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Albany International Q4 earnings up on higher sales

27 Jan '06

3 min read

New York based largest cloth maker Albany International Corp has reported fourth-quarter net income per share of $0.44, compared to $0.38 in the fourth quarter of 2004.

Expenses associated with the residual effects of previous programs for consolidating manufacturing operations reduced fourth-quarter 2005 net income by $0.05 per share. Restructuring charges reduced fourth-quarter 2004 net income by $0.20 per share.

Fourth-quarter net sales increased $9.5 million, or 4.0 percent, compared to the fourth quarter of 2004. Excluding the effect of changes in currency translation rates, net sales increased 6.7 percent.

Full-year net sales were 6.4 percent higher than in 2004. Excluding the effect of changes in currency translation rates, net sales were up 4.8 percent.

For the full year, gross profit as a percentage of net sales was 40.1 percent in 2005, compared to 39.4 percent in 2004.

The increase is due principally to higher sales and the benefits derived from cost-reduction initiatives, which were partially offset by the previously mentioned factors that negatively affected the fourth quarter of 2005.

Full-year operating income improved to $116.0 million in 2005, compared to 2004 operating income of $40.5 million after restructuring charges of $54.1 million.

Full-year income tax expense in 2005 was $29.4 million as compared to $2.5 million in 2004 and the effective tax rate for the full year 2005 was 29.2 percent as compared to 19.9 percent in 2004.

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