MANCHESTER, Conn., March 1, 2011 (GLOBE NEWSWIRE) -- Lydall, Inc. (NYSE:LDL) today announced financial results for the fourth quarter and year ended December 31, 2010.
Fourth Quarter ("Q4 2010") and 2010 Year Highlights
- Record Q4 2010 net sales of $95.8 million
- Record 2010 net sales of $338.0 million
- Operating income of $2.0 million in Q4 2010
- Operating income of $4.6 million in 2010
- EPS for Q4 2010 was $(0.02), including tax valuation allowance adjustments of $(0.11) per share, compared to $(0.21) per share in Q4 2009
- EPS for 2010 was $0.16 per share compared to a loss of $(0.88) per share for 2009
- Ended 2010 with $25.0 million in cash, up by $7.4 million from the third quarter of 2010 and up by $2.3 million from the end of 2009
|Summary Financial Results|
|(millions of US dollars, excluding EPS):|
|Fourth Quarter Ended December 31,||Year Ended December 31,|
|2010||2009||Change||% Change||2010||2009||Change||% Change|
|Gross margin %||16.3%||16.1%||20 bps||17.1%||13.3%||380 bps|
|EPS||$ (0.02)||$ (0.21)||$ 0.19||$0.16||$ (0.88)||$ 1.04|
Excluding the negative impact of foreign currency translation, net sales increased by $26.3 million, or 36.2%, in the fourth quarter of 2010 compared with the fourth quarter of 2009, and $95.6 million, or 38.4%, for the year ended December 31, 2010 compared with year ended December 31, 2009.
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