Steven S. Elbaum
Chairman and Chief Executive Officer
- ALPINE GROUP, INC. ANNOUNCES 2008 RESULTS -
EAST RUTHERFORD, N.J., June 23, 2009, Market Wire/ -- The Alpine Group, Inc. ("Alpine") (APNI.PK) today posted its annual financial statements for the year ended December 31, 2008 to its Website (www.alpine-group.net).
Alpine had a loss from continuing operations of $24.0 million for 2008 compared to income of $2.7 million for 2007, resulting in basic and fully diluted loss per share from continuing operations of $2.14 for 2008 compared to basic and fully diluted earnings per share of $0.21 and $0.13, respectively, for 2007. The decrease in income from continuing operations in 2008 was primarily the result of Alpine’s share of losses from its foreign affiliate, Synergy Cables Ltd. ($12.6 million) and its U.S. affiliate Wolverine Tube Inc. ($13.0 million). Alpine reported a consolidated net loss of $20.2 million for the year ended December 31, 2008 compared to $1.7 million net income for the year ended December 31, 2007. Basic and fully diluted loss per share for 2008 were both $1.80 compared to basic and diluted earnings per share of $0.12 and $0.08, respectively for 2007.
Revenues from continuing operations were $52.0 million for the year ended December 31, 2008 a decrease of $1.6 million compared to revenues of $53.6 million for the year ended December 31, 2007. The decrease was the net effect of a 17% increase in sales at Posterloid Inc. and a 11% decrease in sales at Exeon Inc.’s copper resale and scrap reclamation business.
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.