Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the
three and six months ended June 30, 2015 of $59,973,000 and
$125,060,000, respectively, against $69,949,000 and $132,862,000
for the comparable prior year periods. Net (loss) income for the
three months ended June 30, 2015 and 2014 was $(520,000) or $(0.05)
per share and $1,121,000 or $0.11 per share, respectively, and for
the six months ended June 30, 2015 and 2014 was $(448,000) or
$(0.04) per share and $1,199,000 or $0.12 per share, respectively.
(Loss) income from operations approximated $(806,000) and
$(304,000) for the three and six months ended June 30, 2015,
respectively, against $2,018,000 and $2,795,000 for the same
periods in 2014.
For the Forged and Cast Engineered Products segment, sales and
operating results for the three and six months ended June 30, 2015
were less than the comparable prior year periods principally due to
a lower volume of shipments. Additionally, weaker margins,
particularly for our forged roll company, contributed to the fall
off in earnings as global steel and aluminum customers worked
below capacity, putting pricing pressure on us, their vendors. For
the Air and Liquid Processing group, although sales for each of the
periods were slightly less than the same periods of the prior year,
earnings improved primarily due to product mix and cost
containment.
John Stanik, Ampco-Pittsburgh’s Chief Executive Officer
commented, “Our primary issue in the second quarter was the low
volume of shipments which adversely affected revenue. One of the
greatest challenges for the Corporation continues to be depressed
conditions in the western steel and aluminum markets. Furthermore,
the strong dollar has enabled a significant amount of imported
steel into the United States providing direct competition for our
customers. The same holds true for our European business. The
strength of the British pound has also exacerbated our problems in
Europe as we compete with roll suppliers who utilize a
Euro-currency base. This will affect shipments in future quarters
due to low order intake now.”
“However, we aggressively continued to revitalize the company
during the second quarter. Among many other things, we continued to
reduce costs including a reduction in force within both the salary
and hourly employee groups. Additionally, as has been announced, on
July 29, 2015 we acquired the business and assets of Alloys
Unlimited & Processing, Inc., a supplier of specialty tool,
alloy, and carbon steel round bar, which is a significant step
toward the diversification of our forged and cast product
offerings. Moreover, we made significant progress on our three-year
strategic plan and look forward to sharing our expectations with
the investor community sometime during the fourth quarter.”
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, 2015
2014 2015
2014
Sales
$ 59,973,000 $
69,949,000 $
125,060,000 $
132,862,000 Cost of products sold (excl
depreciation) 48,197,000 55,408,000 100,241,000 105,471,000 Selling
and administrative 9,175,000 9,469,000 18,571,000 18,475,000
Depreciation 3,089,000 3,008,000 6,231,000 6,066,000 Loss on
disposal of assets
318,000
46,000 321,000
55,000 Total operating expense
60,779,000 67,931,000
125,364,000
130,067,000 (Loss) income from
operations (806,000 ) 2,018,000 (304,000 ) 2,795,000 Other income
(expense) – net
171,000
(88,000 ) (209,000
) 30,000 (Loss)
income before income taxes (635,000 ) 1,930,000 (513,000 )
2,825,000 Income tax benefit (expense) 233,000 (575,000 ) 193,000
(951,000 )
Equity loss in Chinese joint venture
(118,000 )
(234,000 ) (128,000
) (675,000 ) Net
(loss) income
$ (520,000 )
$ 1,121,000 $
(448,000 ) $
1,199,000 (Loss) earnings per common
share: Basic
$ (0.05 )
$ 0.11 $
(0.04 ) $ 0.12
Diluted
$ (0.05 )
$ 0.11 $
(0.04 ) $ 0.12
Weighted-average number of common shares outstanding:
Basic
10,434,156
10,395,154 10,429,933
10,384,178 Diluted
10,434,156 10,448,249
10,429,933
10,436,285
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version on businesswire.com: http://www.businesswire.com/news/home/20150730006718/en/
Ampco-Pittsburgh CorporationDee Ann Johnson, 412-456-4410Chief
Financial Officer and Treasurerdajohnson@ampcopgh.com
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