Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AMPCO PITTSBURGH CORP | d526827d8k.htm |
Exhibit 99.1
Contact:
Dee Ann Johnson
Vice President Controller &Treasurer
412-456-4410
dajohnson@ampcopgh.com
FOR IMMEDIATE RELEASE
PITTSBURGH, PA
April 24, 2013
Ampco-Pittsburgh Corporation Announces First Quarter Earnings
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales and net income for the three months ended March 31, 2013 of $69,624,000 and $126,000 or $0.01 per common share, respectively, against sales and net income of $73,605,000 and $2,000,000 or $0.19 per common share for the same period in 2012. Income from operations for the first three months of 2013 of $1,711,000 compares to $4,117,000 for the first three months of 2012.
Despite the slight improvement in sales for the Forged and Cast Rolls segment for the three months ended March 31, 2013 when compared to the same period of the prior year, operating income declined primarily due to lower margins which continue to be adversely affected by global pricing pressures. For the Air and Liquid Processing segment, a lower volume of new orders resulted in sales and operating income less than the comparable prior year period.
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, | ||||||||
| 2013 | 2012 | |||||||
| Sales |
$ | 69,624,000 | $ | 73,605,000 | ||||
|
|
|
|
|
|||||
| Income from operations |
1,711,000 | 4,117,000 | ||||||
| Other expense – net |
(644,000 | ) | (276,000 | ) | ||||
|
|
|
|
|
|||||
| Income before income taxes |
1,067,000 | 3,841,000 | ||||||
| Income tax provision |
(320,000 | ) | (1,375,000 | ) | ||||
| Equity losses in Chinese joint venture |
(621,000 | ) | (466,000 | ) | ||||
|
|
|
|
|
|||||
| Net income |
$ | 126,000 | $ | 2,000,000 | ||||
|
|
|
|
|
|||||
| Earnings per common share: |
||||||||
| Basic |
$ | 0.01 | $ | 0.19 | ||||
|
|
|
|
|
|||||
| Diluted |
$ | 0.01 | $ | 0.19 | ||||
|
|
|
|
|
|||||
| Weighted-average number of common shares outstanding: |
||||||||
| Basic |
10,346,090 | 10,329,000 | ||||||
|
|
|
|
|
|||||
| Diluted |
10,398,918 | 10,393,165 | ||||||
|
|
|
|
|
|||||