Home / Knowledge / News / Textiles / Net sales down 2.8% at Albany International in Q3 2012
Net sales down 2.8% at Albany International in Q3 2012
01
Nov '12
Albany International Corp., a global advanced textiles and materials processing company with core businesses in machine clothing and engineered composites, reported Q3 2012 income from continuing operations of $9.1 million ($0.29 per share). These results include restructuring charges of $2.7 million ($0.06 per share), foreign currency revaluation losses of $3.6 million ($0.07 per share), and net unfavorable income tax adjustments of $1.3 million ($0.04 per share).

Q3 2011 income from continuing operations was $14.5 million ($0.46 per share). These results included restructuring charges of $2.7 million ($0.06 per share) and foreign currency revaluation gains of $6.6 million ($0.14 per share).

Net sales from continuing operations were $194.6 million, a decrease of 2.8 percent compared to Q3 2011.

A transition to new contract terms with a major customer in North America, accelerating the transfer of inventory ownership to that customer, increased Q3 net sales by $8 million, and will have a smaller positive residual impact on sales over the next two quarters.

Gross profit was $79.7 million (40.9 percent of net sales) in the third quarter of 2012, compared to $78.1 million (39.0 percent of net sales) in the same period of 2011. The increase in gross profit percentage was primarily due to Machine Clothing, where gross profit margins increased from 42.1 percent in 2011 to 44.6 percent in 2012 as a result of high plant utilization in the Americas and favorable geographic sales mix.

Selling, technical, general, and research (STG&R) expenses were $53.8 million, or 27.6 percent of net sales, in the third quarter of 2012. STG&R expenses included losses of $1.4 million related to the revaluation of non-functional-currency assets and liabilities. In the third quarter of 2011, STG&R expenses were $48.6 million, or 24.3 percent of net sales, including gains of $5.8 million related to the revaluation of non-functional-currency assets and liabilities.

Click here to read more details:

Albany International Corp.

Must ReadView All

Apparel/Garments | On 28th Apr 2017

Continue existing Duty Drawback, ROSL scheme post GST: TEA

Tiruppur Exporters' Association (TEA) has made requisitions to...

Apparel/Garments | On 28th Apr 2017

Deckers Brands starts review of strategic alternatives

Deckers Brands, a global leader in designing, marketing and...

Courtesy: Adidas

Apparel/Garments | On 28th Apr 2017

Adidas, Siemens initiate joint research programme

Adidas and Siemens are initiating a joint research programme for...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X