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 December 31,||Year Ended December 31|
|Income (loss) from operations||(1||)||6,994,000||(12,399,000||)||36,474,000||24,727,000|
|Other expense – net||(984,000||)||(977,000||)||(1,747,000||)||(105,000||)|
|Income (loss) before income taxes||6,010,000||(13,376,000||)||34,727,000||24,622,000|
|Income tax (provision) benefit||(4,152,000||)||3,907,000||(12,916,000||)||(8,687,000||)|
|Equity losses in Chinese joint venture||(104,000||)||(184,000||)||(502,000||)||(479,000||)|
|Net income (loss)||(2||)||$||1,754,000||$||(9,653,000||)||$||21,309,000||$||15,456,000|
|Earnings per common share:|
|Weighted-average number of common shares outstanding:|
|(1)||Income (loss) from operations for the quarter and year ended December 31, 2010 includes a pre-tax charge of $19,980,000 for estimated costs of asbestos-related litigation, net of estimated insurance recoveries, through 2020.|
|(2)||Net income (loss) for the quarter and year ended December 31, 2010 includes an after-tax charge of $12,931,000 or $1.26 per common share for estimated costs of asbestos-related litigation, net of estimated insurance recoveries, through 2020.|
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