Ampco-Pittsburgh Announces Second Quarter Earnings
29 Juli 2013 - 10:36PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the
three and six months ended June 30, 2013 of $69,938,000 and
$139,562,000, respectively, against $69,956,000 and $143,561,000
for the comparable prior year periods. Net income for the three
months ended June 30, 2013 and 2012 was $1,106,000 or $0.11 per
share and $1,508,000 or $0.15 per share, respectively, and for the
six months ended June 30, 2013 and 2012 was $1,232,000 or $0.12 per
share and $3,508,000 or $0.34 per share. Income from operations
approximated $2,391,000 and $4,102,000 for the three and six months
ended June 30, 2013, respectively, against $2,928,000 and
$7,045,000 for the same periods in 2012.
For the Forged and Cast Rolls segment, despite the modest
increase in sales, operating income for the quarter and
year-to-date period ended June 30, 2013 was less than the
comparable prior year periods principally due to lower margins as a
result of competitive pricing. Additionally, overall, the segment
continues to be adversely affected by the weak operating and
financial conditions of the global steel and aluminum industries.
For the Air and Liquid Processing group, sales and operating income
for the three and six months ended June 30, 2013 were less than the
same periods of the prior year primarily due to a decrease in
customer demand for the group’s products.
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
CORPORATIONFINANCIAL
SUMMARY
Three Months Ended June 30, Six
Months Ended June 30,
2013
2012
2013
2012
Sales
$ 69,938,000
$ 69,956,000 $
139,562,000 $
143,561,000 Income from
operations 2,391,000 2,928,000 4,102,000 7,045,000 Other expense –
net
(460,000 )
(269,000 ) (1,104,000
) (545,000 )
Income before income taxes 1,931,000 2,659,000 2,998,000 6,500,000
Income tax expense (581,000 ) (770,000 ) (901,000 ) (2,145,000 )
Equity loss in Chinese joint venture
(244,000 )
(381,000 ) (865,000
) (847,000 ) Net
income
$ 1,106,000 $
1,508,000 $ 1,232,000
$ 3,508,000 Earnings
per common share: Basic
$ 0.11
$ 0.15 $
0.12 $ 0.34
Diluted
$ 0.11 $
0.15 $ 0.12
$ 0.34
Weighted-average number of common shares
outstanding:
Basic
10,356,797
10,338,775 10,351,473
10,333,888 Diluted
10,406,686 10,386,521
10,402,772
10,389,531
Ampco-Pittsburgh CorporationDee Ann Johnson, Chief Financial
Officer and Treasurer, 412-456-4410dajohnson@ampcopgh.com
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