Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the
three and nine months ended September 30, 2015 of $58,094,000 and
$183,154,000, respectively, against $65,409,000 and $198,270,000
for the comparable prior year periods. Net (loss) income for the
three and nine months ended September 30, 2015 was $(1,511,000) or
$(0.14) per share and $(1,959,000) or $(0.19) per share,
respectively, compared to $(343,000) or $(0.03) per share and
$856,000 or $0.08 per share for the comparable prior year periods.
Loss from operations equaled $(2,357,000) and $(2,661,000) for the
three and nine months ended September 30, 2015, respectively.
Income from operations approximated $42,000 and $2,837,000 for the
three and nine months ended September 30, 2014, respectively.
Sales and operating results for the Forged and Cast Engineered
Products segment for the three and nine months ended September 30,
2015 were less than the comparable prior year periods principally
due to a lower volume of traditional roll shipments partially
offset by an increase of other forging products. Net sales were
also impacted by a lower weighted-average exchange rate used to
translate sales of our UK operations from the British pound
sterling to the U.S. dollar. Operating results for the three and
nine months ended September 30, 2015 were less than the same
periods of the prior year due to the lower volume of shipments,
weaker margins and an under-recovery of costs resulting from lower
production levels. Collection of accounts receivables previously
written off offset a small portion of the impact from the reduced
volume of shipments for the nine month period ended September 30,
2015. The change in the weighted-average exchange rate did not have
a significant impact on operating results for the current quarter
or year-to-date period.
Although sales for the Air and Liquid Processing group 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. Specifically, net sales of heat exchange coils
declined due to a lower volume of shipments to the fossil-fueled
utility and industrial markets. Net sales of air handling units
decreased as a result of low order intake in the latter part of
2014 and first quarter of 2015. Net sales of pumps increased due to
a higher volume of shipments of commercial pumps to the power
generation market.
John Stanik, Ampco-Pittsburgh’s Chief Executive Officer
commented, “We continue to be negatively affected by our customers’
market conditions. Our newly-approved strategic plan contemplated
this impact and provides action plans which could counter the
effect in the future.”
Investor-related Information
The Corporation will hold its quarterly conference call to
review third quarter 2015 results on November 2, 2015 at 10:30 a.m.
Eastern Standard Time. Additionally, members of senior management
will present a summary of the Corporation’s three-year Strategic
Plan to the investor community at the New York Stock Exchange on
November 10, 2015. Please visit our website at www.ampcopgh.com for
further information about both of these events.
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by or on
our behalf. This news release may contain forward-looking
statements that reflect our current views with respect to future
events and financial performance. All statements in this document
other than statements of historical fact are statements that are,
or could be, deemed forward-looking statements within the meaning
of the Act. In this document, statements regarding future financial
position, sales, costs, earnings, cash flows, other measures of
results of operations, capital expenditures or debt levels and
plans, objectives, outlook, targets, guidance or goals are
forward-looking statements. Words such as “may,” “intend,”
“believe,” “expect,” “anticipate,” “estimate,” “project,”
“forecast” and other terms of similar meaning that indicate future
events and trends are also generally intended to identify
forward-looking statements. Forward-looking statements speak only
as of the date on which such statements are made, are not
guarantees of future performance or expectations, and involve risks
and uncertainties. For Ampco-Pittsburgh, these risks and
uncertainties include, but are not limited to, those described
under Item 1A, Risk Factors, of Ampco-Pittsburgh’s Annual
Report on Form 10-K. In addition, there may be events in the future
that we are not able to predict accurately or control which may
cause actual results to differ materially from expectations
expressed or implied by forward-looking statements. Except as
required by applicable law, we assume no obligation, and disclaim
any obligation, to update forward-looking statements whether as a
result of new information, events or otherwise.
AMPCO-PITTSBURGH
CORPORATION
FINANCIAL
SUMMARY
Three Months
Ended
Nine Months
Ended
September
30,
September.
30,
2015
2014
2015
2014
Sales
$ 58,094,000
$ 65,409,000 $
183,154,000 $
198,270,000
Cost of products sold (excl
depreciation)
48,655,000 53,244,000 148,896,000 158,715,000 Selling and
administrative 8,743,000 8,950,000 27,314,000 27,424,000
Depreciation and amortization 3,044,000 2,941,000 9,275,000
9,007,000 Loss on disposal of assets
9,000
232,000
330,000 287,000
Total operating expense
60,451,000
65,367,000
185,815,000 195,433,000
(Loss) income from operations(1) (2,357,000 ) 42,000
(2,661,000 ) 2,837,000 Other expense – net
(2,000 ) (418,000
) (211,000 )
(388,000 ) (Loss) income before
income taxes (2,359,000 ) (376,000 ) (2,872,000 ) 2,449,000 Income
tax benefit (expense) 959,000 178,000 1,152,000 (773,000 ) Equity
loss in Chinese joint venture
(111,000
) (145,000 )
(239,000 ) (820,000
) Net (loss) income
$
(1,511,000 ) $
(343,000 ) $
(1,959,000 ) $
856,000 (Loss) earnings per common
share: Basic
$ (0.14 )
$ (0.03 ) $
(0.19 ) $ 0.08
Diluted
$ (0.14 )
$ (0.03 ) $
(0.19 ) $ 0.08
Weighted-average number of common shares
outstanding:
Basic
10,439,974
10,424,287 10,433,317
10,397,695 Diluted
10,439,974 10,424,287
10,433,317
10,447,739
(1)
(Loss) income from operations for the nine
months ended September 30, 2015 includes a pre-tax curtailment
charge of approximately $1,200,000 associated with the partial
freezing of the U.S. Defined Benefit Plan offset by a pre-tax
credit of approximately $750,000 relating to the collection of
accounts receivable previously written off.
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version on businesswire.com: http://www.businesswire.com/news/home/20151029006743/en/
Ampco-Pittsburgh CorporationDee Ann Johnson, Chief Financial
Officer and Treasurer, 412-456-4410dajohnson@ampcopgh.com
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