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Alliance Laundry Holdings LLC Reports 1st Quarter 2009 Earnings
RIPON, Wis.--(BUSINESS WIRE)--May 11, 2009--Alliance Laundry Holdings LLC announced today results for the three months ended March 31, 2009.
Net revenues for the quarter ended March 31, 2009 decreased $13.5 million, or 12.3%, to $96.4 million from $109.9 million for the quarter ended March 31, 2008. Our net income for the quarter ended March 31, 2009 increased $0.4 million to $2.3 million from $1.9 million for the quarter ended March 31, 2008. Adjusted EBITDA (see “About Non-GAAP Financial Measures” below) for the quarter ended March 31, 2009 was $13.5 million as compared to $17.7 million for the quarter ended March 31, 2008.
The overall net revenue decrease of $13.5 million included $2.2 million related to foreign exchange translation. Excluding the impact of foreign exchange translation, the Company’s first quarter net revenues declined approximately 10.3%. The $13.5 million decrease was primarily attributable to a 7.5% decrease in United States and Canada revenues of $5.6 million, a decrease in Europe revenues of $6.1 million, which includes the unfavorable foreign exchange translation and a decrease in Latin America revenues of $1.9 million.
The overall net income increase of $0.4 million for the quarter ended March 31, 2009 was primarily attributable to lower selling, general and administrative expense of $4.8 million, lower interest expense of $4.4 million, and lower provision for income taxes of $0.3 million, partially offset by lower gross profit of $9.2 million.
In announcing the Company’s results, CEO Thomas F. L’Esperance said, “Given the current state of global economic conditions, our top and bottom line performance for the quarter were in line with our expectations. Europe and Latin America continue to be a challenge versus our projections, but our U.S. and Canada net revenues are where we expected them to be.”
L’Esperance concluded, “We have adjusted our cost structure to the current demand environment. We expect a strong earnings performance for the balance of 2009 as our lower costs of operation read through. Our 2009 priorities remain unchanged, we will continue to focus on our customer one initiatives and will continue to grow our presence outside of the U.S. and Canada.”
The following information was filed by Alliance Laundry Corp on Tuesday, May 12, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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