RIPON, Wis. — Alliance Laundry Holdings LLC announced that net revenues for the third quarter of 2010 increased $10.8 million to $103.6 million from $92.8 million for the third quarter of 2009. Net income for the quarter was $2.5 million compared to $9.2 million for the third quarter of 2009.
Alliance Laundry Holdings is the manufacturer of Speed Queen, Huebsch, IPSO, Cissell and UniMac equipment.
The overall net revenue increase of $10.8 million was attributable to increases in U.S. and Canadian revenues, $5.2 million; Asian revenues, $2.3 million; European revenues, $1.5 million; Latin American revenues, $0.9 million; and Middle Eastern and African revenues, $0.9 million, the company reports.
The net income decrease of $6.7 million was primarily related to the loss from early extinguishment of debt of $7.7 million related to a refinancing on Sept. 30, the company adds.
“Faced with modest top-line revenue growth for the first nine months of 2010, we continue to focus on our Customer One, international growth strategy and new product development initiatives that will position the company to capitalize on opportunities as demand strengthens,” says Thomas F. L’Esperance, CEO. “That said, strength in key emerging markets and our ongoing focus on cost productivity helped to partially offset the downward pressure of rising commodity costs.”
L’Esperance concluded, “Balance-sheet improvements remain on the top of our mind as we expect to achieve our debt-reduction targets for 2010 due to our continuing focus on working-capital management. We were also pleased with the execution of our recently completed credit agreement, which improves our capital structure and provides us with increased flexibility over the term of the new facility.”