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Altra Reports First-Quarter 2013 Results

Diluted Earnings Per Share Increases 12.8% Gross Profit Improves 50bps to 30.0%, Despite Modest Decline in Sales Quarterly Dividend Raised 25% to $0.10 per Share

BRAINTREE, Mass., April 26, 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 first quarter ended March 30, 2013.

Financial Highlights                                                                                  
  • First-quarter 2013 net sales were $185.2 million compared with $192.4 million in the first quarter of 2012, a decrease of only 3.7%, despite approximately 5% fewer shipping days.
  • Gross profit for the first quarter of 2013 grew by 50 basis points to 30.0% from 29.5% in the first quarter of 2012.
  • First-quarter net income was $11.9 million, or $0.44 per diluted share, compared with net income of $10.5 million, or $0.39 per diluted share, in the first quarter of 2012. Non-GAAP net income in Q1 2013 was $12.1 million, or $0.45 per diluted share, compared with $10.6 million, or $0.40 per diluted share a year ago.*
  • Reconciliation of Non-GAAP Net Income*:
 
  Quarter ended March 30, 2013 Quarter ended March 31, 2012
Net income attributable to Altra Holdings, Inc.  $ 11,880  $ 10,516
Acquisition related expenses  --   190
Restructuring costs  320  -- 
Tax impact of above adjustments  (104)  (60)
Non-GAAP net income  $ 12,096  $ 10,646
Non-GAAP diluted earnings per share  $ 0.45  $ 0.40
  • Interest expense decreased $3.2 million, or 54.9%, during the quarter primarily due to the refinancing in the fourth quarter of 2012 and lower average outstanding borrowings.
  • Cash and cash equivalents were $66.2 million on March 30, 2013 compared with $85.2 million on December 31, 2012. During the quarter, the Company paid down more than $21 million on its credit facility.
  • Effective in the second quarter, the Company entered into an interest rate swap through 2016 to fix a portion of its variable rate debt. 

Management Comments

"The first quarter was in line with our expectations which took into account the generally sluggish demand in some of our end markets and the reduced number of shipping days in the quarter compared with last year," said Carl Christenson, Altra President and CEO. "We are extremely pleased with the impact of the European restructuring activities started in the second half of last year and the lower interest expense as a result of refinancing the majority of our debt in the fourth quarter of last year. Gross profit increased by 50 basis points year over year to 30.0% and we grew Non-GAAP Net Income by 13.6% to $12.1 million. We are also very pleased to have announced another increase in our dividend to $0.10 per share for the second quarter of 2013." 

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