Exhibit 99.1
CONTACT:
Dee Ann Johnson
Chief Financial Officer and Treasurer
412-456-4410
dajohnson@ampcopgh.com
FOR IMMEDIATE RELEASE
PITTSBURGH, PA
April 23, 2014
Ampco-Pittsburgh Corporation Announces First Quarter Earnings
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales and net income for the three months ended March 31, 2014 of $62,913,000 and $78,000 or $0.01 per common share, respectively, against sales and net income of $69,624,000 and $126,000 or $0.01 per common share for the same period in 2013. Income from operations for the first three months of 2014 of $777,000 compares to $1,711,000 for the first three months of 2013.
The decline in sales and earnings from a year ago is principally attributable to lower demand and ongoing pricing pressures for the Forged and Cast Rolls segment. For the Air and Liquid Processing segment, sales and earnings were comparable to 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, | |
| | | 2014 | | | 2013 | |
| | |
Sales | | $ | 62,913,000 | | | $ | 69,624,000 | |
| | | | | | | | |
| | |
Income from operations | | | 777,000 | | | | 1,711,000 | |
Other income (expense) – net | | | 118,000 | | | | (644,000 | ) |
| | | | | | | | |
| | |
Income before income taxes | | | 895,000 | | | | 1,067,000 | |
| | |
Income tax provision | | | (376,000 | ) | | | (320,000 | ) |
| | |
Equity losses in Chinese joint venture | | | (441,000 | ) | | | (621,000 | ) |
| | | | | | | | |
| | |
Net income | | $ | 78,000 | | | $ | 126,000 | |
| | | | | | | | |
| | |
Earnings per common share: | | | | | | | | |
Basic | | $ | 0.01 | | | $ | 0.01 | |
| | | | | | | | |
Diluted | | $ | 0.01 | | | $ | 0.01 | |
| | | | | | | | |
| | |
Weighted-average number of common shares outstanding: | | | | | | | | |
Basic | | | 10,373,191 | | | | 10,346,090 | |
| | | | | | | | |
Diluted | | | 10,422,880 | | | | 10,398,918 | |
| | | | | | | | |
