logo
  Join        Login             Stock Quote

The Alpine Group, Inc. Posts Third Quarter 2012 Results

Thursday, November 15, 2012 1:21 PM


http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=955178&ProfileId=051205&sourceType=1

EAST RUTHERFORD, NJ -- (Marketwire) -- 11/15/12 -- The Alpine Group, Inc. ("Alpine") (PINKSHEETS: APNI) today posted its quarterly financial statements for the three and nine months ended September 30, 2012 to its Website (www.alpine-group.net).

For the three and nine months ended September 30, 2012 revenues of $19.7 and $78.5 million, respectively, represented a decrease of $28.1 and $70.9 million; respectively, from the comparative periods in 2011. The decreases were due primarily to the termination of the tolling agreement between Exeon Inc. and Wolverine Tube, Inc. effective November 1, 2011.

The table below reflects Alpine's non-GAAP near breakeven net loss for the three and nine month periods ended September 30, 2012 compared to $0.4 and $1.1 million of non-GAAP net income for the comparative periods in 2011, primarily due to the loss of the Wolverine toll business.

                      Three months ended             Three months ended
(millions)             September 30, 2012            September 30, 2011
                 -----------------------------  ----------------------------
                                          Non-                          Non-
                  GAAP  Adjustments       GAAP   GAAP Adjustments       GAAP
                 -----  -----------      -----  ----- -----------      -----
Net sales        $19.7  $        --      $19.7  $47.8 $        --      $47.8
Cost of goods
 sold             19.5         (0.6) (a)  18.9   40.7         5.0  (a)  45.7
                 -----  -----------      -----  ----- -----------      -----
Gross profit
 (loss)          $ 0.2  $       0.6      $ 0.8  $ 7.1 $      (5.0)     $ 2.1
Selling, general
 and
 administrative
 expenses          1.1           --        1.1    1.2          --        1.2
                 -----  -----------      -----  ----- -----------      -----
Operating income
 (loss)          $(0.9) $       0.6      $(0.3) $ 5.9 $      (5.0)     $ 0.9
Net income
 (loss)          $(0.5) $       0.4      $(0.1) $ 3.4 $      (3.0)     $ 0.4
(a)-represents the following adjustments
 charge / (credit) as recorded:
Adjust from FIFO
 to LIFO                $       0.3                   $      (3.2)
Hedge MTM
 adjustments                    0.3                          (1.8)
                        -----------                   -----------
Total non-cash                                                   )
 adjustments            $       0.6                   $      (5.0
                        ===========                   ===========

                     Nine months ended                Nine months ended
(millions)           September 30, 2012             September 30, 2011
               -----------------------------  ------------------------------
                                        Non-                           Non-
                GAAP  Adjustments       GAAP   GAAP  Adjustments       GAAP
               -----  -----------      -----  ------ -----------      ------
Net sales      $78.5  $        --      $78.5  $149.4 $        --      $149.4
Cost of goods
 sold           75.7         (0.3) (b)  75.4   139.4         3.4  (b)  142.8
               -----  -----------      -----  ------ -----------      ------
Gross profit
 (loss)        $ 2.8  $       0.3      $ 3.1  $ 10.0 $      (3.4)     $  6.6
Selling,
 general and
 administrative
 expenses        3.7           --        3.7     3.9          --         3.9
Severance costs  0.3         (0.3) (c)    --      --          --          --
               -----  -----------      -----  ------ -----------      ------
Operating
 income (loss) $(1.2) $       0.6      $(0.6) $  6.1 $      (3.4)     $  2.7
Net income
 (loss)        $(0.5) $       0.4      $(0.1) $  3.2 $      (2.1)     $  1.1
(b)-represents the following adjustments
 charge / (credit) as recorded:
Adjust from
 FIFO to LIFO         $        --                    $        --
Hedge MTM
 adjustments                  0.3                           (3.4)
                      -----------                    -----------
Total non-cash                                                  )
 adjustments          $       0.3                    $      (3.4
                      ===========                    ===========

(c)- represents non-recurring expenses related to severance of certain Alpine employees.

Steven S. Elbaum, Alpine's Chairman and Chief Executive Officer, stated, "The near breakeven third quarter operating results, before non-cash LIFO inventory and related adjustments, reflects the loss of income from the Wolverine tolling agreement. At Synergy Cables, Alpine's majority-owned subsidiary, we expect 2012 to continue the trend of revenue, volume and EBITDA improvements posted in 2011. For the quarter ended June 30, 2012, Synergy had revenues of $51.2 million, EBITDA of $3.6 million and net income of $1.4 million."

All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.

The Alpine Group, Inc. (PINKSHEETS: APNI) has substantial experience in operating and actively managing companies in which it invests capital. Alpine has focused on industrial and other businesses that are underperforming, experiencing financial constraints and will benefit from operational improvements consolidation and an improved capital structure. Alpine has actively invested in and operated leading domestic and global manufacturers of specialty materials, coatings, wire and cable products and electronic components.

(Source: Market Wire )
(Source: Quotemedia)

Advertisement

Related Stories

  • No Stories Found

Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.