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Albany International Reports Fourth-Quarter Results

Albany International Corp. (NYSE:AIN) completed the sale of its global Albany Door Systems (“ADS”) business to ASSA ABLOY AB on January 11, 2012, for $130 million, subject to customary post-closing adjustments. The operating results and financial position of ADS are therefore reported as discontinued operations. Although the gain from the ADS sale will be reflected in Q1 2012 results, the transaction resulted in a discrete tax charge that reduced Q4 2011 results from continuing operations by $22.1 million.

Total Company fourth-quarter 2011 net loss was $7.2 million ($0.23 per share), including income from discontinued operations of $1.2 million ($0.04 per share), restructuring charges of $4.9 million ($0.10 per share), foreign currency revaluation gains of $3.6 million ($0.08 per share), and unfavorable income tax adjustments of $15.5 million ($0.50 per share). For the fourth quarter of 2010, the Company reported net income of $20.5 million ($0.66 per share), including a gain on the sale of a building of $7.0 million ($0.15 per share), income from discontinued operations of $2.9 million ($0.09 per share), restructuring charges of $1.0 million ($0.02 per share), foreign currency revaluation gains of $3.2 million ($0.07 per share), and favorable income tax adjustments of $2.8 million ($0.09 per share).

Fourth Quarter Results from Continuing Operations

Net sales for Q4 2011 were $202.6 million, an increase of 1.4 percent compared to the fourth quarter of 2010. Excluding the effects of changes in currency translation rates, net sales increased 1.2 percent as shown below.

 

Table 1

 

 

 

Net SalesThree Months endedDecember 31,

 

 

 

 

Percent

 

Impact ofChangesin CurrencyTranslation

 

PercentChangeexcludingCurrency

(in thousands)

 

2011

 

2010

 

Change

 

Rates

 

Rate Effect

Paper Machine Clothing (PMC)   $ 163,030   $ 165,687   -1.6 %   $ 501     -1.9 %
Engineered Fabrics (EF)     20,189     18,821   7.3       (52 )   7.5  
Engineered Composites (AEC)     14,182     11,771   20.5       -     20.5  
PrimaLoft ® Products     5,216     3,547   47.1       (78 )   49.3  
Total   $ 202,617   $ 199,826   1.4 %   $ 371     1.2 %
 

Gross profit was 39.5 percent of net sales in the fourth quarter of 2011, compared to 40.3 percent in the same period of 2010. Q4 2011 gross profit was reduced by a significant seasonal slowdown in PMC production in December. Q4 2010 gross profit was increased by unusually high production levels due to inventory restocking, which offset asset write-offs of $3.2 million.

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