Ampco-Pittsburgh Corporation Announces 2008 Earnings.PITTSBURGH -- Ampco-Pittsburgh Corporation (NYSE NYSE See: New York Stock Exchange :AP) announced earnings for the year and fourth quarter ended December 31, 2008. The earnings include an increased charge without which the Corporation would have achieved record results. The charge by its Air and Liquid Processing group covers estimated costs of asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. over the next ten years through 2018 and relates to product manufactured decades ago. The principal business of the Corporation, the Forged and Cast Rolls group, achieved record sales and income from operations for the year and fourth quarter despite slowing production towards year end. The slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. was the result of a reduction in demand for rolls from steel and aluminum industry customers as the economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. forced them to cut back output levels. Sales for the year were $394,513,000 compared with $346,834,000 in 2007. Sales for the fourth quarter were $88,088,000 compared with sales of $83,194,000 for the same quarter of 2007. Income (loss) from operations, including the pre-tax charge of $51,018,000 for asbestos costs net of estimated insurance recoveries, equaled $13,608,000 and $(36,526,000) for the twelve and three months ended December 31, 2008, respectively, against $57,417,000 and $13,942,000 for the same periods of the prior year. After taxes, the additional charge negatively impacted net income for the year and quarter by approximately $31,006,000 or $3.05 per common share resulting in net income of $12,575,000 or $1.24 per common share for the year ended December 31, 2008 and a net loss of $(21,151,000) or $(2.08) per common share for the three months then ended in comparison to $39,231,000 or $3.90 per share and $10,190,000 or $1.00 per common share for the twelve and three months ended December 31, 2007, respectively. The outlook for the future is difficult to predict as governments around the world strive to stabilize stabilize See peg. 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). The matters discussed herein may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Corporation's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as well as the Corporation's other reports filed with the Securities and Exchange Commission. [TABLE OMITTED] |
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