Ampco-Pittsburgh Announces Third Quarter Earnings

  Ampco-Pittsburgh Announces Third Quarter Earnings

Business Wire

PITTSBURGH -- October 28, 2013

Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and nine
months ended September 30, 2013 of $64,433,000 and $203,995,000, respectively,
against $72,190,000 and $215,751,000 for the comparable prior year periods.
Income from operations approximated $20,777,000 and $24,879,000 for the three
and nine months ended September 30, 2013, respectively, and includes a pre-tax
credit of approximately $16,340,000 representing estimated additional
insurance recoveries through 2022 for asbestos liabilities on account of
insurance coverage settlement agreements entered into during the quarter.
Income from operations for the three and nine months ended September 30, 2012
equaled $3,748,000 and $10,793,000, respectively. Net income for the three and
nine months ended September 30, 2013 was $12,705,000 or $1.23 per share and
$13,937,000 or $1.35 per share, respectively, including the after-tax credit
of approximately $10,620,000 or $1.03 per share for the above-mentioned
insurance settlements, in comparison to $1,528,000 or $0.15 per share and
$5,037,000 or $0.49 per share for the three and nine months ended September
30, 2012.

For the Forged and Cast Rolls segment, sales for the quarter and year-to-date
periods were less than the comparable prior year periods principally due to
weak demand worldwide which is driving margins lower and reducing earnings.
The impact to operating income was offset by receipt of insurance proceeds for
lost margin on rolls damaged during Hurricane Sandy in 2012 resulting in
operating income for the third quarter 2013 slightly better than third quarter
2012. For the Air and Liquid Processing group, sales for the three and nine
months ended September 30, 2013 were less than the comparable prior year
periods; however, operating income improved due to the pre-tax credit of
approximately $16,340,000 for the above-mentioned insurance settlements and
changes in 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 Sept 30,         Nine Months Ended Sept 30,
                         2013            2012               2013             2012
                                                                               
Sales                    $ 64,433,000    $ 72,190,000      $ 203,995,000    $ 215,751,000 
                                                                               
Income from                20,777,000       3,748,000          24,879,000        10,793,000
operations ^(1)
Other expense –           (565,000   )    (217,000   )      (1,669,000  )    (763,000    )
net
                                                                               
Income before              20,212,000       3,531,000          23,210,000        10,030,000
income taxes
Income tax                 (7,057,000 )     (1,498,000 )       (7,958,000  )     (3,643,000  )
expense
Equity loss in
Chinese joint             (450,000   )    (505,000   )      (1,315,000  )    (1,350,000  )
venture
Net income ^(2)          $ 12,705,000    $ 1,528,000       $ 13,937,000     $ 5,037,000   
                                                                               
Earnings per
common share:
Basic ^(2)               $ 1.23          $ 0.15            $ 1.35           $ 0.49        
Diluted ^(2)             $ 1.22          $ 0.15            $ 1.34           $ 0.48        
                                                                               
Weighted-average
number of common
shares
outstanding:
Basic                     10,362,746     10,342,756       10,355,272      10,336,865  
Diluted                   10,407,664     10,384,291       10,404,158      10,387,839  
                                                                               

              Income from operations for the three and nine months ended
              September 30, 2013 includes a pre-tax credit of approximately
   (1)   $16,340,000 representing estimated additional insurance
              recoveries through 2022 for asbestos liabilities on account of
              insurance coverage settlement agreements entered into during the
              quarter.
      
              Net income for the three and nine months ended September 30,
              2013 includes an after-tax credit of approximately $10,620,000
      (2)     or $1.03 per share representing estimated additional insurance
              recoveries through 2022 for asbestos liabilities on account of
              insurance coverage settlement agreements entered into during the
              quarter.
              

Contact:

Ampco-Pittsburgh Corporation
Dee Ann Johnson, 412-456-4410
Chief Financial Officer and Treasurer
dajohnson@ampcopgh.com
 
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