid dividends of $0.14 per share in the
first half of 2004 compared with $0.07 per share in the 2003 period. We
purchased 183,400 shares of our common stock on the open market during the first
half of 2004 for a total value of $2.9 million, or an average price per share of
$15.70. All of the shares repurchased during the first half of 2004 were based
on a board authorization made on May 16, 2002. The 2002 authorization expired
during the second quarter of 2004. On May 13th 2004, the board of directors
authorized funds to repurchase up to an additional $10 million of our common
stock on the open market. We consider that such a use of our cash will enhance
shareholder value. The entire $10 million remains available to repurchase common
stock as of June 30, 2004. We purchased $1.6 million of our common stock in the
open market during the first six months of 2003.

- --------------------------------------------------------------------------------
Financial Position Six Months Ended
-----------------------------
June 30, December 31,
-----------------------------
2004 2003
- --------------------------------------------------------------------------------
Working capital $ 111.0 $ 91.9
Intangible assets $ 17.8 $ 7.0
Total assets $ 301.7 $ 258.8

Long-term debt $ 31.3 $ 9.0
Other long-term obligations $ 19.9 $ 18.5
Stockholder's equity $ 192.3 $ 184.9

Working capital at June 30, 2004 increased from December 31, 2003,
primarily due to acquisitions completed in the first half of 2004 and strong
sales reported in the period. The current ratio at June 30, 2004 and December
31, 2003 was 2.9-to-1 and 3.0-to-1, respectively.


17


Intangible assets primarily represent goodwill associated with
acquisitions. The amount increased from December 31, 2003 as a result of the
purchase price allocation for acquisitions closed in the first quarter of 2004.
The purchase price allocations may be subject to change since certain assets
acquired and liabilities assumed with the acquisitions require further analysis
to determine their fair values. Consequently, intangible asset values may change
as well.

Long-term debt increased to 14.0% of total capitalization at June 30,
2004, compared with 5.1% at December 31, 2003. The increase in debt levels was
principally attributed to funding of acquisitions completed in the first quarter
of 2004. We have a $100 million revolving credit facility with a consortium of
U.S. banks that mature on October 31, 2006. At June 30, 2004, we had $83 million
of borrowing capacity remaining under the credit facility. The credit facility
stipulates that we must comply with a number of financial covenants. We are in
compliance with those covenants at June 30, 2004.

Other long-term obligations primarily represent liabilities associated
with our qualified and supplemental retirement plans and deferred income taxes.

We believe future cash flows from operations combined with borrowing
capacity from our revolving credit facility will be adequate to fund capital
expenditures and other investments approved by the board of directors.

Since the mid 1980's, the Company and/or its subsidiaries have been named
as one of a number of defendants in product liability lawsuits relating to the
minor free-silica content within the Company's bentonite products used in the
metalcasting industry. The plaintiffs in these lawsuits are primarily employees
of the Company's foundry customers. To date, the Company has not incurred
significant costs in defending these matters. The Company believes it has
adequate insurance coverage and does not believe the litigation will have a
material adverse impact on the financial condition, liquidity or results of the
operation of the Company.

Item 3: Quantitative and Qualitative Disclosure About Market Risk

There have been no material changes in the Company's market risk during
the three and six months ended June 30, 2004. See disclosures as of December 31,
2003 in the Company's Annual Report on Form 10-K, Item 7A.

Item 4: Controls and Procedures

As of the end of the period covered by this report, an evaluation was
performed under the supervision and with the participation of the Company's
management, including the Chief Executive Officer and the Chief Financial
Officer, of the effectiveness of the Company's disclosure controls and
procedures. Based on that evaluation, the Chief Executive Officer and Chief
Financial Officer have concluded that the Company's disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Company in reports that it files or submits under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission rules.

Our management, including our Chief Executive Officer and Chief Financial
Officer, has evaluated any changes in our internal controls over financial
reporting that occurred during the quarterly period covered by this report, and
has concluded that there was no change that occurred during the quarterly period
covered by this report that has materially affected, or is reasonably likely to
materially affect, our internal controls over financial reporting.


18


PART II - OTHER INFORMATION

Item 2e: Company Repurchases of Company Stock



- ----------------------------------------------------------------------------------------------------------------
Total Number of Maximum Value of
Shares Repurchased Average Shares that May Yet Be
as Part of the Stock Price Paid Repurchased Under the
Repurchase Program Per Share Program
- ----------------------------------------------------------------------------------------------------------------

January 1, 2004 - January 31, 2004
Shares repurchased -- $ -- $ 3,704,133
February 1, 2004 - February 29, 2004
Shares repurchased -- $ -- $ 3,704,133
March 1, 2004 - March 31, 2004
Shares repurchased 12,400 $ 15.83 $ 3,507,839
April 1, 2004 - April 30, 2004
Shares repurchased -- $ -- $ 3,507,839
May 1, 2004 - May 31, 2004
Shares repurchased 171,000 $ 15.69 $ 825,448
Expiration of unused authorization $ --
New repurchase authorization $10,000,000
June 1, 2004 - June 30, 2004
Shares repurchased -- $ -- $10,000,000
----------- ----------- -----------
Total 183,400 $ 15.70 $10,000,000
=========== =========== ===========


*On May 13, 2004, the Board of Directors authorized a program to repurchase up
to $10 million of the Company's outstanding stock which will expire June 30,
2006. The repurchase program authorized on May 16, 2002 expired during the
second quarter ended June 30, 2004.

Item 6: Exhibits and Reports on Form 8-K

(a) See Index to Exhibits immediately following the signature page.

(b) A current report on Form 8-K was filed on April 19, 2004, furnishing
a press release disclosing the Company's operating results for the
first quarter ended March 31, 2004.


19


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: August 6, 2004 /s/ Lawrence E. Washow
-------------------------------------
Lawrence E. Washow
President and Chief Executive Officer

Date: August 6, 2004 /s/ Gary L. Castagna
--------------------------------------
Gary L. Castagna
Senior Vice President and Chief
Financial Officer and Principal
Accounting Officer


20


INDEX TO EXHIBITS

Exhibit
Number
- ------
3.1 Restated Certificate of Incorporation of the Company (5), as amended (10),
as amended (16)
3.2 Bylaws of the Company (10) 4 Article Four of the Company's Restated
Certificate of Incorporation (5), as amended (16)
10.3 Lease Agreement for office space dated September 29, 1986, between the
Company and American National Bank and Trust Company of Chicago; (1) First
Amendment dated June 2, 1994 (8); Second Amendment dated June 2, 1997 (13)
10.4 AMCOL International Corporation 1987 Non-Qualified Stock Option Plan (2);
as amended (6)
10.9 AMCOL International Corporation Dividend Reinvestment and Stock Purchase
Plan (4); as amended (6)
10.10 AMCOL International Corporation 1993 Stock Plan, as amended and restated
(10)
10.15 AMCOL International Corporation 1998 Long-Term Incentive Plan (15), as
amended (21) 10.26 Employment Agreement dated March 15, 2002 by and
between Registrant and Gary D. Morrison (22)*
10.27 Employment Agreement dated March 15, 2002 by and between Registrant and
Peter M. Maul (22)*
10.28 Employment Agreement dated March 15, 2002 by and between Registrant and
Gary Castagna (22)*
10.29 Employment Agreement dated March 15, 2002 by and between Registrant and
Ryan F. McKendrick (22)*
10.30 Employment Agreement dated March 15, 2002 by and between Registrant and
Lawrence E. Washow (22)*
10.31 Credit Agreement by and among AMCOL International Corporation and Harris
Trust and Savings Bank, individually and as agent, Wells Fargo Bank, N.A.,
Bank of America N.A. and the Northern Trust Company dated October 31, 2003
(23)
21 AMCOL International Corporation Subsidiary Listing
31.1 Certification of Chief Executive Officer Pursuant to Rule
13a-14(a)/15d-14(a)
31.2 Certification of Chief Financial Officer Pursuant to Rule
13a-14(a)/15d-14(a)
32 Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section
1350
- ------------------
(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.
(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.
(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.
(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.
(13) Exhibit is incorporated by reference to the Registrant's Form 10-Q filed
with the Securities and Exchange Commission for the quarter ended June 30,
1997.
(15) Exhibit is incorporated by reference to the Registrant's Form S-8 (File
333-56017) filed with the Securities and Exchange Commission on June 4,
1998.
(16) Exhibit is incorporated by reference to the Registrant's Form 10-Q filed
with the Securities and Exchange Commission for the quarter ended June 30,
1998.
(21) Exhibit is incorporated by reference to the Registrant's Form S-8 (File
333-68664) filed with the Securities and Exchange Commission on August 30,
2001.
(22) Exhibit is incorporated by reference to the Registrant's Form 10-Q filed
with the Securities and Exchange Commission for the quarter ended March
31, 2002.
(23) 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, 2003.
(24) Exhibit is incorporated by reference to the Registrant's Form 10-Q filed
with the Securities and Exchange Commission for the quarter ended March
31, 2004.

*Management compensatory plan or arrangement