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AMG Advanced Metallurgical Group N.V. Reports Third Quarter 2013 Results

Stocks in this article: AMG

AMSTERDAM, Netherlands, Nov. 8, 2013 (GLOBE NEWSWIRE) --

Key Highlights
  * Revenue was $286.4 million in the third quarter 2013, a 4% decrease from the
    same period in 2012
  * EBITDA(()[1]()) was $17.7 million in the third quarter 2013, an 11% decrease
    from the same period in 2012
  * EPS on a fully diluted basis was $0.05 in the third quarter 2013 compared to
    $0.18 in the same period in 2012
  * Cash flows from operating activities were $24.7 million in the third quarter
    2013, compared to $30.4 million in the same period in 2012
  * AMG Processing generated revenue of $138.1 million and EBITDA of $4.6
    million in the third quarter 2013
  * AMG Engineering generated revenue of $66.1 million and EBITDA of $4.2
    million in the third quarter 2013
  * AMG Mining generated revenue of $82.3 million and EBITDA of $8.9 million in
    the third quarter 2013
  * As of September 30, 2013, cash on the balance sheet was $116.3 million; net
    debt was $163.6 million, a reduction of $16.4 million during the third
    quarter 2013


Amsterdam,    8 November   2013 (Regulated   Information)   ---   AMG   Advanced
Metallurgical  Group  N.V.  ("AMG",  EURONEXT  AMSTERDAM:  "AMG") reported third
quarter 2013 revenue of $286.4 million, a 4% decrease from $296.9 million in the
third quarter 2012.

EBITDA  decreased  11% to  $17.7  million  in  the third quarter 2013 from $19.8
million  in the third quarter 2012.  Net income attributable to shareholders for
the  third  quarter  2013 was  $1.4  million,  or $0.05 per fully diluted share,
compared to net income of $5.0 million, or earnings attributable to shareholders
of $0.18 in the third quarter 2012.

Dr.  Heinz Schimmelbusch, Chairman  of the Management  Board and CEO, said, "The
specialty  metals industry  experienced double  digit price  declines during the
third  quarter 2013.  These declines, from  already low 2012 market price levels
were most significant in chrome metal, antimony, and vanadium.  We have begun to
see  the benefits  of restructuring  efforts in  AMG Engineering and AMG Mining.
 Management's comprehensive actions resulted in strong cash flows from operating
activities  and a significant reduction in net  debt.  As a result of low prices
and  lower  capacity  utilization,  we  are  implementing  fixed  cost reduction
measures  at  AMG  Processing  to  right  size  the  business for current market
conditions.  Strategically, we are focusing on the core strengths of our product
portfolio and streamlining activities."


Key Figures

In 000's US Dollar

                                          Q3 '13             Q3 '12  Change



Revenue                                 $286,415           $296,851    (4%)
----------------------------------------------------------------------------
Gross profit                              39,792             47,537   (16%)

Gross margin                               13.9%              16.0%


----------------------------------------------------------------------------
Operating profit                           7,275             11,124   (35%)

Operating margin                            2.5%               3.7%



Net income attributable to                 1,407              5,006   (72%)
shareholders
----------------------------------------------------------------------------


EPS- Fully diluted                          0.05               0.18   (72%)



EBIT ((1))                                 9,623             12,714   (24%)

EBITDA ((2))                              17,701             19,814   (11%)

EBITDA margin                               6.2%               6.7%



Cash flows from operating activities      24,687             30,374   (19%)
----------------------------------------------------------------------------
Note:
 1. EBIT is defined as earnings before interest, tax and excludes non-recurring
    items
 2. EBITDA is defined as earnings before interest, tax, depreciation and
    amortization and excludes non-recurring items


Operational Review

AMG Processing
                          Q3 '13     Q3 '12   Change
-----------------------------------------------------
 Revenue                $138,068   $146,886     (6%)

 Gross profit             13,008     19,451    (33%)

 Operating profit            814      5,000    (84%)

 EBITDA                    4,629      9,086    (49%)

 Capital expenditures      3,074      5,309    (42%)


AMG  Processing's third quarter  2013 revenue decreased $8.8  million, or 6%, to
$138.1 million.  AMG Aluminum revenue increased 2% compared to the third quarter
2012, despite  slightly lower aluminum  prices.  This improvement  was more than
offset  by significant  price declines  in vanadium  and titanium  alloys, which
resulted  in  28% and  6% decreases  in  AMG  Vanadium and AMG Titanium Alloys &
Coatings revenue, respectively.

The  third  quarter  2013 gross  margin  decreased  to  9% from 13% in the third
quarter  2012, as declining metal prices significantly affected AMG Processing's
margins.   Specifically, an unfavorable product mix resulted in a 71% decline in
AMG  Superalloys  gross  margins.   In  addition,  significant declines in solar
coatings  and titanium alloy  revenue resulted in  a 38% decline in AMG Titanium
Alloys  & Coatings gross margins.  These impacts more than offset a 79% increase
in  AMG Aluminum gross margins,  which was the result  of the rationalization of
lower margin products and productivity improvements.

The third quarter 2013 EBITDA decreased $4.5 million to 3% of revenue from 6% of
revenue  in the third quarter  2012.  The EBITDA decrease was  the result of the
$6.4  million decline in gross profit offset  by a $2.0 million decrease in SG&A
personnel expenses.

Capital  expenditures  were  $3.1  million  for  the  third quarter 2013, a 42%
decrease  from the  third quarter  2012.  Capital investments  made in the third
quarter included $2.2 million of maintenance expenditures.


AMG Engineering
                         Q3 '13    Q3 '12   Change
---------------------------------------------------
 Revenue                $66,093   $71,209     (7%)

 Gross profit            13,979    14,813     (6%)

 Operating profit           475     3,213    (85%)

 EBITDA                   4,179     5,787    (28%)

 Capital expenditures       487     1,345    (64%)


AMG  Engineering's third quarter 2013 revenue  decreased $5.1 million, or 7%, to
$66.1  million.  Revenue from nuclear furnaces increased 55% to $7.8 million and
turbine blade coating furnace revenue increased 843% to $7.2 million, the result
of  one significant  order.  These  increases were  mitigated by  a 51% and 32%
decrease   in   revenue   from   sintering   furnaces  and  remelting  furnaces,
respectively, compared to the third quarter 2012.

Order  backlog decreased 8% to $133.5  million at September 30, 2013 from $145.2
million  at  June  30, 2013.  AMG  Engineering  generated  order intake of $48.4
million  in the third quarter 2013, a 39% decrease compared to the third quarter
2012 and  a  0.73x book  to  bill  ratio.   Remelting  furnaces were the largest
portion of the order intake, accounting for 28% of the total.

The  third quarter 2013 gross margin was  21%, consistent with the third quarter
2012.  Improved  profitability on certain large  projects and an increased focus
on cost control resulted in a consistent margin, despite the decline in revenue.


The  third quarter 2013 EBITDA decreased $1.6 million, to 6% of revenue from 8%
of revenue in the third quarter 2012.  The EBITDA decrease was the result of the
$0.8  million decrease in  gross profit and  the $0.6 million  increase in SG&A.
 The  increase in SG&A was  the result of incentive  compensation related to the
increase in the AMG share price.

Capital  expenditures were $0.5 million in the third quarter 2013, 64% less than
the third quarter 2012.  Capital investments in the third quarter were primarily
maintenance capital expenditures for the heat treatment services business.


AMG Mining
                         Q3 '13    Q3 '12   Change
---------------------------------------------------
 Revenue                $82,254   $78,756       4%

 Gross profit            12,805    13,273     (4%)

 Operating profit         5,986     2,911     106%

 EBITDA                   8,893     4,941      80%

 Capital expenditures     2,754     3,778    (27%)


AMG  Mining's third quarter 2013 revenue increased $3.5 million, or 4%, to $82.3
million.   Volumes for most products increased, while prices were mixed.  Prices
increased  12% and 5% for  AMG Mineração's  tantalum and  AMG Graphite products,
respectively,  while AMG Antimony and AMG  Silicon product prices decreased 11%
and 9%, respectively, compared to the third quarter 2012.

The  third quarter  2013 gross margin  decreased to  16%, from 17% in  the third
quarter  2012.  The  gross  margin  decrease  was  primarily the result of lower
average prices for the higher volume products at AMG Silicon and AMG Antimony.

The third quarter 2013 EBITDA increased $4.0 million, to 11% of revenue from 6%
of  revenue in the  third quarter 2012.  The  EBITDA increase was  the result of
$1.5  million  and  $0.5  million  decreases  in environmental expenses and SG&A
professional  fees, respectively,  and a  $1.5 million  increase in other income
from  the sale  of land.   These improvements  were slightly  offset by the $0.5
million decrease in gross profit.

Capital  expenditures were $2.8 million in the third quarter 2013, 27% less than
the  third quarter 2012.  Capital  expenditures were primarily  composed of $1.0
million  for a  silicon metal  furnace efficiency  upgrade and  $1.1 million for
maintenance expenditures.


Financial Review

For  purposes of this  release, AMG restated  the December 31, 2012 statement of
financial  position and 2012 income statement to  comply with new IFRS standards
and  interpretations.   IAS  19 Employee  Benefits  (Revised 2011) (IAS 19R) and
IFRIC  20 Stripping  Costs  in  the  Production  Phase  of  a  Surface Mine were
effective  for periods  beginning after  January 1, 2013 and require restatement
for comparability.


Tax

AMG  recorded an income tax expense of $0.5 million in the third quarter 2013 or
a  28% effective tax rate.  The income tax expense in the third quarter 2012 was
$2.1 million, or a 30% effective tax rate.  The third quarter 2013 effective tax
rate  was consistent  with AMG's  long-term tax  rate expectations of 30-35% per
annum.


SG&A

AMG's  third quarter  2013 SG&A expenses  were $32.3  million, compared to $34.4
million  in the third quarter 2012, a decrease of 6%.  The $2.1 million decrease
in  SG&A  expenses  was  primarily  due  to  a $2.3 million decrease in variable
compensation expense.


Non-Recurring Items

AMG's  third quarter  2013 $7.3 million  operating profit includes non-recurring
items,  which are not  included in the  calculation of EBITDA.   These items are
comprised  of income and expense  items, that in the  view of management, do not
arise  in the normal course of business  and items that, because of their nature
and/or  size, should  be presented  separately to  enable better analysis of the
results.

A summary of non-recurring items in the third quarter 2013 and 2012 are below:

                                 For the three months ended
                                    September                     September
                                        2013                            2012
----------------------------------------------------------------------------
Non-recurring items included in operating profit:

Restructuring expense                                 $1,753            $476
----------------------------------------------------------------------------
Total non-recurring items included in operating        1,753             476
profit
----------------------------------------------------------------------------

AMG  incurred $1.8  million of  non-recurring restructuring  items in  the third
quarter  2013, consisting primarily of $1.3 million  and $0.3 million related to
AMG Engineering and AMG Mining restructuring, respectively.  These restructuring
expenses  are  part  of  the  Company's  ongoing  cost reduction efforts and the
process to simplify the corporate structure.


Currency Fluctuations

AMG  transacts  business  in  many  currencies  other  than the U.S. dollar, the
Company's  reporting currency.  AMG's financial  statements are prepared in U.S.
dollars, so fluctuations in the exchange rates between the U.S. dollar and other
currencies  have an effect both on the results of operations and on the reported
value  of assets and liabilities as  measured in U.S. dollars.  The depreciation
in  the  value  of  the  U.S.  dollar  as of September 30, 2013 compared to June
30, 2013, resulted  in an increase in the  assets and liabilities on the balance
sheet  of $20.9 million and $14.6 million,  respectively.  The net result of the
depreciation  in the value of the U.S. dollar in the third quarter 2013 compared
to the third quarter 2012, resulted in an increase in revenue and EBITDA of $9.3
million and $0.8 million, respectively.


Liquidity
                              September 30, 2013   December 31, 2012
                                                                       Change
------------------------------------------------------------------------------
 Total debt                             $279,894            $315,844    (11%)

 Cash and cash equivalents               116,278             121,639     (4%)
------------------------------------------------------------------------------
 Net debt                                163,616             194,205    (16%)


AMG  had a net debt position of  $163.6 million as of September 30, 2013.  AMG's
net  debt position decreased $30.6 million since December 31, 2012 primarily due
to  $62.1 million of EBITDA and a  $27.4 million decrease in working capital and
deferred revenue.  These cash generation activities were offset by $22.5 million
in capital investments, $11.5 million of cash tax payments, $11.3 million of net
cash  interest payments, and restructuring costs  and pension payments in excess
of  expense of  $7.0 million.   Including the  $116.3 million  of cash,  AMG had
$190.0 million of total liquidity as of September 30, 2013.

Cash Flow
                                                  For the nine months ended
                                                        September 30

                                                   2013                     2012
--------------------------------------------------------------------------------


Net cash flows from operating activities       $57,318                  $33,508
--------------------------------------------------------------------------------
Capital expenditures                           (22,534)                 (33,875)

Cash flows from (used in) other investing           436                    (169)
activities
--------------------------------------------------------------------------------
Net cash flows used in investing activities   (22,098)                  (34,044)
--------------------------------------------------------------------------------
Net cash flows (used in) from financing        (42,596)                   32,260
activities
--------------------------------------------------------------------------------

Cash  flows from  operating activities  were $57.3  million for  the nine months
ended  September 30, 2013 compared  to cash  flows from  operating activities of
$33.5  million  in  the  same  period  in  2012.  Net  cash flows from operating
activities  are comprised of $62.1 million  in EBITDA and $27.4 million decrease
in  working capital  and deferred  revenue, slightly  offset by $11.5 million in
cash tax payments and $11.3 million in cash interest payments.

Cash  flows used in investing activities were  $22.1 million for the nine months
ended  September  30, 2013.  The  $11.9  million  decrease  compared to the same
period  in 2012 is  primarily composed  of an  $11.3 million decrease in capital
investments.   This reduction in capital  investments reflects management's cash
control initiatives and more stringent return metrics.

Cash  flows used in financing activities were  $42.6 million for the nine months
ended  September 30, 2013 as the Company repaid $42.6 million of borrowings.  In
the  same period in 2012, AMG generated  $32.3 million from financing activities
primarily  to fund the  Brazilian mine expansion  and the acquisition of Graphit
Kropfmühl shares.


 Outlook

The specialty metals markets continue to be weak, specifically due to destocking
in  the global aerospace value chain,  continued stagnation for high performance
steel,  and slowing growth in China.   These conditions are affecting prices and
volumes  for many of AMG's products.   AMG has rationalized production levels in
AMG Mining and AMG Engineering and is currently implementing plans to reduce the
fixed  cost structure and decrease capital  expenditures in AMG Processing.  AMG
expects  that it  will generate  positive operating  cash flow during the fourth
quarter.   Overall, AMG's full year 2013 EBITDA will decline compared to 2012.




AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

 For the three months ended September 30

 In thousands of US Dollars                          2013             2012


                                              Unaudited             Unaudited[2]

Continuing operations

Revenue                                         286,415                  296,851

Cost of sales                                   246,623                  249,314

Gross profit                                     39,792                   47,537



Selling, general and administrative
expenses                                         32,343                   34,411

Restructuring expense                             1,753                      476

Environmental expense                                48                    1,712

Other income, net                               (1,627)                    (186)

Operating profit                                  7,275                   11,124



Finance expense                                   6,347                    5,270

Finance income                                    (324)                    (243)

Foreign exchange gain                             (358)                    (699)

Net finance costs                                 5,665                    4,328



Share of profit of associates                        26                      208

Profit before income tax                          1,636                    7,004



Income tax expense                                  459                    2,101

Profit for the period                             1,177                    4,903



Attributable to:

  Shareholders of the Company                     1,407                    5,006

  Non-controlling interests                       (230)                    (103)

Profit for the period                             1,177                    4,903



Earnings per share

Basic earnings per share                           0.05                     0.18

Diluted earnings per share                         0.05                     0.18


AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

 For the nine months ended September 30

 In thousands of US Dollars                              2013              2012


                                                  Unaudited Unaudited[3]

Continuing operations

Revenue                                             874,421      940,426

Cost of sales                                       737,753      785,555

Gross profit                                        136,668      154,871



Selling, general and administrative
expenses                                            102,354      111,185

Asset impairment expense                             49,703        6,333

Restructuring expense                                 8,488        4,807

Environmental expense                                   125        3,000

Other income, net                                   (2,095)        (888)

Operating (loss) profit                            (21,907)       30,434



Finance expense                                      17,384       18,211

Finance income                                        (640)        (855)

Foreign exchange gain                                 (313)        (190)

Net finance costs                                    16,431       17,166



Share of (loss) profit of associates                  (530)          457

(Loss) profit before income tax                    (38,868)       13,725



Income tax expense                                    2,383        8,782

(Loss) profit for the period                       (41,251)        4,943



Attributable to:

  Shareholders of the Company                      (38,363)        6,126

  Non-controlling interests                         (2,888)      (1,183)

(Loss) profit for the period                       (41,251)        4,943



(Loss) earnings per share

Basic (loss) earnings per share                      (1.39)         0.22

Diluted (loss) earnings per share                    (1.39)         0.22


AMG Advanced Metallurgical Group N.V.

Condensed interim consolidated
statement of financial position

In thousands of US Dollars

                                             Sept
                                           30, 2013             Dec 31,2012[4]

                                           Unaudited

Assets

  Property, plant and equipment               258,211                    288,269

  Goodwill                                     25,080                     24,751

  Intangible assets                            11,459                     13,971

  Investments in associates and joint
  ventures                                      6,313                      7,351

  Derivative financial instruments                200                        527

  Deferred tax assets                          37,064                     35,455

  Restricted cash                               9,944                     11,888

  Notes receivable                                251                        227

  Other assets                                 24,406                     22,262

Total non-current assets                      372,928                    404,701



  Inventories                                 185,569                    211,531

  Trade and other receivables                 161,310                    177,232

  Derivative financial instruments              4,196                      3,229

  Other assets                                 32,300                     30,438

  Cash and cash equivalents                   116,278                    121,639

Total current assets                          499,653                    544,069

Total assets                                  872,581                    948,770




































  AMG Advanced Metallurgical Group N.V.

  Condensed interim consolidated statement of
  financial position (continued)
  In thousands of US Dollars

                                                                           Dec
                                                   Sept 30, 2013   31, 2012[5]
                                                       Unaudited


Equity

  Issued capital                                              743       743

  Share premium                                           382,176   382,176

  Other reserves                                          (5,540)  (10,190)

  Retained earnings (deficit)                           (241,022) (204,284)

Equity attributable to shareholders of the Company        136,357   168,445

Non-controlling interests                                   3,615     6,818

Total equity                                              139,972   175,263



Liabilities

  Loans and borrowings                                    244,658   265,553

  Employee benefits                                       132,981   137,957

  Provisions                                               31,754    31,852

  Deferred revenue                                         13,572     2,724

  Government grants                                           903       472

  Other liabilities                                         6,299     6,690

  Derivative financial
  instruments                                               9,082    11,082

  Deferred tax liabilities                                 22,547    26,120

Total non-current liabilities                             461,796   482,450

  Loans and borrowings                                     14,797    20,333

  Short term bank debt                                     20,439    29,958

  Government grants                                            56        55

  Other liabilities                                        53,562    58,934

  Trade and other payables                                123,272   125,342

  Derivative financial
  instruments                                               5,588     3,900

  Advance payments                                         26,878    26,989

  Deferred revenue                                          5,251     2,533

  Current taxes payable                                     2,076     8,623

  Provisions                                               18,894    14,390

Total current liabilities                                 270,813   291,057

Total liabilities                                         732,609   773,507

Total equity and liabilities                              872,581   948,770

AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated statement of cash flows
For the nine months ended September 30

In thousands of US Dollars                                     2013       2012

                                                          Unaudited Unaudited[6]

Cash flows from operating activities

(Loss) profit for the period                               (41,251)        4,943

Adjustments to reconcile net (loss) profit to net
cash flows:

Non-cash:

   Income tax expense                                         2,383        8,782

   Depreciation and amortization                             24,822       21,252

   Asset impairment expense                                  49,703        6,333

   Net finance costs                                         16,431       17,166

   Share of loss (profit) of associates and joint
ventures                                                        530        (457)

   (Gain) loss on sale or disposal of property, plant
and equipment                                               (1,429)          210

   Equity-settled share-based payment transactions              666        1,268

   Movement in provisions, pensions and government
grants                                                          969        6,433

Change in working capital and deferred revenue               27,369     (10,773)
                                                         -----------------------
Cash flows from operating activities                         80,193       55,157

Finance costs paid, net                                    (11,331)     (10,030)

Income tax paid, net                                       (11,544)     (11,619)
                                                         -----------------------
Net cash flows from operating activities                     57,318       33,508



Cash flows used in investing activities

Proceeds from sale of property, plant and equipment           1,821          226

Proceeds from sale of investment in associate                   650            -

Acquisition of property, plant and equipment and
intangibles                                                (22,534)     (33,875)

Acquisition of subsidiaries (net of cash acquired of
$139)                                                             -        (594)

Acquisition of other non-current asset investments          (4,000)            -

Change in restricted cash                                     1,952          144

Other                                                            13           55
                                                         -----------------------
Net cash flows used in investing activities                (22,098)     (34,044)



Cash flows (used in) from financing activities

Proceeds from issuance of debt                                   38       67,185

Repayment of borrowings                                    (42,572)     (27,791)

Change in non-controlling interests                            (69)      (7,128)

Other                                                             7          (6)
                                                         -----------------------
Net cash flows (used in) from financing activities         (42,596)       32,260



Net (decrease) increase in cash and cash equivalents        (7,376)       31,724

Cash and cash equivalents at January 1                      121,639       79,571

Effect of exchange rate fluctuations on cash held             2,015           91

Cash and cash equivalents at September 30                   116,278      111,386


About AMG
AMG  creates and applies innovative metallurgical  solutions to the global trend
of  sustainable  development  of  natural  resources  and  CO(2) reduction.  AMG
produces  highly engineered specialty metal products and advanced vacuum furnace
systems  for  the  Energy,  Aerospace,  Infrastructure, and Specialty Metals and
Chemicals end markets.

AMG  Processing  develops  and  produces  specialty  metals,  alloys,  and  high
performance  materials.  AMG is a significant producer of specialty metals, such
as  ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives,
chromium  metal  and  ferrotitanium,  for  Energy, Aerospace, Infrastructure and
Specialty   Metal  and  Chemicals  applications.   Other  key  products  include
specialty  alloys for titanium  and superalloys, coating  materials and vanadium
chemicals.

AMG  Engineering designs, engineers and produces advanced vacuum furnace systems
and  operates vacuum heat treatment facilities,  primarily for the Aerospace and
Energy  (including solar and  nuclear) industries.  Furnace  systems produced by
AMG  include vacuum remelting, solar silicon melting and crystallization, vacuum
induction  melting,  vacuum  heat  treatment  and  high  pressure gas quenching,
turbine  blade coating and  sintering.  AMG also  provides vacuum case-hardening
heat treatment services on a tolling basis.

AMG Mining produces critical materials utilizing its secure raw material sources
in  Africa,  Asia,  Europe,  and  South  America.   AMG Mining produces critical
materials  such as high purity natural  graphite, tantalum, antimony and silicon
metal.   These materials are of significant importance to the global economy and
are  available  in  limited  supply.   End  markets  for these materials include
electronics, energy efficiency, green energy, and infrastructure.

With  over 3,000 employees, AMG operates  globally with production facilities in
Germany,  the  United  Kingdom,  France,  Czech  Republic, United States, China,
Mexico,  Brazil, Turkey, Poland, India, and Sri Lanka and has sales and customer
service offices in Belgium, Russia, and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.   +1 610 975 4901
Jonathan Costello
Vice President of Corporate Development and Communications
jcostello@amg-nv.com

Disclaimer

Certain  statements  in  this  press  release  are  not historical facts and are
"forward-looking."   Forward-looking  statements  include  statements concerning
AMG's  plans, expectations, projections, objectives, targets, goals, strategies,
future  events, future revenues or  performance, capital expenditures, financing
needs,   plans  and  intentions  relating  to  acquisitions,  AMG's  competitive
strengths  and  weaknesses,  plans  or  goals relating to forecasted production,
reserves,  financial  position  and  future  operations  and  development, AMG's
business  strategy  and  the  trends  AMG  anticipates in the industries and the
political  and legal environment in which it operates and other information that
is  not  historical  information.   When  used  in this press release, the words
"expects,"  "believes,"  "anticipates,"  "plans,"  "may,"  "will," "should," and
similar expressions, and the negatives thereof, are intended to identify forward
looking  statements.  By  their very  nature, forward-looking statements involve
inherent  risks and  uncertainties, both  general and  specific, and risks exist
that   the   predictions,   forecasts,  projections  and  other  forward-looking
statements will not be achieved.  These forward-looking statements speak only as
of  the date of this  press release.  AMG expressly  disclaims any obligation or
undertaking  to release publicly any updates or revisions to any forward-looking
statement  contained herein  to reflect  any change  in AMG's  expectations with
regard  thereto or any  change in events,  conditions, or circumstances on which
any forward-looking statement is based.


 1. EBITDA is defined as earnings before interest, tax, depreciation and
    amortization and excludes non-recurring items

[2]1 AMG restated the December 31, 2012 statement of financial position and
2012 income statement to comply with new IFRS standards and interpretations.
[3] AMG restated the December 31, 2012 statement of financial position and 2012
income statement to comply with new IFRS standards and interpretations.
[4] AMG restated the December 31, 2012 statement of financial position and 2012
income statement to comply with new IFRS standards and interpretations.
[5] AMG restated the December 31, 2012 statement of financial position and 2012
income statement to comply with new IFRS standards and interpretations.
[6] AMG restated the December 31, 2012 statement of financial position and 2012
income statement to comply with new IFRS standards and interpretations.

8 November 2013: http://hugin.info/138060/R/1741629/585212.pdf

[HUG#1741629]

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