Ampco-Pittsburgh Corporation Announces First Quarter Earnings

  Ampco-Pittsburgh Corporation Announces First Quarter Earnings

Business Wire

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.

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 
                                                                             

Contact:

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