Ampco-Pittsburgh (AP) Reports a Q4 Loss Which Includes Asbestos-Related Litigation Charges; Comments on Outlook

February 9, 2009 4:54 PM EST

Ampco-Pittsburgh Corporation (NYSE: AP) reports a Q4 loss of $2.08 (which includes an after-tax charge of $31,006,000 or $3.05 per common share for estimated costs of asbestos-related litigation) compared to $1.00 for the same period last year.

Sales for the fourth quarter were $88,088,000 compared with sales of $83,194,000 for the same quarter of 2007.

The outlook for the future is difficult to predict as governments around the world strive to stabilize their economies and break out of recession. However, based on the order backlog, and by working closely with steel and aluminum industry customers and adjusting production levels to better meet their needs, the Corporation expects to be profitable for the first quarter and the full year 2009 although materially below the levels of the last two years (before the 2008 asbestos charge).

Ampco-Pittsburgh Corporation manufactures and sells primarily custom-engineered equipment. The Company classifies its businesses in two segments: Forged and Cast Rolls and Air and Liquid Processing.[SM]

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