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Ampco-Pittsburgh Corporation Announces Results
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PITTSBURGH--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE:AP) announces sales for the fourth
quarter of 2011 of $86,514,000 compared with sales of $82,165,000 for
the same quarter of 2010. Income from operations for the three months
ended December 31, 2011 equaled $6,994,000. Loss from operations for the
three months ended December 31, 2010 equaled $(12,399,000) and includes
a pre-tax charge of $19,980,000 for additional net asbestos litigation
costs through 2020 associated with products manufactured decades ago by
the Air and Liquid Processing group. Net income equaled $1,754,000 or
$0.17 per common share for the three months ended December 31, 2011. Net
loss equaled $(9,653,000) or $(0.94) per common share for the three
months ended December 31, 2010 and includes an after-tax charge of
$12,931,000 or $1.26 per common share for additional net asbestos
litigation costs through 2020.
Sales for 2011 of $344,816,000 compares with $326,886,000 for 2010.
Income from operations for 2011 equaled $36,474,000. Income from
operations for 2010 equaled $24,727,000 and includes a pre-tax charge of
$19,980,000 for additional net asbestos litigation costs through 2020.
Net income for 2011 was $21,309,000 or $2.07 per common share. Net
income for 2010 was $15,456,000 or $1.51 per common share and includes
an after-tax charge of $12,931,000 or $1.26 per common share for
additional net asbestos litigation costs through 2020.
For the Forged and Cast Rolls segment, sales for the quarter and year
improved from a year ago primarily as a result of a higher volume of
shipments. The expected contribution to operating income was offset by
higher direct material and fixed costs and depressed pricing. Operating
results for the Air and Liquid Processing segment for the quarter and
year improved against 2010 which included the previously-mentioned
charge for net asbestos litigation costs through 2020. Additionally,
sales and operating income for the year benefited from a higher volume
of shipments for each division in the segment.
The matters discussed herein may contain forward-looking statements that
are subject to risks and uncertainties that could cause actual results
to differ materially from expectations. Some of these risks are set
forth in the Corporation's Annual Report on Form 10-K as well as the
Corporation's other reports filed with the Securities and Exchange
Commission.
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AMPCO-PITTSBURGH CORPORATION
FINANCIAL SUMMARY
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Three Months Ended December 31,
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Year Ended December 31
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2011
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2010
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2011
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2010
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Sales
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$
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86,514,000
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$
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82,165,000
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$
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344,816,000
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$
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326,886,000
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Income (loss) from operations
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(1
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6,994,000
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(12,399,000
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36,474,000
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24,727,000
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Other expense ??? net
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(984,000
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(977,000
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(1,747,000
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(105,000
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Income (loss) before income taxes
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6,010,000
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(13,376,000
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34,727,000
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24,622,000
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Income tax (provision) benefit
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(4,152,000
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3,907,000
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(12,916,000
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(8,687,000
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Equity losses in Chinese joint venture
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(104,000
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(184,000
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(502,000
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(479,000
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Net income (loss)
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(2
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$
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1,754,000
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$
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(9,653,000
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$
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21,309,000
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$
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15,456,000
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Earnings per common share:
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Basic
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(2
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$
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0.17
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$
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(0.94
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$
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2.07
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$
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1.51
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Diluted
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(2
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$
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0.17
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$
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(0.94
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$
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2.05
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$
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1.50
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Weighted-average number of common shares outstanding:
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Basic
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10,325,602
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10,275,040
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10,318,613
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10,253,788
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Diluted
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10,389,753
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10,317,445
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10,393,159
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10,290,824
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(1)
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Income (loss) from operations for the quarter and year ended
December 31, 2010 includes a pre-tax charge of $19,980,000 for
estimated costs of asbestos-related litigation, net of estimated
insurance recoveries, through 2020.
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(2)
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Net income (loss) for the quarter and year ended December 31, 2010
includes an after-tax charge of $12,931,000 or $1.26 per common
share for estimated costs of asbestos-related litigation, net of
estimated insurance recoveries, through 2020.
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