Ampco-Pittsburgh Corporation Announces First Quarter Results.PITTSBURGH -- Ampco-Pittsburgh Corporation (NYSE NYSE See: New York Stock Exchange : AP) announced sales for the three months ended March 31, 2008 of $97,830,000 compared with $87,740,000 in the same period in 2007. Income from operations in the quarter increased to $15,820,000 from $13,785,000 in 2007. Following an increase in the Corporation's effective income tax rate and losses on foreign exchange, net income approximated $10,143,000 or $1.00 per common share against $9,465,000 or $0.96 per common share in the prior year. While the Air and Liquid Processing Group showed improvement, the majority of the increase in earnings is attributable to the Forged forge 1 n. 1. A furnace or hearth where metals are heated or wrought; a smithy. 2. A workshop where pig iron is transformed into wrought iron. v. & Cast Rolls group which benefited from strong demand for rolling mill rolling mill: see steel. rolls from the steel and aluminum industries throughout the world. During the quarter, the Corporation announced a twenty-percent increase in its quarterly dividend to $0.18 from $0.15 payable on April 30, 2008. 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. Certain 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. for the fiscal year ended December 31, 2007, as well as the Corporation's other reports filed with the Securities and Exchange Commission. [TABLE OMITTED] |
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