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Albany sees short-term downside risk in PMC sales in US, Europe

07
Aug '09
Albany International Corp. reported a second-quarter net loss per share of $0.41 after reductions of $1.04 from net restructuring charges, related idle-capacity costs, and costs related to continuing performance-improvement initiatives. A gain on extinguishment of debt increased earnings by $0.73 per share, while a purchase price adjustment related to the Company's 2008 sale of its discontinued Filtration Technologies business resulted in a charge of $0.33 per share. Income tax adjustments increased earnings per share by $0.07. (See non-GAAP disclosure below.)

For the second quarter of 2008, net income per share was $0.18, after reductions of $0.47 from net restructuring charges, idle-capacity costs related to restructuring, and costs related to performance-improvement initiatives. Discrete income tax adjustments reduced net income by $0.01 per share.

Net sales were $212.6 million, an increase of 1.6 percent compared to Q1 2009 and a decrease of 28.5 percent compared to the second quarter of 2008. Excluding the effect of changes in currency translation rates, net sales in Q2 2009 decreased 23.0 percent as compared to Q2 2008.

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Albany International Corp


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