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Albany to sell Filtration Technologies business
05 May '08
3 min read
Selling, technical, general, and research (STG&R) expenses were 30.2 percent of net sales in the first quarter of 2008 compared to 29.4 percent in the first quarter of 2007. STG&R expenses were $82.4 million in the first quarter of 2008, in comparison to $73.7 million in the first quarter of 2007.
Q1 2008 STG&R expenses included $5.8 million related to the effect of changes in currency translation rates and $5.1 million of expenses related to performance-improvement initiatives. Q1 2007 STG&R expenses included $1.6 million related to performance-improvement initiatives.
Operating income was $7.2 million in the first quarter of 2008, compared to $15.5 million for the same period of 2007.
The Q1 2008 net restructuring charges of $5.4 million ($0.14 per share) were principally due to costs associated with the closure of the Company's Montgomery, Alabama, plant that was announced in the first quarter of 2008 and other restructuring activities.
In addition, idle-capacity costs of $0.7 million related to previously announced plant closures, and $7.4 million of expenses related to ongoing performance-improvement initiatives increased cost of goods sold by $3.0 million ($0.08 per share), and STG&R expenses by $5.1 million ($0.14 per share).
The increased STG&R expenses are principally due to the non-capitalized portion of SAP project costs, costs related to the implementation of the global procurement initiative, and terminationcosts.
Cost of goods sold during the quarter includes additional costs related to the start-up of the greenfield PMC plant in China and equipment relocation expenses. Performance-improvement costs in the first quarter of 2007 amounted to $1.7 million, of which $1.6 million was included in STG&R expenses.
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Q1 2008 STG&R expenses included $5.8 million related to the effect of changes in currency translation rates and $5.1 million of expenses related to performance-improvement initiatives. Q1 2007 STG&R expenses included $1.6 million related to performance-improvement initiatives.
Operating income was $7.2 million in the first quarter of 2008, compared to $15.5 million for the same period of 2007.
The Q1 2008 net restructuring charges of $5.4 million ($0.14 per share) were principally due to costs associated with the closure of the Company's Montgomery, Alabama, plant that was announced in the first quarter of 2008 and other restructuring activities.
In addition, idle-capacity costs of $0.7 million related to previously announced plant closures, and $7.4 million of expenses related to ongoing performance-improvement initiatives increased cost of goods sold by $3.0 million ($0.08 per share), and STG&R expenses by $5.1 million ($0.14 per share).
The increased STG&R expenses are principally due to the non-capitalized portion of SAP project costs, costs related to the implementation of the global procurement initiative, and terminationcosts.
Cost of goods sold during the quarter includes additional costs related to the start-up of the greenfield PMC plant in China and equipment relocation expenses. Performance-improvement costs in the first quarter of 2007 amounted to $1.7 million, of which $1.6 million was included in STG&R expenses.
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Albany International Corp
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