Lydall Announces Financial Results For The Second Quarter And Six Months Ended June 30, 2010; Strong Revenue Growth And Gross Margin Expansion
MANCHESTER, Conn., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Lydall, Inc. (NYSE:LDL) today announced financial results for the second quarter and six months ended June 30, 2010.
Net sales for the second quarter ended June 30, 2010 were $82.9 million compared with $56.0 million for the same period in 2009. Excluding the negative impact of foreign currency translation, net sales increased by $29.0 million, or 51.7%, in the second quarter of 2010 compared with the second quarter of 2009. Net income for the current quarter was $2.4 million, or $.14 per share, compared to a net loss of ($5.9) million, or ($.36) per share, in the second quarter of 2009. Net income in the second quarter of 2010 included a gain of $1.1 million (net of tax), or $.06 per share, from the sale of the Company's electrical papers product line. The second quarter of 2009 included restructuring related expenses of $1.9 million (net of tax), or $.12 per share, associated with the consolidation of the North American automotive operation ("NA Auto Consolidation").
Dale Barnhart, President and Chief Executive Officer, stated, "We are very pleased by the improvement in revenues and revitalization of the markets we serve. Nearly $83 million of net sales was the highest reported since the second quarter of 2008, and, at the same time, our backlog remains strong."In the Performance Materials segment, we continued to see greater demand for our filtration and industrial thermal insulation products. Net sales in the second quarter of 2010, excluding foreign currency translation, increased by 38.1% compared to the second quarter of 2009. Excluding the impact of the sale of our electrical papers product line, this segment reported an operating margin of 13.5%. The sale of our electrical papers product line supports Lydall's strategic initiatives to transition production away from legacy commodity products and toward high value filtration and life sciences applications. We plan to use a portion of the proceeds of this transaction to upgrade certain equipment at our Green Island facility to enable production of higher value products.
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