Altra Industrial Motion
Nov 10, 2006

ALTRA INDUSTRIAL MOTION ANNOUNCES REVISED RESULTS FOR THE THIRD QUARTER 2006

 

QUINCY, MA -- November 10, 2006

Altra Industrial Motion, Inc. announced certain revisions to its unaudited financial results for the third quarter and nine months ended September 29, 2006 related to an increase in the gain on curtailment of post-retirement benefits.  The revisions were the result of a corrected actuarial report received by the Company while preparing its Form 10-Q.  The revision resulted in an increase in operating income of $2.4 million for both the third quarter and nine months ended September 29, 2006 from that which the Company previously reported on October 30, 2006.   Net income increased $1.5 million for both the third quarter and nine months ended September 29, 2006 from amounts previously reported.    

Altra Industrial Motion, Inc.
  (Unaudited)
Statement of Operations Data: 13 Weeks Ended 39 Weeks Ended
September 29, 2006 September 29, 2006
 
In Thousands of Dollars Previously Reported Revised Previously Reported Revised
Net sales $112,953 $112,953 $347,511 $347,511
Cost of sales 82,528 82,528 252,959 252,959
 
Gross profit 30,425 30,425 94,552 94,552
Selling, general & operating expenses 20,858 20,858 61,171 61,171
Gain on curtailment of post-retirement benefits (1,450) (3,838) (1,450)                   
(3,838)
 
Operating income 11,017 13,405 34,831 37,219
Interest expense 6,345 6,345 17,571 17,571
Other (income) expense 734 734 647 647
 
Income before taxes 3,938 6,326 16,613 19,001
Income taxes 1,491 2,377 6,165 7,051
Net income $2,447 $3,949 $10,448 $11,950

 

Altra Industrial Motion, Inc. is a leading multinational designer, producer and marketer of a wide range of mechanical power transmission products. The company brings together strong brands covering over 35 product lines with production facilities in six countries and sales coverage in over 70 countries. Our leading brands are Ameridrives, Boston Gear, Warner Electric, Formsprag Clutch, Industrial Clutch, Kilian, Marland Clutch, Nuttall Gear, Stieber and Wichita Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics and Huco Dynatork.

This press release includes statements which are forward looking within the meaning of applicable securities laws. These statements may include or imply projections of future performance that are based upon the company's expectations or assumptions. These expectations and assumptions, as well as the company's future performance, are subject to a number of risks and uncertainties. Factors that could cause actual results to differ from projected results are discussed in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission. Altra Industrial Motion, Inc. is under no obligation to, and expressly disclaims any obligation to, update or, alter its forward looking statements, whether as a result of new information, future events or otherwise.

SOURCE: Altra Industrial Motion documents

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CONTACT INFORMATION:

David Wall
Chief Financial Officer
Phone: (617) 689-6380
Email: david.wall@altramotion.com