Ampco-Pittsburgh Corporation Announces Results

Ampco-Pittsburgh Corporation (NYSE:AP) announces sales for the three months and year ended December 31, 2012 of $77,154,000 and $292,905,000, respectively, compared to sales of $86,514,000 and $344,816,000 for the same periods of 2011. Income from operations for the three months ended December 31, 2012 and 2011 was $5,500,000 and $6,994,000, respectively, and for the twelve months then ended was $16,293,000 and $36,474,000, respectively. For 2012, net income was $3,319,000 or $0.32 per common share for the fourth quarter and $8,355,000 or $0.81 per common share for the year. For 2011, net income was $1,754,000 or $0.17 per common share for the fourth quarter and $21,309,000 or $2.07 per common share for the year.

For the Forged and Cast Rolls segment, sales and operating income for the quarter and year were less than the same periods of the prior year and were adversely affected by weak global demand, competitive pricing pressures and lower production volumes. Sales for the Air and Liquid Processing segment for the quarter and year improved slightly against 2011; however, operating income was adversely affected by changes in product mix.

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,
2012   2011 2012   2011
 
 
Sales $ 77,154,000   $ 86,514,000   $ 292,905,000   $ 344,816,000  
 
 
Income from operations 5,500,000 6,994,000 16,293,000 36,474,000
Other expense – net   (362,000 )   (984,000 )   (1,125,000 )   (1,747,000 )
 
 
Income before income taxes 5,138,000 6,010,000 15,168,000 34,727,000
 
Income tax provision (1,575,000 ) (4,152,000 ) (5,218,000 ) (12,916,000 )
 
Equity losses in Chinese joint venture   (244,000 )   (104,000 )   (1,595,000 )   (502,000 )
 
Net income $ 3,319,000   $ 1,754,000   $ 8,355,000   $ 21,309,000  
 
Earnings per common share:
Basic $ 0.32   $ 0.17   $ 0.81   $ 2.07  
Diluted $ 0.32   $ 0.17   $ 0.80   $ 2.05  
 
Weighted-average number of common shares outstanding:
Basic   10,342,973     10,325,602     10,338,401     10,318,613  
Diluted   10,394,680     10,389,753     10,389,678     10,393,159  

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