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Alliance Laundry Holdings LLC Reports 2008 Sales and Earnings
RIPON, Wis.--(BUSINESS WIRE)--March 10, 2009--Alliance Laundry Holdings LLC announced today results for the year ended December 31, 2008.
Net revenues for full year 2008 increased $17.0 million, or 3.8%, to $460.3 million from $443.3 million for the full year 2007. Our net income for 2008 was $15.5 million as compared to $9.9 million for 2007. Adjusted EBITDA (see “About Non-GAAP Financial Measures” below) for 2008 increased $3.5 million to $72.0 million from $68.5 million for 2007.
The overall net revenue increase of $17.0 million was attributable to $20.5 million of higher commercial laundry revenues, $3.4 million of higher consumer laundry revenue and $0.8 million of higher service parts revenue, which were partially offset by $5.7 million of lower sales from our European Operations and higher worldwide sales eliminations of $2.0 million.
The overall net income increase of $5.6 million was primarily attributable to higher gross profit of $7.9 million, lower interest expense of $4.0 million and a lower provision for income taxes of $0.4 million, which were partially offset by higher selling, general and administrative expense of $3.3 million and higher securitization, impairment and other costs of $3.4 million.
In announcing the Company’s results, CEO Thomas F. L’Esperance said, “We are very proud to announce both record revenues and earnings for Alliance, particularly in light of the extremely weak global economy. As well, as a result of our control over capital spending and working capital, we reduced our funded debt by $30.6 million, reflecting the outstanding ability of our business to generate free cash flow.”
L’Esperance concluded, “We experienced a drop in global demand for our products during the fourth quarter of 2008, and we do not expect market conditions to improve in the near term. In anticipation of this continuing environment, we immediately took steps to reduce both our workforce and spending. Overall, we are confident that our strong market position, continued focus on our strategic priorities and our ability to further reduce costs will enable Alliance to manage the current economic challenges while maintaining our commitment to long-term profitable growth.”
The following information was filed by Alliance Laundry Systems Llc on Tuesday, March 10, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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