Current Report Filing (8-k)
July 31 2015 - 12:11PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 31, 2015
AMPCO-PITTSBURGH CORPORATION
(Exact name of registrant as specified in its charter)
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Pennsylvania |
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1-898 |
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25-1117717 |
(State or other jurisdiction
of incorporation) |
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(Commission
file number) |
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(I.R.S. Employer
Identification Number) |
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600 Grant Street, Pittsburgh, PA |
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15219 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (412) 456-4400
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.21 below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Disclosure of Results of Operations and Financial Condition. |
On July 30,
2015, Ampco-Pittsburgh Corporation issued a press release announcing its results for the three and six months ended June 30, 2015. A copy of the press release is attached hereto and is being furnished to the SEC.
Item 9.01. |
Financial Statements and Exhibits. |
Exhibit 99.1 Press release dated July 30, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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AMPCO-PITTSBURGH CORPORATION |
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Date: |
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July 31, 2015 |
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By: |
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/s/ Marliss D. Johnson |
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Marliss D. Johnson |
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Chief Financial Officer and Treasurer |
Exhibit 99.1
CONTACT:
Dee Ann Johnson
Chief Financial Officer and Treasurer
(412) 456-4410
dajohnson@ampcopgh.com
FOR IMMEDIATE RELEASE
PITTSBURGH, PA
July 30, 2015
Ampco-Pittsburgh Announces Second Quarter Earnings
Ampco-Pittsburgh Corporation (NYSE: AP) announces sales for the three and six months ended June 30, 2015 of $59,973,000 and $125,060,000,
respectively, against $69,949,000 and $132,862,000 for the comparable prior year periods. Net (loss) income for the three months ended June 30, 2015 and 2014 was $(520,000) or $(0.05) per share and $1,121,000 or $0.11 per share, respectively,
and for the six months ended June 30, 2015 and 2014 was $(448,000) or $(0.04) per share and $1,199,000 or $0.12 per share, respectively. (Loss) income from operations approximated $(806,000) and $(304,000) for the three and six months ended
June 30, 2015, respectively, against $2,018,000 and $2,795,000 for the same periods in 2014.
For the Forged and Cast Engineered
Products segment, sales and operating results for the three and six months ended June 30, 2015 were less than the comparable prior year periods principally due to a lower volume of shipments. Additionally, weaker margins, particularly for our
forged roll company, contributed to the fall off in earnings as global steel and aluminum customers worked below capacity, putting pricing pressure on us, their vendors. For the Air and Liquid Processing group, although sales for each of
the periods were slightly less than the same periods of the prior year, earnings improved primarily due to product mix and cost containment.
John Stanik, Ampco-Pittsburghs Chief Executive Officer commented, Our primary issue
in the second quarter was the low volume of shipments which adversely affected revenue. One of the greatest challenges for the Corporation continues to be depressed conditions in the western steel and aluminum markets. Furthermore, the strong dollar
has enabled a significant amount of imported steel into the United States providing direct competition for our customers. The same holds true for our European business. The strength of the British pound has also exacerbated our problems in Europe as
we compete with roll suppliers who utilize a Euro-currency base. This will affect shipments in future quarters due to low order intake now.
However, we aggressively continued to revitalize the company during the second quarter. Among many other things, we continued to reduce
costs including a reduction in force within both the salary and hourly employee groups. Additionally, as has been announced, on July 29, 2015 we acquired the business and assets of Alloys Unlimited & Processing, Inc., a supplier of
specialty tool, alloy, and carbon steel round bar, which is a significant step toward the diversification of our forged and cast product offerings. Moreover, we made significant progress on our three-year strategic plan and look forward to sharing
our expectations with the investor community sometime during the fourth quarter.
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. Some of these risks are set forth in the Corporations Annual Report on
Form 10-K as well as the Corporations other reports filed with the Securities and Exchange Commission.
AMPCO-PITTSBURGH CORPORATION
FINANCIAL SUMMARY
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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Sales |
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$ |
59,973,000 |
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$ |
69,949,000 |
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$ |
125,060,000 |
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$ |
132,862,000 |
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Cost of products sold (excl depreciation) |
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48,197,000 |
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55,408,000 |
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100,241,000 |
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105,471,000 |
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Selling and administrative |
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9,175,000 |
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9,469,000 |
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18,571,000 |
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18,475,000 |
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Depreciation |
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3,089,000 |
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3,008,000 |
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6,231,000 |
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6,066,000 |
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Loss on disposal of assets |
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318,000 |
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46,000 |
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321,000 |
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55,000 |
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Total operating expense |
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60,779,000 |
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67,931,000 |
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125,364,000 |
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130,067,000 |
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(Loss) income from operations |
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(806,000 |
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2,018,000 |
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(304,000 |
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2,795,000 |
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Other income (expense) net |
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171,000 |
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(88,000 |
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(209,000 |
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30,000 |
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(Loss) income before income taxes |
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(635,000 |
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1,930,000 |
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(513,000 |
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2,825,000 |
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Income tax benefit (expense) |
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233,000 |
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(575,000 |
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193,000 |
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(951,000 |
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Equity loss in Chinese joint venture |
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(118,000 |
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(234,000 |
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(128,000 |
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(675,000 |
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Net (loss) income |
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$ |
(520,000 |
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$ |
1,121,000 |
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$ |
(448,000 |
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$ |
1,199,000 |
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(Loss) earnings per common share: |
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Basic |
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$ |
(0.05 |
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$ |
0.11 |
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$ |
(0.04 |
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$ |
0.12 |
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Diluted |
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$ |
(0.05 |
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$ |
0.11 |
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$ |
(0.04 |
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$ |
0.12 |
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Weighted-average number of common shares outstanding: |
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Basic |
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10,434,156 |
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10,395,154 |
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10,429,933 |
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10,384,178 |
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Diluted |
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10,434,156 |
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10,448,249 |
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10,429,933 |
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10,436,285 |
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