Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. POSTS FIRST QUARTER 2008 RESULTS -
EAST RUTHERFORD, N.J., June 4, 2008, Market Wire/ -- The Alpine Group, Inc. ("Alpine") (APNI.PK) today posted its quarterly financial statements for the three month period ended March 31, 2008 to its Website (www.alpine-group.net).
Alpine had income from continuing operations of $0.5 million for the first quarter of 2008 (before non-cash charges of $1.2 million for a LIFO inventory adjustment and hedge mark-to-market), compared to a loss of $0.3 million for the same quarter in 2007. The comparative increase in income from continuing operations in the first quarter of 2008 compared to 2007, was primarily the result of earnings from Posterloid Corporation (which was acquired in late February 2007), improved earnings at Exeon Inc. and income from dividends and fees related to Alpine’s investment in Wolverine Tube Inc.
Revenues from continuing operations were $15.4 million for the quarter ended March 31, 2008, an increase of $4.4 million over revenues of $11.0 million for the same quarter in 2007. The increase was due primarily to Posterloid.
Subsequent to the end of the first quarter Alpine received $8.4 million in cash as its share of a 2007 settlement arising from a lawsuit filed by Alpine's subsidiary, Exeon Inc. and other plaintiffs, alleging a conspiracy to increase the prices of copper products during the 1993-1996 timeframe in violation of Section 1 of the Sherman Act. Alpine will record these proceeds, net of approximately $1.6 million in legal fees and expenses, to income from discontinued operations during the second quarter of 2008.
Mr. Steven S. Elbaum, Chairman and Chief Executive Officer, stated, “We are pleased with the results of the settlement of the copper related litigation and are also encouraged by operating results during the first quarter of 2008. Posterloid operating results were strong, and Exeon’s copper scrap processing business improved to a breakeven level. We expect continued improvement at Exeon as it increases volume and further leverages its fixed costs. Wolverine continued to make progress in repositioning itself as a leading supplier of value added copper tubing and products. At the same time it is strengthening its balance sheet and improving its financial flexibility to support long term growth.”
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.