EAST RUTHERFORD, NJ--(Marketwire - November 15, 2010) - The Alpine Group, Inc. ("Alpine") (
For the quarter ended September 30, 2010 Alpine's revenues increased 199% to $32.8 million from $11.0 million in the comparative 2009 quarter. Alpine had a loss of $1.1 million for the 2010 third quarter, after giving effect to $1.4 million of non-cash charges related to LIFO inventory and metal hedge mark-to-market adjustments. This compares to a 2009 third quarter loss of $1.4 million, after giving effect to non-cash losses of $1.4 million attributable to Synergy Cables Ltd. and $0.2 million related to LIFO inventory and metal hedge mark-to-market adjustments. For the nine months ended September 30, 2010 Alpine had a loss of $1.1 million, after giving effect to $0.8 million in LIFO and metals' mark-to-market non-cash charges compared to a loss of $3.4 million for the same period during 2009. The comparative improvement in the 2010 results reflect increased profitability in Exeon's scrap reclamation and metals' operations offset by decreased earnings in Posterloid's signage business.
For the nine months ended September 30, 2010 revenues increased 252% to $86.5 million compared to $24.6 million for the same period in 2009. This increase was largely due to an increase in Exeon's revenues as a result of higher copper prices, increased volumes in its scrap reclamation business and the positive impact of a new toll agreement with a subsidiary of Wolverine Tube, Inc. for the manufacture and sale of silver alloys and joining materials. Copper prices increased to an average of $3.30 in the third quarter of 2010 compared to $2.67 in the same period in 2009. Scrap pounds sold by Exeon increased by approximately 25% in the third quarter of 2010 compared to 2009 and by approximately 50% for the nine month period ended September 30, 2010 compared to the 2009 period. Posterloid's revenues increased 10% for the third quarter of 2010 compared to 2009, but decreased by 21% for the comparative nine month period 2010 compared to 2009. Posterloid's third quarter comparative increase and 80% sequential increase from second quarter 2010 levels reflects improved demand and volumes.
Steven S. Elbaum, Alpine's Chairman and Chief Executive Officer, stated that "the third quarter reflects the achievement of better than cash breakeven results at Alpine and improving results and market conditions for both Exeon and Posterloid. Additionally, Synergy Cables' revenue, volumes and earnings, before interest, taxes and non-recurring charges improved markedly in the third quarter of 2010. At Wolverine Tube we succeeded in completing agreements that were the basis for a prearranged bankruptcy filing by Wolverine in early November that is intended to strengthen that Company's balance sheet, improve its competitiveness and provide Alpine with financial incentives linked to Wolverine's future performance."
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. (