The net revenue of $117.2 million represents a $12.9million rise on the same quarter in 2011 and the company attributed this to increases in USA and Canadian revenues of $12.5million, in Asia of $2.4million and in Latin America of $0.7million..
These were partly offset by falls in revenues from Europe ($1.9million) and Middle East and Africa ($0.8million).
On 5 April this year, Alliance Laundry Systems entered into a new credit agreement with certain commercial banks and other lenders. This agreement allows borrowings under a new $75.0million revolving credit facility and a new $275.0million term loan facility. Both will mature on 5 April, 2017.
Michael Schoeb, CEO at Alliance Holdings, said the new credit facility would improve the company’s financial position and provide it with the flexibility to invest in additional capacity and innovative products. This will put the business in a good position for achieving long-term growth.
“We remain on track to deliver our targeted sales and profitability growth for 2012,” he added.
