Ampco-Pittsburgh Corporation Announces Results
05 März 2014 - 10:28PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE:AP) announces sales and
operating income for the three months ended December 31, 2013 of
$77,055,000 and $4,088,000, respectively, against sales and
operating income of $77,154,000 and $5,500,000, respectively, for
the same period of the prior year. During the fourth quarter of
2013, the Corporation recorded a charge of $6,407,000 to recognize
an impairment of its investment in a forged-roll joint venture
company located in China. Net loss for the quarter of $(1,500,000)
or $(0.14) per common share includes the after-tax effect of
$4,165,000 or $0.40 per common share associated with the impairment
charge. Net income for the fourth quarter of 2012 equaled
$3,319,000 or $0.32 per common share.
For 2013, sales approximated $281,050,000 in comparison to sales
of $292,905,000 for 2012. Income from operations for the current
year, which includes a pre-tax credit of $16,340,000 for estimated
additional insurance recoveries through 2022 for asbestos
liabilities resulting from insurance coverage settlement agreements
entered into during the third quarter, was $28,967,000 compared to
$16,293,000 for the prior year. Net income for 2013 of $12,437,000
or $1.20 per common share includes an after-tax credit of
$10,621,000 or $1.03 per common share for the estimated additional
insurance recoveries through 2022 offset by the after-tax charge of
$4,165,000 or $0.40 per common share for the impairment of the
Corporation’s investment in the forged-roll joint venture company
for a net increase to net income of $6,456,000 or $0.63 per common
share. Net income for 2012 equaled $8,355,000 or $0.81 per common
share.
Although sales for the Forged and Cast Rolls segment for the
quarter and year were slightly less than the comparable periods of
the prior year, operating income decreased more significantly
principally due to lower pricing resulting from weaker demand
globally. With respect to the Air and Liquid Processing group,
operating income for the year includes the pre-tax credit of
$16,340,000 for the above-mentioned insurance settlements.
Operating income also benefited from changes in product mix.
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, 2013 2012
2013 2012 Sales
$ 77,055,000 $
77,154,000 $
281,050,000 $
292,905,000 Income from operations (1 )
4,088,000 5,500,000 28,967,000 16,293,000 Other expense – net
(118,000 )
(362,000 ) (1,787,000
)
(1,125,000 ) Income before income
taxes 3,970,000 5,138,000 27,180,000 15,168,000 Income tax
benefit (provision) 2,145,000 (1,575,000 ) (5,813,000 ) (5,218,000
) Equity losses in Chinese joint venture
(2
)
(7,615,000
)
(244,000
)
(8,930,000
)
(1,595,000
)
Net (loss) income (3 )
$
(1,500,000 ) $
3,319,000 $
12,437,000 $
8,355,000 Earnings per common share:
Basic (3 )
$ (0.14 )
$ 0.32 $
1.20 $ 0.81
Diluted (3 )
$ (0.14 )
$ 0.32 $
1.20 $ 0.80
Weighted-average number of common shares outstanding: Basic
10,364,206
10,342,973 10,357,524
10,338,401 Diluted
10,412,101 10,394,680
10,406,478
10,389,678 (1) Income from
operations for the year ended December 31, 2013 includes a pre-tax
credit of $16,340,000 representing estimated additional insurance
recoveries through 2022 for asbestos liabilities resulting from
insurance coverage settlement agreements entered into during the
third quarter. (2) Equity losses in Chinese joint venture
for the three and twelve months ended December 31, 2013 includes a
charge of $6,407,000 to recognize an impairment of the
Corporation’s investment in the forged-roll joint venture company.
(3) Net loss for the three months ended December 31, 2013
includes an after-tax charge of $4,165,000 or $0.40 per common
share to recognize an impairment of the Corporation’s investment in
a forged-roll joint venture company located in China. Net income
for 2013 includes an after-tax credit of $10,621,000 or $1.03 per
common share for estimated additional insurance recoveries through
2022 for asbestos liabilities resulting from insurance coverage
settlement agreements entered into during the third quarter, offset
by an after-tax charge of $4,165,000 or $0.40 per common share to
recognize an impairment of the Corporation’s investment in the
forged-roll joint venture for a net increase to net income of
$6,456,000 or $0.63 per common share.
Ampco-Pittsburgh CorporationDee Ann Johnson, 412-456-4410Chief
Financial Officer and Treasurerdajohnson@ampcopgh.com
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