Ampco-Pittsburgh Corporation Announces First Quarter Results
28 April 2010 - 10:44PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE:
AP):
Sales and net income for the three months ended March 31, 2010
approximated $82,326,000 and $8,211,000 or $0.80 per common share,
respectively, against sales and net income of $85,755,000 and
$7,319,000 or $0.72 per common share for the same period in 2009.
Income from operations of $11,664,000 for the three months of 2010
compares to $13,541,000 for the three months of 2009.
The reduction in sales is principally attributable to lower
business levels for the Air and Liquid Processing segment which has
been adversely affected by the lack of industrial activity in its
markets. Sales for the Forged and Cast Rolls segment improved on a
higher volume of shipments, in particular by the U.K. cast roll
operation. The expected impact to net income from the net decline
in sales and operating income was offset by foreign exchange gains
during the quarter versus foreign exchange losses in the first
quarter of the prior year.
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, 2010 2009
Sales
$ 82,326,000
$ 85,755,000 Income
from operations 11,664,000 13,541,000 Other income (expense) – net
657,000 (1,764,000
) Income before income taxes 12,321,000
11,777,000 Income tax expense (4,066,000 ) (4,458,000 ) Equity loss
in Chinese joint venture
(44,000 )
- Net income
$
8,211,000 $ 7,319,000
Earnings per common share: Basic
$
0.80 $ 0.72
Diluted
$ 0.80 $
0.72 Weighted-average number of common
shares outstanding: Basic
10,246,211
10,177,497 Diluted
10,257,368 10,178,276
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