Alliance Laundry Holdings LLC announced results for the quarter and 6 months ended June 30, 2003.
Net revenues for the quarter ended June 30, 2003 increased U.S. $3.0 million, or 4.5 percent, to $71.1 million from $68.1 million for the quarter ended June 30, 2002. Net income for the quarter ended June 30, 2003 decreased $1.3 million to net income of $4.0 million as compared to a net income of $5.3 million for the quarter ended June 30, 2002.
The overall revenue increase for the second quarter of $3.0 million was primarily due to higher commercial laundry revenue of $3.2 million, which was partially offset by lower service parts revenue of $0.2 million. The decrease in net income for the second quarter of $1.3 million was primarily due to higher selling, general and administrative expense of $0.4 million and higher interest expense of $1.1 million. Interest expense in the second quarter includes an unfavorable non-cash adjustment of $1.0 million to reflect changes in the fair value of an interest rate swap agreement which was entered into in the fourth quarter of 2002. The decrease in EBITDA of $0.6 million for the second quarter of 2003 was largely due to higher selling, general, and administrative expenses for the quarter. The increase in selling, general, and administrative expenses was primarily due to higher pension and fringe benefit costs of $0.4 million.
Net revenues for the 6 months ended June 30, 2003 increased $4.4 million, or 3.4 percent, to $132.3 million from $127.9 million for the 6 months ended June 30, 2002. Net income for the 6 months ended June 30, 2003 was $5.2 million as compared to a net income of $9.0 million for the six months ended June 30, 2002.
The company, headquartered in Ripon, WI, U.S., is a manufacturer of commercial laundry products and provider of services for laundromats, multi-housing laundries, on-premise laundries, and drycleaners worldwide. It offers a full line of washers and dryers for light commercial use as well as large frontloading washers, heavy duty tumbler dryers, and presses and finishing equipment for heavy commercial use. Its products are sold under the brand names Speed Queen, UniMac, Huebsch, and Ajax.
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