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AMES TRUE TEMPER REPORTS THIRD QUARTER FISCAL 2010 RESULTS
Source: Ames True Temper, Inc. press release

CAMP HILL, PA -- ATT Holding Co., parent of Ames True Temper, Inc., has reported the results of Q3 2010 (thirteen week period ended July 3, 2010).

Third Quarter Fiscal 2010 Results

Net sales for Q3 2010 were $123.4 million, a 5.1% decrease over $130.0 million in Q3 2009 (thirteen week period ended June 27, 2009). Net income for Q3 2010 was $8.3 million, compared to net income of $9.2 million for Q3 2009. Adjusted EBITDA (which is reconciled to net income on the attached table) for Q3 2010 was $22.6 million compared to $16.5 million for Q3 2009.

"Adjusted EBITDA improved again in Q3 as we continue to focus on our initiatives to improve the bottom-line in an economic climate that is still challenging," stated President and CEO Duane Greenly.

Our revolving loan had a zero balance at July 3, 2010, compared to a balance of $32.0 million at June 27, 2009. Availability under our revolving loan was $87.0 million at July 3, 2010.

"We are proud of the team effort that resulted in achieving a zero balance for the first time on the revolving credit line," stated CFO Dave Nuti.

Year-to-Date Fiscal 2010 Results

Net sales for YTD 2010 (thirty-nine week period ended July 3, 2010) were $349.1 million, a 4.3% decrease compared to $364.7 million for YTD 2009 (thirty-nine week period ended June 27, 2009). Net income for YTD 2010 was $17.7 million, compared to net income of $1.2 million for YTD 2009. Adjusted EBITDA (which is reconciled to net income on the attached table) for YTD 2010 was $60.7 million compared to $48.8 million for YTD 2009.

Ames True Temper, Inc. is a global provider of non-powered landscaping products that make work easier for homeowners and professionals.