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Apparel maker Albany International net sales up 6.7%

24
Apr '06

Apparel maker Albany International Corp reported first-quarter net income per share of $0.60, which was equal to the same period last year. In the first quarter of 2005, the favorable resolution of certain income tax matters had a $0.04 per share positive effect on earnings.

The Company had earlier reported that an anticipated change in inventory practices associated with a major customer was expected to have a negative first-quarter-only impact on sales and operating income of $8 million and $3 million, respectively. As an agreement with this customer has not yet been reached, the expected reductions did not occur.

Net sales increased $10.2 million, or 4.2 percent compared to the same period last year. Excluding the effect of changes in currency translation rates, net sales increased 6.7 percent. Net sales for the first quarter of 2006 included $1.9 million from Texas Composite Inc.

Gross profit was 41.4 percent of net sales in the first quarter of 2006, compared to 40.8 percent in the first quarter of 2005 and 37.5 percent in the fourth quarter of 2005. The increase is due principally to higher sales in 2006, which includes the positive effects of price improvement and product upgrades.

Operating income was $29.4 million in the first quarter of 2006, compared to $29.8 million in the same period last year.

Interest expense, net, was $1.9 million for the first quarter of 2006, compared to $3.7 million for the first quarter of 2005. The decrease is due principally to lower average interest rates in 2006.

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