EAST RUTHERFORD, NJ--(Marketwired - Apr 4, 2013) - The Alpine Group, Inc. ("Alpine") (
For the year ended December 31, 2012 revenues decreased by $70.4 million from $167.4 to $96.9 million, due primarily to the termination effective November 1, 2011 of the tolling agreement between Exeon Inc. and Wolverine Tube, Inc.
The table below reflects Alpine's non-GAAP near breakeven net loss for the three and twelve month periods ended December 31, 2012 compared to $0.2 million net loss and $0.9 million of non-GAAP net income for the comparative periods in 2011.
| (millions) | Quarter ended December 31, 2012 | Quarter ended December 31, 2011 | |||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||||
| Net sales | $ | 18.4 | $ | -- | $ | 18.4 | $ | 18.0 | $ | -- | $ | 18.0 | |||||||||||||
| Cost of goods sold | 17.8 | 0.0 | (a) | 17.8 | 12.6 | 4.2 | (a) | 16.8 | |||||||||||||||||
| Gross profit (loss) | 0.6 | 0.0 | 0.6 | 5.4 | (4.2 | ) | 1.2 | ||||||||||||||||||
| Selling, general and administrative expenses | 1.0 | (0.1 | ) | (b) | 0.9 | 1.2 | (0.2 | ) | (b) | 1.0 | |||||||||||||||
| Operating income (loss) | $ | (0.4 | ) | $ | 0.1 | $ | (0.3 | ) | $ | 4.2 | $ | (4.0 | ) | $ | 0.2 | ||||||||||
| Net income (loss) | $ | (0.8 | ) | $ | 0.6 | (c) | $ | (0.2 | ) | $ | 2.5 | $ | (2.7 | ) | (c) | $ | (0.2 | ) | |||||||
| (a)-represents the following adjustments charge / (credit) as recorded: | |||||||||||||||||||||||||
| Adjust from FIFO to LIFO | $ | 0.0 | $ | (5.8 | ) | ||||||||||||||||||||
| Hedge MTM adjustments | 0.0 | 1.6 | |||||||||||||||||||||||
| Total non-cash adjustments | $ | 0.0 | $ | (4.2 | ) | ||||||||||||||||||||
| (b) - represents certain non-cash expenses related to deferred compensation costs. |
| (c) - in addition to the after-tax effects of (a) and (b) above these amounts include adjustments to eliminate the after-tax effect of income from the stock plan of affiliate: $0.1 and $0.3 for the quarters ended December 31, 2012 and 2011, respectively and to eliminate the effects of the change in valuation allowance and tax true-up in the amounts of $0.5 and $0.2, respectively, for the quarter ended December 31, 2012. |
| (millions) | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||
| Net sales | $ | 96.9 | $ | -- | $ | 96.9 | $ | 167.4 | $ | -- | $ | 167.4 | ||||||||||||
| Cost of goods sold | 93.5 | (0.3 | ) | (A) | 93.2 | 152.1 | 7.6 | (A) | 159.7 | |||||||||||||||
| Gross profit (loss) | 3.4 | 0.3 | 3.7 | 15.3 | (7.6 | ) | 7.7 | |||||||||||||||||
| Selling, general and administrative expenses | 0.3 | (0.3 | ) | (B) | 4.3 | 5.1 | (0.1 | ) | (B) | 5.0 | ||||||||||||||
| Severance costs | 0.3 | (0.3 | ) | (C) | -- | -- | -- | -- | ||||||||||||||||
| Operating income (loss) | $ | (1.6 | ) | $ | 0.9 | $ | (0.6 | ) | $ | 10.2 | $ | (7.5 | ) | $ | 2.7 | |||||||||
| Net income (loss) | $ | (1.3 | ) | $ | 1.0 | (D) | $ | (0.3 | ) | $ | 5.7 | $ | (4.8 | ) | (D) | $ | 0.9 | |||||||
| (A)-represents the following adjustments charge / (credit) as recorded: | ||||||||||||||||||||||||
| Adjust from FIFO to LIFO | $ | -- | $ | (5.8 | ) | |||||||||||||||||||
| Hedge MTM adjustments | 0.3 | (1.8 | ) | |||||||||||||||||||||
| Total non-cash adjustments | $ | 0.3 | $ | (7.6 | ) | |||||||||||||||||||
| (B) - represents certain non-cash expenses related to deferred compensation costs. |
| (C) - represents non-recurring expenses related to severance of certain Alpine employees. |
| (D) - in addition to the after-tax effects of (A), (B) and (C) above these amounts include adjustments to eliminate the after-tax effect of income from the stock plan of affiliate: $0.2 and $0.3 for the years ended December 31, 2012 and 2011, respectively and to eliminate the effects of the change in valuation allowance and tax true-up in the amounts of $0.5 and $0.2, respectively, for the year ended December 31, 2012. |
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. (