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Albany International posts Q2 results
09
Aug '11
Albany International Corp reported second-quarter 2011 net income of $8.8 million ($0.28 per share). Net income was decreased by restructuring charges of $2.1 million ($0.04 per share), foreign currency revaluation losses, principally resulting from the stronger euro, totaling $1.5 million ($0.03 per share), and unfavorable income tax adjustments of $0.7 million ($0.02 per share).

Net sales for Q2 2011 were $244.0 million, an increase of 7.3 percent compared to the second quarter of 2010. Excluding the effects of changes in currency translation rates, net sales increased 2.0 percent.

Gross profit was 38.9 percent of net sales in the second quarter of 2011, compared to 37.7 percent in the same period of 2010. The improvement from 2010 to 2011 reflects the lower cost structure in each business, as well as the absence of equipment relocation costs associated with restructuring activities ($1.5 million in Q2 2010).

Selling, technical, general, and research (STG&R) expenses were $73.7 million, or 30.2 percent of net sales, in the second quarter of 2011. STG&R expenses included losses of $2.0 million related to the revaluation of non-functional-currency assets and liabilities. Incentive compensation linked to the value of the Company's shares of common stock was $2.3 million for Q2 2011, including $0.3 million that resulted from a share price increase during the quarter. In addition, changes in currency translation rates had the effect of increasing STG&R by $4.7 million compared to Q2 2010.

In the second quarter of 2010, STG&R expenses were $61.4 million, or 27.0 percent of net sales, including gains of $2.8 million related to the revaluation of non-functional-currency assets and liabilities. Incentive compensation linked to the value of the Company's shares of common stock was $0.1 million for Q2 2010, including a reduction of $1.3 million that resulted from a share price decrease during the quarter.

In Q2 2011, the Company completed the cutover of its Eurasian operations to SAP, substantially completing the SAP project. Costs related to the implementation were $0.5 million in Q2 2011 and $1.5 million in Q2 2010.

Restructuring charges in Q2 2011 were primarily due to organizational changes associated with the substantial completion of the SAP conversion project.

Q2 2011 Other income/expense, net, was expense of $0.1 million, including a gain of $0.5 million related to the revaluation of non-functional-currency intercompany balances. Other income/expense, net, in Q2 2010 was income of $3.0 million, including income of $3.9 million related to the revaluation of non-functional-currency intercompany balances.

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