8.8% dip in Q1 sales at Albany

04 May '12

3 min read

Albany International Corp. reported Q1 2012 net income of $47.0 million ($1.50 per share), including $46.2 million ($1.47 per share) from discontinued operations related to the gain from the January 2012 sale of Albany Door Systems.

Albany International Corp: “Q1 2012 was weak for Machine Clothing, and strong for Albany Engineered Composites. The net result was a very disappointing quarter for Albany International.”

First-Quarter Highlights
• Q1 2012 net income per share was $1.50, including $1.47 per share from discontinued operations principally related to the gain from the January 2012 sale of Albany Door Systems.
• Q1 2012 net income per share from continuing operations was $0.03, including a settlement charge of $0.22 related to the extinguishment of Swedish pension liabilities, foreign currency revaluation losses of $0.12, restructuring costs of $0.01, and favorable income tax adjustments of $0.22.
• Q1 2011 net income per share was $0.54 including income from discontinued operations of $0.11, foreign currency revaluation losses of $0.13 and a favorable income tax adjustment of $0.05.
• Net sales from continuing operations were $188.6 million, a decrease of 8.8 percent compared to Q1 2011.
• Q1 2012 EBITDA from continuing operations was $12.2 million, including the Swedish pension settlement charge of $9.2 million, foreign currency revaluation losses of $5.6 million and restructuring charges of $0.3 million. Q1 2011 EBITDA was $37.9 million, including foreign currency revaluation losses of $5.9 million.
• Including contributions of $60.1 million to fund Company pension plans, net debt declined $70.0 million to $186.0 million.
• The Company has reached an agreement to sell its PrimaLoft Products business for $38 million.

Q1 2012 income from continuing operations was $0.8 million ($0.03 per share), including a settlement charge of $9.2 million ($0.22 per share) related to the extinguishment of Swedish pension liabilities, foreign currency revaluation losses of $5.6 million ($0.12 per share), restructuring costs of $0.3 million ($0.01 per share), and favorable income tax adjustments of $6.7 million ($0.22 per share). For the first quarter of 2011, net income from continuing operations was $13.4 million ($0.43 per share), including foreign currency revaluation losses of $5.9 million ($0.13 per share) and a favorable income tax adjustment of $1.4 million ($0.05 per share).

Net sales for Q1 2012 were $188.6 million, a decrease of 8.8 percent compared to the first quarter of 2011. As previously disclosed, the Company combined its Paper Machine Clothing and Engineered Fabrics businesses into a single segment called Machine Clothing (MC).

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Albany International Corp

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