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Lydall Announces Financial Results For The Fourth Quarter And Year Ended December 31, 2010

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
Net sales 95.8 72.5 23.3 32.1%     338.0 248.9 89.1 35.8%
Gross margin 15.6 11.7 3.9 33.3%     57.9 33.0 24.9 75.4%
Gross margin %  16.3% 16.1% 20 bps       17.1% 13.3% 380 bps  
Operating income/(loss) 2.0 (1.6) 3.6       4.6 (17.8) 22.4  
Net income/(loss) (0.4) (3.6) 3.2       2.7 (14.6) 17.3  
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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