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Granite Point Mortgage Trust Inc. Reports Second Quarter 2021 Financial Results and Post Quarter-End Update

NEW YORK–(BUSINESS WIRE)–Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT,” “Granite Point” or the “Company”) today announced its financial results for the quarter ended June 30, 2021, and provided an update on its activities subsequent to quarter-end. A presentation containing second quarter 2021 financial highlights and activity post quarter-end can be viewed at www.gpmtreit.com.

Second Quarter 2021 Activity

• GAAP net income of $14.2 million, or $0.26 per basic share, including a reversal of interest income of $(2.1) million, or $(0.04) per basic share related to three loans placed on nonaccrual status during the quarter.
• Distributable Earnings⁽¹⁾ of $15.7 million, or $0.29 per basic share.
• Book value of $17.27 per common share, inclusive of $(1.15) per share of allowance for credit losses.
• Declared and paid a cash dividend of $0.25 per common share for the second quarter of 2021.
• At June 30, 2021, carried a total allowance for credit losses of $62.9 million (or 1.54% of total loan commitments).
• Closed seven loans with $203.8 million of total commitments and $163.4 million of initial fundings.
• Funded an additional $30.4 million of principal balance on existing loan commitments.
• Received loan repayments and principal amortization of $423.0 million in UPB.
• Portfolio comprised of 100% loans with an outstanding principal balance of $3.6 billion and $4.1 billion in total commitments, comprised of 99% senior first mortgages and over 98% floating rate loans.
• Portfolio has a weighted average stabilized LTV of 63.5%⁽²⁾,a weighted average yield at origination of LIBOR + 4.13%⁽³⁾ and a weighted average LIBOR floor on the loans of 1.55%.
• Closed an $824 million CRE CLO with an initial advance rate of 83.25% and a weighted average interest rate at issuance of LIBOR + 1.62%, before transaction costs.
• Extended the maturity of the Morgan Stanley repurchase facility to June 2022 and downsized the maximum facility size to $500 million, with an accordion feature to upsize it to $600 million.
• Extended the maturity of the Wells Fargo repurchase facility to June 2022 and downsized the maximum facility size to $100 million, with an accordion feature to upsize it to $200 million.
• Repurchased 0.3 million common shares in the open market at an average price per share of $14.16.

Post Quarter-End Update

• Current forward pipeline of senior CRE loans with total commitments of over $280 million and initial fundings of over $265 million, which have either closed or are in the closing process, subject to fallout.
• Since quarter end, funded approximately $12 million of principal balance on existing loan commitments.⁽⁴⁾
• Extended the maturity of the Goldman Sachs repurchase facility to July 2023 and downsized the maximum facility size to $250 million, with an accordion feature to upsize it to $350 million.
• Current liquidity of approximately $242 million⁽⁴⁾ in cash on hand; option to borrow an additional $75 million in proceeds under the senior term loan facilities through September 2021.

“We are pleased to report that Granite Point delivered another quarter of solid operating results generated by our well diversified and defensively positioned portfolio of first mortgage loans. Our Distributable Earnings of $0.29 per share well covered our dividend of $0.25 per share and our book value per share grew to $17.27,” stated Jack Taylor, Granite Point’s President, Chief Executive Officer and Director. “With the closing of our third CRE CLO during the quarter, at an attractive cost of funds and leverage, we have further optimized our financing of our portfolio and have increased our non-mark-to-market borrowings to about 75%. We closed on over $200 million of new loan commitments during the quarter, currently have an additional $280 million either closed or are expected to close in the near term, and, with the combination of our liquidity and our highly experienced origination team, we intend to expand our strong forward pipeline.”

<sup>(1) Please see footnote (1) on page 6 for Distributable Earnings definition and a reconciliation of GAAP to non-GAAP financial information.

(2) Stabilized loan-to-value ratio (LTV) is calculated as the fully funded loan amount (plus any financing that is pari passu with or senior to such loan), including all contractually provided for future fundings, divided by the as stabilized value (as determined in conformance with USPAP) set forth in the original appraisal. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancy.

(3) Yield includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent yield.

(4) As of August 6, 2021.</sup>

Conference Call

Granite Point Mortgage Trust Inc. will host a conference call on August 10, 2021 at 10:00 a.m. ET to discuss second quarter 2021 financial results and related information. To participate in the teleconference, approximately 10 minutes prior to the above start time, please call toll-free (833) 255-2835 (or (412) 902-6769 for international callers), and ask to be joined into the Granite Point Mortgage Trust Inc. call. You may also listen to the teleconference live via the Internet at www.gpmtreit.com, in the Investor Relations section under the Events & Presentations link. For those unable to attend, a telephone playback will be available beginning August 10, 2021 at 12:00 p.m. ET through August 17, 2021 at 12:00 a.m. ET. The playback can be accessed by calling (877) 344-7529 (or (412) 317-0088 for international callers) and providing the Access Code 10158427. The call will also be archived on the Company’s website in the Investor Relations section under the Events & Presentations link.

About Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc., a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at www.gpmtreit.com.

Forward-Looking Statements

This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “target,” “believe,” “outlook,” “potential,” “continue,” “intend,” “seek,” “plan,” “goals,” “future,” “likely,” “may” and similar expressions or their negative forms, or by references to strategy, plans or intentions. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, in particular those related to the COVID-19 pandemic, including the ultimate impact of COVID-19 on our business, financial performance and operating results. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2020 and any subsequent Form 10-Q and Form 8-K filings made with the SEC, under the caption “Risk Factors.” These risks may also be further heightened by the continued and evolving impact of the COVID-19 pandemic. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings and Distributable Earnings per basic common share, that exclude certain items. Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Company’s core business operations, and uses these measures to gain a comparative understanding of the Company’s operating performance and business trends. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The Company’s GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 6 of this release.

Additional Information

Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Granite Point Mortgage Trust Inc., 3 Bryant Park, 24^th Floor, New York, NY 10036, telephone (212) 364-5500.

GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
	June 30, 2021				December 31, 2020
ASSETS	(unaudited)
Loans held-for-investment	$	3,635,315			$	3,914,469
Allowance for credit losses	(57,671)				(66,666)
Loans held-for-investment, net	3,577,644				3,847,803
Cash and cash equivalents	236,953				261,419
Restricted cash	2,077				67,774
Accrued interest receivable	10,149				12,388
Other assets	27,645				30,264
Total Assets	$	3,854,468			$	4,219,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase facilities	$	717,196			$	1,708,875
Securitized debt obligations	1,446,603				927,128
Asset-specific financings	82,768				123,091
Term financing facility	142,414				—
Convertible senior notes	272,074				271,250
Senior secured term loan facilities	207,881				206,448
Dividends payable	13,963				25,049
Other liabilities	24,273				22,961
Total Liabilities	2,907,172				3,284,802
Commitments and Contingencies
10% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized and 1,000 shares issued and outstanding ($1,000,000 liquidation preference)	1,000				1,000
Stockholders’ Equity
Common stock, par value $0.01 per share; 450,000,000 shares authorized and 54,790,186 and 55,107,657 shares issued and outstanding, respectively	548				552
Additional paid-in capital	1,056,364				1,058,298
Cumulative earnings	145,425				103,165
Cumulative distributions to stockholders	(256,166)				(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity	946,171				933,846
Non-controlling interests	125				—
Total Equity	$	946,296			$	933,846
Total Liabilities and Stockholders’ Equity	$	3,854,468			$	4,219,648

GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except share data)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2021				2020				2021				2020
Interest income:	(unaudited)								(unaudited)
Loans held-for-investment	$	49,350			$	60,299			$	103,389			$	123,558
Loans held-for-sale	—				121				—				121
Available-for-sale securities	—				247				—				527
Held-to-maturity securities	—				236				—				546
Cash and cash equivalents	103				41				203				367
Total interest income	49,453				60,944				103,592				125,119
Interest expense:
Repurchase facilities	6,047				14,276				14,998				33,951
Securitized debt obligations	7,129				6,502				11,746				15,936
Convertible senior notes	4,544				4,525				9,062				9,041
Term financing facility	2,633				—				4,755				—
Asset-specific financings	668				939				1,545				2,061
Revolving credit facilities	—				320				—				562
Senior secured term loan facilities	5,653				—				10,933				—
Total interest expense	26,674				26,562				53,039				61,551
Net interest income	22,779				34,382				50,553				63,568
Other income (loss):
Benefit from (provision for) credit losses	193				(14,205)				9,312				(67,541)
Realized losses on sales of loans held-for-sale	—				(6,894)				—				(6,894)
Fee income	—				—				—				522
Total other income (loss)	193				(21,099)				9,312				(73,913)
Expenses:
Base management fees	—				3,959				—				7,866
Compensation and benefits	5,017				—				10,477				—
Servicing expenses	1,124				1,002				2,440				2,111
Other operating expenses	2,564				10,060				4,691				18,613
Total expenses	8,705				15,021				17,608				28,590
Income (loss) before income taxes	14,267				(1,738)				42,257				(38,935)
Benefit from income taxes	(2)				(5)				(3)				(11)
Net income (loss)	14,269				(1,733)				42,260				(38,924)
Dividends on preferred stock	25				25				50				50
Net income (loss) attributable to common stockholders	$	14,244			$	(1,758)			$	42,210			$	(38,974)
Basic earnings (loss) per weighted average common share	$	0.26			$	(0.03)			$	0.77			$	(0.71)
Diluted earnings (loss) per weighted average common share	$	0.24			$	(0.03)			$	0.71			$	(0.71)
Dividends declared per common share	$	0.25			$	—			$	0.50			$	—
Weighted average number of shares of common stock outstanding:
Basic	55,009,732				55,158,283				55,073,317				55,107,347
Diluted	58,526,985				55,158,283				72,564,914				55,107,347
Comprehensive income (loss):
Net income (loss) attributable to common stockholders	$	14,244			$	(1,758)			$	42,210			$	(38,974)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	—				3,712				—				(32)
Other comprehensive income (loss)	—				3,712				—				(32)
Comprehensive income (loss)	$	14,244			$	1,954			$	42,210			$	(39,006)

GRANITE POINT MORTGAGE TRUST INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(dollars in thousands, except share data)
	Three Months Ended June 30, 2021
	(unaudited)
Reconciliation of GAAP net income to Distributable Earnings:
GAAP Net Income	$	14,244
Adjustments for non-distributable earnings:
(Benefit from) provision for credit losses	(193)
Non-cash equity compensation	1,639
Distributable Earnings(1)	$	15,690
Distributable Earnings per basic common share	$	0.29
Basic weighted average shares outstanding	55,009,732

^{(1) Beginning with our Annual Report on Form 10-K for the year ended December 31, 2020, and for all subsequent reporting periods ending on or after December 31, 2020, we have elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental method of evaluating our operating performance. Distributable Earnings replaces our prior presentation of Core Earnings with no changes to the definition. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income as dividends. Distributable Earnings is intended to serve as a general proxy for our taxable income, though it is not a perfect substitute for it, and, as such, is considered a key indicator of our ability to generate sufficient income to pay our common dividends and in determining the amount of such dividends, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable Earnings on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall performance of our business.}

^{We use Distributable Earnings to evaluate our performance excluding the effects of certain transactions and GAAP adjustments we believe are not necessarily indicative of our current loan portfolio and operations. For reporting purposes, we define Distributable Earnings as net income (loss) attributable to our stockholders, computed in accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains (losses) or other similar non-cash items that are included in net income for the applicable reporting period (regardless of whether such items are included in other comprehensive income (loss) or in net income for such period); and (iv) certain non-cash items and one-time expenses. Distributable Earnings may also be adjusted from time to time for reporting purposes to exclude one-time events pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments.}

^{While Distributable Earnings excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but nonrecoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. During the six months ended June 30, 2021, we recorded a $9.3 million benefit from provision for credit losses, which has been excluded from Distributable Earnings consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings referenced above.}

^{Distributable Earnings does not represent net income (loss) or cash flow from operating activities and should not be considered as an alternative to GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005815/en/

Investors:

Marcin Urbaszek,

Chief Financial Officer

Granite Point Mortgage Trust Inc.

(212) 364-5500

[email protected].

KEYWORDS: United States North America Minnesota New York

INDUSTRY KEYWORDS: Professional Services Other Construction & Property Residential Building & Real Estate Finance Construction & Property Banking

MEDIA:

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Schnitzer Steel is Certified as a Great Place to Work®

PORTLAND, Ore.–(BUSINESS WIRE)–
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), one of North America’s largest manufacturers and exporters of recycled metal products, today announced that it has been certified as a Great Place to Work®, establishing itself as a member of a distinguished group of companies that value employee trust, respect, pride, and camaraderie.

Great Place to Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue and increased innovation. It uses validated employee feedback gathered with Great Place to Work’s rigorous, data-driven methodology. Just 3 percent of the United States civilian workforce are currently employed by a Great Place to Work-Certified™ organization.

“We are proud to be honored with this important recognition. Throughout our 115-year history, we have established a culture based on respect, fairness, and equal opportunity, defining excellence by innovation, employee engagement, and productivity. Our Great Place to Work Certification is a testament to our ongoing commitment to enhancing employee experience, fostering a workplace culture of inclusion, and operating according to our core values – safety, sustainability, and integrity,” said Tamara Lundgren, Chairman and Chief Executive Officer.

“We are pleased to share this honor with our employees, who take pride in our essential work which operates at the intersection of metal recovery, reuse, recycling, and manufacturing and provides products and services to customers around the world. This certification speaks volumes about our efforts to champion diversity, equity, and inclusion and the future successes we can achieve together,” said Stef Murray, Chief Diversity & Inclusion Officer.

Erich Wilson, Chief Human Resources Officer, also commented, “Certification as a Great Place to Work represents a big win for our employees, our customers, and our communities alike, especially after the challenges we faced together over the past year. We are immensely proud of this achievement and plan to continue to advance our work to build a sustainable future.”

Certification Methodology & Scoring

The Great Place to Work Certification is based on analysis of confidential survey responses from the Great Place to Work Trust Index Survey™. The survey assesses multiple dimensions of company culture including trust, collaboration, fairness, equity, inclusiveness, innovation, and leadership effectiveness.

Schnitzer Great Place to Work Homepage

Visit our Great Place to Work® homepage here.

About Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 23 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive approximately 5 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005813/en/

Public Affairs:

Eric Potashner

415-624-9885

[email protected]

KEYWORDS: United States North America Oregon

INDUSTRY KEYWORDS: Human Resources Steel Automotive General Automotive Automotive Manufacturing Professional Services Manufacturing Mining/Minerals Natural Resources

MEDIA:

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Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2021 Results

• Sales up 24% versus prior year quarter and up 6% sequentially
• Basic EPS up $0.01 per share versus prior year quarter and up $0.05 sequentially
• Improving order activity with backlog up 6% sequentially

CARNEGIE, Pa.–(BUSINESS WIRE)–
Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reported net sales of $92.4 million and $179.2 million, respectively, for the three and six months ended June 30, 2021, compared to $74.8 million and $165.8 million for the three and six months ended June 30, 2020, respectively. The increase is primarily attributable to higher shipments of mill rolls and higher shipments of forged engineered products.

Income (loss) from operations for the three and six months ended June 30, 2021, was $0.5 million and $1.4 million, respectively, compared to $(0.1) million and $4.3 million for the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2021, the improvement primarily reflects the impacts of higher shipment volumes and improved cost absorption from higher production levels in the current quarter compared to significant downtime from the idling of manufacturing facilities associated with the early stages of the pandemic in the prior year quarter. For the six months ended June 30, 2021, income from operations declined as higher raw material costs net of surcharges, a less favorable sales mix, and an insurance recovery of $0.8 million in the prior year more than offset the benefit of higher shipment volumes in the current year.

Investment-related income for the three and six months ended June 30, 2021, includes a dividend of $1.0 million from one of the Corporation’s Chinese joint ventures. Interest expense for the three and six months ended June 30, 2021, declined in comparison to the prior year based on reduced debt. Other – net was approximately comparable for the three-month periods ended June 30, 2021, and 2020, though improved for the six months ended June 30, 2021, due to higher pension income and unrealized gains on Rabbi Trust assets.

The income tax provision for the three and six months ended June 30, 2021, includes unusual expenses totaling $0.7 million, or $0.04 per common share, for the revaluation of certain deferred income tax liabilities for a future tax rate change enacted in the U.K. during the quarter and for the restructuring of a foreign sales office. The income tax benefit for the six months ended June 30, 2020, includes a benefit of $3.5 million due to expanded tax loss carryback provisions made possible by the CARES Act.

Basic earnings per share were $0.06 and $0.07 for the three and six months ended June 30, 2021, respectively. This compares to $0.05 and $0.38 per share for the three and six months ended June 30, 2020, respectively. Basic earnings per share for the six months ended June 30, 2020, included a $0.34 per share combined benefit for the CARES Act tax loss carryback and the insurance recovery.

Commenting on the quarter, Ampco-Pittsburgh’s CEO, Brett McBrayer, said, “Sales and earnings for the second quarter improved sequentially and exceeded prior year, when we idled our facilities to manage the sharp drop in demand and to preserve liquidity due to the pandemic. Now, a year later, we have seen capacity utilization in the global rolled steel sector returning to pre-pandemic levels while raw material prices have risen. Order activity continues to improve, and we expect to see a full top line recovery to pre-pandemic sales in 2022. We have been managing through supply chain and logistical challenges which have impacted our operations. Some of our customers are likewise facing similar challenges and, as a result, have pushed out deliveries to match their current production capabilities. In the third quarter, we will execute plant maintenance shutdowns to prepare our machinery for higher production levels. Also, during the quarter, we amended and extended our revolving credit facility to assure significant liquidity for our strategic capital expenditures and to support anticipated growth in working capital.”

Segment Results

Forged and Cast Engineered Products

Sales for the Forged and Cast Engineered Products segment for the three and six months ended June 30, 2021, improved from the prior year period primarily due to higher shipments of forged and cast mill rolls as well as higher shipments of forged engineered products to the oil and gas and steel distribution markets. Operating results for the three months ended June 30, 2021, improved compared to the prior year primarily due to the higher volume of shipments and improved cost absorption from higher production levels in the current quarter compared to significant downtime from the pandemic-related idling of manufacturing facilities in the prior year quarter. For the six months ended June 30, 2021, operating results declined primarily as the effect of higher shipment volumes could not offset the impacts of higher raw material costs net of surcharges, a less favorable sales mix, and an insurance recovery recorded in the prior year.

Air and Liquid Processing

Sales and operating results for the Air and Liquid Processing segment for the three and six months ended June 30, 2021, decreased compared to the prior year primarily due to a lower volume of centrifugal pumps shipments driven mainly by customer-requested delays.

Teleconference Access

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Tuesday, August 10, 2021, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2021. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10158831/eb5ea651ea. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:

• Participant Dial-in (Toll Free): 1-844-308-3408
• Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This press release may include, but is not limited to, statements about operating performance, trends, events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; fluctuations of the value of the U.S. dollar relative to other currencies; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); changes in the existing regulatory environment; new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inoperability of certain equipment on which the Corporation relies; work stoppage or another industrial action on the part of any of the Corporation’s unions; liability of the Corporation’s subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of those subsidiaries; inability to satisfy the continued listing requirements of the New York Stock Exchange or NYSE American; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in this report and in documents filed with the Securities and Exchange Commission by the Corporation, particularly in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

 

AMPCO-PITTSBURGH CORPORATION FINANCIAL SUMMARY (in thousands, except per share amounts)
	Three Months Ended June 30,									Six Months Ended June 30,
	2021					2020				2021				2020
Net sales	$		92,428			$	74,778			$	179,228			$	165,841
Cost of products sold (excl. depreciation and amortization)			75,433				59,983				145,021				130,143
Selling and administrative			12,070				10,199				23,628				22,029
Depreciation and amortization			4,493				4,653				9,236				9,352
(Gain) loss on disposal of assets			(37	)			29				(33	)			52
Total operating expenses			91,959				74,864				177,852				161,576
Income (loss) from operations			469				(86	)			1,376				4,265
Other income (expense):
Investment-related income			1,047				108				1,065				112
Interest expense			(943	)			(994	)			(1,838	)			(2,210	)
Other – net			2,023				2,337				2,688				1,017
Total other income (expense) – net			2,127				1,451				1,915				(1,081	)
Income before income taxes			2,596				1,365				3,291				3,184
Income tax (provision) benefit			(1,372	)			(504	)			(1,753	)			2,279
Net income			1,224				861				1,538				5,463
Less: Net income attributable to noncontrolling interest			161				193				308				653
Net income attributable to Ampco-Pittsburgh	$		1,063			$	668			$	1,230			$	4,810
Net income per share attributable to Ampco-Pittsburgh common shareholders:
Basic	$		0.06			$	0.05			$	0.07			$	0.38
Diluted	$		0.05			$	0.05			$	0.06			$	0.37
Weighted-average number of common shares outstanding:
Basic	18,981					12,740				18,810				12,698
Diluted	21,249					13,382				20,981				12,959

 

AMPCO-PITTSBURGH CORPORATION SEGMENT INFORMATION (in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2020				2021				2020
Net Sales:
Forged and Cast Engineered Products	$	71,028			$	50,460			$	134,379			$	119,224
Air and Liquid Processing		21,400				24,318				44,849				46,617
Consolidated	$	92,428			$	74,778			$	179,228			$	165,841
Income from Operations:
Forged and Cast Engineered Products	$	1,674			$	(423	)		$	3,520			$	4,133
Air and Liquid Processing		2,062				2,846				4,374				5,430
Corporate costs		(3,267	)			(2,509	)			(6,518	)			(5,298	)
Consolidated	$	469			$	(86	)		$	1,376			$	4,265

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005812/en/

Michael G. McAuley

Senior Vice President, Chief Financial Officer and Treasurer

(412) 429-2472

[email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Engineering Manufacturing Steel

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Fisker Inc. to Participate in Canaccord Genuity Growth Conference

LOS ANGELES–(BUSINESS WIRE)–Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – announced today that Henrik Fisker, Chairman and Chief Executive Officer of Fisker, will participate in the Canaccord Genuity 41st Annual Growth Conference.

Henrik Fisker’s “Fireside Chat” will cover a wide range of topics, including product development progress of Fisker Ocean (with manufacturing partner Magna) and Fisker PEAR (a no-compromises sub-$30,000 EV with manufacturing partner Foxconn) and President Biden’s recently-stated goal of 50% EV sales in the U.S. by 2030.

The event will take place on Wednesday, August 11, 2021, from 2:00 to 2:25 p.m. ET and will be available via webcast. To register for and access the event, please clickhere. The webcast will also be available through the Events & Presentations page of Fisker’s investor relations website by clicking here.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding the Company’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K, as amended, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005811/en/

Fisker Inc.

Dan Galves, VP, Investor Relations

[email protected]

[email protected]

Simon Sproule, SVP, Communications

310.374.6177

[email protected]

Rebecca Lindland, Director, Corporate Communications

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Automotive Manufacturing Automotive Technology Manufacturing Other Technology General Automotive Performance & Special Interest Alternative Vehicles/Fuels Alternative Energy Energy Engineering

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