This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lydall Announces Financial Results For The Third Quarter And Nine Months Ended September 30, 2010

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs