Contact:
Dee Ann Johnson
Vice President Controller &Treasurer
412-456-4410
dajohnson@ampcopgh.com
FOR IMMEDIATE RELEASE
PITTSBURGH, PA
April 28, 2010
Ampco-Pittsburgh Corporation (NYSE: AP) Announces First Quarter Results
Sales and net income for the three months ended March 31, 2010 approximated $82,326,000 and $8,211,000 or $0.80 per common share, respectively, against sales and net income of $85,755,000 and $7,319,000 or $0.72 per common share for the same period in 2009. Income from operations of $11,664,000 for the three months of 2010 compares to $13,541,000 for the three months of 2009.
The reduction in sales is principally attributable to lower business levels for the Air and Liquid Processing segment which has been adversely affected by the lack of industrial activity in its markets. Sales for the Forged and Cast Rolls segment improved on a higher volume of shipments, in particular by the U.K. cast roll operation. The expected impact to net income from the net decline in sales and operating income was offset by foreign exchange gains during the quarter versus foreign exchange losses in the first quarter of the prior year.
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, | |
| | | 2010 | | | 2009 | |
| | | | | | | |
| | | | | | | |
| Sales | | $ | 82,326,000 | | | $ | 85,755,000 | |
| | | | | | | | | |
| | | | | | | | | |
| Income from operations | | | 11,664,000 | | | | 13,541,000 | |
| Other income (expense) – net | | | 657,000 | | | | (1,764,000 | ) |
| | | | | | | | | |
| Income before income taxes | | | 12,321,000 | | | | 11,777,000 | |
| Income tax expense | | | (4,066,000 | ) | | | (4,458,000 | ) |
| Equity loss in Chinese joint venture | | | (44,000 | ) | | | - | |
| | | | | | | | | |
| Net income | | $ | 8,211,000 | | | $ | 7,319,000 | |
| | | | | | | | | |
| Earnings per common share: | | | | | | | | |
| Basic | | $ | 0.80 | | | $ | 0.72 | |
| Diluted | | $ | 0.80 | | | $ | 0.72 | |
| | | | | | | | | |
| Weighted-average number of common | | | | | | | | |
| shares outstanding: | | | | | | | | |
| Basic | | | 10,246,211 | | | | 10,177,497 | |
| Diluted | | | 10,257,368 | | | | 10,178,276 | |
