Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. ANNOUNCES 2007 RESULTS -
EAST RUTHERFORD, N.J., April 28, 2008, Market Wire/ -- The Alpine Group, Inc. ("Alpine") (APNI.PK) today posted its annual financial statements for the year ended December 31, 2007 to its Website (www.alpine-group.net).
Alpine had income from continuing operations of $2.7 million for 2007 compared to $0.7 million for 2006, resulting in basic and fully diluted earnings per share from continuing operations of $0.21 and $0.13, respectively, for 2007 compared to earnings per share (both basic and fully diluted) of $0.03 for 2006. The increase in income from continuing operations in 2007 was primarily the result of earnings from Posterloid Corporation (“Posterloid”), which was acquired in early 2007, realized gains on the sale of securities and Alpine’s share of earnings of its foreign affiliate, Synergy Cables Ltd. Alpine reported consolidated net income of $1.7 million for the year ended December 31, 2007 compared to $20.5 million for the year ended December 31, 2006. 2006 net income included a $15.4 after tax gain on the sale of Alpine’s building wire business. Basic and fully diluted earnings per share for 2007 were $0.12 and $0.08, respectively, compared to $1.58 for and $0.89, respectively for 2006.
Revenues from continuing operations were $53.6 million for the year ended December 31, 2007, an increase of $30.5 million over revenues of $23.1 million for the year ended December 31, 2006. The increase was due primarily to the aforementioned Posterloid acquisition in 2007 and to higher sales volume and copper prices related to Exeon Inc.’s copper scrap reclamation business. Average COMEX copper prices increased from $3.09 during 2006 to an average of $3.22 in 2007.
Mr. Steven S. Elbaum, Chairman and Chief Executive Officer, stated “2007 was another positive year for Alpine. The Posterloid acquisition, which occurred during the first quarter of 2007 delivered excellent results, especially during the fourth quarter, while earnings attributable to our ownership interest in Synergy Cables Ltd. grew by over 40% in 2007.
“In addition, we made significant progress at Wolverine Tube, Inc. in strengthening its balance sheet, improving its operations and repositioning its business model and strategy to focus on value added copper tubing and materials. Post year end Alpine invested an additional $15 million in Wolverine through the purchase of 8½% Convertible Preferred Stock. This increased Alpine’s ownership to approximately 28% of the fully diluted equity of Wolverine, a substantial stake in what we believe will be a successful long term investment for shareholders. Wolverine reported adjusted EBITDA of $45.0 million for 2007 compared to $37.7 for 2006, a 19% year over year increase.”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.