Ampco-Pittsburgh Announces Earnings for the Second Quarter
28 Juli 2009 - 10:31PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the
three and six months ended June 30, 2009 of $74,979,000 and
$160,734,000, respectively, against $102,689,000 and $200,519,000
for the comparable prior year periods. Net income for the three
months ended June 30, 2009 and 2008 was $7,793,000 or $0.77 per
share and $11,609,000 or $1.14 per share, respectively, and for the
six months ended June 30, 2009 and 2008 was $15,112,000 or $1.48
per share and $21,752,000 or $2.14 per share. Income from
operations approximated $12,755,000 and $26,296,000 for the three
and six months ended June 30, 2009, respectively, against
$17,751,000 and $33,571,000 for the same periods in 2008.
Operating results for the quarter and year-to-date for the
Forged and Cast Rolls segment were solid but continue to be
impacted by the deferral of orders from customers throughout the
world. Earnings for the Air and Liquid Processing group improved
slightly from the comparable prior year periods as a result of a
more favorable product mix and lower material costs.
The global economic environment remains weak; however, the
Corporation continues to maximize opportunities as they occur.
Additionally, the financial condition of the Corporation is
strong.
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, 2009 2008
2009 2008 Sales
$ 74,979,000 $
102,689,000 $ 160,734,000
$ 200,519,000
Income from operations 12,755,000 17,751,000 26,296,000 33,571,000
Other (expense) income – net
(549,000 )
165,000 (2,313,000 )
(248,000 ) Income before income taxes
12,206,000 17,916,000 23,983,000 33,323,000 Income tax expense
4,413,000 6,307,000
8,871,000 11,571,000
Net income
$ 7,793,000
$ 11,609,000 $
15,112,000 $
21,752,000 Earnings per common share:
Basic
$ 0.77 $
1.14 $ 1.48
$ 2,14 Diluted
$
0.77 $ 1.14
$ 1.48 $
2.14
Weighted-average number of common
shares outstanding:
Basic
10,184,228
10,177,497 10,180,881
10,177,497 Diluted
10,178,381 10,179,860
10,181,779
10,179,800
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