Ampco-Pittsburgh Announces Second Quarter Earnings
2012-07-26 16:22 ET - News Release
PITTSBURGH -- (Business Wire)
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three
and six months ended June 30, 2012 of $69,956,000 and $143,561,000,
respectively, against $94,971,000 and $184,039,000 for the comparable
prior year periods. Net income for the three months ended June 30, 2012
and 2011 was $1,508,000 or $0.15 per share and $9,123,000 or $0.88 per
share, respectively, and for the six months ended June 30, 2012 and 2011
was $3,508,000 or $0.34 per share and $16,799,000 or $1.63 per share.
Income from operations approximated $2,928,000 and $7,045,000 for the
three and six months ended June 30, 2012, respectively, against
$13,516,000 and $25,644,000 for the same periods in 2011.
Sales and operating income for the Forged and Cast Rolls segment fell
when compared to the same periods of the prior year and continue to be
adversely impacted by weak demand from steel and aluminum industries
abroad, particularly China and Europe. Operating income was further
affected by margin erosion as a result of global competition throughout
the world. While sales for the Air and Liquid Processing segment
improved slightly over the 2011 periods, operating income was relatively
consistent due to product mix.
The matters discussed herein may contain forward-looking statements that
are subject to risks and uncertainties that could cause actual results
to differ materially from expectations. Some of these risks are set
forth in the Corporation's Annual Report on Form 10-K as well as the
Corporation's other reports filed with the Securities and Exchange
Commission.
AMPCO-PITTSBURGH CORPORATION
FINANCIAL
SUMMARY | |
| |
| | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2012 |
| 2011 | | 2012 |
| 2011 | | | | | | | | |
| |
Sales
| | $ | 69,956,000 |
| | $ | 94,971,000 |
| | $ | 143,561,000 |
| | $ | 184,039,000 |
| | | | | | | | |
| | | | | | | | |
| |
Income from operations
| | |
2,928,000
| | | |
13,516,000
| | | |
7,045,000
| | | |
25,644,000
| | |
Other (expense) income – net
| |
| (269,000 | ) | |
| 140,000 |
| |
| (545,000 | ) | |
| (369,000 | ) | | | | | | | | |
| |
Income before income taxes
| | |
2,659,000
| | | |
13,656,000
| | | |
6,500,000
| | | |
25,275,000
| | |
Income tax expense
| | |
(770,000
|
)
| | |
(4,366,000
|
)
| | |
(2,145,000
|
)
| | |
(8,239,000
|
)
|
Equity loss in Chinese joint venture
| |
| (381,000 | ) | |
| (167,000 | ) | |
| (847,000 | ) | |
| (237,000 | ) | |
Net income
| | $ | 1,508,000 |
| | $ | 9,123,000 |
| | $ | 3,508,000 |
| | $ | 16,799,000 |
| | | | | | | | |
| |
Earnings per common share:
| | | | | | | | | |
Basic
| | $ | 0.15 |
| | $ | 0.88 |
| | $ | 0.34 |
| | $ | 1.63 |
| |
Diluted
| | $ | 0.15 |
| | $ | 0.88 |
| | $ | 0.34 |
| | $ | 1.62 |
| | | | | | | | |
|
Weighted-average number of common shares outstanding:
| | | | | | | | | |
Basic
| |
| 10,338,775 |
| |
| 10,317,793 |
| |
| 10,333,888 |
| |
| 10,311,509 |
| |
Diluted
| |
| 10,386,521 |
| |
| 10,406,688 |
| |
| 10,389,531 |
| |
| 10,386,284 |
| | | | | | | | | | | | | | | | |
|
Contacts:
Ampco-Pittsburgh Corporation
Dee Ann Johnson, Vice President
Controller and Treasurer, 412-456-4410
dajohnson@ampcopgh.com Source: Ampco-Pittsburgh Corporation
|