Interviews
News Flash
Albany PMC segment sales decline in Q1 earnings
28 Apr '07
4 min read
The first-quarter effective income tax rate was 25 percent in 2007, compared to 30 percent in 2006. The lower rate in 2007 is attributable to changes in the amount and mix of geographical income.
Effective January 1, 2007, the Company adopted the provisions of FASB Interpretation Number 48, "Accounting for Uncertainty in Income Taxes-an interpretation of FASB statement No. 109." The effect of adopting this Interpretation was an increase in liabilities and a decrease in retained earnings of $2.5 million.
Net cash provided by operating activities was $17.3 million in comparison with $26.7 million in the first quarter of 2006. Capital spending during the first quarter of 2007 was $23.2 million, and the Company remains on track with its previously announced capital spending plans, which call for $160 to $180 million of spending in 2007.
Depreciation and amortization were $14.2 million and $1.1 million, respectively, for the first quarter of 2007, and are expected to be approximately $60 million and $4 million, respectively, for the full year.
Compared to Q1 2006, PMC net sales decreased 0.9 percent, and decreased 3.7 percent after excluding the effect of changes in currency translation rates. The decline in net sales compared to Q1 2006 resulted principally from lower sales in Europe.
Compared to Q4 2006, net sales to Western Europe increased by 3.9 percent, following an 8.6 percent improvement from Q3 to Q4 of 2006. Orders in the Americas remained firm and were strong in both the European and Pacific Corridors.
This segment includes the emerging businesses that apply our core competencies in advanced textiles and materials to other industries including insulation for personal outerwear and home furnishings specialty materials and composite structures for aircraft and other applications (Albany Engineered Composites); specialty filtration products for wet and dry applications (Albany Filtration Technologies); fabrics, wires, and belting products for the nonwovens and pulp industries, and industrial process belts for tannery, textile, and corrugator applications.
First-quarter net sales increased 8.2 percent compared to Q1 2006 and 4.9 percent excluding the effect of changes in currency translation rates. Compared to Q1 2006 and excluding the effect of changes in currency translation rates, net sales in Albany Engineered Composites increased 30.2 percent, Albany Filtration Technologies increased 9.4 percent, and PrimaLoft improved by 7.9 percent.
Sales in Albany Engineered Fabrics decreased 3.2 percent compared to Q1 2006, primarily due to lower sales to original equipment manufacturers during the quarter. While the order backlog in Engineered Fabrics was unchanged, backlogs in the other Applied Technologies businesses were strong.
Effective January 1, 2007, the Company adopted the provisions of FASB Interpretation Number 48, "Accounting for Uncertainty in Income Taxes-an interpretation of FASB statement No. 109." The effect of adopting this Interpretation was an increase in liabilities and a decrease in retained earnings of $2.5 million.
Net cash provided by operating activities was $17.3 million in comparison with $26.7 million in the first quarter of 2006. Capital spending during the first quarter of 2007 was $23.2 million, and the Company remains on track with its previously announced capital spending plans, which call for $160 to $180 million of spending in 2007.
Depreciation and amortization were $14.2 million and $1.1 million, respectively, for the first quarter of 2007, and are expected to be approximately $60 million and $4 million, respectively, for the full year.
Compared to Q1 2006, PMC net sales decreased 0.9 percent, and decreased 3.7 percent after excluding the effect of changes in currency translation rates. The decline in net sales compared to Q1 2006 resulted principally from lower sales in Europe.
Compared to Q4 2006, net sales to Western Europe increased by 3.9 percent, following an 8.6 percent improvement from Q3 to Q4 of 2006. Orders in the Americas remained firm and were strong in both the European and Pacific Corridors.
This segment includes the emerging businesses that apply our core competencies in advanced textiles and materials to other industries including insulation for personal outerwear and home furnishings specialty materials and composite structures for aircraft and other applications (Albany Engineered Composites); specialty filtration products for wet and dry applications (Albany Filtration Technologies); fabrics, wires, and belting products for the nonwovens and pulp industries, and industrial process belts for tannery, textile, and corrugator applications.
First-quarter net sales increased 8.2 percent compared to Q1 2006 and 4.9 percent excluding the effect of changes in currency translation rates. Compared to Q1 2006 and excluding the effect of changes in currency translation rates, net sales in Albany Engineered Composites increased 30.2 percent, Albany Filtration Technologies increased 9.4 percent, and PrimaLoft improved by 7.9 percent.
Sales in Albany Engineered Fabrics decreased 3.2 percent compared to Q1 2006, primarily due to lower sales to original equipment manufacturers during the quarter. While the order backlog in Engineered Fabrics was unchanged, backlogs in the other Applied Technologies businesses were strong.
Albany International Corp
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
