EX-1 2 release3rdqtr06.htm EARNINGS RELEASE FOR THE THIRD QUARTER 2006 Earnings Release for the Third Quarter 2006
CONTACT:

Dee Ann Johnson
(412) 456-4410


FOR IMMEDIATE RELEASE

PITTSBURGH, PA October 18, 2006. . . . . Ampco-Pittsburgh Corporation (NYSE: AP) had sales of $79,069,000 and $233,413,000 for the three and nine months ended September 30, 2006, respectively, against sales of $56,632,000 and $177,873,000 for the comparable prior year periods. Net income for the three months ended September 30, 2006 and 2005 was $6,644,000 or $0.68 per share and $2,109,000 or $0.22 per share, respectively, and for the nine months ended September 30, 2006 and 2005 was $18,773,000 or $1.91 per share and $6,759,000 or $0.69 per share, respectively. Income from operations approximated $9,808,000 and $26,670,000 for the three and nine months ended September 30, 2006 against $2,945,000 and $9,300,000 for the comparable prior year periods which included proceeds from settlement of the Corporation’s 2004 flood-related business interruption insurance claim of $2,320,000 for the nine months ended.
Continuing sales and margin improvement resulting from the worldwide demand for rolling mill rolls was the principal reason for the significant increase in the results of the Corporation in both the quarter and year to date. Income from operations is expected to be strong for the balance of the year.

# # #


AMPCO-PITTSBURGH CORPORATION
FINANCIAL SUMMARY



Three Months Ended Sept 30,     Nine Months Ended Sept 30,
                        2006         2005           2006           2005


Sales
 
$
79,069,000
 
$
56,632,000
 
$
223,413,000
 
$
177,873,000
 
                           
                           
Income from operations
   
9,808,000
   
2,945,000
   
26,670,000
   
9,300,000
 
Other (expense) income-net
   
(91,000
)
 
140,000
   
990,000
   
(114,000
)
                           
Income before income taxes
   
9,717,000
   
3,085,000
   
27,660,000
   
9,186,000
 
Income tax provision
   
3,073,000
   
976,000
   
8,887,000
   
2,427,000
 
 
                         
Net income
 
$
6,644,000
 
$
2,109,000
 
$
18,773,000
 
$
6,759,000
 
                           
                           
Earnings per common share:
                         
Basic
 
$
0.68
 
$
0.22
 
$
1.91
 
$
0.69
 
Diluted
 
$
0.67
 
$
0.21
 
$
1.88
 
$
0.69