Group 1 - Allied Properties REIT has several tailwinds supporting the stock, contributing to a solid distribution of over 9% and potential for stock price appreciation [1] - The focus of the investment strategy is on undercovered and unappreciated Canadian dividend stocks, which are excellent companies at solid values that pay dividends [1] - The article reflects the author's personal opinions and indicates a beneficial long position in the shares of AP.UN:CA through various means [1]

Ampco-Pittsburgh Corporation (NYSE:AP) Q2 2024 Earnings Conference Call August 13, 2024 10:30 AM ET Company Participants Kim Knox - Corporate Secretary Brett McBrayer - CEO Sam Lyon - President, Forged & Cast Engineered Products David Anderson - President, Air & Liquid Systems Corporation Mike McAuley - SVP and CFO Conference Call Participants David Wright - Henry Investment Trust John Bair - Ascend Wealth Advisors Operator Good morning everyone and welcome to the Ampco-Pittsburgh Corporation Second Quarter ...

EXHIBIT 99.1 Contact: Michael G. McAuley Senior Vice President, Chief Financial Officer and Treasurer (412) 429-2472 mmcauley@ampcopgh.com FOR IMMEDIATE RELEASE CARNEGIE, PA August 12, 2024 Ampco-Pittsburgh Corporation (NYSE: AP) Announces Second Quarter 2024 Results • Strong sequential earnings improvement delivered at top end of previous guidance range. • Q2 2024 operating income up 53% over prior-year period led by Forged and Cast Engineered Products segment improvement. • Air and Liquid Processing segme ...

Financial Performance - Total net sales for the three months ended June 30, 2024, were $110,988,000, an increase of 3.3% compared to $107,211,000 for the same period in 2023[9]. - Net income attributable to Ampco-Pittsburgh for the three months ended June 30, 2024, was $2,012,000, compared to $423,000 for the same period in 2023, representing a significant increase[9]. - For the three months ended June 30, 2024, the net income was $2,552,000, compared to $996,000 for the same period in 2023, representing a significant increase of 156%[14]. - The total comprehensive income for the six months ended June 30, 2024, was $1,957,000, compared to $2,102,000 for the same period in 2023, indicating a decrease of 7%[14]. - The Corporation's total income before income taxes for the three months ended June 30, 2024, was $3.4 million, compared to $1.1 million in the same period of 2023, indicating a significant improvement[78]. Assets and Liabilities - Total current assets increased to $247,384,000 as of June 30, 2024, from $236,653,000 as of December 31, 2023, reflecting a growth of 4.6%[6]. - Total liabilities decreased to $491,347,000 as of June 30, 2024, from $494,083,000 as of December 31, 2023, indicating a reduction of 0.7%[6]. - The company’s total assets decreased to $560,806,000 as of June 30, 2024, from $565,654,000 as of December 31, 2023, a decline of 0.8%[6]. - Total shareholders' equity decreased to $69,459,000 as of June 30, 2024, from $71,571,000 as of December 31, 2023, a decline of 2.9%[6]. - The company reported an increase in trade receivables to $83,974,000 as of June 30, 2024, from $78,939,000 as of December 31, 2023, representing a growth of 6.4%[6]. Cash Flow and Investments - Cash and cash equivalents increased to $7,892,000 as of June 30, 2024, from $7,286,000 as of December 31, 2023, a rise of 8.3%[6]. - Cash flows used in operating activities for the six months ended June 30, 2024, were $(780,000), a notable improvement from $(7,105,000) in the same period of 2023[16]. - The company reported net cash flows used in investing activities of $(4,370,000) for the six months ended June 30, 2024, compared to $(9,560,000) in the prior year, reflecting a reduction of 54%[16]. - The balance of cash and cash equivalents at the end of the period on June 30, 2024, was $7,892,000, down from $9,475,000 at the end of June 30, 2023[16]. - The company reported a net increase in cash and cash equivalents of $606,000 for the six months ended June 30, 2024, compared to an increase of $740,000 in the same period of 2023[16]. Operating Costs - The company reported operating costs of $105,945,000 for the three months ended June 30, 2024, compared to $103,923,000 for the same period in 2023, an increase of 2.0%[9]. - Stock-based compensation for the three months ended June 30, 2024, was $388,000, a decrease from $483,000 in the same period in 2023, showing a decline of 20%[14]. - The Corporation's amortization of intangible assets for the three months ended June 30, 2024, was $85, compared to $86 for the same period in 2023, showing a slight decrease[26]. Segment Performance - Net sales for the Forged and Cast Engineered Products segment were $75.7 million for the three months ended June 30, 2024, compared to $77.6 million in 2023, reflecting a decrease of 2.4%[78]. - The Air and Liquid Processing segment reported net sales of $35.3 million for the three months ended June 30, 2024, an increase of 19% from $29.6 million in 2023[78]. - Total reportable segments generated net sales of $111 million for the three months ended June 30, 2024, compared to $107.2 million in 2023, representing a growth of 3.3%[78]. - Income before income taxes for the Forged and Cast Engineered Products segment increased to $5.4 million in Q2 2024 from $3.9 million in Q2 2023, a growth of 37.4%[78]. Asbestos Liability - Total claims pending for Asbestos Liability at the end of June 30, 2024, were 6,248, a decrease from 6,489 claims at the end of June 30, 2023[61]. - Gross settlement and defense costs paid for Asbestos Liability in the six months ended June 30, 2024, amounted to $11.843 million, compared to $10.789 million in the same period of 2023[61]. - Asbestos liability at the end of June 30, 2024, was $226.836 million, an increase from $142.786 million at the end of June 30, 2023[66]. - Insurance receivable related to Asbestos Liability at the end of June 30, 2024, was $151.050 million, up from $99.223 million at the end of June 30, 2023[67]. Debt and Financing - Outstanding borrowings rose to $135,241 as of June 30, 2024, from $128,653 as of December 31, 2023, representing an increase of approximately 5.5%[31]. - The Corporation's current portion of debt increased to $15,886 as of June 30, 2024, from $12,271 as of December 31, 2023, indicating a rise of about 29.5%[31]. - The Corporation has a revolving credit facility of $100,000, which can be increased to $130,000, with outstanding borrowings of $61,896 as of June 30, 2024[32]. - The average interest rate for the revolving credit facility was approximately 8.22% for the three and six months ended June 30, 2024, compared to 7.87% and 7.78% for the same periods in 2023[32]. Other Financial Metrics - The total accumulated other comprehensive loss was $(66,532), with a net change of $(3,067) for the six months ended June 30, 2024[43]. - Approximately 41% of anticipated copper purchases ($2,495) and 56% of anticipated aluminum purchases ($621) are hedged as of June 30, 2024[48]. - The estimated amount to be reclassified from accumulated other comprehensive loss to earnings for foreign currency purchase contracts in the next 12 months is $28[51]. - The Corporation's financial assets and liabilities reported at fair value as of June 30, 2024, are detailed in the condensed consolidated balance sheets[52].

Group 1 - Ampco-Pittsburgh's stock surged after announcing new contracts and sales order backlog growth [1] - Union Electric Steel, a subsidiary, secured contracts worth $6.7 million and $5 million for mill projects starting in the first half of 2025 [1] - The company reported a 50% growth in Air and Liquid Processing orders compared to the previous quarter, marking a new record in orders [1] Group 2 - Investor interest in Ampco-Pittsburgh increased significantly, with over 6.6 million shares traded, far exceeding the daily average of approximately 121,000 shares [2] - As of Wednesday morning, Ampco-Pittsburgh's stock price increased by 49%, although it was down 72% year-to-date as of the previous market close [2]

Core Viewpoint - The article expresses skepticism about Allied Properties' performance, particularly due to declining occupancy rates and high debt levels, suggesting that the company is not positioned well for recovery in the current market environment [2][20]. Occupancy Trends - Allied Properties is experiencing a significant decline in occupancy rates, with Toronto's occupancy at 85.99% compared to the market occupancy of 82.7% [3][4]. - The occupancy rate has decreased from 2021, with market occupancy dropping nearly 1 percentage point over multiple quarters [4][7]. - Kitchener has the lowest occupancy rate at 75.9%, significantly down from 96.7% in Q1-2021 [4][6]. Financial Performance - Allied's financials indicate a net debt to adjusted EBITDA ratio of 9.4x and a total indebtedness ratio of 35.9%, with an interest coverage ratio of 2.6x [12][14]. - The company maintains a weighted average capitalization rate below 5% on office properties, despite a 6% drop in overall occupancy [14][15]. Debt Management - The company has a good debt maturity profile but faces substantial refinancing needs in the next two years [18]. - There is a concern that the debt to EBITDA ratio may approach 10.0x in Q2-2024, which is above the target range of 8x [19][20]. Strategic Focus - The article suggests that Allied Properties needs to prioritize increasing occupancy and reducing leverage to improve its market position [20]. - The current 11% yield is attracting the wrong type of investors, and the company must address its occupancy and debt issues before a potential market panic [20][21].

Core Insights - The CARPO trial met its primary objective, demonstrating a statistically significant dose response with a 43.6% relative reduction in median time to solid food tolerance in hyper-inflamed patients compared to placebo [1][4] - Auxora showed a 61.7% reduction in severe organ failure across all patients versus placebo [1][5] - The trial also indicated a 100% reduction in hospital stays longer than 21 days for high dose patients [1] Company Overview - CalciMedica Inc. is a clinical-stage biopharmaceutical company focused on developing CRAC channel inhibition therapies for inflammatory and immunologic diseases [12][15] - The lead compound, Auxora, is being evaluated for acute pancreatitis (AP) and acute kidney injury (AKI) among other conditions [12][15] Trial Details - The Phase 2b CARPO trial was a randomized, double-blind, placebo-controlled study with 216 patients, assessing Auxora's efficacy in treating AP with systemic inflammatory response syndrome (SIRS) [3][4] - Patients were divided into four groups receiving different doses of Auxora or placebo, with treatment lasting for 30 days [3] Efficacy Data - In hyper-inflammatory acute pancreatitis patients, the median time to solid food tolerance improved by 1.9 days (high dose), 2.1 days (medium dose), and 1.5 days (low dose) compared to placebo [4][5] - Severe organ failure rates were significantly lower in high and medium dose groups, with a 59.6% and 61.7% relative risk reduction respectively compared to placebo [5][6] Safety Data - Auxora was well-tolerated, with fewer treatment-emergent serious adverse events (TESAEs) reported in the high and medium dose groups compared to placebo [7] - No drug-related TESAEs were reported in the high dose group, and only one in the low dose group [7] Future Plans - The company plans to engage with the FDA for an End-of-Phase 2 meeting and is preparing for a pivotal trial [1][2] - Additional data from the CARPO trial will be presented at a medical meeting later this year [9]

Ampco-Pittsburgh Corporation (NYSE:AP) Q1 2024 Results Conference Call May 14, 2024 10:30 AM ET Company Participants Kim Knox - Corporate Secretary Brett McBrayer - Chief Executive Officer Mike McAuley - Senior Vice President, Chief Financial Officer and Treasurer Sam Lyon - President, Union Electric Steel Corporation David Anderson - President, Air & Liquid Systems Corporation Conference Call Participants Justin Bergner - Gabelli Funds John Bair - Assante Wealth Advisors Operator Welcome to the Ampco-Pitts ...

Financial Performance - Ampco-Pittsburgh Corporation reported net sales of $110.2 million for Q1 2024, an increase of 4.0% from $104.8 million in Q1 2023[2] - The company experienced a net loss of $(2.7) million, or $(0.14) per share, compared to net income of $0.7 million, or $0.03 per diluted share, in the same quarter last year[4] - Income from operations decreased to $0.1 million in Q1 2024 from $2.0 million in Q1 2023, primarily due to higher repair expenses and plant downtime from fire damage[2] - Interest expense rose to $2.8 million in Q1 2024, an increase of $0.7 million from the previous year, driven by higher average borrowings and interest rates[3] - Other income decreased to $0.9 million in Q1 2024 from $1.4 million in Q1 2023, primarily due to foreign exchange transaction losses[3] Segment Performance - The Air and Liquid Processing segment reported net sales of $33.0 million in Q1 2024, up 17.9% from $28.0 million in Q1 2023[12] - The company anticipates that the sales mix issue affecting Air and Liquid margins will be resolved in Q2 2024, with better absorption of expansion costs as prior order book growth converts to sales[3] Operational Challenges - Corporate costs increased to $(3.5) million in Q1 2024 from $(3.2) million in Q1 2023, impacting overall profitability[11] - The company noted that a low order book in Europe continues to negatively affect cast plant utilization, but customer orders are improving as the destocking cycle appears complete[3] Company Overview - Ampco-Pittsburgh operates manufacturing facilities in the U.S., England, Sweden, and Slovenia, and has sales offices in North America, Asia, Europe, and the Middle East[6]

Financial Performance - Total net sales for Q1 2024 reached $110,215 thousand, an increase of 5.3% compared to $104,803 thousand in Q1 2023[9] - The company reported a net loss of $2,206 thousand for Q1 2024, compared to a net income of $985 thousand in Q1 2023[11] - Basic and diluted net loss per share attributable to Ampco-Pittsburgh was $(0.14) in Q1 2024, down from $0.03 in Q1 2023[9] - The company experienced a comprehensive loss of $4,985 thousand in Q1 2024, compared to a comprehensive income of $2,269 thousand in Q1 2023[11] - For the three months ended March 31, 2024, the net loss was $2,206 thousand compared to a net income of $985 thousand for the same period in 2023, representing a significant decline[14] - The Corporation reported a total loss before income taxes of $1.752 million in 2024, a decrease from a profit of $1.298 million in 2023[79] Assets and Liabilities - Total assets as of March 31, 2024, were $565,808 thousand, slightly up from $565,654 thousand as of December 31, 2023[5] - Total liabilities increased to $498,569 thousand as of March 31, 2024, compared to $494,083 thousand at the end of 2023[5] - Shareholders' equity decreased to $67,239 thousand as of March 31, 2024, down from $71,571 thousand as of December 31, 2023[5] - The company’s total liabilities decreased slightly to $67,239 thousand as of March 31, 2024, from $71,571 thousand at January 1, 2024, suggesting improved financial stability[14] Cash Flow and Liquidity - Cash and cash equivalents increased to $10,829 thousand as of March 31, 2024, from $7,286 thousand as of December 31, 2023[5] - Total cash and cash equivalents at the end of the period increased to $10,829 thousand from $6,074 thousand year-over-year, indicating improved liquidity[17] - Operating cash flows for the three months ended March 31, 2024, were $4,535 thousand, compared to cash used in operations of $4,391 thousand in the same period of 2023, showing a positive trend[17] Inventory and Assets Management - Inventories decreased slightly to $123,079 thousand as of March 31, 2024, from $124,694 thousand at December 31, 2023, reflecting efficient inventory management[23] - Property, plant, and equipment net value decreased to $155,382 thousand as of March 31, 2024, from $158,732 thousand at December 31, 2023, indicating ongoing depreciation[24] - Intangible assets net value decreased to $4,652 thousand as of March 31, 2024, from $4,947 thousand at December 31, 2023, reflecting amortization of intangible assets[26] Segment Performance - Net sales for the three months ended March 31, 2024, were $110.215 million, an increase from $104.803 million in the same period of 2023, representing a growth of approximately 5.3%[55] - The net sales in the United States for the three months ended March 31, 2024, were $69.764 million, compared to $55.377 million for the same period in 2023, indicating a significant increase of approximately 25.9%[55] - The net sales from foreign markets for the same period were $40.451 million, down from $49.426 million in 2023, reflecting a decline of about 18.1%[55] - Net sales for the Forged and Cast Engineered Products segment increased to $77.189 million in 2024 from $76.798 million in 2023[79] - Air and Liquid Processing segment net sales rose to $33.026 million in 2024, compared to $28.005 million in 2023[79] Asbestos Liability - The total asbestos liability at the end of the period was $231.772 million, an increase from $149.257 million at the end of March 31, 2023, representing a rise of approximately 55%[66] - The gross settlement and defense costs paid in the period for asbestos claims were $6.907 million, compared to $4.318 million in the same period of 2023, showing an increase of approximately 60%[66] - The insurance receivable related to asbestos at the end of the period was $156.960 million, up from $102.833 million at the end of March 31, 2023, reflecting an increase of approximately 52.5%[67] - The Corporation intends to regularly evaluate its Asbestos Liability and related insurance receivable to determine if adjustments are necessary, but future adjustments remain uncertain[70] Other Financial Metrics - Contributions to U.S. defined contribution plans increased to $929 in Q1 2024 from $646 in Q1 2023, reflecting a growth of approximately 43.8%[40] - The Corporation's net periodic pension and other postretirement benefit costs for U.S. defined benefit pension plans resulted in a net benefit income of $(1,017) for Q1 2024, compared to $(1,071) for Q1 2023[41] - The loss on foreign exchange transactions for Q1 2024 was $(492), compared to a gain of $85 in Q1 2023[48] - Stock-based compensation expense for the three months ended March 31, 2024, was $346,000, down from $627,000 in the same period of 2023, indicating a decrease of approximately 44.8%[58]