RIPON, Wis. — Alliance Laundry Holdings LLC has announced results for the three and nine months ended Sept. 30, 2009.
Net revenues for the third quarter of 2009 decreased $24.8 million to $92.8 million from $117.6 million in the same period last year. The company’s net income for the third quarter of 2009 was $9.2 million compared to $4.2 million for the same quarter in 2008. Adjusted EBITDA for the third quarter of 2009 increased $0.5 million to $19.6 million from $19.1 million in the same period last year.
Net revenues for the nine-month period ending Sept. 30, 2009, decreased $65.9 million, or 18.8%, to $284.1 million from $350 million for the same period in 2008. Net income for the period this year was $8 million compared to $10.5 million for 2008. Adjusted EBITDA for the nine-month period this year was $55.6 million compared to $57.3 million in 2008.
“Excluding the impact of the unfavorable $13.6 million non-cash, mark-to-market adjustment related to our new asset-backed facility, revenues for the nine months were down 14.9% as compared to the same period last year, which was in line with our expectations,” says Thomas F. L’Esperance, chief executive officer. “While revenues were in line with our expectations, cost controls delivered bottom-line results [that] slightly exceeded our expectations.
“We have adjusted our operations appropriately for the current economic environment. Although market conditions continue to be difficult, we expect strong earnings performance for the balance of 2009 as our lower costs read through.”