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Albany International posts Q2 results

09 Aug '11

4 min read

Interest expense, net, was $4.8 million in Q2 2011 compared to $3.9 million in Q2 2010. The increase was due to higher interest rates under the bank credit facility agreement entered into in Q3 2010. That increase was partially offset by a lower average debt balance of $73.9 million in Q2 2011 as compared to Q2 2010.

The Company's effective income tax rate, exclusive of income tax adjustments, was 33.0 percent for the second quarter of 2011. Q2 2011 income tax expense was increased by $0.7 million, principally resulting from an increase in the estimated income tax rate. The income tax rate, exclusive of income tax adjustments, was 32.6 percent for Q2 2010. Q2 2010 income tax adjustments increased income tax expense $7.6 million, and were principally related to the liquidation of Company-owned life insurance policies and repatriation of funds held by a subsidiary.

EBITDA in Q2 2011 was $35.6 million, including restructuring charges of $2.1 million and revaluation losses of $1.5 million (see Table 5). EBITDA in Q2 2010 was $42.4 million, including restructuring charges of $0.7 million and foreign currency revaluation gains of $6.7 million.

Capital spending for equipment and software was $9.7 million for the second quarter of 2011, bringing the year-to-date total to $15.6 million. Depreciation and amortization for the quarter were $14.4 million and $2.3 million, respectively. For the full year 2011, we currently expect approximately $40 million of capital spending and $66 million of depreciation and amortization.

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Albany International Corp

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