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Exhibit 99.1
Contact:
Michael G. McAuley
Vice President, Chief Financial Officer, and Treasurer
412-429-2472
mmcauley@ampcopgh.com
FOR IMMEDIATE RELEASE
CARNEGIE, PA
March 14, 2017
Ampco-Pittsburgh Corporation Announces Fourth Quarter and Full Year 2016 Results
Carnegie, PA, March 14, 2017 Ampco-Pittsburgh Corporation (NYSE: AP) reported consolidated sales for the three and twelve months ended December 31, 2016, of $92.1 and $331.9 million, respectively, versus $55.3 and $238.5 million for the comparable prior year periods. The current year periods include sales of $41.9 and $128.6 million, respectively, attributable to the Q1 2016 acquisition of Åkers AB and certain of its affiliated companies (Åkers) and the Q4 2016 acquisition of specialty steel maker, ASW Steel Inc. (ASW).
Loss from operations for the three months ended December 31, 2016, was $39.8 million and included impairment losses of $26.7 million, primarily from the impairment of goodwill in the Forged and Cast Engineered Products reporting unit (Impairment Charge) and a $4.6 million net charge associated primarily with revaluing the estimated liabilities and insurance receivables for asbestos litigation through 2026 (Asbestos Charge). This compares to income from operations in the prior year quarter of $7.7 million, which included approximately $14.0 million of proceeds received from an insurance carrier in rehabilitation and $3.0 million in costs related to potential acquisitions. Loss from operations for the full year ended December 31, 2016, was $54.5 million and included the aforementioned Impairment Charge, Asbestos Charge, and approximately $7.5 million in acquisition-related costs and purchase accounting impacts. This compares to income from operations of $5.0 million for the full year ended December 31, 2015, which included the aforementioned proceeds received from insurance carriers in rehabilitation and acquisition-related costs.
Other expense net for Q4 and full year 2016 exceeded prior year amounts primarily due to higher interest expense on debt related to the 2016 acquisitions and higher foreign exchange losses linked to the stronger U.S. dollar.
Net loss for the three and twelve months ended December 31, 2016, was $43.1 million or $3.51 per common share, and $79.8 million or $6.68 per common share, respectively, compared to net income for the three and twelve months ended December 31, 2015, of $3.3 million or $0.32 per common share and $1.4 million or $0.13 per common share, respectively. Net loss for the current full year includes valuation allowances of $30.4 million against certain of the Corporations deferred income tax assets, which impacted net loss per common share by $2.54.
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Ticker: AP
CIK: 6176
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-085559
Submitted to the SEC: Thu Mar 16 2017 5:11:43 PM EST
Accepted by the SEC: Thu Mar 16 2017
Period: Saturday, December 31, 2016
Industry: Pumps And Pumping Equipment