Subscribe Alpine also Race recorded a loss of $2
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Alpine also explains races recorded a 5'race details loss of $2.6 millionfor its 52% share of Synergy Cables Ltd loss for the third quarter of2008. Synergy's loss was largely attributable to the write down ofunhedged copper inventory. Partially offsetting these losses was a $1.5million after-tax gain recorded by Exeon Inc. during the quarter onaccount of changes in LIFO valuation and mark-to-market hedge adjustments.Alpine's net loss for the nine month period ended September 30, 2008 was$8.2 million compared to $0.5 million in net income for the comparableperiod in 2007. The comparative decrease was due primarily to theaforementioned Wolverine items. The 2008 nine month results also includean after-tax gain of $3 Race .7 million resulting from the proceeds (net ofexpenses) received by Alpine related to a litigation settlement recordedas income from discontinued operations during the second quarter of 2008.This gain was offset by Alpine's share ($4.3 million) of Synergy CablesLtd. losses for the nine month period ended September 30, 2008.Revenues were $15 Race - understandingrace .1 million for the quarter ended September 30, 2008,which was the same as the comparable quarter in 2007.
Revenues for thenine month period ended September 30, 2008 were $45.5 million, anincrease of $6 Race tickets - wikipedia .8 million, which was due primarily to PosterloidCorporation, which was acquired in early 2007.As a result of finalizing the recording of the sale of its wholly ownedsubsidiary, Wolverine Tube (Canada), Inc., in the third quarter of 2008Wolverine determined that assets held for sale as reported in its June 29,2008 unaudited condensed consolidated balance sheet should have beenreduced by approximately $8.7 million to a fair value of $55.9 million Race - wikipedia .Wolverine thereafter restated its financial results for the second quarterof 2008 to reflect the foregoing revision Race . Since Alpine adopted the equitymethod of accounting for its ownership interest in Wolverine during thesecond quarter of 2008, it has revised its financial results for suchperiod to reflect its $1.9 million share in the foregoing negativeadjustment recorded by Wolverine fun run . Accordingly, Alpine's second quarter2008 unaudited financial statements have been restated as of January 7,2009 to reflect this adjustment and have been posted to the Company'swebsite half marathons . These restated unaudited financial statements replace thepreviously posted Alpine unaudited financial statements for such quarter,which should not be relied upon.Mr Steven S raceway . Elbaum, Chairman and Chief Executive Officer, commented that"third quarter results at Wolverine reflect necessary and anticipatedrestructuring and disposal activities as its business model is redefinedaround higher performance copper tubing sold directly to leading OEM's.The result will be a smaller, less leveraged and more profitable Wolverineover the long term. Synergy's losses during the quarter included lossesincurred on unhedged copper inventories exposed to sudden andunprecedented declines in LME copper prices during the quarter andparticularly in October. Controls have been implemented at Synergy toincreasing hedge positions to mitigate future exposure to extremevolatility in the copper market, as well as a more uncertain demandenvironment."The effects of the deepening recession, frozen credit and disruptedcapital markets along with historic volatility in commodity markets, arewell documented and omnipresent.
Nonetheless, I am reasonably confidentthat the business restructuring actions at Wolverine, which we initiatedin 2007, will result in a solid long term investment for Alpine . Ourpriorities are to complete the operational restructuring and refinance theupcoming debt maturity into a longer term capital structure marathons . At thispoint, I am optimistic about achieving these priorities Race ."The continued focus on infrastructure development and energy efficiency,including through anticipated stimulus programs, should benefit bothWolverine and Synergy Cables' power cable business."All statements in this press release other than statements of historicalfact are forward-looking statements within the meaning of the "safeharbor" provision of the Private Securities Litigation Reform Act of1995 runners . These statements are based on management's current expectations andbeliefs and are subject to a number of factors and uncertainties thatcould cause actual results to differ materially from those described inthis press release . The forward-looking statements speak only as of thedate of this press release, and the Company expressly disclaims anyobligations to release publicly any update or revision to anyforward-looking statement contained herein if there are any changes inconditions or circumstances on which any such forward-looking statementis based.The Alpine Group, Inc. (PINKSHEETS: APNI) has substantial experience inoperating and actively managing companies in which it invests capital.Alpine has focused on industrial and other businesses that areunderperforming, experiencing financial constraints and will benefit fromoperational improvements consolidation and an improved capital structure.Alpine has actively invested in and operated leading domestic and globalmanufacturers of specialty materials, coatings, wire and cable productsand electronic components.Copyright 2009, Market Wire, All rights reserved.-0-. WASHINGTON, Jan 9 (Reuters) -The White House, respondingto a spike in the U.S.
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