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.
In a separate news release earlier today, Altra announced that it has signed a definitive agreement to acquire substantially all of the assets and liabilities of Danfoss Bauer GmbH ("Bauer") relating to its gearmotor business for cash consideration of 43.1 million Euros. Bauer is a leading European manufacturer of high-quality gearmotors, offering engineered solutions to a variety of industries, including material handling, metals, food processing and energy. The Bauer gearmotor product line will be highly complementary to Altra's existing gearing products. The acquisition is anticipated to be accretive, excluding any one-time or acquisitions costs, to Altra's earnings in 2011.