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 | ||||||||||
Contacts:
Dee Ann Johnson, Vice President
Controller and Treasurer, 412-456-4410
dajohnson@ampcopgh.com