AP Ampco Pittsburgh Corp

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