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Alliance Laundry Holdings LLC, a Ripon, WI, U.S.-based manufacturer of commercial laundry products, announced results for the quarter and 6 months ended June 30, 2004.
Net revenues for the quarter ended June 30, 2004 increased U.S. $2.4 million, or 3.3 percent, to $73.4 million from $71.0 million for the quarter ended June 30, 2003. Net income for the quarter ended June 30, 2004 increased $2.2 million to net income of $6.2 million as compared to net income of $4.0 million for the quarter ended June 30, 2003.
The company said the overall revenue increase for the second quarter of $2.4 million was primarily due to higher commercial laundry revenue of $1.8 million and service parts revenue of $0.6 million. The increase in net income for the second quarter of $2.2 million was primarily due to higher gross profit of $0.3 million, lower interest expense of $2.4 million and lower other expenses of $0.8 million, partially offset by higher operating expenses of $1.4 million, the manufacturer said.
Net revenues for the 6 months ended June 30, 2004 increased $7.5 million, or 5.7 percent, to $139.6 million from $132.1 million for the 6 months ended June 30, 2003. Net income for the 6 months ended June 30, 2004 was $10.4 million as compared to net income of $5.2 million for the 6 months ended June 30, 2003.
"We are extremely pleased with our year over year net revenue growth of 3.3 percent for the second quarter of 2004. North American equipment revenue continues to be slightly ahead of last year with a very strong international performance for the second quarter," Thomas F. L'Esperance, chairman and CEO said in a statement.
"During the second quarter of 2004, we have paid down $7.1 million on long-term debt. We will continue to focus on strong top line growth in 2004 to help offset higher medical and material costs," he added.
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