Interviews
News Flash
Albany reports Q1 results
05 May '09
5 min read
Q1 2008 costs for restructuring and performance-improvement initiatives amounted to $13.5 million, of which $5.4 million was reported as restructuring, $3.0 million was included in cost of goods sold, and $5.1 million was included in STG&R expenses.
Other income/expense, net was expense of $0.2 million in Q1 2009, including the $2.8 million ($0.06 per share) gain on extinguishment of debt, which was offset by losses totaling $1.5 million related to revaluation of nonfunctional currency intercompany loans, $0.9 million of debt financing costs, and other items. Other income/expense, net for Q1 2008 was income of $0.3 million, and included gains of $0.3 million for revaluation of intercompany loans, debt financing costs of $0.5 million, and other items.
First-quarter 2009 income tax benefit/expense includes a discrete tax charge of $1.1 million related to the gain on extinguishment of debt. First-quarter 2008 income tax expense includes discrete tax adjustments that decreased net income by $3.9 million ($0.13 per share).
Net cash (used in)/provided by operating activities was ($11.0) million in the first quarter of 2009, compared to $7.4 million for the same period of 2008. The decrease in 2009 reflects lower net income.
Capital spending during the first quarter of 2009 was $14.9 million and the Company is on track with its estimate for 2009 capital spending of $50 million, of which $30 million is a carryover from 2008. Depreciation and amortization were $14.6 million and $2.9 million, respectively, for the first quarter of 2009 and are estimated to total $68 million and $7 million for depreciation and amortization, respectively, for 2009.
In March and April 2009, the Company entered into separate transactions to purchase a portion of the Company's 2.25% Convertible Senior Notes due 2026. In the March transaction, the Company purchased $7.1 million principal amount of the notes, resulting in a pre-tax gain of $2.8 million ($0.06 per share), which is reflected in Q1 2009 results. In the April transaction, the Company purchased $94.0 million principal amount of the notes, which is expected to result in a second-quarter 2009 pre-tax gain of $36.6 million. The March and April purchases have the combined effect of reducing total debt by $32.1 million.
Click here to view more:
Other income/expense, net was expense of $0.2 million in Q1 2009, including the $2.8 million ($0.06 per share) gain on extinguishment of debt, which was offset by losses totaling $1.5 million related to revaluation of nonfunctional currency intercompany loans, $0.9 million of debt financing costs, and other items. Other income/expense, net for Q1 2008 was income of $0.3 million, and included gains of $0.3 million for revaluation of intercompany loans, debt financing costs of $0.5 million, and other items.
First-quarter 2009 income tax benefit/expense includes a discrete tax charge of $1.1 million related to the gain on extinguishment of debt. First-quarter 2008 income tax expense includes discrete tax adjustments that decreased net income by $3.9 million ($0.13 per share).
Net cash (used in)/provided by operating activities was ($11.0) million in the first quarter of 2009, compared to $7.4 million for the same period of 2008. The decrease in 2009 reflects lower net income.
Capital spending during the first quarter of 2009 was $14.9 million and the Company is on track with its estimate for 2009 capital spending of $50 million, of which $30 million is a carryover from 2008. Depreciation and amortization were $14.6 million and $2.9 million, respectively, for the first quarter of 2009 and are estimated to total $68 million and $7 million for depreciation and amortization, respectively, for 2009.
In March and April 2009, the Company entered into separate transactions to purchase a portion of the Company's 2.25% Convertible Senior Notes due 2026. In the March transaction, the Company purchased $7.1 million principal amount of the notes, resulting in a pre-tax gain of $2.8 million ($0.06 per share), which is reflected in Q1 2009 results. In the April transaction, the Company purchased $94.0 million principal amount of the notes, which is expected to result in a second-quarter 2009 pre-tax gain of $36.6 million. The March and April purchases have the combined effect of reducing total debt by $32.1 million.
Click here to view more:
Albany International Corp.
Popular News
Leave your Comments
Editor’s Pick
Dr. Michael Duetsch & Man Woo Lee
UPM Biochemicals and Dongsung Chemical
Sharif Tarequr Rahman
Rashni Poly Fiber Industries Ltd.
Susanne Guldager
Label - La Femme Rousse
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)")
