Exhibit 99.1
CONTACT:
Dee Ann Johnson
Vice President Controller and Treasurer
(412) 456-4410
dajohnson@ampcopgh.com
FOR IMMEDIATE RELEASE
PITTSBURGH, PA
July 26, 2012
Ampco-Pittsburgh Announces Second Quarter Earnings
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and six months ended June 30, 2012 of $69,956,000 and $143,561,000, respectively, against $94,971,000 and $184,039,000 for the comparable prior year periods. Net income for the three months ended June 30, 2012 and 2011 was $1,508,000 or $0.15 per share and $9,123,000 or $0.88 per share, respectively, and for the six months ended June 30, 2012 and 2011 was $3,508,000 or $0.34 per share and $16,799,000 or $1.63 per share. Income from operations approximated $2,928,000 and $7,045,000 for the three and six months ended June 30, 2012, respectively, against $13,516,000 and $25,644,000 for the same periods in 2011.
Sales and operating income for the Forged and Cast Rolls segment fell when compared to the same periods of the prior year and continue to be adversely impacted by weak demand from steel and aluminum industries abroad, particularly China and Europe. Operating income was further affected by margin erosion as a result of global competition throughout the world. While sales for the Air and Liquid Processing segment improved slightly over the 2011 periods, operating income was relatively consistent due to product mix.
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, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Sales |
$ | 69,956,000 | $ | 94,971,000 | $ | 143,561,000 | $ | 184,039,000 | ||||||||
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| Income from operations |
2,928,000 | 13,516,000 | 7,045,000 | 25,644,000 | ||||||||||||
| Other (expense) income – net |
(269,000 | ) | 140,000 | (545,000 | ) | (369,000 | ) | |||||||||
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| Income before income taxes |
2,659,000 | 13,656,000 | 6,500,000 | 25,275,000 | ||||||||||||
| Income tax expense |
(770,000 | ) | (4,366,000 | ) | (2,145,000 | ) | (8,239,000 | ) | ||||||||
| Equity loss in Chinese joint venture |
(381,000 | ) | (167,000 | ) | (847,000 | ) | (237,000 | ) | ||||||||
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| Net income |
$ | 1,508,000 | $ | 9,123,000 | $ | 3,508,000 | $ | 16,799,000 | ||||||||
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| Earnings per common share: |
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| Basic |
$ | 0.15 | $ | 0.88 | $ | 0.34 | $ | 1.63 | ||||||||
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| Diluted |
$ | 0.15 | $ | 0.88 | $ | 0.34 | $ | 1.62 | ||||||||
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| Weighted-average number of common shares outstanding: |
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| Basic |
10,338,775 | 10,317,793 | 10,333,888 | 10,311,509 | ||||||||||||
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| Diluted |
10,386,521 | 10,406,688 | 10,389,531 | 10,386,284 | ||||||||||||
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