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Ampco Pittsburgh Corp (AP) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

AP Registration of Securities

Ampco Pittsburgh Corp

CIK: 6176 Ticker: AP

Exhibit 99.1

 

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Contact:

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

mmcauley@ampcopgh.com

FOR IMMEDIATE RELEASE

CARNEGIE, PA

May 10, 2019

Ampco-Pittsburgh Corporation Announces First Quarter 2019 Results

and Plan to Exit U.S. Cast Roll Manufacturing Facility

Carnegie, PA, May 10, 2019 – Ampco-Pittsburgh Corporation (NYSE: AP) today reports sales from continuing operations for the three months ended March 31, 2019, of $107.5 million compared to $106.4 million for the three months ended March 31, 2018. The improvement is principally attributable to the Air and Liquid Processing segment, led by higher sales of air handling units and centrifugal pumps. For the Forged and Cast Engineered Products segment, forged and cast roll sales improved, however, sales of forged engineered products to the oil and gas industry decreased.

U.S. Cast Roll Divestiture

The Corporation is also announcing today a plan to sell its Avonmore, PA cast roll manufacturing facility to an affiliate of WHEMCO, Inc. The purchase agreement has been executed, and the transaction is expected to close in the second half of 2019, following cessation of roll finishing operations once remaining customer commitments are fulfilled. In connection with the anticipated divestiture, the Corporation recorded an impairment loss (“Impairment Charge”) of $10.1 million, or $0.81 per common share, to record the assets at their expected recovery value. The annualized impact on operating results following the sale is currently expected to improve income from continuing operations by approximately $9.0 to $10.0 million.

Consolidated Results

Loss from continuing operations for the three months ended March 31, 2019, was $12.0 million, including the Impairment Charge and $0.9 million in professional fees associated with the Corporation’s overall restructuring plan and employee severance due to a reduction in force (“Restructuring-Related Costs”). This compares to a loss from continuing operations of $1.8 million for the three months ended March 31, 2018. Adjusted income from continuing operations, which is not based on U.S. generally accepted accounting principles (“GAAP”) and excludes the Impairment Charge, the Restructuring-Related Costs and estimated excess costs of the Avonmore facility, was positive at approximately $1.2 million, an improvement of $0.7 million compared to the prior-year quarter on the same basis. A reconciliation of these GAAP to non-GAAP results is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

Other income for the three months ended March 31, 2019, decreased compared to the prior year primarily due to a $2.4 million benefit in the prior year quarter related to a contractual settlement with a third party.


The following information was filed by Ampco Pittsburgh Corp (AP) on Friday, May 10, 2019 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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Inside Ampco Pittsburgh Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) (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 Condensed 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 Accumulated Other Comprehensive Loss (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 From Continuing Operations Before Income Taxes (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 Condensed 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)
Discontinued Operations And Disposition
Discontinued Operations And Disposition (Tables)
Discontinued Operations And Disposition - Additional Information (Detail)
Discontinued Operations And Disposition - Summary Of Assets And Liabilities Of Asw (Detail)
Discontinued Operations And Disposition - Summary Of Major Classes Of Asw's Loss From Discontinued Operations, Net Of Tax In The Condensed Consolidated Statements Of Operations (Detail)
Environmental Matters
Environmental Matters - Additional Information (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Fair Value Of Financial Assets And Liabilities (Detail)
Intangible Assets
Intangible Assets (Tables)
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)
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)
Other Current Liabilities
Other Current Liabilities (Tables)
Other Current Liabilities - Additional Information (Detail)
Other Current Liabilities - Schedule Of Change In Customer Deposits (Detail)
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 - Contributions For Pension And Other Postretirement Benefits (Detail)
Pension And Other Postretirement Benefits - Net Periodic Pension And Other Postretirement Benefit Costs (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)
Revenue
Revenue (Tables)
Revenue - Net Sales And (Loss) Income From Continuing Operations Before Income Taxes (Detail)
Revenue - Net Sales And (Loss) Income From Continuing Operations Before Income Taxes (Detail) (Parenthetical)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Detail)
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements (Policies)
Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

Ampco Pittsburgh Corp provided additional information to their SEC Filing as exhibits

Ticker: AP
CIK: 6176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-030718
Submitted to the SEC: Thu Aug 08 2019 11:39:03 AM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Pumps And Pumping Equipment

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