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Altra Delivers Record 2012 Results

Full-Year Sales Increase 8.5% Provides Full-Year 2013 EPS Guidance of Between $1.75 and $1.85

BRAINTREE, Mass., Feb. 14, 2013 (GLOBE NEWSWIRE) -- Altra Holdings, Inc. (Nasdaq:AIMC), a global manufacturer and marketer of electromechanical power transmission and motion control products, today announced unaudited financial results for the fourth quarter and year ended December 31, 2012.

Financial Highlights

  • Fourth-quarter net sales increased by 3.2% to $177.2 million. The Lamiflex acquisition contributed 75 basis points of the sales increase. Full-year net sales increased 8.5% to $732.0 million, with a 70 basis point contribution from acquisitions.  
  • Fourth-quarter income from operations was $15.6 million compared with $14.7 million in the fourth quarter of 2011, with full year income from operations of $76.9 million compared with $72.4 million in 2011. Non-GAAP income from operations increased by 25.9% to $18.9 million in the fourth quarter of 2012, with full year non-GAAP income from operations increasing 6.9% to $80.7 million.*  
  • Reconciliation of Non-GAAP Net Income (Loss):
     
  Quarter Year
  December 31, 2012
Net income (loss)  $ (5,379)  $ 24,293
     
Amortization of inventory fair value adjustment  --   122
Acquisition related expenses  114  537
Restructuring costs  3,186  3,196
Premium and deferred financing expense and original issue discount eliminated on the redeemed debt  17,475  18,765
Tax impact of above adjustments  (5,900)  (6,466)
Non-GAAP net income  $ 9,496  $ 40,447
Non-GAAP diluted earnings per share  $ 0.36  $ 1.52
  • Fourth-quarter net loss was $5.4 million, or $(0.20) per share, compared with net income of $5.9 million in the fourth quarter of 2011. Non-GAAP net income in Q4 2012 increased 51% to $9.5 million, or $0.36 per diluted share.*  
  • Full year net income was $24.3 million, or $0.91 per diluted share, compared with $37.7 million, or $1.41 per diluted share, in 2011. Non-GAAP net income for the full year increased 10.4% to a record $40.4 million, or $1.52 per diluted share.*
  • Altra refinanced its 8.125% Senior Secured Notes and entered into a new $300 million five-year credit agreement, which will result in a significant interest expense reduction for 2013.  
  • Cash and cash equivalents were $85.2 million on December 31, 2012 compared with $92.5 million on December 31, 2011, as we reduced our long-term debt by $16.5 million and instituted a quarterly dividend amounting to $4.3 million in 2012. 

Management Comments

"We ended a record year of performance with solid results in the fourth quarter," said Carl Christenson, Altra President and CEO. "For the year, we grew revenues 8.5% to $732 million, and reported $1.52 in non-GAAP earnings per share, a record for the Company. For the quarter, revenues grew 3.2% to $177.2 million and we reported non-GAAP earnings per diluted share of $0.36. We improved gross profit during the year, ending with a 30.4% gross margin for the fourth quarter and 29.9% for 2012. During the fourth quarter we refinanced our 8.125% Senior Secured Notes for a significant cost savings going forward, substantially completed the European restructuring actions we had previously announced, made progress on our strategy to penetrate emerging countries, and continued to take actions to enhance productivity and operational efficiency."

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