Ampco-Pittsburgh Corporation Announces First Quarter Results
28 April 2009 - 10:25PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announced that its
results for the first quarter were impacted by the weak economy and
the severe reduction in the level of steel and aluminum production
throughout the world.
Sales for the first quarter 2009 of $85,755,000 and net income
of $7,319,000 or $0.72 per common share compare with sales of
$97,830,000 and $10,143,000 or $1.00 per common share for the same
period in 2008. Income from operations approximated $13,541,000 for
the three months of 2009 against $15,820,000 for the three months
of 2008.
Operating income of the principal business of the Corporation,
the Forged and Cast Rolls group, was strong for the quarter.
Although impacted by the deferral of orders on hand, sales were
aided by the completion and delivery of production that was in
progress at the end of 2008. Earnings, however, were adversely
impacted by a substantial reduction in demand for rolls from the
Corporation�s cast roll business in England.
The outlook for the Corporation will depend principally on
improvement in the economy and the recovery of the global steel and
aluminum industries. The Corporation is continuing its capital
investment program which is in the second of three years and will
enable it to maximize capacity and productivity when business
returns to more normal levels. The financial condition of the
Corporation remains healthy.
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 March 31, 2009 � 2008 � � Sales
$
85,755,000 �
$ 97,830,000 �
� � Income from operations 13,541,000 15,820,000 Other expense �
net �
(1,764,000 ) �
(413,000 ) � Income before income taxes
11,777,000 15,407,000 Income tax expense �
4,458,000 �
�
5,264,000 � � Net income
$
7,319,000 �
$ 10,143,000 � �
Earnings per common share: Basic
$ 0.72 �
$ 1.00 � Diluted
$
0.72 �
$ 1.00 � �
Weighted-average number of common
shares outstanding:
Basic �
10,177,497 � �
10,177,497 �
Diluted �
10,178,276 � �
10,179,738 �
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