Exhibit 99.1

Altra Reports Fourth Quarter 2022 Results

BRAINTREE, Mass., March 1, 2023 (GLOBE NEWSWIRE) -- Altra Industrial Motion Corp. (Nasdaq: AIMC) (“Altra” or the “Company”), a premier global manufacturer and supplier of motion control, power transmission and automation products, today announced unaudited financial results as of and for the fourth quarter and year ended December 31, 2022.

Q4 2022 Financial Highlights


	Q4 2022	Q4 2021	YOY Change
Net sales	$469.4M	$469.8M	(0.1%)
	 Q4 2022 Organic Sales Growth was 2.3% for the consolidated business compared with the fourth quarter of 2021.*
GAAP Net Income	$22.3M	($87.7M)	125.4%
GAAP Net Income Margin	4.8%	(18.7%)	2,350 bps
Non-GAAP Net Income*	$47.9M	$43.4M	10.4%
Earnings per diluted share	$0.34	($1.35)	125.2%
Non-GAAP Earnings per diluted share*	$0.73	$0.67	9.0%
Non-GAAP Adjusted EBITDA*	$96.2M	$87.2M	10.3%
Non-GAAP Adjusted EBITDA Margin*	20.5%	18.6%	190 bps
Operating Income Margin	10.8%	(20.2%)	3,100 bps
Non-GAAP Operating Income Margin*	16.7%	14.4%	230 bps
Cash Flow from Operations	$52.5M	$46.9M	11.9%
Non-GAAP Adjusted Free Cash Flow*	$45.6M	$31.9M	42.9%

As previously disclosed in our Form 8-K, filed on October 27, 2022, we entered into a definitive merger agreement (the “Merger Agreement”) to be acquired by Regal Rexnord Corporation (“Parent”), under which Altra stockholders will receive $62.00 in cash for each share of Altra common stock held by such stockholders, other than (i) shares owned by the Company, any subsidiary of the Company, Parent, Aspen Sub, Inc., a wholly-owned subsidiary of Parent, or any other subsidiary of Parent, (ii) shares owned by stockholders of the Company who have validly exercised their statutory rights of appraisal under the Delaware General Corporation Law and (iii) shares that are Company Restricted Shares (as defined in the Merger Agreement). As announced in our Form 8-K, filed on January 18, 2023, the merger agreement was approved by our shareholders. The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including receipt of regulatory approvals.

Management Comments

“Altra delivered solid fourth quarter results as our strategy to align the business with attractive secular trends and drive operational excellence yielded strong revenue performance and gross margin expansion even in the face of a challenging market environment,” said Carl Christenson, Altra’s Chairman and Chief Executive Officer. “Q4 sales of $469.4 million were essentially flat with the prior year while Organic Sales* were up 2.3% compared to the same period last year. Included in the Q4 2021 net sales are revenues of approximately $38.5 million related to the Jacobs Vehicle Systems business that was divested by the Company on April 8, 2022. On a full year basis, 2022 was in line with 2021 sales, which included over $190 million from the now divested JVS business, and we achieved our 3% to 5% Organic Growth* goal for the year.

“We once again did an excellent job capitalizing on several healthy end market trends, notably in factory automation and IoT where we continued to benefit from strong demand for Altra’s high-value automation products. Gross margin improved approximately 280 bps in the quarter, reflecting the benefits of our pricing actions and stronger visibility into supplier cost volatility, which was a headwind for us this time last year.

“Our strategy to position Altra as a high-value technology leader across attractive industrial markets continues to support a resilient performance at both the top and bottom lines. We are proud of the Altra team for their ongoing commitment to delivering excellent results for all of our stakeholders.”

*Reconciliations of Non-GAAP Disclosures

(Amounts in Millions of Dollars, except per share information)

*Reconciliation of Non-GAAP Net Income:


	Quarter Ended December 31,										Year Ended December 31,
	2022					2021					2022					2021
Net income/(loss)	$	22.3				$	(87.7	)			$	127.0				$	27.7

Restructuring		0.4					0.6					5.2					3.0
Consolidation costs		1.7					—					1.7					—
Building impairment		—					—					3.0					—
Acquisition related stock compensation expense		—					0.2					—					0.9
Acceleration of stock compensation expense upon retirement		—					1.3					0.6					1.3
Acquisition related amortization expense		13.8					17.5					55.2					70.4
Customer accommodation and other non-recurring charges		3.0					—					3.0					—
Non-cash amortization of interest rate swap settlement fee		—					16.7					—					25.7
Loss on extinguishment of debt		—					15.4					—					15.4
Acquisition related expenses		9.9					0.8					10.6					1.5
Amortization of inventory fair value adjustment		—					—					2.4					—
Tax impact of above adjustments		(6.7	)	(1	)		(11.3	)	(2	)		(19.0	)	(3	)		(25.1	)	(4	)
JVS impairment		1.9					142.4					10.2					142.4
Valuation allowance for stock compensation deferred tax asset		1.6					1.4					1.6					1.4
Tax expense due to JVS impairment charge		—					(53.9	)				10.5					(53.9	)
Tax law change related to IRC Section 174		—					—					2.8					—
Non-GAAP net income*	$	47.9				$	43.4				$	214.8				$	210.7
Non-GAAP diluted earnings per share*	$	0.73				$	0.67				$	3.28				$	3.22
(1) - tax impact is calculated by multiplying the estimated effective tax rate for the period of 23.3% by the above items.
(2) - tax impact is calculated by multiplying the estimated effective tax rate for the period of 21.5% by the above items.
(3) - tax impact is calculated by multiplying the estimated effective tax rate for the period of 23.3% by the above items.
(4) - tax impact is calculated by multiplying the estimated effective tax rate for the period of 21.2% by the above items.

*Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Adjusted Free Cash Flow:


	Quarter Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Net cash flows provided by operating activities	$	52.5		$	46.9		$	125.0		$	217.0
Purchase of property, plant and equipment		(13.2	)		(15.0	)		(55.9	)		(40.6	)
Non-GAAP Free Cash Flow*		39.3			31.9			69.1			176.4
JVS transaction costs paid		1.0			—			8.6			—
Tax paid for JVS divestiture		5.3			—			21.4			—
Non-GAAP Adjusted Free Cash Flow*	$	45.6		$	31.9		$	99.1		$	176.4

*Reconciliation of Net Debt:


	Amounts in millions
	Years Ended December 31,
	2022			2021
Total gross debt	$	1,046.2		$	1,414.3
Cash		(208.9	)		(246.1	)
Net Debt	$	837.3		$	1,168.2

*Reconciliation of Organic Sales and Organic Sales Growth:


	Quarter Ended December 31, 2022				Year Ended December 31, 2022
	Results ($)			Growth (%)	Results ($)			Growth (%)
Net sales and net sales growth	$	469.4		-0.1%	$	1,945.5		2.4%
Less: unfavorable foreign currency translation		(21.7	)	-4.6%		(71.9	)	-3.8%
Less: Nook acquisition		10.5		2.2%		46.2		2.4%
Organic sales and organic sales growth*	$	480.6		2.3%	$	1,971.2		3.8%

Included in the fourth quarter and full year 2021 net sales are revenues of approximately $38.5 million and $193.5 million, respectively, related to the Jacobs Vehicle Systems business that was divested by the Company on April 8, 2022.

*Reconciliation of Non-GAAP Income from Operations and Non-GAAP Income from Operations Margin:


	Quarter Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Income (loss) from operations	$	50.6		$	(95.0	)	$	240.4		$	97.4
Income (loss) from operations as a percent of net sales		10.8	%		-20.2	%		12.4	%		5.1	%
Restructuring		0.4			0.6			5.2			3.0
Consolidation costs		1.7			—			1.7			—
Acquisition related stock compensation expense		—			0.2			—			0.9
Acceleration of stock compensation expense upon retirement		—			1.3			0.6			1.3
Acquisition related amortization expense		13.8			17.5			55.2			70.4
Impairment charges		1.9			142.4			13.2			142.4
Acquisition related expenses		9.9			0.8			10.6			1.5
Amortization of inventory fair value adjustment		—			—			2.4			—
Non-GAAP Income From Operations*	$	78.3		$	67.8		$	329.3		$	316.9
Non-GAAP Income From Operations as a percent of net sales		16.7	%		14.4	%		16.9	%		16.7	%

*Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Income Margin:


Selected Statement of Income Data
	Quarter Ended December 31, 2022								Quarter Ended December 31, 2021
	GAAP Operating Income			Adjustments		Non-GAAP Operating Income*			GAAP Operating Income			Adjustments		Non-GAAP Operating Income*
Net sales	$	469.4		$	—	$	469.4		$	469.8		$	—	$	469.8
Cost of sales		298.7			0.7		298.0			311.9			—		311.9
Gross profit		170.7			0.7		171.4			157.9			—		157.9
Operating expenses
Selling, general & administrative expenses		102.3			24.7		77.6			93.5			19.8		73.7
Impairment charges		1.9			1.9		—			142.4			142.4		—
Research and development expenses		15.5			—		15.5			16.4			—		16.4
Restructuring		0.4			0.4		—			0.6			0.6		—
Income from Operations	$	50.6		$	27.7	$	78.3		$	(95.0	)	$	162.8	$	67.8
GAAP and Non-GAAP Income From Operations as a percent of net sales		10.8	%				16.7	%		-20.2	%				14.4	%

	Year to Date Ended December 31, 2022								Year to Date Ended December 31, 2021
	GAAP Operating Income			Adjustments		Non-GAAP Operating Income*			GAAP Operating Income			Adjustments		Non-GAAP Operating Income*
Net sales	$	1,945.5		$	—	$	1,945.5		$	1,899.8		$	—	$	1,899.8
Cost of sales		1,252.6			3.1		1,249.5			1,224.4			—		1,224.4
Gross profit		692.9			3.1		696.0			675.4			—		675.4
Operating expenses
Selling, general & administrative expenses		370.0			67.4		302.6			368.7			74.1		294.6
Impairment charges		13.2			13.2		—			142.4			142.4		—
Research and development expenses		64.1			—		64.1			63.9			—		63.9
Restructuring		5.2			5.2		—			3.0			3.0		—
Income from Operations	$	240.4		$	88.9	$	329.3		$	97.4		$	219.5	$	316.9
GAAP and Non-GAAP Income From Operations as a percent of net sales		12.4	%				16.9	%		5.1	%				16.7	%

*Reconciliation of Non-GAAP Adjusted EBITDA and Non-GAAP Adjusted EBITDA Margin:


	Quarter Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Net income/(loss)	$	22.3		$	(87.7	)	$	127.0		$	27.7
Net income/(loss) as a percent of net sales		4.8	%		-18.7	%		6.5	%		1.5	%
Loss on foreign currency and other, net		4.6			1.9			2.1			1.2
Impairment charges		1.9			142.4			13.2			142.4
Tax expense (benefit)		11.3			(50.5	)		62.3			(19.9	)
Interest expense		14.7			45.0			51.5			94.5
Depreciation expense		9.4			12.5			39.0			51.9
Acquisition related amortization expense		13.8			17.5			55.2			70.4
Acquisition related expenses		9.9			0.8			10.6			1.5
Stock compensation expense		3.2			4.7			15.3			15.7
Restructuring		0.4			0.6			5.2			3.0
Consolidation costs		1.7			—			1.7			—
Amortization of inventory fair value adjustment		—			—			2.4			—
Customer accommodation and other non-recurring charges		3.0			—			3.0			—
Non-GAAP Adjusted EBITDA	$	96.2		$	87.2		$	388.5		$	388.4
Non-GAAP Adjusted EBITDA as a percent of net sales		20.5	%		18.6	%		20.0	%		20.4	%

*Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Profit Margin:


	Quarter Ended December 31,						Year to Date Ended December 31,
	2022			2021			2022			2021
Gross profit	$	170.7		$	157.9		$	692.9		$	675.4
Gross profit as a percent of net sales		36.4	%		33.6	%		35.6	%		35.6	%
Amortization of inventory fair value adjustment		—			—			2.4			—
Consolidation costs		0.7			—			0.7			—
Non-GAAP Gross Profit*	$	171.4		$	157.9		$	696.0		$	675.4
Non-GAAP Gross Profit as a percent of net sales*		36.5	%		33.6	%		35.8	%		35.6	%

About Altra Industrial Motion Corp.

Altra Industrial Motion Corp. is a premier industrial global manufacturer and supplier of highly engineered motion control, automation, and power transmission systems and components. Altra's portfolio consists of 26 well-respected brands including Bauer Gear Motor, Boston Gear, Kollmorgen, Portescap, Stromag, Svendborg Brakes, TB Wood's, Thomson and Warner Electric. Headquartered in Braintree, Massachusetts, Altra has over 9,000 employees and 46 production facilities in 17 countries around the world.



Consolidated Balance Sheets	Years Ended December 31,
In Millions of Dollars	2022			2021
Assets:	(Unaudited)
Current Assets
Cash and cash equivalents	$	208.9		$	246.1
Trade receivables, net		244.6			224.5
Inventories		338.9			267.8
Income tax receivable		8.9			11.7
Assets held for sale		-			377.3
Prepaid expenses and other current assets		35.1			40.4
Total current assets		836.4			1,167.8
Property, plant and equipment, net		275.1			275.8
Intangible assets, net		970.4			1,057.2
Goodwill		1,524.5			1,564.0
Deferred income taxes		7.5			2.3
Other non-current assets, net		21.3			13.5
Operating lease right of use assets		41.4			50.0
Total assets	$	3,676.6		$	4,130.6

Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	165.8		$	173.3
Accrued payroll		67.9			81.8
Accruals and other current liabilities		88.4			77.0
Income tax payable		22.4			6.0
Current portion of long-term debt		20.4			11.1
Liabilities held for sale		-			53.0
Operating lease liabilities		12.4			14.3
Total current liabilities		377.3			416.5
Long-term debt, less current portion and net of unaccreted discount		1,024.1			1,401.0
Deferred income taxes		216.8			250.5
Pension liabilities		17.3			29.9
Long-term taxes payable		1.8			2.7
Other long-term liabilities		6.3			7.3
Operating lease liabilities, net of current portion		30.6			37.6
Total stockholders' equity		2,002.4			1,985.1
Total liabilities, and stockholders' equity	$	3,676.6		$	4,130.6

Reconciliation to operating working capital:
Trade receivables, net		244.6			224.5
Inventories		338.9			267.8
Accounts payable		(165.8	)		(173.3	)
Non-GAAP operating working capital*	$	417.7		$	319.0


Consolidated Statements of Income Data:	Quarter Ended December 31,						Year Ended December 31,
In Millions of Dollars, except per share amounts	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
Net sales	$	469.4		$	469.8		$	1,945.5		$	1,899.8
Cost of sales		298.7			311.9			1,252.6			1,224.4
Gross profit		170.7			157.9			692.9			675.4
Gross profit as a percent of net sales		36.4	%		33.6	%		35.6	%		35.6	%
Selling, general & administrative expenses		102.3			93.5			370.0			368.7
Impairment charges		1.9			142.4			13.2			142.4
Research and development expenses		15.5			16.4			64.1			63.9
Restructuring		0.4			0.6			5.2			3.0
Income (loss) from operations		50.6			(95.0	)		240.4			97.4
Income (loss) from operations as a percent of net sales		10.8	%		-20.2	%		12.4	%		5.1	%
Interest expense, net		14.7			45.0			51.5			94.5
Other non-operating expense (income), net		2.3			(1.8	)		(0.4	)		(4.9	)
Income (loss) before income taxes		33.6			(138.2	)		189.3			7.8
Provision/(Benefit) for income taxes		11.3			(50.5	)		62.3			(19.9	)
Income tax rate		33.6	%		36.5	%		32.9	%		-255.1	%
Net income/(loss)	$	22.3		$	(87.7	)	$	127.0		$	27.7

Weighted Average common shares outstanding:
Basic		65.2			64.9			65.1			64.8
Diluted		65.6			64.9			65.4			65.4
Net income/(loss) per share:
Basic	$	0.34		$	(1.35	)	$	1.95		$	0.43
Diluted	$	0.34		$	(1.35	)	$	1.94		$	0.42


	Years Ended December 31,
	2022			2021
Cash flows from operating activities	(Unaudited)
Net income/(loss)	$	127.0		$	27.7
Adjustments to reconcile net income to net cash flows:
Depreciation		39.0			51.9
Amortization of intangible assets		55.2			70.4
Amortization of deferred financing costs		1.0			4.0
Loss on foreign currency, net		1.8			1.5
Accretion of debt discount		0.2			0.4
Non-cash amortization of interest rate swap expense		—			25.7
Impairment charges		13.2			142.4
Unrealized gain on investment in MTEK Industry AB		(0.7	)		—
Loss (gain) on disposals and other		0.3			(0.3	)
Loss on extinguishment of debt		—			15.4
Loss on debt redemption		0.1			—
Benefit for deferred taxes		(32.1	)		(82.1	)
Stock based compensation		15.3			15.7
Amortization of inventory fair value adjustment		2.4			—
Changes in assets and liabilities, net of assets acquired:
Trade receivables		(37.6	)		4.4
Inventories		(79.0	)		(67.4	)
Accounts payable and accrued liabilities		6.0			37.0
Other current assets and liabilities		19.5			(22.4	)
Other operating assets and liabilities		(6.6	)		(7.3	)
Net cash provided by operating activities	$	125.0		$	217.0
Cash flows from investing activities
Purchase of property, plant and equipment		(55.9	)		(40.6	)
Proceeds from sale of property		—			2.2
Proceeds from sale of JVS business		321.7			—
Investment in MTEK Industry AB		(4.6	)		—
Acquisition of Nook Industries, net of cash acquired		(8.1	)		(125.2	)
A&S Business acquisition purchase price adjustment		—			—
Net cash provided by (used in) investing activities	$	253.1		$	(163.6	)
Cash flows from financing activities
Payments of debt issuance costs		—			(3.7	)
Payments on Term Loan B Facility		—			(1,030.0	)
Payments on Revolving Credit Facility		(355.0	)		(5.0	)
Payments on Term Loan A Facility		(10.0	)		—
Borrowing under Term Loan A Facility		—			400.0
Borrowing under Revolving Credit Facility		15.0			610.0
Repurchase of Notes		(16.4	)		—
Dividend payments		(22.3	)		(18.3	)
Payments of equipment, working capital notes, mortgages and other debt		(1.1	)		(5.9	)
Proceeds from equipment, working capital notes, mortgages and other debt		0.2			3.7
Shares surrendered for tax withholding		(6.1	)		(5.5	)
Proceeds from issuance of common stock upon exercise of options		—			2.2
Net cash used in financing activities	$	(395.7	)	$	(52.5	)
Effect of exchange rate changes on cash and cash equivalents		(19.6	)		(9.2	)
Net change in cash and cash equivalents		(37.2	)		(8.3	)
Cash and cash equivalents at beginning of year		246.1			254.4
Cash and cash equivalents at end of period	$	208.9		$	246.1

Reconciliation to free cash flow:
Net cash flows from operating activities		125.0			217.0
Purchase of property, plant and equipment		(55.9	)		(40.6	)
Non-GAAP Free Cash Flow *		69.1			176.4
JVS transaction costs paid		8.6			—
Tax paid for JVS divestiture		21.4			—
Non-GAAP Adjusted Free Cash Flow *	$	99.1		$	176.4


Selected Segment Data	Quarter Ended December 31,						Year Ended December 31,
In Millions of Dollars, except per share amount	2022			2021			2022			2021
Net Sales:
Power Transmission Technologies	$	240.1		$	233.7		$	985.6		$	924.8
Automation & Specialty		230.4			237.1			965.5			979.0
Inter-segment eliminations		(1.1	)		(1.0	)		(5.6	)		(4.0	)
Total	$	469.4		$	469.8		$	1,945.5		$	1,899.8

Income (Loss) from operations:
Power Transmission Technologies	$	32.7		$	30.7		$	136.8		$	128.6
Automation & Specialty		34.8		$	(117.7	)		136.0			(8.3	)
Corporate		(16.5	)	$	(7.4	)		(27.2	)		(19.9	)
Restructuring		(0.4	)	$	(0.6	)		(5.2	)		(3.0	)
Total	$	50.6		$	(95.0	)	$	240.4		$	97.4

*Reconciliation of Non-GAAP Income from Operations by Segment:


Selected Segment Data
(In Millions of Dollars	Quarter Ended December 31, 2022												Year to Date Ended December 31, 2022
	Power Transmission Technologies		Automation and Specialty		Corporate			Restructuring			Total		Power Transmission Technologies		Automation and Specialty		Corporate			Restructuring			Total
Income (loss) from operations:
Income (loss) from operations	$	32.7	$	34.8	$	(16.5	)	$	(0.4	)	$	50.6	$	136.8	$	136.0	$	(27.2	)	$	(5.2	)	$	240.4
Restructuring		—		—		—			0.4			0.4		—		—		—			5.2			5.2
Consolidation costs		1.7		—		—			—			1.7		1.7		—		—			—			1.7
Acceleration of stock compensation expense upon retirement		—		—		—			—			—		—		—		0.6			—			0.6
Acquisition related amortization expense		2.0		11.8		—			—			13.8		8.1		47.1		—			—			55.2
Impairment charges		—		1.9		—			—			1.9		3.0		10.2		—			—			13.2
Acquisition related expenses		—		—		9.9			—			9.9

Altra Industrial Motion Corp. 8-K