The Alpine Group, Inc. Announces 2008 Results
| Source: The Alpine Group, Inc.
EAST RUTHERFORD, NJ--(Marketwire - June 23, 2009) - The Alpine Group, Inc. ("Alpine")
(PINKSHEETS : APNI ) today posted its annual financial statements for the
year ended December 31, 2008 to its Website (www.alpine-group.net).
Alpine had a loss from continuing operations of $24.0 million for 2008
compared to income of $2.7 million for 2007, resulting in basic and fully
diluted loss per share from continuing operations of $2.14 for 2008
compared to basic and fully diluted earnings per share of $0.21 and $0.13,
respectively, for 2007. The decrease in income from continuing operations
in 2008 was primarily the result of Alpine's share of losses from its
foreign affiliate, Synergy Cables Ltd. ($12.6 million) and its U.S.
affiliate Wolverine Tube Inc. ($13.0 million). Alpine reported a
consolidated net loss of $20.2 million for the year ended December 31, 2008
compared to $1.7 million net income for the year ended December 31, 2007.
Basic and fully diluted loss per share for 2008 were both $1.80 compared to
basic and diluted earnings per share of $0.12 and $0.08, respectively for
2007.
Revenues from continuing operations were $52.0 million for the year ended
December 31, 2008 a decrease of $1.6 million compared to revenues of $53.6
million for the year ended December 31, 2007. The decrease was the net
effect of a 17% increase in sales at Posterloid Inc. and a 11% decrease in
sales at Exeon Inc.'s copper resale and scrap reclamation business.
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.