EXHIBIT 99.1
ALTRA HOLDINGS, INC., ANNOUNCES REVISED RESULTS FOR THE
SECOND QUARTER 2007
SECOND QUARTER 2007
QUINCY, MA — August 13, 2007
Altra Holdings, Inc. (NASDAQ: AIMC), announced certain revisions to its unaudited financial results for the second quarter and six months ended June 30, 2007 related to a decrease in cost of goods sold in connection with a non-cash inventory purchase accounting adjustment associated with its recent acquisition of TB Wood’s. The revisions were the result of the Company’s continuing work to finalize the purchase accounting for the TB Wood’s acquisition. The revision resulted in an increase in gross profit and operating income of $2.1 million for both the second quarter and six months ended June 30, 2007 from that which the Company previously reported on July 26, 2007. Net income increased $1.4 million for both the second quarter and six months ended June 30, 2007 from amounts previously reported. Fully diluted earnings per share increased $.06 for both the second quarter and six months ended June 30, 2007 from amounts previously reported. Recurring diluted earnings per share of $.31 for the second quarter and $.60 for the six months ended June 30, 2007 remained unchanged from amounts previously reported.
(Unaudited) | (Unaudited) | |||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
Statement of Operations Data: | Previously Reported | Revised | Previously Reported | Revised | ||||||||||||
In Thousands of Dollars | June 30, 2007 | June 30, 2007 | June 30, 2007 | June 30, 2007 | ||||||||||||
Net sales | $ | 163,142 | $ | 163,142 | $ | 295,848 | $ | 295,848 | ||||||||
Cost of sales | 119,369 | 117,238 | 214,027 | 211,896 | ||||||||||||
Gross profit | 43,773 | 45,904 | 81,821 | 83,952 | ||||||||||||
Selling, general & operating expenses | 27,267 | 27,267 | 49,388 | 49,388 | ||||||||||||
Restructuring charges | 198 | 198 | 991 | 991 | ||||||||||||
Operating income | 16,308 | 18,439 | 31,442 | 33,573 | ||||||||||||
Interest expense, net | 10,692 | 10,692 | 19,840 | 19,840 | ||||||||||||
Other expense (income), net | 123 | 123 | 76 | 76 | ||||||||||||
Income before taxes | 5,493 | 7,624 | 11,526 | 13,657 | ||||||||||||
Income taxes | 2,045 | 2,803 | 4,310 | 5,068 | ||||||||||||
Net income | $ | 3,448 | $ | 4,821 | $ | 7,216 | $ | 8,589 | ||||||||
Net Income per share: | ||||||||||||||||
Basic | $ | 0.15 | $ | 0.22 | $ | 0.33 | $ | 0.39 | ||||||||
Diluted | $ | 0.15 | $ | 0.21 | $ | 0.31 | $ | 0.37 | ||||||||
Weighted Average common shares outstanding | ||||||||||||||||
Basic | 22,250 | 22,250 | 22,066 | 22,066 | ||||||||||||
Diluted | 23,268 | 23,268 | 23,075 | 23,075 |
(Unaudited) | ||||||||
Balance Sheet Data: | Previously Reported | Revised | ||||||
In Thousands of Dollars | June 30, 2007 | June 30, 2007 | ||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 34,376 | $ | 34,376 | ||||
Trade Receivables, net | 92,706 | $ | 92,706 | |||||
Inventories, net | 104,287 | $ | 106,418 | |||||
Property, plant and equipment, net | 116,380 | $ | 116,380 | |||||
Liabilities: | ||||||||
Current liabilities | $ | 80,761 | $ | 81,519 | ||||
Long-term debt | $ | 321,341 | $ | 321,341 | ||||
Stockholders’ equity | $ | 137,322 | $ | 138,695 |
(Unaudited) | (Unaudited) | |||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
Previously Reported | Revised | Previously Reported | Revised | |||||||||||||
Other Financial Data: | June 30, 2007 | June 30, 2007 | June 30, 2007 | June 30, 2007 | ||||||||||||
Depreciation & amortization | $ | 6,067 | $ | 6,067 | $ | 10,532 | $ | 10,532 | ||||||||
Non cash inventory step up costs | $ | 2,782 | $ | 651 | $ | 2,782 | $ | 651 | ||||||||
Capital expenditures | $ | 3,215 | $ | 3,215 | $ | 4,249 | $ | 4,249 |
Altra Holdings, Inc., through its wholly-owned subsidiary Altra Industrial Motion, Inc., is a leading multi-national designer, producer and marketer of a wide range of mechanical power transmission products. The company brings together strong brands covering over 40 product lines with production facilities in nine countries and sales coverage in over 70 countries. Our leading brands include Boston Gear, Warner Electric, TB Wood’s, Formsprag Clutch, Ameridrives Couplings, Industrial Clutch, Kilian Manufacturing, Marland Clutch, Nuttall Gear, Stieber Clutch, Wichita Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics, Huco Dynatork and Warner Linear.
This press release includes statements which are forward looking within the meaning of applicable securities laws. These statements may include or imply projections of future performance that are based upon the company’s expectations or assumptions. These expectations and assumptions, as well as the company’s future performance, are subject to a number of risks and uncertainties. Factors that could cause actual results to differ from projected results are described from time to time in the company’s Securities and Exchange Commission reports and other filings, including but not limited to the risks described in the Registration Statement on Form S-1 filed on June 4, 2007. Altra Holdings, Inc. is under no obligation to, and expressly disclaims any obligation to, update or alter its forward looking statements, whether as a result of new information, future events or otherwise. AIMC-E
SOURCE: Altra Holdings documents
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CONTACT INFORMATION:
David Wall
Chief Financial Officer
Phone: (617) 689-6380
Email: david.wall@altramotion.com
Chief Financial Officer
Phone: (617) 689-6380
Email: david.wall@altramotion.com