EX-99.1 2 b66572kaexv99w1.htm EX-99.1 PRESS RELEASE OF ALTRA HOLDINGS, INC., DATED AUGUST 13, 2007 exv99w1
 

EXHIBIT 99.1
(ALTRA LOGO)
ALTRA HOLDINGS, INC., ANNOUNCES REVISED RESULTS FOR THE
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