RIPON, Wis. — Alliance Laundry Holdings LLC, the parent company of Alliance Laundry Systems, saw its 2011 net revenues increase $32 million from the previous year, according to financial results for the year ended Dec. 31.
Net revenues for the full year of 2011 increased 7.5%, to $458 million from $426 million for the full year 2010. Net income for 2011 increased $0.8 million, to $23.4 million from $22.6 million for 2010. Adjusted EBITDA for 2011 increased $2.9 million, to $83.9 million from $81.0 million for 2010.
The 2011 net-revenue increase consisted of $19.6 million in added U.S. and Canada revenues (6.6% above the prior year) and $12.4 million in added revenues outside the U.S. and Canada (9.6% above the prior year).
The overall net income increase of $0.8 million was primarily attributable to higher gross profit of $3.5 million and a loss from early extinguishment of debt during 2010 of $7.7 million with no comparable loss during 2011. These were offset by higher selling, general and administrative expenses of $4.7 million, higher securitization and other costs of $1.6 million and higher interest expense of $4.3 million.
“We are pleased with the overall results of our business in 2011, with net revenues increasing 7.5% year-over-year,” says President & CEO Michael D. Schoeb. “As expected, 2011 was a challenging year, but continued focus on our Customer One initiatives with a commitment to product innovation, and investments in growing our international footprint helped us navigate a difficult environment of increasing material costs.”
Schoeb says that while Alliance is optimistic, the company expects 2012 to be another challenging year. “The steps we have taken to improve our competitive position over the last several years give us confidence, and we expect continued sales and profitability growth in 2012.”
Alliance Laundry Systems designs, manufactures and markets commercial laundry equipment under the brand names of Speed Queen, UniMac, Huebsch, IPSO and Cissell.