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 $80.7 million.*
- Reconciliation of Non-GAAP Net Income (Loss):
|December 31, 2012|
|Net income (loss)||$ (5,379)||$ 24,293|
|Amortization of inventory fair value adjustment||--||122|
|Acquisition related expenses||114||537|
|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.