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MANCHESTER, Conn., Nov. 5, 2010 (GLOBE NEWSWIRE) -- Lydall, Inc. (NYSE:LDL) today announced financial results for the third quarter and nine months ended September 30, 2010.
Net sales for the third quarter ended September 30, 2010 were $83.8 million compared with $66.1 million for the same period in 2009. Excluding the negative impact of foreign currency translation, net sales increased by $20.7 million, or 31.3%, in the third quarter of 2010 compared with the third quarter of 2009.
The Company revised prior period financial statements due to errors detected in the third quarter of 2010. None of the revisions were considered material to the periods impacted, as further described below. All figures in this press release are provided as revised.
Net income for the current quarter was $1.5 million, or $0.09 per share, compared to a net loss of ($0.5) million, or ($0.03) per share, in the third quarter of 2009. Net income in the third quarter of 2010 included a net tax benefit of $1.8 million, or $0.11 per share, and a gain on sale of product line of $0.4 million, or $0.02 per share.
Operating income in the third quarter of 2010 was $0.1 million compared to an operating loss of ($0.4) million in the third quarter of 2009. The current quarter was negatively impacted by the results of the Company's North American automotive ("NA Auto") facility, which continued to experience manufacturing inefficiencies associated with production of fiber products, as previously identified at the end of the second quarter.
Dale Barnhart, President and Chief Executive Officer, stated, "We are pleased by the positive trend in revenues resulting from market revitalization and certain share gains. For two consecutive quarters we have exceeded our highest reported revenues since the third quarter of 2008, and we continue to report strong backlog. We are disappointed with the performance of our NA Auto facility, but believe the corrective actions will start to show improvements in the fourth quarter. Our Performance Materials segment and our Affinity business, as well as our European automotive facilities, executed well during the quarter and are benefiting both from the positive trend in revenues and from their ongoing focus on lean manufacturing.