RIPON, Wis. — Alliance Laundry Holdings LLC, the manufacturer of Speed Queen, Huebsch, IPSO, Cissell and UniMac equipment, reported an increase in profits for 2009.
Alliance Laundry reported net income for the year of $16.6 million, up 7% compared with $15.5 million the year before. Net revenue declined to $400.2 million from $451 million.
The company said it increased profits by offsetting lower gross profit with lower interest expenses, lower operating expenses and a lower provision for income taxes.
“While the economy in 2009 was the worst our company has experienced in more than two decades, I’m proud to report the Alliance team responded in an extraordinary way,” says CEO Thomas L’Esperance. “We delivered record profits, improved our liquidity position and dramatically improved our balance sheet.
“Despite a continued challenging environment, we look to build upon our progress in 2010. We will continue to invest in products and expansion of our customer one programs. As a result, we believe we will be well positioned for continued industry leadership and growth as the global economy recovers."