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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
August 5, 2020
Ampco-Pittsburgh Corporation Announces Second Quarter 2020 Results
| Corporation reports positive EPS of $0.05 per common share for Q2 despite impact of COVID-19 pandemic. |
| Return to profitability extends through Q2 2020 with trailing twelve-month EPS now positive. |
| Air & Liquid Processing segment results approximated prior year levels and improved sequentially. |
| Liquidity position improved, including effective liquidity preservation measures taken during the second quarter in response to pandemic. Debt reduced 23%, or $15.9 million, from the end of Q1 2020. |
Carnegie, PA, August 5, 2020 Ampco-Pittsburgh Corporation (NYSE: AP) (the Corporation) reports net income for the three and six months ended June 30, 2020, of $0.7 million, or $0.05 per share, and $4.8 million, or $0.38 per share, respectively. By comparison, the Corporation incurred a net loss of $(3.9) million, or $(0.31) per share, and $(19.0) million, or $(1.52) per share, for the same periods of the prior year which respectively included a $(0.27) and $(0.45) per share loss from discontinued operations.
Sales from continuing operations were $74.8 million and $165.8 million for the three and six months ended June 30, 2020, respectively, compared to $102.5 million and $210.0 million for the three and six months ended June 30, 2019, respectively. The decrease is principally attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to customer deferrals in response to the global pandemic in the flat-rolled steel and aluminum markets and reduced demand for other forged engineered products.
Commenting on the quarters results, Brett McBrayer, Ampco-Pittsburghs Chief Executive Officer, said, I am proud of the way our team has responded to the pandemic while generating positive net income for Q2. We have taken extraordinary measures to maintain safe work environments and to protect our liquidity, including extended plant shutdowns and cost containment efforts in the quarter to mitigate reduced customer demand in our Forged and Cast Engineered Products segment. The restructuring of our portfolio, cost reduction measures and production efficiency improvements over the past two years have helped position us to achieve positive results and, to date, minimize the effects of the pandemic. Our Air and Liquid Processing segment also demonstrated its strength by delivering sales and income levels for the quarter about equal to the prior year, and sequentially better, with no plant downtime from the pandemic. Operating measures taken during the quarter to preserve liquidity enabled us to increase our cash position and to pay down borrowings under our revolving credit agreement significantly.
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The improvement is principally associated with the FCEP segment which benefited from the elimination of the Excess Costs of Avonmore, lower raw material costs and, for the nine months ended September 30, 2020, improved pricing and product mix and receipt of business interruption insurance proceeds of $769 for equipment outages that occurred in 2018 (the "Proceeds from Business Interruption Insurance Claim").
All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "intend," "believe," "expect," "anticipate," "estimate," "project," "forecast" and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements.
Operating results for the prior year included: The Impairment Charge recognized in the first quarter of 2019 of $10,082 to write down certain assets of the Avonmore Plant to their estimated net realizable value; The Excess Costs of Avonmore of approximately $685 and $4,572 for the three and nine months ended September 30, 2019, respectively, which were eliminated in connection with the sale of Avonmore Plant in September 2019; A portion of the Restructuring-Related Costs, or $683, for the nine months ended September 30, 2019, due to reductions in force; and The Bad Debt Expense of $1,366 for the nine months ended September 30, 2019, for a cast roll customer who filed for bankruptcy in 2019.
Net loss attributable to Ampco-Pittsburgh and loss per common share for the three and nine months ended September 30, 2019, include the Restructuring-Related Costs, the Excess Costs of Avonmore, net-of tax losses from discontinued operations, and, for the nine months ended September 30, 2019, the Impairment Charge and the Bad Debt Expense, which had a combined negative impact on loss per common share of $0.37 and $2.12, respectively.
Depreciation and amortization for the nine months ended September 30, 2020, when compared to the same period of the prior year, decreased due to the write-down of the property, plant and equipment of the Avonmore Plant to its estimated net realizable value at March 31, 2019, which eliminated future depreciation expense for the Avonmore Plant.
Selling and administrative expenses decreased...Read more
The current year-to-date period includes...Read more
At September 30, 2020, more...Read more
The Corporation presents non-GAAP adjusted...Read more
Net sales and operating results...Read more
The decrease for each of...Read more
The focus for this segment...Read more
Net income attributable to Ampco-Pittsburgh...Read more
The decrease in inventories and...Read more
A majority of the proceeds...Read more
As a result of the...Read more
Among other things, the Excess...Read more
The estimated temporary excess costs...Read more
29 Net sales for the...Read more
The improvement was partially offset...Read more
Operating income for the quarter...Read more
Other income - net equaled...Read more
The remaining fluctuation between the...Read more
In particular, the Corporation believes...Read more
Additionally, there can be no...Read more
The decrease in accounts receivable...Read more
An overall increase in foreign...Read more
It may also incur higher...Read more
The income tax benefit recorded...Read more
Lower exchange rates for the...Read more
During the current year period,...Read more
The primary focus for this...Read more
Additional proceeds may be received...Read more
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Ampco Pittsburgh Corp provided additional information to their SEC Filing as exhibits
Ticker: AP
CIK: 6176
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-054147
Submitted to the SEC: Mon Nov 16 2020 3:23:39 PM EST
Accepted by the SEC: Mon Nov 16 2020
Period: Wednesday, September 30, 2020
Industry: Pumps And Pumping Equipment