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Albany PMC segment sales decline in Q1 earnings

28
Apr '07
Albany International Corp reported first-quarter net income per share of $0.32, after expenses related to previously announced cost reduction and process improvement initiatives reduced net income by $0.24 per share. Net income per share was $0.60 in the first quarter of 2006.

Net sales increased $6.5 million, or 2.6 percent compared to the same period last year. Excluding the effect of changes in currency translation rates, net sales decreased 0.9 percent.

Gross profit was 38.2 percent of net sales in the first quarter of 2007, compared to 41.4 percent in the first quarter of 2006 and 35.2 percent in the fourth quarter of 2006. In comparison to the first quarter of 2006, the decrease is principally due to the impact of lower PMC sales. In comparison to the fourth quarter of 2006, the increase in gross profit percentage reflects operating efficiency improvements.

Selling, technical, general, and research expenses were $82.3 million in the first quarter of 2007, including $2.9 million related to the effect of changes in currency translation rates and $9.2 million ($0.24 per share) of charges related to cost reduction and process improvement initiatives that have been previously announced. STG&R expenses were $74.6 million for the first quarter of 2006.

Operating income was $16.1 million in the first quarter of 2007, compared to $29.4 million in the first quarter of 2006, reflecting a lower gross profit percentage and the 2007 charges related to cost reduction and process improvement initiatives.


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