These results include restructuring charges of $2.3 million, foreign currency revaluation losses of $3.3 million, and net favorable income tax adjustments of $0.5 million.
Third-Quarter Financial Highlights
- Net sales were $183.1 million, a decrease of 5.9 percent compared to Q3 2012. Q3 2012 included a change in terms with a North American customer that increased sales by $8 million.
- Adjusted EBITDA for Q3 2013 was $31.9 million, compared to $41.9 million in Q3 2012. Q3 2012 included a change in terms with a North American customer that increased Adjusted EBITDA by $3.5 million.
- Q3 2013 income from continuing operations was $0.15 per share. These results include restructuring charges of $0.04, foreign currency revaluation losses of $0.06, and net favorable income tax adjustments of $0.01.
- Q3 2012 income from continuing operations was $0.29 per share. These results included restructuring charges of $0.05, foreign currency revaluation losses of $0.07, and net unfavorable income tax adjustments of $0.04.
- Net debt at the end of Q3 was $94.9 million, a decline of $28.8 million compared to the end of Q2.
Q3 2012 income from continuing operations was $9.1 million. These results included restructuring charges of $2.7 million, foreign currency revaluation losses of $3.6 million, and net unfavorable income tax adjustments of $1.3 million.
A change in contract terms with a North American Machine Clothing customer resulted in an increase to Q3 2012 sales of $8 million. Excluding the effects of this contract change and changes in currency translation rates, Q3 2013 MC sales declined 4.8 percent and total Company sales declined 2.7 percent.
Q3 2013 gross profit was $68.0 million, or 37.1 percent of net sales, compared to $79.7 million, or 40.9 percent of net sales, in the same period of 2012. MC gross profit margin decreased from 44.6 percent in 2012 to 41.6 percent in 2013.
The decrease in MC gross profit percentage was principally attributable to an unfavorable change in geographic mix, lower sales, and a more-severe-than-expected seasonal effect that resulted in production ineffiencies.
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