The company attributes the increase to higher commercial laundry revenue of $3.2m, higher service parts revenue of $0.7m and higher consumer laundry revenue of $1.0m, partially offset by higher worldwide sales eliminations of $0.6m.
Net revenues for the nine months ended September 30, 2008 increased by 7.1% to $350m, again compared with the previous year.
Net income for the nine months was $10.5m against $5.4m in the corresponding nine months of 2007.
Alliance CEO Thomas L’Esperance said: “We are extremely pleased with our top and bottom line performance for the quarter and nine months, particularly given the turbulence in the global financial markets and the difficult economic conditions we face in both the USA and Europe.”
“We have seen a drop in demand in North America and Europe during the third quarter, and we do not expect market conditions to improve in the near term. In anticipation of this continuing environment, we have already taken steps to reduce our workforce and reduce spending accordingly. Overall, we are confident that our strong market position, continued focus on our strategic priorities and our ability to control costs should enable Alliance to manage the current economic challenges while maintaining our commitment to long-term profitable growth.”
