Ampco-Pittsburgh Corporation Announces Results
03 Februar 2012 - 11:12PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE:AP) announces sales for the
fourth quarter of 2011 of $86,514,000 compared with sales of
$82,165,000 for the same quarter of 2010. Income from operations
for the three months ended December 31, 2011 equaled $6,994,000.
Loss from operations for the three months ended December 31, 2010
equaled $(12,399,000) and includes a pre-tax charge of $19,980,000
for additional net asbestos litigation costs through 2020
associated with products manufactured decades ago by the Air and
Liquid Processing group. Net income equaled $1,754,000 or $0.17 per
common share for the three months ended December 31, 2011. Net loss
equaled $(9,653,000) or $(0.94) per common share for the three
months ended December 31, 2010 and includes an after-tax charge of
$12,931,000 or $1.26 per common share for additional net asbestos
litigation costs through 2020.
Sales for 2011 of $344,816,000 compares with $326,886,000 for
2010. Income from operations for 2011 equaled $36,474,000. Income
from operations for 2010 equaled $24,727,000 and includes a pre-tax
charge of $19,980,000 for additional net asbestos litigation costs
through 2020. Net income for 2011 was $21,309,000 or $2.07 per
common share. Net income for 2010 was $15,456,000 or $1.51 per
common share and includes an after-tax charge of $12,931,000 or
$1.26 per common share for additional net asbestos litigation costs
through 2020.
For the Forged and Cast Rolls segment, sales for the quarter and
year improved from a year ago primarily as a result of a higher
volume of shipments. The expected contribution to operating income
was offset by higher direct material and fixed costs and depressed
pricing. Operating results for the Air and Liquid Processing
segment for the quarter and year improved against 2010 which
included the previously-mentioned charge for net asbestos
litigation costs through 2020. Additionally, sales and operating
income for the year benefited from a higher volume of shipments for
each division in the segment.
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 December 31,
Year Ended December 31
2011 2010 2011
2010 Sales
$
86,514,000 $
82,165,000 $
344,816,000 $
326,886,000 Income (loss) from
operations (1 ) 6,994,000 (12,399,000 ) 36,474,000 24,727,000 Other
expense – net
(984,000 )
(977,000 ) (1,747,000
)
(105,000 ) Income (loss) before
income taxes 6,010,000 (13,376,000 ) 34,727,000 24,622,000
Income tax (provision) benefit (4,152,000 ) 3,907,000 (12,916,000 )
(8,687,000 ) Equity losses in Chinese joint venture
(104,000 ) (184,000
) (502,000 )
(479,000 ) Net income (loss) (2 )
$ 1,754,000 $
(9,653,000 )
$ 21,309,000
$ 15,456,000
Earnings per common share: Basic (2 )
$
0.17 $ (0.94
) $ 2.07
$ 1.51 Diluted (2 )
$
0.17 $ (0.94
) $ 2.05
$ 1.50 Weighted-average
number of common shares outstanding: Basic
10,325,602 10,275,040
10,318,613
10,253,788 Diluted
10,389,753 10,317,445
10,393,159
10,290,824 (1) Income (loss) from
operations for the quarter and year ended December 31, 2010
includes a pre-tax charge of $19,980,000 for estimated costs of
asbestos-related litigation, net of estimated insurance recoveries,
through 2020. (2) Net income (loss) for the quarter and year ended
December 31, 2010 includes an after-tax charge of $12,931,000 or
$1.26 per common share for estimated costs of asbestos-related
litigation, net of estimated insurance recoveries, through 2020.
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