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

March 11, 2020

Ampco-Pittsburgh Corporation Announces Fourth Quarter and Full Year 2019 Results

 

   

Corporation returns to profitability in Q4 2019 following successful restructuring actions

 

   

First positive income from continuing operations in 16 quarters

 

   

GAAP EPS of $0.24 for quarter ended December 31, 2019 versus GAAP net loss per share of $(4.82) in the year ago quarter

Carnegie, PA, March 11, 2020 – Ampco-Pittsburgh Corporation (NYSE: AP) reports sales from continuing operations for the three and twelve months ended December 31, 2019, of $97.0 million and $397.9 million, respectively, compared to $95.8 million and $419.4 million for the comparable prior year periods. For the quarter, sales benefitted from higher sales of mill rolls and heat exchange coils offset by lower sales of forged engineered products for the oil and gas industry. For the year, sales declined principally due to the lower demand of forged engineered products for the oil and gas industry, which more than offset stronger sales of mill rolls.

Income (loss) from continuing operations for the three and twelve months ended December 31, 2019, was income of $3.0 million and loss of $(10.9) million, respectively, compared to losses of $(40.1) million and $(44.9) million for the three and twelve months ended December 31, 2018, respectively. Unusual items affecting comparability are disclosed in the attached non-GAAP financial measures reconciliation schedule.

Excluding these unusual items, adjusted income (loss) from continuing operations (non-GAAP measure) was income of $1.9 million and $5.7 million, respectively, for the three and twelve months ended December 31, 2019, compared to losses of $(2.9) million and $(1.7) million for the same periods of the prior year. The improvement is principally attributable to higher sales of mill rolls, improved manufacturing and operating efficiencies for the domestic forged operations, partially offset by the impact of lower forged engineered products sales to the oil and gas industry.

Other income (expense) for the three months ended December 31, 2019, improved compared to the prior year primarily as a result of foreign exchange gains this year versus losses last year, and higher pension income.

Net income (loss) attributable to Ampco-Pittsburgh for the three and twelve months ended December 31, 2019, was income of $3.1 million, or $0.24 per common share, and loss of $(21.0) million, or $(1.67) per common share, respectively. For the full year 2019, this includes a loss from discontinued operations, net of tax, of $(9.1) million or $(0.72) per common share.


The following information was filed by Ampco Pittsburgh Corp (AP) on Wednesday, March 11, 2020 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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Inside Ampco Pittsburgh Corp's 10-K Annual Report:

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)
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)
Business Segments - Business Segment Net Sales And (Loss) Income From Continuing Operations Before Income Taxes (Parenthetical) (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 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)
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 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)
Income Taxes
Income Taxes (Tables)
Income Taxes - (Loss) Income Before Income Taxes And Equity Gains (Losses) In 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 For Continuing Operations (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 - Additional Information (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)
Operating Lease Liabilities
Operating Lease Liabilities (Tables)
Operating Lease Liabilities - Additional Information (Detail)
Operating Lease Liabilities - Components Of Lease Cost (Detail)
Operating Lease Liabilities - Summary Of Current And Non Current Portion Of Operating Lease Arrangements (Detail)
Operating Lease Liabilities - Summary Of Future Operating Lease Payments (Detail)
Operating Lease Right Of Use Assets
Operating Lease Right Of Use Assets (Tables)
Operating Lease Right-Of-Use Assets - Schedule Of Right-Of-Use Assets Associated With Operating Leases (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 - 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 - Components Of Actuarial Losses (Gains) (Detail)
Pension And Other Postretirement Benefits - Discount Rates 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 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 Estimated Benefit Payments (Detail)
Pension And Other Postretirement Benefits - Schedule Of Funded Status Of The Plans (Detail)
Pension And Other Postretirement Benefits - Summary Of Amounts Recognized In The Consolidated Balance Sheets (Detail)
Pension And Other Postretirement Benefits - Summary Of Changes In The Fair Value Of The Level 3 Plan Assets For The U.S. And Foreign Pension Benefits 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)
Related Parties
Related Parties - Additional Information (Detail)
Research And Development Costs
Research And Development Costs - Additional Information (Detail)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Net Sales (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Parenthetical) (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Outstanding Incentive Options (Rsus And Psus) (Detail)
Stock-Based Compensation - Summary Of Outstanding Stock Options (Detail)
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: 0001564590-20-011218
Submitted to the SEC: Mon Mar 16 2020 5:28:16 PM EST
Accepted by the SEC: Mon Mar 16 2020
Period: Tuesday, December 31, 2019
Industry: Pumps And Pumping Equipment

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