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Lydall reports near stable hike in Q4 sales
26
Feb '13
Lydall, Inc. announced financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter 2012 (“Q4 2012”) compared to Fourth Quarter 2011 (“Q4 2011”)

Net sales were $90.5 million, including unfavorable foreign currency translation of $1.3 million, or 1.4%, compared to $89.3 million

Operating income of $2.0 million, or 2.2%, compared to $4.4 million, or 4.9%

− Q4 2012 operating income included an asset impairment charge of $1.8 million

− Q4 2011 operating income included income of $0.8 million from a completed pricing negotiation and $0.4 million of income from a license agreement

Net income of $2.4 million, or $0.14 per share, compared to $2.7 million, or $0.16 per share

− Income tax benefit of $0.5 million included a reversal of valuation allowance on a foreign tax credit carryover of $1.3 million, or $0.08 per share

2012 Year Highlights

Net sales were $378.9 million, including unfavorable foreign currency translation impact of $10.6 million, or 2.8%, compared to $383.6 million in 2011

Gross margin of 20.5%, an improvement of 290 basis points from 2011, primarily from operational efficiency improvements in the Thermal/Acoustical Fibers segment

Operating income of $21.4 million, or 5.6%, compared to $16.2 million, or 4.2% in 2011

− 2012 operating income included the asset impairment charge of $1.8 million and $0.8 million of income from a license agreement

− 2011 operating income included $1.6 million of income from a license agreement

• Effective tax rate for 2012 of 19.9%, primarily as a result of reversal of valuation allowance on a foreign tax credit carryover of $3.9 million, or $0.23 per share, compared to an effective tax rate of 41.3% in 2011

• Income from continuing operations in 2012 was $16.8 million, or $0.99 per share, compared to $9.1 million, or $0.54 per share in 2011

• Net income of $16.8 million, or $0.99 per share, compared to net income in 2011 of $13.8 million, or $0.82 per share

Liquidity

• Cash provided by operations of $15.2 million in Q4 2012 ($34.4 million in full year 2012) compared to cash provided by operations of $12.6 million in Q4 2011 ($14.7 million in full year 2011)

• Cash and short-term investments of $63.6 million at December 31, 2012 compared to $42.9 million at December 31, 2011

Net sales of $90.5 million in Q4 2012 were $1.1 million greater than Q4 2011. Increased sales volume from the Thermal/Acoustical Fibers (“T/A Fibers”) segment of $3.3 million and the Life Sciences Vital Fluids business (“VF business”) of $0.8 million, included in Other Products and Services, were partially offset by lower net sales from the Performance Materials (“PM”) and Thermal/Acoustical Metals (“T/A Metals”) segments of $2.1 million and $0.7 million, respectively.

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