Albany International Corp. (NYSE:AIN), a global advanced textiles and materials processing company with core businesses in machine clothing and engineered composites, reported Q3 2012 income from continuing operations of $9.1 million ($0.29 per share). These results include restructuring charges of $2.7 million ($0.06 per share), foreign currency revaluation losses of $3.6 million ($0.07 per share), and net unfavorable income tax adjustments of $1.3 million ($0.04 per share) (see Table 6).
Q3 2011 income from continuing operations was $14.5 million ($0.46 per share). These results included restructuring charges of $2.7 million ($0.06 per share) and foreign currency revaluation gains of $6.6 million ($0.14 per share) (see Table 7).
Net sales from continuing operations were $194.6 million, a decrease of 2.8 percent compared to Q3 2011. The following table summarizes net sales by segment and the effect of changes in currency translation rates:
|Three Months ended||in Currency||excluding|
|(in thousands)||2012||2011||Change||Rates||Rate Effect|
|Machine Clothing (MC)||$||177,471||$||188,334||-5.8||%||($5,449||)||-2.9||%|
|Engineered Composites (AEC)||17,118||11,918||43.6||-||43.6|
A transition to new contract terms with a major customer in North America, accelerating the transfer of inventory ownership to that customer, increased Q3 net sales by $8 million, and will have a smaller positive residual impact on sales over the next two quarters.
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