FOR IMMEDIATE RELEASE:
Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. ANNOUNCES 2006 RESULTS -
EAST RUTHERFORD, N.J., April 5, 2007, PRNewswire/ -- The Alpine Group, Inc. (“Alpine”) (APNI.PK) today reported unaudited results for the year ended December 31, 2006.
Alpine reported consolidated net income of $20.5 million for the year ended December 31, 2006 compared to $4.6 million for the year ended December 31, 2005. Basic and fully diluted earnings per share for 2006 were $1.58 and $0.89, respectively, compared to $0.26 for both basic and fully diluted earnings per share for 2005. The increase in earnings was primarily due to the gain on the sale of the low voltage building wire business operated by Alpine’s subsidiary, Exeon Inc. (formerly Essex Electric Inc.). Excluding the gain on the sale and other income from the discontinued operations, Alpine’s income from continuing operations for 2006 was $0.7 million or $0.03 per share compared to a loss of $1.9 million or ($0.15) per share for 2005. The 2006 increase resulted from an increase in investment related income and earnings of an affiliate.
Revenues from continuing operations were $23.1 million for the year ended December 31, 2006, an increase of $9.8 million (74%) compared to $13.3 million for the year ended December 31, 2005. The increase was due primarily to higher copper prices which increased from a COMEX average of $1.68 during 2005 to an average of $3.09 during 2006.
Mr. Steven S. Elbaum, Chairman and Chief Executive Officer, stated “2006 was a very positive year for Alpine. We realized a significant gain on a sale and distributed substantial value to shareholders through a self-tender. We recapitalized our Superior Cables Ltd. Majority owned subsidiary (Tel Aviv Stock Exchange: SPCB) and successfully positioned Alpine for control investments in Wolverine Tube, Inc. (Symbol: WLVT.PK) and Posterloid Corporation, both of which closed in the first quarter of 2007. In addition, we generated substantial investment income and related earnings to more than offset ongoing cash operating expenses. We are confident that the course we are on has and will produce long term growth in shareholder value.”
Alpine’s financial statements for the year ended December 31, 2006 are expected to be available for posting to its website which will be announced and operational next week.
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.