Apparel maker Albany International net sales up 6.7%
24 Apr '06
3 min read
The effective income tax rate was 30.0 percent for the first quarter of 2006, compared to 24.4 percent for the same period of 2005, which included the effect of favorable resolution of certain income tax contingencies.
Net cash provided by operating activities was $26.3 million in comparison with $27.4 million in the first quarter of 2005. Excluding the effects of the Texas Composite acquisition and changes in currency translation rates, inventories increased $14.7 million during the first quarter of 2006, and accounts receivable increased $1.6 million.
Paper Machine Clothing This segment includes Paper Machine Clothing and Process Belts (PMC) used in the manufacture of paper and paperboard products.
First-quarter net sales of PMC increased 2.4 percent compared to the same period last year, despite the continuing restructuring by paper producers in both Europe and the Americas. Excluding the effect of changes in currency translation rates, net sales for the quarter increased 4.2 percent.
The effect of increased material costs related to higher petroleum prices, discussed in the fourth quarter 2005 earnings release, was offset by sales growth in the first quarter.
During the first quarter, the Company was able to achieve improvements in average prices in major markets, including Europe, as a result of product upgrades and modest price increases. Additional positive effects from the introduction of value pricing in Europe are expected in late 2006 and 2007.
Albany International is the world's largest producer of custom-designed paper machine fabrics and process belts that are essential to the manufacture of paper and paperboard. In its family of businesses, Albany applies its core competencies in advanced textiles and materials to other industries. Founded in 1895, the Company is headquartered in Albany, New York, and employs approximately 5,900 people worldwide.