EX-99.1 2 d575367dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

CONTACT:

Dee Ann Johnson

Chief Financial Officer and Treasurer

(412) 456-4410

dajohnson@ampcopgh.com

FOR IMMEDIATE RELEASE

PITTSBURGH, PA

July 29, 2013

Ampco-Pittsburgh Announces Second Quarter Earnings

Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and six months ended June 30, 2013 of $69,938,000 and $139,562,000, respectively, against $69,956,000 and $143,561,000 for the comparable prior year periods. Net income for the three months ended June 30, 2013 and 2012 was $1,106,000 or $0.11 per share and $1,508,000 or $0.15 per share, respectively, and for the six months ended June 30, 2013 and 2012 was $1,232,000 or $0.12 per share and $3,508,000 or $0.34 per share. Income from operations approximated $2,391,000 and $4,102,000 for the three and six months ended June 30, 2013, respectively, against $2,928,000 and $7,045,000 for the same periods in 2012.

For the Forged and Cast Rolls segment, despite the modest increase in sales, operating income for the quarter and year-to-date period ended June 30, 2013 was less than the comparable prior year periods principally due to lower margins as a result of competitive pricing. Additionally, overall, the segment continues to be adversely affected by the weak operating and financial conditions of the global steel and aluminum industries. For the Air and Liquid Processing group, sales and operating income for the three and six months ended June 30, 2013 were less than the same periods of the prior year primarily due to a decrease in customer demand for the group’s products.

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,  
     2013     2012     2013     2012  

Sales

   $ 69,938,000      $ 69,956,000      $ 139,562,000      $ 143,561,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     2,391,000        2,928,000        4,102,000        7,045,000   

Other expense – net

     (460,000     (269,000     (1,104,000     (545,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     1,931,000        2,659,000        2,998,000        6,500,000   

Income tax expense

     (581,000     (770,000     (901,000     (2,145,000

Equity loss in Chinese joint venture

     (244,000     (381,000     (865,000     (847,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 1,106,000      $ 1,508,000      $ 1,232,000      $ 3,508,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share:

        

Basic

   $ 0.11      $ 0.15      $ 0.12      $ 0.34   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.11      $ 0.15      $ 0.12      $ 0.34   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average number of common shares outstanding:

        

Basic

     10,356,797        10,338,775        10,351,473        10,333,888   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     10,406,686        10,386,521        10,402,772        10,389,531