Alliance Laundry Holdings LLC of Ripon, WI, U.S. announced results for the third quarter and 9 months ended Sept. 30, 2004.
The commercial laundry equipment maker reported that net revenues for the third quarter decreased U.S. $1.3 million, or 1.9 percent, to $65.1 million from $66.4 million for the same period in 2003. Net income for the quarter decreased $1.5 million to net income of $3.0 million as compared to net income of $4.5 million for the prior-year period. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the third quarter of 2004 decreased $1.3 million to $11.9 million as compared to EBITDA of $13.2 million for the third quarter of 2003.
Alliance Laundry said the overall revenue decrease was primarily due to lower commercial laundry revenue of $3.7 million and lower service parts revenue of $0.1 million, which were partially offset by higher consumer laundry revenue of $2.5 million. The decrease in net income for the third quarter was primarily due to lower gross profit of $1.4 million and higher interest expense of $0.3 million, partially offset by lower selling, general and administrative expenses of $0.2 million, the company said.
Net revenues for the 9 months ended Sept. 30, 2004 increased $6.2 million, or 3.1 percent, to $204.8 million from $198.6 million for the same period in 2003. Net income for the 9 months increased $3.8 million to $13.5 million as compared to net income of $9.7 million for the prior-year period. EBITDA for the 9 months ended Sept. 30, 2004 was $38.9 million as compared to EBITDA of $38.4 million for the 9 months ended September 30, 2003.
"We are extremely pleased with our year to date results with revenues up $6.2 million and net income up $3.8 million year over year," stated Thomas F. L'Esperance, chairman and CEO. "During the third quarter of 2004, we have paid down $9.1 million on long-term debt. We will continue to focus on top line growth in 2004 and 2005 to help offset higher medical and material costs."
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