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Petroleum

The Alpine Group Reports First Quarter 2000 Financial Results

Strategic Insights

— 2 min read

The Alpine Group, Inc. released its financial results for the first quarter ended March 31, 2000, reporting revenues of $495.9 million, a 2% decrease from the same period in 1999. Net income attributable to common stock for the quarter was $1.7 million, or $0.11 per diluted share, compared to $3.5 million, or $0.20 per diluted share, in the first quarter of 1999. Nonrecurring and unusual charges of $5.9 million were recorded by Superior TeleCom Inc., the Company's 51.8% owned subsidiary, primarily due to the close-down of plants, consolidation of production capacity, and related costs in its building wire operations.

Key Takeaways:

  • Revenues for the first quarter of 2000 decreased by 2% to $495.9 million compared to $506.8 million in the same period of 1999.
  • Net income attributable to common stock for the quarter was $1.7 million, or $0.11 per diluted share, compared to $3.5 million, or $0.20 per diluted share, in the first quarter of 1999.
  • Nonrecurring and unusual charges of $5.9 million were recorded by Superior TeleCom Inc., primarily due to the close-down of plants, consolidation of production capacity, and related costs in its building wire operations.
  • The Company's 51.8% owned subsidiary, Superior TeleCom Inc., reported net earnings of $4.0 million for the March quarter, exceeding analysts' consensus estimates by 50%.
  • The Company's 48% owned affiliate, PolyVision Corporation, recorded a breakeven net earnings for the March quarter, reflecting anticipated seasonality.
  • The Company expects improving quarterly results at both Superior TeleCom Inc. and PolyVision Corporation for the balance of the year, resulting in comparative earnings growth for Alpine in 2000.
  • The Company holds a 4% equity position in Cookson Group plc, which is expected to generate cash dividend income in excess of $5.0 million in 2000.

Statistics:

  • First quarter 2000 revenues: $495.9 million
  • First quarter 1999 revenues: $506.8 million
  • Net income attributable to common stock (2000): $1.7 million
  • Net income per diluted share (2000): $0.11
  • Net income per diluted share (1999): $0.20
  • Nonrecurring and unusual charges (2000): $5.9 million
  • Net earnings from Superior TeleCom Inc. (March quarter): $4.0 million
  • Analysts' consensus estimate for Superior TeleCom Inc. (March quarter): $2.67 million

Sources:

  • PRNewswire, April 27, 2000
  • The Alpine Group, Inc. Comparative Income Statement Data (unaudited), Three Months Ended 3/31/00
  • The Alpine Group, Inc. Comparative Balance Sheet Data (in thousands), 3/31/00

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