EX-99.1 CHARTER 2 prerel063009.htm PRESS RELEASE FOR JUNE 30, 2009 EARNINGS prerel063009.htm

CONTACT:
 
Dee Ann Johnson
Vice President Controller and Treasurer
(412) 456-4410
dajohnson@ampcopgh.com
 
 
FOR IMMEDIATE RELEASE
PITTSBURGH, PA
July 28, 2009
 
 
Ampco-Pittsburgh Announces Earnings for the Second Quarter.
 
 
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and six months ended June 30, 2009 of $74,979,000 and $160,734,000, respectively, against $102,689,000 and $200,519,000 for the comparable prior year periods.  Net income for the three months ended June 30, 2009 and 2008 was $7,793,000 or $0.77 per share and $11,609,000 or $1.14 per share, respectively, and for the six months ended June 30, 2009 and 2008 was $15,112,000 or $1.48 per share and $21,752,000 or $2.14 per share.  Income from operations approximated $12,755,000 and $26,296,000 for the three and six months ended June 30, 2009, respectively, against $17,751,000 and $33,571,000 for the same periods in 2008.
 
Operating results for the quarter and year-to-date for the Forged and Cast Rolls segment were solid but continue to be impacted by the deferral of orders from customers throughout the world. Earnings for the Air and Liquid Processing group improved slightly from the comparable prior year periods as a result of a more favorable product mix and lower material costs.
 
The global economic environment remains weak; however, the Corporation continues to maximize opportunities as they occur. Additionally, the financial condition of the Corporation is strong.










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 June 30,
   
    Six Months Ended June 30,
 
   
   2009
   
   2008
   
2009
   
2008
 
                         
Sales
  $ 74,979,000     $ 102,689,000     $ 160,734,000     $ 200,519,000  
                                 
                                 
Income from operations
    12,755,000       17,751,000       26,296,000       33,571,000  
Other (expense) income – net
    (549,000 )     165,000        (2,313,000 )      (248,000 )
                                 
Income before income taxes
    12,206,000       17,916,000       23,983,000       33,323,000  
Income tax expense
    4,413,000       6,307,000        8,871,000        11,571,000  
                                 
Net income
  $ 7,793,000     $ 11,609,000     $ 15,112,000     $ 21,752,000  
                                 
Earnings per common share:
                               
   Basic
  $ 0.77     $ 1.14     $ 1.48     $ 2,14  
   Diluted
  $ 0.77     $ 1.14     $ 1.48     $ 2.14  
                                 
Weighted-average number of
                               
  common shares outstanding:
                               
    Basic
    10,184,228       10,177,497       10,180,881       10,177,497  
    Diluted
    10,178,381       10,179,860       10,181,779       10,179,800