Ampco-Pittsburgh Announces Second Quarter Earnings

  Ampco-Pittsburgh Announces Second Quarter Earnings

Business Wire

PITTSBURGH -- August 1, 2014

Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and six
months ended June 30, 2014 of $69,949,000 and $132,862,000, respectively,
against $69,938,000 and $139,562,000 for the comparable prior year periods.
Net income for the three months ended June 30, 2014 and 2013 was $1,121,000 or
$0.11 per share and $1,106,000 or $0.11 per share, respectively, and for the
six months ended June 30, 2014 and 2013 was $1,199,000 or $0.12 per share and
$1,232,000 or $0.12 per share, respectively. Income from operations
approximated $2,018,000 and $2,795,000 for the three and six months ended June
30, 2014, respectively, against $2,391,000 and $4,102,000 for the same periods
in 2013.

For the Forged and Cast Rolls segment, operating income for the quarter and
year-to-date periods ended June 30, 2014 was less than the comparable prior
year periods due to weak margins and a lower volume of shipments. Pricing
pressures from international roll suppliers remain fierce since demand
continues to be sluggish as global steel and aluminum customerswork below
capacity. For the Air and Liquid Processing group, earnings for the three and
six months ended June 30, 2014 were higher than the same periods of the prior
year primarily due to improved product mix and cost containment.

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,
                   2014            2013             2014             2013
                                                                       
Sales              $ 69,949,000    $ 69,938,000    $ 132,862,000    $ 139,562,000 
                                                                       
                                                                       
Income from          2,018,000        2,391,000        2,795,000         4,102,000
operations
Other (expense)     (88,000    )    (460,000   )    30,000          (1,104,000  )
income – net
                                                                       
Income before        1,930,000        1,931,000        2,825,000         2,998,000
income taxes
Income tax           (575,000   )     (581,000   )     (951,000    )     (901,000    )
expense
Equity loss in
Chinese joint       (234,000   )    (244,000   )    (675,000    )    (865,000    )
venture
Net income         $ 1,121,000     $ 1,106,000     $ 1,199,000      $ 1,232,000   
                                                                       
Earnings per
common share:
Basic              $ 0.11          $ 0.11          $ 0.12           $ 0.12        
Diluted            $ 0.11          $ 0.11          $ 0.12           $ 0.12        
                                                                       
Weighted-average
number of common
shares
outstanding:
Basic               10,395,154     10,356,797     10,384,178      10,351,473  
Diluted             10,448,249     10,406,686     10,436,285      10,402,772  

Contact:

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