FOR IMMEDIATE RELEASE:
Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. POSTS SECOND QUARTER 2007 RESULTS -
EAST RUTHERFORD, N.J., AUGUST 22, 2007, Market Wire/ -- The Alpine Group, Inc. (“Alpine”) (“Company”) (APNI.PK) today posted its unaudited financial statements for the second quarter of 2007 to its Website (www.alpine-group.net).
Alpine recorded income from continuing operations of $609,000 on revenues of $12.5 million for the second quarter of 2007 compared to $648,000 on revenues of $5.8 million for the comparable 2006 quarter. The 2006 income included an after-tax gain of $742,000 from the sale of stock of an affiliate. Revenues increased $6.7 million due to the inclusion of Posterloid, a designer and manufacturer of menu boards and signage, which was acquired in February 2007, and a $3.3 million sales increase in Alpine’s scrap metal reprocessing operations. The Company sold 2.3 million pounds of recovered metal in the 2007 second quarter compared to 1.8 million pounds in the comparable 2006 quarter. Reprocessing volume was 5.8 million pounds in the quarter compared to 3.9 million pounds in the 2006 quarter.
Alpine’s second quarter 2007 gross profit and selling, general and administrative expenses increased due primarily to the inclusion of Posterloid. The 2007 quarter also includes income of $1.0 million representing Alpine’s share of the earnings of its 52% owned Israeli affiliate, Synergy Cables Ltd. (“SCL”), which is accounted for on the equity method. The 2006 second quarter includes the aforementioned net gain of $742,000 from the sale of stock of an affiliate.
Income from continuing operations for the six months ended June 30, 2007 was $0.4 million compared to a break even for the year-to-date period ended June 30, 2006. Revenues were $23.6 million and $10.6 million for the six months ended June 30, 2007 and 2006, respectively. Revenues increased $13.0 million due to the inclusion of Posterloid since its acquisition in February, 2007 and an $8.4 million increase in revenues of the Company’s scrap metal reprocessing operations. Income from continuing operations improved by $0.4 million due primarily to Alpine’s share of earnings of SCL of $1.4 million. The June 2006 year-to-date period included the net gain of $742,000 on the sale of stock of an affiliate.
Steven S. Elbaum, Chairman and Chief Executive Officer, commented that “each of Wolverine Tube, Inc. and Synergy Cables Ltd. had profitable second quarters and earnings before interest, taxes and depreciation of $20 million and $5 million, respectively. Posterloid recorded strong sales and orders during the second quarter along with solid increases in profitability. Our scrap reprocessing operations were EBITDA positive for the quarter with a positive outlook for the rest of the year.”
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.