RIPON, Wis. — Net revenues for Alliance Laundry Holdings LLC, the parent company of Alliance Laundry Systems, were $126.6 million for the quarter ended Sept. 30, an 11% increase from third-quarter 2011.
Third-quarter net income was $11.4 million, compared to $3.4 million for third-quarter 2011. Adjusted EBITDA was $26.1 million compared to $20.3 million during the same period one year ago.
The overall net-revenue increase of $12.5 million was attributable to revenue increases in the United States and Canada ($10.3 million), Latin America ($1.6 million), Asia ($1.2 million) and the Middle East and Africa ($2.0 million). These increases were partially offset by lower Europe revenues of $2.6 million.
The overall net-income increase of $8 million for the third quarter was primarily attributable to improved operating income of $9.9 million and a decrease in interest expense of $3 million, partially offset by increased income-tax provision of $4.9 million.
Net revenues for the nine months ended Sept. 30 increased $36.5 million, or 10.8%, to $372.7 million compared to the first three quarters of 2011. Net income for the period increased $9 million, to $22.9 million.
“Despite challenging global economic conditions, revenues were again strong during the third quarter and have continued to build towards a higher baseline level of demand for Alliance products over the longer term,” says CEO and President Michael Schoeb. “Our ongoing business performance should continue to improve due to our strong cadence of new products, the benefits of our strategic initiatives and positive trends in vended laundry around the globe.”
Alliance’s announced expansion at its Ripon facility “will help ensure that we meet our customers’ expectations to deliver outstanding equipment on schedule.”
Alliance Laundry Systems designs, manufactures and markets commercial laundry equipment under the brand names of Speed Queen, UniMac, Huebsch, IPSO and Cissell.