The Alpine Group, Inc. Releases 2006 Audited Financial Statements
| Source: The Alpine Group, Inc.
EAST RUTHERFORD, NJ--(Marketwire - May 31, 2007) - The Alpine Group, Inc. ("Alpine")
(PINKSHEETS : APNI ) today released its audited financial statements for the
year ended December 31, 2006. These statements account for Alpine's 52%
owned Israeli affiliate, Synergy Cables Ltd. ("SCL"), under the equity
method, which is consistent with prior periods and is a more informative
and meaningful presentation of Alpine's financial statements than a full
consolidation of SCL's results and financial statements. The December 31,
2006 audited financial statements have been posted to Alpine's Website
(www.alpine-group.net).
As previously reported, consolidated net income for the year ended December
31, 2006 was $20.5 million compared to $4.6 million for the year ended
December 31, 2005. Basic and fully diluted earnings per share for 2006
were $1.58 and $0.89, respectively, compared to $0.26 for both basic and
fully diluted earnings per share for 2005. The increase in earnings was
primarily due to the gain on the sale of the low voltage building wire
business operated by Alpine's subsidiary, Exeon Inc. (formerly Essex
Electric Inc.). Excluding the gain on the sale and other income from the
discontinued operations, Alpine's income from continuing operations for
2006 was $0.7 million or $0.03 per share compared to a loss of $1.9 million
or ($0.15) per share for 2005. The 2006 increase resulted from an increase
in investment related income and earnings of SCL.
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.