Ampco-Pittsburgh Corporation Announces First Quarter Earnings
PITTSBURGH -- April 23, 2014
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.
Three Months Ended March 31,
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
Basic 10,373,191 10,346,090
Diluted 10,422,880 10,398,918
Dee Ann Johnson, Chief Financial Officer and Treasurer, 412-456-4410
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