The company’s net loss for the quarter ended June 30 was $3.5million, compared with net income of $4.4million for the corresponding quarter of 2008.
Net revenue for the same period fell to $94.9million from $122.4million a year ago.
The company says $27.5million fall in net revenue was partly attributable to an unfavourable $13.6million noncash mark-to-market adjustment related to the establishing of a new asset-backed facility in June 2009. Excluding the adjustment, revenue for the quarter was down by 11.4% on the same quarter a year ago at $13.9million.
Excluding transaction costs, income tax and other expenses, the firm’s adjusted earnings (EBITDA) rose to $22.5million from $20.5million, exceeding the company’s expectations, according to Alliance Laundry CEO Thomas L’Esperance. He said: “We have adjusted our operations appropriately for the current economic environment. Although market conditions are difficult, we expect strong earnings performance for the balance of 2009 as our lower costs of operating read through.”
