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Alliance Laundry Reports Q3 Earnings
Nov 13, 2003
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Alliance Laundry Holdings LLC, a Ripon, WI, U.S.-based manufacturer of commercial laundry appliances, announced results for the quarter and 6 months ended Sept. 30, 2003.

Net revenues for the quarter ended Sept. 30, 2003 increased U.S. $5.3 million, or 8.7 percent, to $66.6 million from $61.3 million for the quarter ended September 30, 2002. Net income for the quarter ended September 30, 2003 increased $3.8 million to net income of $4.5 million as compared to a net income of $0.7 million for the quarter ended September 30, 2002. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the third quarter of 2003 increased $2.8 million to $13.2 million as compared to EBITDA of $10.4 million for the third quarter of 2002.

The overall revenue increase for the third quarter of $5.3 million was primarily attributable to higher commercial laundry revenue of $5.1 million and service parts revenue of $0.2 million. The increase in net income for the third quarter of $3.8 million was primarily due to higher operating income of $1.1 million on the higher sales volume and lower interest expense of $0.6 million. In addition, a loss was recorded in the third quarter of 2002 from the early extinguishment of debt of $2.0 million with no corresponding charge in the third quarter of 2003.

Net revenues for the 9 months ended Sept. 30, 2003 increased $9.7 million, or 5.1 percent, to $198.9 million from $189.2 million for the 9 months ended September 30, 2002. Net income for the 9 months ended September 30, 2003 remained unchanged at $9.7 million as compared to the 9 months ended September 30, 2002. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")(1) for the 9 months ended September 30, 2003 was $38.4 million as compared to EBITDA of $38.2 million for the 9 months ended September 30, 2002.

In announcing the company's results, Thomas F. L'Esperance, chairman and CEO said, "We are extremely pleased with our top line revenue growth of 5.1 percent for the 9 months ended September 30, 2003. Leading the way for the 9 months was higher North American equipment revenue of $7.3 million and higher international equipment revenue of $1.8 million."

"During the 9 months of 2003 we have paid down $17.2 million on long-term debt. We will continue to focus on debt pay down in the fourth quarter, with an emphasis on working capital management and strong top line performance to help offset higher pension, medical and material costs," Mr. L'Esperance added.

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