Science & Technology
Science and Technology
Science and Technology
Wed, December 2, 2009
Tue, December 1, 2009 The Alpine Group, Inc. Posts Third Quarter 2009 Results
EAST RUTHERFORD, NJ--(Marketwire - December 1, 2009) - The Alpine Group, Inc. ("Alpine") (
Excluding Alpine's share of losses from investee companies and non-cash charges, Alpine earned $165,000 and lost $429,000 for the three and nine month periods ending September 30, 2009. Including non-cash charges, principally relating to amortization of stock grants and other compensation expense, Alpine's results for the three month period ended September 30, 2009 was a $20,000 gain and a $718,000 loss for the nine month period ended September 30, 2009.
For the three and nine months ended September 30, 2009, Alpine recorded the following losses, under the equity method of accounting, attributable to the below listed investments and Alpine's equity ownership percentage:
Three Months ended Nine Months ended 9/30 9/30 (Millions) (Millions) 2009 2008 2009 2008 ---- ---- ---- ---- Wolverine Tube, Inc. (23%) $ - $6.0 $ - $9.1 Synergy Cables, Ltd. (52%) $1.4 $2.6 $2.7 $4.3
Including attributable losses from investee companies and non-cash charges, Alpine had a loss from continuing operations of $1.4 million for the three months ended September 30, 2009, compared to a loss of $7.2 million (which included non-cash credits totaling $1.5 million for LIFO inventory adjustment and hedge mark-to-market) for the comparative 2008 period. For the nine months ended September 30, 2009 Alpine had a loss from continuing operations of $3.4 million compared to a loss of $12.0 million for the comparative 2008 period.
At September 30, 2009 Alpine's investments in Wolverine and Synergy Cables were written down to zero and $1.0 million, respectively.
Revenues for the three and nine month periods ended September 30, 2009 were $11.0 and $24.6 million, respectively, compared to $15.1 million and $45.5 million for the comparative 2008 periods. The comparative decreases in revenues are due to the impact of a sharp decline in copper prices on revenue recognized by Exeon Inc., Alpine's copper supplier and recycling subsidiary, and Posterloid's 2009 comparative decline from an unusually robust sales level in 2008. Additionally, the economic downturn and unavailability of financing adversely affected fast food franchise growth and demand for new or replacement menu boards and other signage products.
To facilitate a more timely release of Alpine's quarterly financial information the Company is reporting its share of affiliate earnings and losses and other comprehensive income on a one-quarter lag beginning with the first quarter of 2009.
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. (
