RIPON, Wis. — Alliance Laundry Holdings reports that net revenues for 2010 increased $32.8 million, or 8.3%, to $426 million from $393.2 million for 2009. The company’s net income for 2010 increased $6 million to $22.6 million from $16.6 million for 2009.
“Continued expansion of our Customer One programs, managing costs and strong growth in the emerging markets drove our improved performance in 2010,” says CEO Michael D. Schoeb. “We improved our operating margins while increasing our investments in new-product development and international marketing and sales.
“As the U.S. and Western European markets continue to recover, we look to build upon our progress in 2011.”
Excluding the impact of an unfavorable $13.6 million non-cash mark-to-market adjustment related to the establishment of a new asset-backed facility in the second quarter of 2009, full-year 2010 net revenue increased $19.2 million, an increase of 4.7% from the prior year.
The $19.2 million consisted of increases in U.S. and Canadian revenues of $7.9 million, or a 2.7% increase from the prior year, and increases in revenues outside of the U.S. and Canada of $11.3 million, or a 9.6% increase from the prior year.
The overall net income increase of $6 million was primarily attributable to higher gross profit of $20.8 million and lower securitization and other costs of $6.1 million, offset by a loss on early extinguishment of debt in 2010 of $7.7 million, higher selling, general and administrative expenses of $5.4 million, higher interest expense and higher provisions for income taxes.