EX-1 3 mar2004release.txt PRESS RELEASE FOR FIRST QUARTER 2004 CONTACT: Ronald W. Hasek (412) 456-4459 FOR IMMEDIATE RELEASE PITTSBURGH, PA April 21, 2004. . . . . Ampco-Pittsburgh Corporation announced sales for the first quarter 2004 of $46,787,000 and net income of $1,208,000 or $0.12 per share against sales of $43,530,000 and net income of $197,000 or $0.02 per share for the same period of the prior year. Income from operations approximated $1,622,000 for the three months ended March 31, 2004 in comparison to $690,000 for the three months ended March 31, 2003. Amounts for 2003 are after the reclassification of results for the Plastics Processing Machinery segment to discontinued operations, which was sold in August 2003. Operating results for the Forged and Cast Rolls segment improved on increased shipments. However, its business continues to be impacted by higher natural gas, steel scrap and alloy costs. The Air and Liquid Processing group experienced a modest improvement in earnings despite lower sales resulting from a fall in demand for construction-related equipment. Although income increased during the quarter, it is difficult to predict improvement in earnings from operations for the year as a whole. The Corporation needs the escalation in commodity prices to subside and an increase in the level of capital spending before results become materially better. # # # # # AMPCO-PITTSBURGH CORPORATION FINANCIAL SUMMARY Three Months Ended March 31, 2004 2003 Sales $ 46,787,000 $ 43,530,000 Income from operations 1,622,000 690,000 Other income (expense) - net 182,000 (245,000) Income before income taxes 1,804,000 445,000 Income tax provision 596,000 292,000 Net income from continuing operations 1,208,000 153,000 Discontinued operations: Income from operations - 81,000 Income tax provision - 37,000 - 44,000 Net income $ 1,208,000 $ 197,000 Basic and diluted earnings per share: Net income from continuing operations $ 0.12 $ 0.02 Net income from discontinued operations $ - $ - Net income $ 0.12 $ 0.02