RIPON, Wis. — Alliance Laundry Holdings LLC announced that net revenues for the quarter ended June 30, 2010 increased $18.4 million to $113.3 million from $94.9 million for the quarter ended June 30, 2009. Net income for second quarter 2010 was $6.6 million as compared to a net loss of $3.5 million for the same period a year ago.
Alliance Laundry Holdings is the manufacturer of Speed Queen, Huebsch, IPSO, Cissell and UniMac equipment.
“We are extremely pleased with our bottom line performance for the quarter and six months, particularly given the difficult global economic conditions,” says Thomas F. L’Esperance, Alliance Laundy CEO. “While revenues were in line with our expectations, cost controls delivered bottom line results which slightly exceeded our expectations.”
The second quarter 2009 net revenue losses were pulled down by a $13.6 million non-cash mark-to-market adjustment related to the establishment of a new asset-backed facility. Free of such adjustments, this year’s second-quarter revenues increased $4.8 million, or 4.4 percent, compared to the previous year's figures.
Net revenues for the six months ended June 30, 2010 increased $14.7 million to $206.0 million from $191.3 million for the six months ended June 30, 2009. Net income for the six months ended June 30, 2010 was $11.2 million as compared to a net loss of $1.2 million for the same period in 2009.
“We expect a strong earnings performance for 2010 and will intensify our effort on new product development to position the business for growth as we emerge from this downturn,” says L’Esperance. “Our core strategies have not changed. We will continue to focus on our customer one initiative, and will continue to grow our presence outside of the U.S. and Canada.”