BRAINTREE, Mass., Feb. 28, 2011 (GLOBE NEWSWIRE) -- Altra Holdings, Inc. (Nasdaq:AIMC), a leading global supplier of clutch brakes, couplings, gearing, belted drives and other power transmission components, today announced unaudited financial results for the fourth quarter ended December 31, 2010.
- Fourth-quarter net sales increased 17% to $130.5 million compared with the prior-year quarter. Full-year 2010 net sales increased 15% to $520.2 million.
- Fourth-quarter net income per diluted share was $0.20 compared with a loss per share of $0.10 in the prior-year period. Non-GAAP adjusted earnings per diluted share increased 71% to $0.24 for the fourth quarter of 2010.*
- For full year 2010, the Company reported net income of $0.92 per diluted share compared with a net loss of $0.09 per share in 2009. Non-GAAP adjusted earnings per diluted share increased 209% to $1.02 in 2010.
- Fourth-quarter income from operations increased 130 basis points to 9.4% of sales from the fourth quarter of 2009. The increase was primarily due to lower restructuring charges.
- The Company's cash balance improved 41% year-over-year and was $72.7 million at the end of the year.
- Altra forecasts strong revenue and earnings per share growth in 2011 based on continued early- and late-cycle demand strength and strong earnings leverage.