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Albany experiences strong operating results

09 Nov '11
4 min read

EBITDA in Q3 2011 was $46.8 million, including restructuring charges of $2.7 million and revaluation gains of $6.5 million. EBITDA in Q3 2010 was $27.7 million, including restructuring charges of $0.8 million, foreign currency revaluation losses of $7.6 million, and a gain on the sale of a building of $2.5 million.

Capital spending for equipment and software was $4.6 million for the third quarter of 2011, bringing the year-to-date total to $20.3 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 $30 million of capital spending and $66 million of depreciation and amortization.

CEO Comments
President and CEO Joe Morone said, "Q3 2011 was particularly important for Albany International. Operating results were strong; internally we launched a major reorganization that over time, should lead to substantial synergies; and then in October 2011, we entered into an agreement to sell Albany Door Systems.

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Albany International Corp

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