Alliance Laundry Holdings LLC of Ripon announced today its most profitable first quarter in the company’s history.
Net revenues for the quarter ended March 31 increased $13.4 million, or 13.8%, to $109.9 million from $96.5 million for the quarter ended March 31, 2007. Alliance’s net income for the quarter ended March 31 was $1.9 million as compared to $1.5 million for the quarter ended March 31, 2007. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the quarter ended March 31 increased $2.0 million to $17.7 million from $15.7 million for the quarter ended March 31, 2007.
“I am pleased to be able to report the best first quarter the Company has ever had, particularly given the overall economic conditions we’re experiencing in the United States,” CEO Thomas F. L’Esperance said. “Net Revenues in all of our major U.S. sales channels were up year over year. These results are a remarkable testament to the strength of our brands, the quality of our products, the resiliency of the markets we serve and our employees’ unrivaled commitment to our Customer One program.”
The overall net revenue increase of $13.4 million was attributable to higher commercial laundry revenues of $13.5 million, higher service parts revenue of $600,000, and higher European Operations revenue of $1.6 million, partially offset by higher worldwide sales eliminations of $2.3 million. The increase in commercial laundry revenues includes $8.6 million of higher North American commercial equipment revenue, $4.7 million of higher international revenue and $100,000 of higher earnings from Alliance’s off-balance-sheet equipment financing program.
Gross profit as a percentage of net revenues increased to 29.3% for the quarter ended March 31 from 27.7% for the quarter ended March 31, 2007, driven by higher sales volume and selling prices, partially offset by higher raw material and product distribution costs.
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