Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. POSTS 2010 RESULTS -
EAST RUTHERFORD, N.J., April 13, 2011, Market Wire/ -- The Alpine Group, Inc. ("Alpine") (APNI.PK) today posted its annual financial statements for the year-ended December 31, 2010 to its Website (www.alpine-group.net).
For the year ended December 31, 2010 revenues increased $87.1 million from $36.7 million in 2009 to $123.8 million in 2010, due primarily to higher copper and silver prices, increased volumes in its scrap reclamation business and the manufacture and sale of copper/silver alloys and joining materials under a toll agreement with a subsidiary of Wolverine Tube, Inc. Average copper prices were 46% higher in 2010 compared to 2009. Scrap pounds sold by Exeon increased by approximately 27% in 2010 compared to 2009. Posterloid’s revenues increased 7% for 2010 compared to 2009.
For 2010 Alpine had a net loss of $0.2 million compared to a net loss of $0.4 million for 2009 (after excluding a $6.9 million tax refund recorded for 2009). On a GAAP basis the 2010 loss of $8.5 million was due primarily to a $3.6 million after-tax non-cash LIFO charge, Alpine’s share ($1.5 million) of Synergy Cables Ltd.’s losses for 2010 and Alpine’s share ($2.4 million) of Wolverine Tube Inc.’s “Other Comprehensive Losses”. 2010 earnings before interest, taxes and depreciation (EBITDA) was $727,000, an improvement of $1.9 million from an EBITDA loss of ($1,167,000) for 2009.
For the quarter ended December 31, 2010 Alpine’s revenues increased 209% to $37.4 million from $12.1 million in the comparative 2009 quarter. Alpine had net income of $200,000 for the 2010 fourth quarter compared to 2009 fourth quarter breakeven income (after excluding a $6.9 million tax refund recorded in the 2009 quarter). The comparative quarterly improvement in the 2010 results reflects increased profitability in Exeon’s scrap reclamation and metals’ operations offset by decreased earnings in Posterloid’s signage business.
Steven S. Elbaum, Alpine’s Chairman and Chief Executive Officer, stated that “the fourth quarter and full year 2010 reflect the achievement of near cash breakeven results at Alpine, significant EBITDA improvements in the second half of 2010 and improved market conditions and performance for both Exeon and Posterloid. Additionally, Synergy Cables’ revenue, volumes and earnings, before interest, taxes and non-recurring charges improved markedly in 2010 over 2009 and the outlook for 2011 is encouraging as well. 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. (APNI.PK) has substantial experience in operating and actively managing companies in which it invests capital. Alpine has focused on industrial and other businesses that are underperforming, experiencing financial constraints and will benefit from operational improvements, consolidation and an improved capital structure. Alpine has actively invested in and operated leading domestic and global manufacturers of specialty materials, coatings, wire and cable products and electronic components.