Home / Knowledge / News / Textiles / Lydall Performance Materials Segment net sales rise in Q2
Lydall Performance Materials Segment net sales rise in Q2
08
Sep '08
LYDALL INC announced financial results for the second quarter and six months ended June 30, 2008.

Net sales for the second quarter ended June 30, 2008 were $88.9 million compared with $87.8 million for the same period in 2007. Excluding the impact of foreign currency translation, net sales decreased by $3.3 million, or 3.7 percent, in the second quarter of 2008 compared with the second quarter of 2007. Net income for the current quarter was $2.9 million, or $.17 per diluted share, compared with $3.5 million, or $.21 per diluted share, for the second quarter of 2007.

The results for the second quarter of 2008 included severance related charges of $1.0 million, an increase of $0.9 million, or $.03 per diluted share, compared to the second quarter of 2007. These charges were related to realigning management in the global automotive business and reducing the workforce at certain operations as a result of lower production requirements.

Year-to-date earnings per share increased to $.37 per diluted share on net sales of $183.2 million from $.29 per diluted share on net sales of $171.5 million for the six months ended June 30, 2007. Net income for the six months ended June 30, 2008 was $6.1 million compared with $4.8 million for the comparable period in 2007.

Gross margin as a percent of net sales for the second quarter of 2008 was 22.6 percent compared with 23.2 percent for the same quarter of 2007. Higher severance related charges of $0.3 million in the current quarter negatively impacted gross margin percentage by 40 basis points.

The remaining decrease in gross margin percentage in the current quarter was due to increases in raw material and energy costs in both the Thermal/Acoustical and Performance Materials segments, partially offset by cost savings generated from operational efficiency improvements.

Selling, product development, and administrative expenses were $15.5 million, or 17.4 percent of net sales, for the second quarter ended June 30, 2008, compared with $14.6 million, or 16.7 percent of net sales, for the same quarter of 2007.

Excluding the impact of foreign currency translation, selling, product development and administrative expenses increased by $0.3 million in the current quarter as compared to the second quarter of 2007. Higher severance related charges of $0.6 million, primarily in the Thermal/Acoustical segment, were partially offset by lower Corporate office litigation expense.

Net cash provided by operating activities was $7.1 million in the second quarter of 2008 compared with $2.9 million in the second quarter of 2007. This improvement was primarily due to a reduction in accounts receivable due to improved collection results, and to a lesser extent, the reduction of tooling sales.

Dale Barnhart, President and Chief Executive Officer, commented, "Overall I am relatively pleased with our second quarter results in light of the economic conditions in the United States. Less demand for automobiles by U.S. consumers resulted in lower production of automobiles containing our parts. In contrast to North America, production in the European automotive market that the Company serves was relatively stable in the second quarter and first half of 2008.


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Pantone

Textiles | On 25th Jun 2018

Pantone unveils polyester standards

Pantone, provider of professional colour standards for the design...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kerem Durdag
Biovation II LLC

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Madhu Jain
Madhu Jain

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

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search