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Albany to sell Filtration Technologies business
05
May '08
Albany International Corp. reported a first-quarter net loss per share of $0.05, after reductions of $0.36 from net restructuring charges, idle-capacity costs related to restructuring, and costs related to continuing performance-improvement initiatives. Discrete income tax adjustments reduced net income by $0.13 per share.

Net income per share for Q1 2007 was $0.32, after expenses related to restructuring and performance-improvement initiatives reduced net income per share by $0.24.

On May 4, 2008, the Company announced that it had entered into an agreement to sell its Filtration Technologies business for $45 million, subject to contractual closing adjustments. Filtration Technologies' principal operations are in Gosford, Australia, and Zhangjiagang, China.

In Q1 2008, net sales were $10.5 million, an increase of 47% compared to Q1 2007. The activities of this business are reported as a discontinued operation in the first-quarter financial statements and accordingly are excluded from Tables 1, 2, and 3, below.

Net sales from continuing operations increased $22.6 million, or 9.0 percent compared to the same period last year. Excluding the effect of changes in currency translation rates, net sales increased 1.3 percent.

Gross profit was 34.7 percent of net sales in the first quarter of 2008, compared to 38.6 percent in the same period of 2007. The difference is principally due to decreases in PMC net sales, particularly in NorthAmerica, and costs associated with performance-improvement initiatives.

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