EX-99.1 2 d713831dex991.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

April 23, 2014

Ampco-Pittsburgh Corporation Announces First Quarter Earnings

Ampco-Pittsburgh Corporation (NYSE: AP) announces sales and net income for the three months ended March 31, 2014 of $62,913,000 and $78,000 or $0.01 per common share, respectively, against sales and net income of $69,624,000 and $126,000 or $0.01 per common share for the same period in 2013. Income from operations for the first three months of 2014 of $777,000 compares to $1,711,000 for the first three months of 2013.

The decline in sales and earnings from a year ago is principally attributable to lower demand and ongoing pricing pressures for the Forged and Cast Rolls segment. For the Air and Liquid Processing segment, sales and earnings were comparable to the first quarter of the prior year.

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 March 31,  
     2014     2013  

Sales

   $ 62,913,000      $ 69,624,000   
  

 

 

   

 

 

 

Income from operations

     777,000        1,711,000   

Other income (expense) – net

     118,000        (644,000
  

 

 

   

 

 

 

Income before income taxes

     895,000        1,067,000   

Income tax provision

     (376,000     (320,000

Equity losses in Chinese joint venture

     (441,000     (621,000
  

 

 

   

 

 

 

Net income

   $ 78,000      $ 126,000   
  

 

 

   

 

 

 

Earnings per common share:

    

Basic

   $ 0.01      $ 0.01   
  

 

 

   

 

 

 

Diluted

   $ 0.01      $ 0.01   
  

 

 

   

 

 

 

Weighted-average number of common shares outstanding:

    

Basic

     10,373,191        10,346,090   
  

 

 

   

 

 

 

Diluted

     10,422,880        10,398,918