EAST RUTHERFORD, NJ--(Marketwire - May 16, 2012) - The Alpine Group, Inc. ("Alpine") (
For the three months ended March 31, 2012 revenues of $41.2 million represented a decrease of $8.9 million from $50.1 million in the comparative 2011 quarter, due primarily to the termination of the tolling agreement between Exeon Inc. and Wolverine Tube, Inc. effective November 1, 2011.
The table below reflects Alpine's non-GAAP net loss of $0.1 million for the three month period ended March 31, 2012 compared to $0.5 million of non-GAAP net income for the comparative period in 2011, primarily due to the loss of the Wolverine toll business offset by increased profitability of Exeon's recycling operations.
| Three months ended March 31, 2012 | Three months ended March 31, 2011 | ||||||||||||||||||||||
| (in millions) | GAAP | Eliminate Non-cash adjustments(1) | Non-GAAP | GAAP | Eliminate Non-cash adjustments(1) | Non-GAAP | |||||||||||||||||
| Net Sales | $ | 41.1 | $ | -- | $ | 41.1 | $ | 50.1 | $ | -- | $ | 50.1 | |||||||||||
| Cost of goods sold | 40.4 | (0.5 | ) | 39.9 | 51.3 | (3.7 | ) | 47.6 | |||||||||||||||
| Gross profit (loss) | $ | 0.7 | $ | 0.5 | $ | 1.2 | $ | (1.2 | ) | $ | 3.7 | $ | 2.5 | ||||||||||
| Operating income (loss) | $ | (0.6 | ) | 0.5 | $ | (0.1 | ) | $ | (2.7 | ) | 3.7 | $ | 1.0 | ||||||||||
| Net income (loss) | $ | (0.4 | ) | 0.3 | $ | (0.1 | ) | $ | (1.7 | ) | 2.2 | $ | 0.5 | ||||||||||
(1) Primarily non-cash adjustments relating to LIFO inventory and hedge mark-to-market adjustments.
Steven S. Elbaum, Alpine's Chairman and Chief Executive Officer, stated, "The $100,000 loss in first quarter operating results, before non-cash LIFO inventory and related adjustments, reflects the loss of income from the Wolverine tolling agreement substantially offset by increases in operating results at Exeon's recycling operations and Posterloid. At Synergy Cables, Alpine's majority-owned subsidiary, we expect 2012 to continue the trend of revenue, volume and EBITDA improvements posted in 2011."
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. (