Ampco-Pittsburgh Quarterly Earnings

October 27, 2009 4:32 PM EDT

PITTSBURGH--(BUSINESS WIRE)-- Ampco-Pittsburgh Corporation (NYSE: AP) announced sales for the three and nine months ended September 30, 2009 of $71,961,000 and $232,695,000, respectively, against $105,906,000 and $306,425,000 for the three and nine months ended September 30, 2008. Net income approximated $8,715,000 or $0.85 per share and $23,827,000 or $2.34 per share for the quarter and year-to-date 2009. Net income for the same periods of 2008 was $11,974,000 or $1.18 per share and $33,726,000 or $3.31 per share. Income from operations equaled $12,713,000 and $39,009,000 for the three and nine months ended September 30, 2009, respectively, compared to $16,563,000 and $50,134,000 for the same periods in 2008.

In contrast to 2008, sales for the quarter and year to date for the Forged and Cast Rolls segment are reflective of a reduction in consumption of rolling mill rolls by the steel and aluminum industries throughout the world. As a result of the global retrenchment, the backlog of orders is still subject to rescheduling to meet the changing production levels of customers. The impact on earnings of reduced sales was partially offset by lower material and operating costs. Operating results for the pump and coil businesses have improved from the comparable prior year periods due to a more favorable product mix and lower costs while operating income for the air handling business remains impacted by the economy.

The matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Corporation's Annual Report on Form 10-K as well as the Corporation's other reports filed with the Securities and Exchange Commission.

AMPCO-PITTSBURGH CORPORATION

FINANCIAL SUMMARY

                     Three Months Ended Sept 30,  Nine Months Ended Sept 30,

                     2009          2008           2009             2008

Sales                $ 71,961,000  $ 105,906,000  $ 232,695,000    $ 306,425,000

Income from            12,713,000    16,563,000     39,009,000       50,134,000
operations

Other income           1,378,000     868,000        (935,000    )    620,000
(expense) - net

Income before          14,091,000    17,431,000     38,074,000       50,754,000
income taxes

Income tax expense     5,376,000     5,457,000      14,247,000       17,028,000

Net income           $ 8,715,000   $ 11,974,000   $ 23,827,000     $ 33,726,000

Earnings per common
share:

Basic                $ 0.85        $ 1. 18        $ 2.34           $ 3.31

Diluted              $ 0.85        $ 1. 18        $ 2.34           $ 3.31

Weighted-average
number of common
shares outstanding:

Basic                  10,204,997    10,177,497     10,189,008       10,177,497

Diluted                10,205,633    10,179,735     10,193,350       10,179,769

    Source: Ampco-Pittsburgh Corporation

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