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

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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
November 7, 2019

Ampco-Pittsburgh Corporation Announces Third Quarter 2019 Results

Carnegie, PA, November 7, 2019 – Ampco-Pittsburgh Corporation (NYSE: AP) reports sales from continuing operations for the three and nine months ended September 30, 2019, of $90.9 million and $300.9 million, respectively, compared to $98.8 million and $323.6 million for the three and nine months ended September 30, 2018, respectively. The decline is principally attributable to lower sales of forged engineered products to the oil and gas industry.

Loss from continuing operations was $1.3 million and $14.0 million for the three and nine months ended September 30, 2019, respectively, compared to $2.8 million and $4.8 million for the comparable prior year periods. Loss from continuing operations for the current year-to-date period includes a first quarter impairment loss (“Impairment Charge”) of $10.1 million associated with the then anticipated divestiture of the Corporation’s Avonmore, PA cast roll manufacturing facility (“Avonmore”), higher professional fees associated with the Corporation’s overall restructuring plan and employee severance due to reductions in force (“Restructuring-Related Costs”) of $1.7 million, and expense of $1.4 million associated with a British cast roll customer who filed for bankruptcy during the second quarter (“Bad Debt Expense”).

Excluding the Impairment Charge, the Restructuring-Related Costs, the Bad Debt Expense, and estimated temporary excess costs of Avonmore (“Excess Costs of Avonmore”), adjusted (loss) income from continuing operations (non-GAAP measure) was a loss of approximately $0.1 million for the three months ended September 30, 2019, and income of approximately $3.7 million for the nine-month period then ended. This reflects an improvement of $0.6 million and $2.5 million, respectively, when compared to the same periods of the prior year, calculated on the same basis. The improvement is principally attributable to higher pricing for mill rolls, manufacturing efficiencies for the domestic forged operations and lower overhead costs, partially offset by lower sales of forged engineered products to the oil and gas industry. A reconciliation of GAAP results to this non-GAAP measure is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

Other income for the nine months ended September 30, 2019, declined compared to the prior year. While the current year includes a higher dividend received from one of our Chinese joint ventures of approximately $1.0 million, the prior year benefited from a contractual settlement with a third party of $2.4 million.

Net loss from continuing operations for the three and nine months ended September 30, 2019, was $1.2 million or $0.10 per common share, and $14.0 million or $1.11 per common share, respectively, including


The following information was filed by Ampco Pittsburgh Corp (AP) on Thursday, November 7, 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)
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)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Schedule Of Outstanding Borrowings (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: 0001564590-19-042325
Submitted to the SEC: Fri Nov 08 2019 12:08:28 PM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Pumps And Pumping Equipment

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