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Lydall announces Q4 2007 sales results
25
Feb '08
LYDALL INC announced financial results for the fourth quarter and year ended December 31, 2007.

Net sales for the fourth quarter ended December 31, 2007 were $85.9 million compared with $80.6 million for the same period in 2006. Excluding the impact of foreign currency translation, net sales increased by $2.2 million in the fourth quarter of 2007 compared with the fourth quarter of 2006. Net income for the current quarter was $2.9 million, or $.18 per diluted share, compared with $2.1 million, or $.13 per diluted share, for the fourth quarter of 2006.

Net sales for the year ended December 31, 2007 were $338.9 million compared with $326.4 million for 2006. Excluding the impact of foreign currency translation, net sales increased by $3.8 million in 2007 compared with 2006.

Net income for 2007 was $9.6 million, or $.58 per diluted share, compared with $10.2 million, or $.63 per diluted share, for 2006. Results for 2007 included an income tax charge of $0.5 million due to adjustments to deferred taxes as a result of a change in statutory tax rates in Germany. The results for 2006 included an income tax benefit of $1.2 million, primarily from the completion of certain tax audits. Excluding the impact of these income tax items, earnings per diluted share were $.61 for the year ended December 31, 2007 and $.56 for 2006.

Gross margin as a percent of net sales was 23.7 percent for the fourth quarter of 2007 compared with 22.8 percent for the same quarter of 2006. During the fourth quarter of 2007, the Company completed negotiations for the retroactive reimbursement of a portion of incremental raw material costs incurred by the Company in 2007. As a result, Lydall recorded net sales and gross margin totaling $1.2 million in the fourth quarter of 2007 related to incremental raw material costs associated with products shipped during the first nine months of 2007.

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