SOURCE: Altra Industrial Motion, Inc.

November 10, 2006 15:53 ET

Altra Industrial Motion Announces Revised Results for the Third Quarter 2006

QUINCY, MA -- (MARKET WIRE) -- November 10, 2006 -- Altra Industrial Motion, Inc. announced certain revisions to its unaudited financial results for the third quarter and nine months ended September 29, 2006 related to an increase in the gain on curtailment of post-retirement benefits. The revisions were the result of a corrected actuarial report received by the Company while preparing its Form 10-Q. The revision resulted in an increase in operating income of $2.4 million for both the third quarter and nine months ended September 29, 2006 from that which the Company previously reported on October 30, 2006. Net income increased $1.5 million for both the third quarter and nine months ended September 29, 2006 from amounts previously reported.

                             Altra Industrial Motion, Inc.


                                             (Unaudited)
                            ----------------------  ----------------------
Statement of Operations         13 Weeks Ended           39 Weeks Ended
 Data:                       September 29, 2006       September 29, 2006
                            Previously              Previously
In Thousands of Dollars      Reported     Revised    Reported     Revised
                            ----------  ----------  ----------  ----------

Net sales                   $  112,953  $  112,953  $  347,511  $  347,511
Cost of sales                   82,528      82,528     252,959     252,959
                            ----------  ----------  ----------  ----------
Gross profit                    30,425      30,425      94,552      94,552
Selling, general &
 operating expenses             20,858      20,858      61,171      61,171
Gain on curtailment of
 post-retirement benefits       (1,450)     (3,838)     (1,450)     (3,838)
                            ----------  ----------  ----------  ----------
Operating income                11,017      13,405      34,831      37,219
Interest expense                 6,345       6,345      17,571      17,571
Other (income) expense             734         734         647         647
                            ----------  ----------  ----------  ----------
Income before taxes              3,938       6,326      16,613      19,001
Income taxes                     1,491       2,377       6,165       7,051
                            ----------  ----------  ----------  ----------
Net income                  $    2,447  $    3,949  $   10,448  $   11,950
                            ==========  ==========  ==========  ==========

Altra Industrial Motion, Inc. is a leading multinational designer, producer and marketer of a wide range of mechanical power transmission products. The company brings together strong brands covering over 35 product lines with production facilities in six countries and sales coverage in over 70 countries. Our leading brands are Ameridrives, Boston Gear, Warner Electric, Formsprag Clutch, Industrial Clutch, Kilian, Marland Clutch, Nuttall Gear, Stieber and Wichita Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics and Huco Dynatork.

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 discussed in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission. Altra Industrial Motion, 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.

Contact Information

  • CONTACT INFORMATION:

    David Wall
    Chief Financial Officer
    Phone: (617) 689-6380
    Email: Email Contact

    Altra Industrial Motion, Inc.
    14 Hayward Street
    Quincy, MA 02171
    Tel: (617) 328-3300
    Fax: (617) 479-6238