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Ampco Pittsburgh Corp (AP) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

AP Registration of Securities

Ampco Pittsburgh Corp

CIK: 6176 Ticker: AP

Exhibit 99.1

 

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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 Corporation’s deferred income tax assets, which impacted net loss per common share by $2.54.


The following information was filed by Ampco Pittsburgh Corp (AP) on Tuesday, March 14, 2017 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Additional Information (detail)
Accumulated Other Comprehensive Loss - Line Items Affected On Consolidated Statements Of Operations For Components Reclassified From Accumulated Other Comprehensive Loss (detail)
Accumulated Other Comprehensive Loss - Net Change And Ending Balances For Various Components Of Other Comprehensive Income (loss) And Accumulated Other Comprehensive Loss (detail)
Accumulated Other Comprehensive Loss - Summary Of Income Tax Expense (benefit) Associated With Various Components Of Other Comprehensive Income (loss) (detail)
Acquisition
Acquisition (tables)
Acquisition - Additional Information (detail)
Acquisition - Summary Of Fair Value Of Assets Acquired And Liabilities Assumed (detail)
Acquisition - Summary Of Pro Forma Financial Information (detail)
Borrowing Arrangements
Borrowing Arrangements (tables)
Borrowing Arrangements - Additional Information (detail)
Borrowing Arrangements - Schedule Of Outstanding Borrowings (detail)
Business Segments
Business Segments (tables)
Business Segments - Additional Information (detail)
Business Segments - Business Segment Net Sales And (loss) Income Before Income Taxes (detail)
Business Segments - Business Segment Net Sales And (loss) Income Before Income Taxes (parenthetical) (detail)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Additional Information (detail)
Derivative Instruments
Derivative Instruments (tables)
Derivative Instruments - Additional Information (detail)
Derivative Instruments - Location And Fair Value Of Foreign Currency Sales Contracts Recorded On Consolidated Balance Sheets (detail)
Derivative Instruments - Summary Of Amount Recognized As And Reclassified From Accumulated Other Comprehensive Income (loss) (detail)
Derivative Instruments - Summary Of Change In Fair Value Reclassified Or Expected To Be Reclassified From Accumulated Other Comprehensive Loss To Earnings (detail)
Description Of Business
Description Of Business - Additional Information (detail)
Environmental Matters
Environmental Matters - Additional Information (detail)
Fair Value
Fair Value (tables)
Fair Value - Fair Value Of Financial Assets And Liabilities (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - (loss) Income Before Income Taxes And Equity Gains (losses) In Chinese Joint Venture (detail)
Income Taxes - Additional Information (detail)
Income Taxes - Deferred Income Tax Assets And Liabilities (detail)
Income Taxes - Difference Between Statutory U.s. Federal Income Tax And The Corporation's Effective Income Tax (detail)
Income Taxes - Income Tax Provision (benefit) (detail)
Income Taxes - Summary Of Changes In Unrecognized Tax Benefits (detail)
Intangible Assets
Intangible Assets (tables)
Intangible Assets - Additional Information (detail)
Intangible Assets - Schedule Of Intangible Assets (detail)
Intangible Assets - Summary Of Changes In Intangible Assets (detail)
Inventories
Inventories (tables)
Inventories - Additional Information (detail)
Inventories - Schedule Of Inventories (detail)
Investments In Joint Ventures
Investments In Joint Ventures (tables)
Investments In Joint Ventures - Additional Information (detail)
Investments In Joint Ventures - Assets, Liabilities And Shareholders' Equity Of Joint Venture (detail)
Investments In Joint Ventures - Assets, Liabilities And Shareholders' Equity Of Joint Venture (parenthetical) (detail)
Litigation
Litigation (tables)
Litigation - Additional Information (detail)
Litigation - Schedule Of Loss Contingencies By Contingency (detail)
Litigation - Schedule Of Loss Contingencies By Contingency (parenthetical) (detail)
Litigation - Summary Of Activity In Asbestos Insurance Recoveries (detail)
Litigation - Summary Of Activity In Asbestos Insurance Recoveries (parenthetical) (detail)
Operating Leases
Operating Leases - Additional Information (detail)
Other Current Liabilities
Other Current Liabilities (tables)
Other Current Liabilities - Schedule Of Changes In Liability For Product Warranty Claims (detail)
Other Current Liabilities - Schedule Of Other Current Liabilities (detail)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (tables)
Pension And Other Postretirement Benefits - Additional Information (detail)
Pension And Other Postretirement Benefits - Amounts Included In Accumulated Other Comprehensive Loss To Be Recognized Over Next Year (detail)
Pension And Other Postretirement Benefits - Asset Categories Based On The Nature And Risks Of The Plan Assets (detail)
Pension And Other Postretirement Benefits - Asset Categories Based On The Nature And Risks Of The Plan Assets (parenthetical) (detail)
Pension And Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension And Other Postretirement Benefit Costs (detail)
Pension And Other Postretirement Benefits - Discount Rates And Weighted-average Wage Increases Used To Determine The Benefit Obligations (detail)
Pension And Other Postretirement Benefits - Net Periodic Pension And Other Postretirement Benefit Costs (detail)
Pension And Other Postretirement Benefits - Schedule Of Accumulated Other Comprehensive Loss (detail)
Pension And Other Postretirement Benefits - Schedule Of Amounts Recognized In The Balance Sheets (detail)
Pension And Other Postretirement Benefits - Schedule Of Changes In Plan Assets (detail)
Pension And Other Postretirement Benefits - Schedule Of Changes In Projected Benefit Obligations (pbo) (detail)
Pension And Other Postretirement Benefits - Schedule Of Net Funded Status Of The Plans (detail)
Pension And Other Postretirement Benefits - Summary Of Changes In The Fair Value Of The Level 3 Plan Assets For U.s. And Foreign Pension Plans (detail)
Pension And Other Postretirement Benefits - Summary Of Target Asset Allocations And Major Asset Categories (detail)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Additional Information (detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (detail)
Quarterly Information - Quarterly Information - Unaudited (detail)
Quarterly Information - Quarterly Information - Unaudited (parenthetical) (detail)
Quarterly Information - Unaudited
Quarterly Information - Unaudited (tables)
Related Parties
Related Parties - Additional Information (detail)
Research And Development Costs
Research And Development Costs - Additional Information (detail)
Schedule Ii - Valuation And Qualifying Accounts (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Summary Of Outstanding And Exercisable Incentive Options (rsus And Psus) (detail)
Stock-based Compensation - Summary Of Outstanding And Exercisable Stock Options (detail)
Subsequent Event - Additional Information (detail)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Valuation And Qualifying Accounts
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

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