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Albany International Reports Second-Quarter Results

Albany International Corp. (NYSE:AIN) reported a Q2 2012 loss from continuing operations of $57.8 million ($1.84 per share), including a charge of $110.6 million ($2.34 per share) for pension plan settlements, restructuring charges of $3.2 million ($0.07 per share), foreign currency revaluation gains of $5.8 million ($0.14 per share), and net unfavorable income tax adjustments of $1.3 million ($0.04 per share). In June 2012, the Company completed the sale of its PrimaLoft ® Products business, resulting in a gain of $35.0 million (see Table 6). Q2 2012 income from discontinued operations was $0.76 per share.

For the second quarter of 2011, income from continuing operations was $4.5 million ($0.15 per share), including restructuring charges of $1.7 million ($0.04 per share), foreign currency revaluation losses of $1.5 million ($0.03 per share), a gain on the sale of a building of $0.6 million ($0.01 per share), and unfavorable income tax adjustments of $0.6 million ($0.02 per share) (see Table 7).

The following table summarizes net sales by segment and the effect of changes in currency translation rates:

Table 1

    Impact of  


Net Sales


Three Months ended

in Currency


June 30,



(in thousands)
  2012   2011  


Rate Effect
Machine Clothing (MC)   $177,122   $179,177   -1.1%   ($2,637)   0.3%
Engineered Composites (AEC)   14,818   10,504   41.1   -   41.1
Total   $191,940   $189,681   1.2%   ($2,637)   2.6%

Gross profit was $78.5 million (40.9 percent of net sales) in the second quarter of 2012, compared to $73.9 million (39.0 percent of net sales) in the same period of 2011. The increase primarily was due to Machine Clothing, where gross profit margins increased from 41.8 percent in 2011 to 44.2 percent in 2012, as a result of high plant utilization in the Americas and favorable geographic sales mix.

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