QUINCY, Mass., Aug. 13, 2007 (PRIME NEWSWIRE) -- Altra Holdings, Inc. (Nasdaq:AIMC), announced certain revisions to its unaudited financial results for the second quarter and six months ended June 30, 2007 related to a decrease in cost of goods sold in connection with a non-cash inventory purchase accounting adjustment associated with its recent acquisition of TB Wood's. The revisions were the result of the Company's continuing work to finalize the purchase accounting for the TB Wood's acquisition. The revision resulted in an increase in gross profit and operating income of $2.1 million for both the second quarter and six months ended June 30, 2007 from that which the Company previously reported on July 26, 2007. Net income increased $1.4 million for both the second quarter and six months ended June 30, 2007 from amounts previously reported. Fully diluted earnings per share increased $.06 for both the second quarter and six months ended June 30, 2007 from amounts previously reported. Recurring diluted earnings per share of $.31 for the second quarter and $.60 for the six months ended June 30, 2007 remained unchanged from amounts previously reported.
(Unaudited) (Unaudited) ---------------------- --------------------- Statement of Operations Data: Quarter Ended Year to Date Ended In Thousands of Dollars Previously Previously Reported Revised Reported Revised June 30, June 30, June 30, June 30, 2007 2007 2007 2007 ---------- --------- ---------- -------- Net sales $163,142 $163,142 $295,848 $295,848 Cost of sales 119,369 117,238 214,027 211,896 ---------- --------- --------- -------- Gross profit 43,773 45,904 81,821 83,952 Selling, general & operating expenses 27,267 27,267 49,388 49,388 Restructuring charges 198 198 991 991 ---------- --------- --------- -------- Operating income 16,308 18,439 31,442 33,573 Interest expense, net 10,692 10,692 19,840 19,840 Other expense (income), net 123 123 76 76 ---------- --------- --------- -------- Income before taxes 5,493 7,624 11,526 13,657 Income taxes 2,045 2,803 4,310 5,068 ---------- --------- --------- -------- Net income $3,448 $4,821 $7,216 $8,589 ========== ========= ========= ======== Net Income per share: Basic $0.15 $0.22 $0.33 $0.39 Diluted $0.15 $0.21 $0.31 $0.37 Weighted Average common shares outstanding Basic 22,250 22,250 22,066 22,066 Diluted 23,268 23,268 23,075 23,075 Balance Sheet Data: (Unaudited) Previously Reported Revised In Thousands of Dollars June 30, June 30, 2007 2007 ---------- -------- Assets: Cash and cash equivalents $34,376 $34,376 Trade Receivables, net 92,706 $92,706 Inventories, net 104,287 $106,418 Property, plant and equipment, net 116,380 $116,380 Liabilities: Current liabilities $80,761 $81,519 Long-term debt $321,341 $321,341 Stockholders' equity $137,322 $138,695 Other Financial Data: (Unaudited) (Unaudited) --------------------- --------------------- Quarter Ended Year to Date Ended Previously Previously Reported Revised Reported Revised June 30, June 30, June 30, June 30, 2007 2007 2007 2007 ---------- -------- ---------- -------- Depreciation & amortization $6,067 $6,067 $10,532 $10,532 Non cash inventory step up costs $2,782 $651 $2,782 $651 Capital expenditures $3,215 $3,215 $4,249 $4,249
Altra Holdings, Inc., through its wholly-owned subsidiary Altra Industrial Motion, Inc., is a leading multi-national designer, producer and marketer of a wide range of mechanical power transmission products. The company brings together strong brands covering over 40 product lines with production facilities in nine countries and sales coverage in over 70 countries. Our leading brands include Boston Gear, Warner Electric, TB Wood's, Formsprag Clutch, Ameridrives Couplings, Industrial Clutch, Kilian Manufacturing, Marland Clutch, Nuttall Gear, Stieber Clutch, Wichita Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics, Huco Dynatork and Warner Linear.
The Altra Holdings, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4038
This press release includes statements which are forward looking within the meaning of applicable securities laws. These statements may include or imply projections of future performance that are based upon the company's expectations or assumptions. These expectations and assumptions, as well as the company's future performance, are subject to a number of risks and uncertainties. Factors that could cause actual results to differ from projected results are described from time to time in the company's Securities and Exchange Commission reports and other filings, including but not limited to the risks described in the Registration Statement on Form S-1 filed on June 4, 2007. Altra Holdings, Inc. is under no obligation to, and expressly disclaims any obligation to, update or alter its forward looking statements, whether as a result of new information, future events or otherwise. AIMC-E