The Alpine Group, Inc. Posts First Quarter 2008 Results
EAST RUTHERFORD, NJ--(Marketwire - June 4, 2008) - The Alpine Group, Inc. ("Alpine")
(PINKSHEETS: APNI) 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. (PINKSHEETS: APNI) 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.