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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