Ampco-Pittsburgh Corporation Reports Record Earnings for 2007.PITTSBURGH -- Ampco-Pittsburgh Corporation (NYSE NYSE See: New York Stock Exchange :AP) announced record earnings for the year ended December 31, 2007 reflecting the continuing demand and improved pricing for rolling mill rolling mill: see steel. rolls supplied by the Corporation's 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. and Cast Rolls group to the steel and aluminum industries throughout the world. In addition, the smaller Air and Liquid Processing group enjoyed its best performance in five years. Sales for the year were $346,834,000 compared with $301,780,000 in 2006. Sales for the fourth quarter of 2007 were $83,194,000 compared with sales of $78,367,000 for the same quarter of 2006. Net income for the year approximated $39,231,000 or $3.90 per share against $16,635,000 or $1.69 per share for 2006. Net income (loss) for the three months ended December 31, 2007 of $10,190,000 or $1.00 per share compares to $(2,138,000) or $(0.22) for the three months ended December 31, 2006. Results for 2006 and the three months then ended include a net after-tax charge of $9,388,000 or $0.96 per share for the estimated costs for asbestos-related 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. through 2013 offset by the release of tax-related valuation allowances principally for the Corporation's United Kingdom operation. 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] [TABLE OMITTED] |
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