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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number 1-898

AMPCO-PITTSBURGH CORPORATION

img137250691_0.jpg 

 

 

Pennsylvania

25-1117717

(State of

Incorporation)

(I.R.S. Employer

Identification No.)

726 Bell Avenue, Suite 301

Carnegie, Pennsylvania 15106

(Address of principal executive offices)

(412) 456-4400

(Registrant’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

AP

New York Stock Exchange

Series A Warrants to purchase shares of Common Stock

AP WS

NYSE American Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

Large accelerated filer

Accelerated filer

Emerging growth company

 

 

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

On November 9, 2023, 19,865,749 common shares were outstanding.

 


 

AMPCO-PITTSBURGH CORPORATION

INDEX

 

 

 

 

 

Page No.

Part I

 

Financial Information:

 

 

 

 

 

 

 

 

 

 

 

Item 1

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets – September 30, 2023 and December 31, 2022

 

3

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations – Three and Nine months Ended September 30, 2023 and 2022

 

4

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss – Three and Nine months Ended September 30, 2023 and 2022

 

 

5

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity – Three and Nine months Ended September 30, 2023 and 2022

 

6

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows – Nine months Ended September 30, 2023 and 2022

 

7

 

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

 

 

 

 

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

 

 

 

 

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

32

 

 

 

 

 

 

 

 

 

Item 4

 

Controls and Procedures

 

32

 

 

 

 

 

 

 

Part II

 

Other Information:

 

 

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

 

34

 

 

 

 

 

 

 

 

 

Item 1A

 

Risk Factors

 

34

 

 

 

 

 

 

 

 

 

Item 5

 

Other Information

 

34

 

 

 

 

 

 

 

 

 

Item 6

 

Exhibits

 

35

 

 

 

 

 

 

 

Signatures

 

36

 

 

 

 

 

 

 

 

2


 

PART I – FINANCIAL INFORMATION

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except par value)

 

 

September 30, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,070

 

 

$

8,735

 

Trade receivables

 

 

83,148

 

 

 

77,426

 

Trade receivables from related parties

 

 

133

 

 

 

1,066

 

Inventories

 

 

130,748

 

 

 

121,739

 

Insurance receivable – asbestos

 

 

15,000

 

 

 

15,000

 

Other current assets

 

 

7,437

 

 

 

7,442

 

Total current assets

 

 

242,536

 

 

 

231,408

 

Property, plant and equipment, net

 

 

156,088

 

 

 

154,998

 

Operating lease right-of-use assets

 

 

4,868

 

 

 

3,522

 

Insurance receivable – asbestos

 

 

81,393

 

 

 

90,910

 

Deferred income tax assets

 

 

2,141

 

 

 

2,141

 

Intangible assets, net

 

 

4,727

 

 

 

5,194

 

Investments in joint ventures

 

 

2,175

 

 

 

2,175

 

Prepaid pensions

 

 

7,490

 

 

 

7,242

 

Other noncurrent assets

 

 

4,696

 

 

 

5,184

 

Total assets

 

$

506,114

 

 

$

502,774

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

42,613

 

 

$

43,209

 

Accounts payable to related parties

 

 

876

 

 

 

412

 

Accrued payrolls and employee benefits

 

 

14,534

 

 

 

11,796

 

Debt – current portion

 

 

13,608

 

 

 

12,410

 

Operating lease liabilities – current portion

 

 

946

 

 

 

635

 

Asbestos liability – current portion

 

 

23,000

 

 

 

23,000

 

Other current liabilities

 

 

23,181

 

 

 

24,763

 

Total current liabilities

 

 

118,758

 

 

 

116,225

 

Employee benefit obligations

 

 

39,034

 

 

 

43,431

 

Asbestos liability

 

 

114,354

 

 

 

130,575

 

Long-term debt

 

 

114,182

 

 

 

93,061

 

Noncurrent operating lease liabilities

 

 

3,922

 

 

 

2,886

 

Deferred income tax liabilities

 

 

1,343

 

 

 

2,518

 

Other noncurrent liabilities

 

 

236

 

 

 

682

 

Total liabilities

 

 

391,829

 

 

 

389,378

 

Commitments and contingent liabilities (Note 9)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Common stock – par value $1; authorized 40,000 shares; issued and outstanding
    
19,729 shares as of September 30, 2023 and 19,404 shares as of December 31, 2022

 

 

19,729

 

 

 

19,404

 

Additional paid-in capital

 

 

176,680

 

 

 

175,656

 

Retained deficit

 

 

(31,161

)

 

 

(32,322

)

Accumulated other comprehensive loss

 

 

(60,804

)

 

 

(58,412

)

Total Ampco-Pittsburgh shareholders’ equity

 

 

104,444

 

 

 

104,326

 

Noncontrolling interest

 

 

9,841

 

 

 

9,070

 

Total shareholders’ equity

 

 

114,285

 

 

 

113,396

 

Total liabilities and shareholders’ equity

 

$

506,114

 

 

$

502,774

 

See Notes to Condensed Consolidated Financial Statements.

3


 

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

102,200

 

 

$

97,228

 

 

$

311,491

 

 

$

289,696

 

Net sales to related parties

 

 

18

 

 

 

2,419

 

 

 

2,741

 

 

 

6,959

 

Total net sales

 

 

102,218

 

 

 

99,647

 

 

 

314,232

 

 

 

296,655

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of products sold (excluding depreciation and amortization)

 

 

84,490

 

 

 

84,101

 

 

 

256,333

 

 

 

249,700

 

Selling and administrative

 

 

11,821

 

 

 

11,089

 

 

 

38,101

 

 

 

31,941

 

Depreciation and amortization

 

 

4,382

 

 

 

4,206

 

 

 

13,110

 

 

 

13,133

 

Credit for asbestos litigation

 

 

(191

)

 

 

-

 

 

 

(191

)

 

 

-

 

(Gain) loss on disposal of assets

 

 

(6

)

 

 

48

 

 

 

(124

)

 

 

47

 

Total operating costs and expenses

 

 

100,496

 

 

 

99,444

 

 

 

307,229

 

 

 

294,821

 

Income from operations

 

 

1,722

 

 

 

203

 

 

 

7,003

 

 

 

1,834

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Investment-related income

 

 

98

 

 

 

507

 

 

 

114

 

 

 

513

 

Interest expense

 

 

(2,468

)

 

 

(1,486

)

 

 

(6,784

)

 

 

(3,684

)

Other income – net

 

 

1,959

 

 

 

3,174

 

 

 

3,424

 

 

 

7,019

 

Total other (expense) income

 

 

(411

)

 

 

2,195

 

 

 

(3,246

)

 

 

3,848

 

Income before income taxes

 

 

1,311

 

 

 

2,398

 

 

 

3,757

 

 

 

5,682

 

Income tax provision

 

 

(76

)

 

 

(987

)

 

 

(541

)

 

 

(1,432

)

Net income

 

 

1,235

 

 

 

1,411

 

 

 

3,216

 

 

 

4,250

 

Less: Net income attributable to noncontrolling interest

 

 

426

 

 

 

288

 

 

 

1,308

 

 

 

371

 

Net income attributable to Ampco-Pittsburgh

 

$

809

 

 

$

1,123

 

 

$

1,908

 

 

$

3,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to Ampco-
   Pittsburgh common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.06

 

 

$

0.10

 

 

$

0.20

 

Diluted

 

$

0.04

 

 

$

0.06

 

 

$

0.10

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

19,729

 

 

 

19,396

 

 

 

19,580

 

 

 

19,291

 

Diluted

 

 

19,729

 

 

 

19,522

 

 

 

19,633

 

 

 

19,473

 

 

See Notes to Condensed Consolidated Financial Statements.

4


 

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(in thousands)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

1,235

 

 

$

1,411

 

 

$

3,216

 

 

$

4,250

 

Other comprehensive loss, net of income tax where applicable:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for changes in:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(3,150

)

 

 

(8,745

)

 

 

(2,113

)

 

 

(19,787

)

Unrecognized employee benefit costs (including effects of foreign currency translation)

 

 

181

 

 

 

891

 

 

 

45

 

 

 

1,441

 

Fair value of cash flow hedges

 

 

19

 

 

 

(251

)

 

 

(81

)

 

 

(809

)

Reclassification adjustments for items included in net income:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of unrecognized employee benefit costs

 

 

(235

)

 

 

281

 

 

 

(728

)

 

 

833

 

Settlements of cash flow hedges

 

 

135

 

 

 

367

 

 

 

(52

)

 

 

108

 

Other comprehensive loss

 

 

(3,050

)

 

 

(7,457

)

 

 

(2,929

)

 

 

(18,214

)

Comprehensive (loss) income

 

 

(1,815

)

 

 

(6,046

)

 

 

287

 

 

 

(13,964

)

Less: Comprehensive income (loss) attributable to noncontrolling interest

 

 

367

 

 

 

(269

)

 

 

771

 

 

 

(625

)

Comprehensive loss attributable to Ampco-Pittsburgh

 

$

(2,182

)

 

$

(5,777

)

 

$

(484

)

 

$

(13,339

)

 

See Notes to Condensed Consolidated Financial Statements.

5


 

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(in thousands)

 

Three Months Ended September 30, 2023

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Deficit

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling
Interest

 

 

Total

 

Balance at July 1, 2023

 

$

19,729

 

 

$

176,160

 

 

$

(31,970

)

 

$

(57,813

)

 

$

9,474

 

 

$

115,580

 

Stock-based compensation

 

 

 

 

 

520

 

 

 

 

 

 

 

 

 

 

 

 

520

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

809

 

 

 

 

 

 

426

 

 

 

1,235

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(2,991

)

 

 

(59

)

 

 

(3,050

)

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

367

 

 

 

(1,815

)

Balance at September 30, 2023

 

$

19,729

 

 

$

176,680

 

 

$

(31,161

)

 

$

(60,804

)

 

$

9,841

 

 

$

114,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2022

 

$

19,355

 

 

$

174,868

 

 

$

(32,982

)

 

$

(65,424

)

 

$

8,877

 

 

$

104,694

 

Stock-based compensation

 

 

 

 

 

684

 

 

 

 

 

 

 

 

 

 

 

 

684

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

1,123

 

 

 

 

 

 

288

 

 

 

1,411

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(6,900

)

 

 

(557

)

 

 

(7,457

)

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(269

)

 

 

(6,046

)

Shareholder exercise of warrants (Note 10)

 

 

48

 

 

 

(48

)

 

 

 

 

 

 

 

 

 

 

 

-

 

Balance at September 30, 2022

 

$

19,403

 

 

$

175,504

 

 

$

(31,859

)

 

$

(72,324

)

 

$

8,608

 

 

$

99,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2023, as reported

 

$

19,404

 

 

$

175,656

 

 

$

(32,322

)

 

$

(58,412

)

 

$

9,070

 

 

$

113,396

 

Impact of new accounting standard (Note 1)

 

 

 

 

 

 

 

 

(747

)

 

 

 

 

 

 

 

 

(747

)

Balance at January 1, 2023, as adjusted

 

 

19,404

 

 

 

175,656

 

 

 

(33,069

)

 

 

(58,412

)

 

 

9,070

 

 

 

112,649

 

Stock-based compensation

 

 

 

 

 

1,630

 

 

 

 

 

 

 

 

 

 

 

 

1,630

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income